(2319,1,'2022-04-12 16:18:31','2022-04-12 16:18:31','<!-- wp:image {\"id\":2447,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-5-1024x536.png\" alt=\"\" class=\"wp-image-2447\"/></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\">Some states will allow you to share a renters insurance policy with your roommate, but it’s not always the best decision. You\'ll need more coverage, so you\'ll need to pay a higher premium, and, if you both need different types of insurance, that will be difficult to consolidate under one 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\">Having a roommate is a great way to save cash — on rent, on utilities, and even on groceries.</p>\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 what about with insurance? Can you team up on your renters insurance policy and split the bill, 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 answer to that is more nuanced than you may think. While some insurance companies allow it, not all of them do. Even if they do, you may not want a shared policy due to the higher risk it comes with.</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\">Can you share renters insurance with a roommate?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"id\":103214} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_1038686506.jpg\" alt=\"Should You Share Renters Insurance With Your Roommate? - Can you share renters insurance with your roommate?\" class=\"wp-image-103214\"/></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\">It’s possible to share a renters insurance policy, but it depends on your insurance carrier&nbsp;and&nbsp;the unique laws in your state.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some states only allow policies to be shared between family members or spouses, so if you’re in one of these states (like Florida, for example), you won’t be able to split policies with an unrelated roommate.</p>\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 state and insurance company&nbsp;<em>do</em>&nbsp;allow it, there are still some considerations you’ll want to take into account before&nbsp;signing up for a&nbsp;joint&nbsp;renters&nbsp;insurance&nbsp;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\">Let’s look at a few of these together:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Coverage limits</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\">First and foremost, you and your roommate should discuss coverage. Though adding them to your policy will cover them to some extent, it won’t protect all of their belongings unless you adjust the coverage limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let’s look at an example:&nbsp;if your policy currently covers up to $25,000 in damages and you add on a roommate — without increasing coverage — then you’ll now&nbsp;<em>split</em>&nbsp;that $25,000 should a disaster occur. That means you’ll each have just $12,500 in property protected.</p>\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 make sure you’re both fully covered, you’ll need to increase your coverage limits to account for your roommate’s belongings.</p>\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 should also check your lease, as many landlords require a certain amount of coverage per roommate. You’ll need to be sure your shared policy accounts for this, as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Budget</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\">Money is a big consideration when looking at insurance. While sharing renters insurance could make your insurance more affordable, it’s definitely not a given. Since you’ll need to increase your coverage limits to account for your roommate’s belongings, it could mean a higher premium, 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\">To see if sharing a renters policy would be best for your budget, be sure to get quotes both individually&nbsp;<em>and</em>&nbsp;as a pair, with the added coverage you’d need for both your belongings. This will allow you to compare the two costs side by side.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Risk</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\">Your stomach for risk is another consideration to keep in mind. After all, adding your roommate to your policy means increasing your risk. It makes you vulnerable to their incidents or mistakes, and any claim they file could hurt you — financially speaking.</p>\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 true: insurance claims are reported to&nbsp;CLUE — the Comprehensive Loss Underwriting Exchange. This system is used by all kinds of insurance providers, including home and car insurers, to assess risk and price policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In short: having a claim reported on CLUE, even if it’s not your own,&nbsp;could mean higher premiums&nbsp;on other insurance policies, too.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Types of coverage</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\">You should talk to your roommate about what types of&nbsp;coverage&nbsp;<em>they</em>&nbsp;want. If they bring a high-dollar instrument to the property, they might want extra&nbsp;coverage&nbsp;to protect that&nbsp;personal possession&nbsp;in case of&nbsp;theft&nbsp;or 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\">Similarly, you might want extra liability insurance in case your dog bites a guest or additional personal property coverage for your laptops and gaming system. All of these will come with higher premiums.</p>\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 also need to agree on your deductible — or how much you’re willing to pay out of pocket when filing a claim. This will also impact your policy premium&nbsp;(lower-deductible policies typically come with higher costs).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Potential for disputes</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\">Finally, your status as roommates should also come into play. If a dispute between the two of you were to arise, it could cause problems. You may have trouble getting their half of the premium, or if your roommate steals or damages your belongings,&nbsp;you may not be able to file a claim.</p>\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 one roommate leaves, it could also complicate things with your coverage and policy. In general, if you’re young, your career is in flux, or you’re still in school, there’s a good chance one of you will need to move in the near future. If this happens, you’d need to reapply or update your existing 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\">Make sure you have a conversation with your roommate about all these possibilities before deciding to split a policy.</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\">Is it a good idea to share renters insurance policies?</h2>\n<!-- /wp:heading -->\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\"><strong>Typically, it’s best to have separate renters insurance policies, so you both assume your own risk.</strong>&nbsp;Having your own policy also ensures you’re only paying for coverage for your belongings — not those of your roommates, which may be more or less valuable.</p>\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 live with a family member, long-term significant other, or someone you really know and trust, sharing insurance might be a decent option, but make sure to weigh the risks vs. rewards before adding them to your policy. And remember: any claim they need to file could impact your insurance premiums for years to come.</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\">Pros and cons of sharing a rental policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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>Pros:</strong></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><strong>Potential affordability.&nbsp;</strong>You can split the costs of the premium.</li><li><strong>Ease and convenience.</strong>&nbsp;You’ll only need to fill out one application and can both report claims on the same policy.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></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>Cons</strong></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><strong>More coverage is required.&nbsp;</strong>Just adding someone to your policy isn’t enough. If you want both your&nbsp;<em>and</em>&nbsp;their belongings protected, it will require higher coverage limits.</li><li><strong>Different coverages.</strong>&nbsp;You and your roommate may require different coverages. Your belongings may also hold different values, which would make splitting the cost of your policy unfair.</li><li><strong>Higher risk.&nbsp;</strong>You’re at risk if your roommate files a claim. It could mean higher premiums on other insurance products, too.</li><li><strong>Potential for disputes.&nbsp;</strong>Things could get complicated if a dispute arises or one roommate needs to leave.</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\">How to share a policy with your roommate?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"id\":104324} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_1849149088.jpg\" alt=\"\" class=\"wp-image-104324\"/></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\">If you decide to share policies (and your state and insurance company allow it), here’s how it works — and how to reduce your risk along the way.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>1. Get to know your roommate</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\">You shouldn’t add just anyone to your insurance policy. Sharing a policy is best reserved for people you’re very close to — a sibling, family member, or potentially, a significant other. It should be someone you’ve known for a while and trust implicitly.</p>\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 roommate fits the bill, make sure you talk to them about the consequences of sharing a policy, too. Let them know what claims could mean for each of you and make sure you’re on the same page about what coverages you want.</p>\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 should also discuss how claims money will be split&nbsp;<em>if</em>&nbsp;a claim occurs.&nbsp;According to&nbsp;Allstate, both roommates will need to endorse any check issued on a claim, so you’ll need a system for cashing the check and splitting the funds.</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>2. Take a comprehensive inventory of all of your belongings</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\">Make note of each roommate’s belongings or, better yet, take a video of each roommate’s items — their furnishings, the contents of their closets and drawers, their electronics, and any other items of value. This will help you determine how much you’re both entitled to should one of you need to file a claim.</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>3. Discuss your coverages</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\">You should sit down and have a talk about how much and what type of coverage you both want. You’ll need to think about how much you’re both willing to pay toward claims (the deductible) and what coverage limits you need. The inventory you took previously can help you calculate this number.</p>\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 you discuss any special coverages you may want, too. Insurers sometimes offer add-ons for portable electronics, bikes, art, or collectibles.</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>4. Make sure you’re both on the lease</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\">You’ll both need to be on the lease&nbsp;if you’re going to share an insurance policy. That means you can’t share a policy with a subletter or someone just temporarily staying with you.</p>\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 roommate is not already on the lease, get with your landlord to remedy it.</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>5. Work with your insurance agent&nbsp;<em>or</em>&nbsp;start getting quotes</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\">If you already have a renter’s policy and want to add your roommate to yours, you’ll need to call up your insurance company to adjust the coverage and add the new policyholder.</p>\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 don’t yet have a policy or are just moving into a property, you can shop around for quotes. Keep in mind that not all insurers offer shared policies like this, so you may need to call a few before you’re able to begin the application process.</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>6. File claims as necessary</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\">Once you have your shared policy, you can both file claims with your insurer. When your insurer issues a check, though,&nbsp;it will be issued to both of you, so be prepared to split the costs appropriately. The claim will also go on both of your records.</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\">Summary</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\">In some cases,&nbsp;sharing&nbsp;renters&nbsp;insurance&nbsp;could make sense, but it’s rarely the best decision.</p>\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 do opt to share insurance, make sure you set clear expectations regarding how claims, bill payments, and coverage will be handled. You should also be prepared to take thorough stock of your belongings to ensure you’re getting appropriate coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.moneyunder30.com/share-renters-insurance-with-your-roommate\">click here.</a></p>\n<!-- /wp:paragraph -->','Should you share renters insurance with your roommate?','','publish','open','open','','should-you-share-renters-insurance-with-your-roommate','','','2022-04-26 15:41:28','2022-04-26 15:41:28','',0,'http://smartinsurance.tips/?p=2319',0,'post','',0),(2320,1,'2022-04-12 16:11:05','2022-04-12 16:11:05','','Insurance-5','','inherit','open','closed','','insurance-5','','','2022-04-12 16:11:05','2022-04-12 16:11:05','',2319,'http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-5.png',0,'attachment','image/png',0);
INSERT INTO `smart_posts` VALUES (2321,1,'2022-04-12 16:18:31','2022-04-12 16:18:31','<!-- wp:image {\"id\":2320,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-5-1024x536.png\" alt=\"\" class=\"wp-image-2320\"/></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\">Some states will allow you to share a renters insurance policy with your roommate, but it’s not always the best decision. You\'ll need more coverage, so you\'ll need to pay a higher premium, and, if you both need different types of insurance, that will be difficult to consolidate under one 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\">Having a roommate is a great way to save cash — on rent, on utilities, and even on groceries.</p>\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 what about with insurance? Can you team up on your renters insurance policy and split the bill, 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 answer to that is more nuanced than you may think. While some insurance companies allow it, not all of them do. Even if they do, you may not want a shared policy due to the higher risk it comes with.</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\">Can you share renters insurance with a roommate?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"id\":103214} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_1038686506.jpg\" alt=\"Should You Share Renters Insurance With Your Roommate? - Can you share renters insurance with your roommate?\" class=\"wp-image-103214\"/></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\">It’s possible to share a renters insurance policy, but it depends on your insurance carrier&nbsp;<em>and</em>&nbsp;the unique laws in your state.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some states only allow policies to be shared between family members or spouses, so if you’re in one of these states (like Florida, for example), you won’t be able to split policies with an unrelated roommate.</p>\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 state and insurance company&nbsp;<em>do</em>&nbsp;allow it, there are still some considerations you’ll want to take into account before&nbsp;signing up for a&nbsp;joint&nbsp;renters&nbsp;insurance&nbsp;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\">Let’s look at a few of these together:</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>Coverage limits</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\">First and foremost, you and your roommate should discuss coverage. Though adding them to your policy will cover them to some extent, it won’t protect all of their belongings unless you adjust the coverage limits.</p>\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>Let’s look at an example:</strong>&nbsp;if your policy currently covers up to $25,000 in damages and you add on a roommate — without increasing coverage — then you’ll now&nbsp;<em>split</em>&nbsp;that $25,000 should a disaster occur. That means you’ll each have just $12,500 in property protected.</p>\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 make sure you’re both fully covered, you’ll need to increase your coverage limits to account for your roommate’s belongings.</p>\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 should also check your lease, as many landlords require a certain amount of coverage per roommate. You’ll need to be sure your shared policy accounts for this, as well.</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>Budget</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\">Money is a big consideration when looking at insurance. While sharing renters insurance could make your insurance more affordable, it’s definitely not a given. Since you’ll need to increase your coverage limits to account for your roommate’s belongings, it could mean a higher premium, 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\">To see if sharing a renters policy would be best for your budget, be sure to get quotes both individually&nbsp;<em>and</em>&nbsp;as a pair, with the added coverage you’d need for both your belongings. This will allow you to compare the two costs side by side.</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>Risk</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\">Your stomach for risk is another consideration to keep in mind. After all, adding your roommate to your policy means increasing your risk. It makes you vulnerable to their incidents or mistakes, and any claim they file could hurt you — financially speaking.</p>\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 true: insurance claims are reported to CLUE — the Comprehensive Loss Underwriting Exchange. This system is used by all kinds of insurance providers, including home and car insurers, to assess risk and price policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In short: having a claim reported on CLUE, even if it’s not your own, could mean higher premiums on other insurance policies, too.</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>Types of coverage</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\">You should talk to your roommate about what types of&nbsp;coverage&nbsp;<em>they</em>&nbsp;want. If they bring a high-dollar instrument to the property, they might want extra&nbsp;coverage&nbsp;to protect that&nbsp;personal possession&nbsp;in case of&nbsp;theft&nbsp;or 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\">Similarly, you might want extra liability insurance in case your dog bites a guest or additional personal property coverage for your laptops and gaming system. All of these will come with higher premiums.</p>\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 also need to agree on your deductible — or how much you’re willing to pay out of pocket when filing a claim. This will also impact your policy premium (lower-deductible policies typically come with higher costs).</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>Potential for disputes</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\">Finally, your status as roommates should also come into play. If a dispute between the two of you were to arise, it could cause problems. You may have trouble getting their half of the premium, or if your roommate steals or damages your belongings,&nbsp;you may not be able to file a claim.</p>\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 one roommate leaves, it could also complicate things with your coverage and policy. In general, if you’re young, your career is in flux, or you’re still in school, there’s a good chance one of you will need to move in the near future. If this happens, you’d need to reapply or update your existing 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\">Make sure you have a conversation with your roommate about all these possibilities before deciding to split 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\">Is it a good idea to share renters insurance policies?</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\"><strong>Typically, it’s best to have separate renters insurance policies, so you both assume your own risk.</strong>&nbsp;Having your own policy also ensures you’re only paying for coverage for your belongings — not those of your roommates, which may be more or less valuable.</p>\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 live with a family member, long-term significant other, or someone you really know and trust, sharing insurance might be a decent option, but make sure to weigh the risks vs. rewards before adding them to your policy. And remember: any claim they need to file could impact your insurance premiums for years to come.</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\">Pros and cons of sharing a rental policy</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>Pros:</strong></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><strong>Potential affordability.&nbsp;</strong>You can split the costs of the premium.</li><li><strong>Ease and convenience.</strong>&nbsp;You’ll only need to fill out one application and can both report claims on the same policy.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h3 class=\"has-black-color has-text-color has-medium-font-size\"><strong>Cons</strong></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><strong>More coverage is required.&nbsp;</strong>Just adding someone to your policy isn’t enough. If you want both your&nbsp;<em>and</em>&nbsp;their belongings protected, it will require higher coverage limits.</li><li><strong>Different coverages.</strong>&nbsp;You and your roommate may require different coverages. Your belongings may also hold different values, which would make splitting the cost of your policy unfair.</li><li><strong>Higher risk.&nbsp;</strong>You’re at risk if your roommate files a claim. It could mean higher premiums on other insurance products, too.</li><li><strong>Potential for disputes.&nbsp;</strong>Things could get complicated if a dispute arises or one roommate needs to leave.</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\">How to share a policy with your roommate</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"id\":104324} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_1849149088.jpg\" alt=\"\" class=\"wp-image-104324\"/></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\">If you decide to share policies (and your state and insurance company allow it), here’s how it works — and how to reduce your risk along the way.</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>1. Get to know your roommate</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\">You shouldn’t add just anyone to your insurance policy. Sharing a policy is best reserved for people you’re very close to — a sibling, family member, or potentially, a significant other. It should be someone you’ve known for a while and trust implicitly.</p>\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 roommate fits the bill, make sure you talk to them about the consequences of sharing a policy, too. Let them know what claims could mean for each of you and make sure you’re on the same page about what coverages you want.</p>\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 should also discuss how claims money will be split <em>if</em> a claim occurs. According to Allstate, both roommates will need to endorse any check issued on a claim, so you’ll need a system for cashing the check and splitting the funds.</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>2. Take a comprehensive inventory of all of your belongings</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\">Make note of each roommate’s belongings or, better yet, take a video of each roommate’s items — their furnishings, the contents of their closets and drawers, their electronics, and any other items of value. This will help you determine how much you’re both entitled to should one of you need to file a claim.</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>3. Discuss your coverages</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\">You should sit down and have a talk about how much and what type of coverage you both want. You’ll need to think about how much you’re both willing to pay toward claims (the deductible) and what coverage limits you need. The inventory you took previously can help you calculate this number.</p>\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 you discuss any special coverages you may want, too. Insurers sometimes offer add-ons for portable electronics, bikes, art, or collectibles.</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>4. Make sure you’re both on the lease</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\">You’ll both need to be on the lease&nbsp;if you’re going to share an insurance policy. That means you can’t share a policy with a subletter or someone just temporarily staying with you.</p>\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 roommate is not already on the lease, get with your landlord to remedy it.</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>5. Work with your insurance agent <em>or</em> start getting quotes</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\">If you already have a renter’s policy and want to add your roommate to yours, you’ll need to call up your insurance company to adjust the coverage and add the new policyholder.</p>\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 don’t yet have a policy or are just moving into a property, you can shop around for quotes. Keep in mind that not all insurers offer shared policies like this, so you may need to call a few before you’re able to begin the application process.</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>6. File claims as necessary</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\">Once you have your shared policy, you can both file claims with your insurer. When your insurer issues a check, though, it will be issued to both of you, so be prepared to split the costs appropriately. The claim will also go on both of your records.</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\">Summary</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\">In some cases,&nbsp;sharing&nbsp;renters&nbsp;insurance&nbsp;could make sense, but it’s rarely the best decision.</p>\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 do opt to share insurance, make sure you set clear expectations regarding how claims, bill payments, and coverage will be handled. You should also be prepared to take thorough stock of your belongings to ensure you’re getting appropriate coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.moneyunder30.com/share-renters-insurance-with-your-roommate\">click here.</a></p>\n<!-- /wp:paragraph -->','Should you share renters insurance with your roommate?','','inherit','closed','closed','','2319-revision-v1','','','2022-04-12 16:18:31','2022-04-12 16:18:31','',2319,'http://smartinsurance.tips/?p=2321',0,'revision','',0),(2324,1,'2022-04-12 16:23:00','2022-04-12 16:23:00','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Within the current world, there are a range of things that can influence someone’s saving habits. This means that it is more challenging than ever before to gain control over your finances and appreciate the process of saving for the future.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2295,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Money-1-1-1024x536.png\" alt=\"\" class=\"wp-image-2295\"/></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\">The term ‘financial literacy’ refers to taking the time to understand the world of finances a little more, and thinking about how you can save money through budgeting. There are a range of additional benefits that this can provide, including additional independence and being able to work towards your long-term 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\">These are some of the benefits that come from improving your financial understanding and literacy, and why you should acknowledge your current savings habits to work towards a more secure future. </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\"><strong>Save For Retirement</strong></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\">So many people end up using their savings before they get the chance to retire, or reach retirement age. This can be due to a number of things, but one of the main reasons is poor financial planning and habits. Make sure that you investigate your current monthly expenses to see what you can cut back on.&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\">Ensure that you are putting away a small amount each month if possible so that you have a higher amount saved for your retirement. Getting on top of your financial situation and improving your financial literacy is essential for you to increase your retirement savings.&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\">Regardless of your age, you must have enough money in the right place that you can fall back on when needed. This includes medication, surgeries, and other things that will make your retirement a little more pricey. Ensure that you have prioritized saving for your retirement if you are closer to retirement age. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Avoid Debt&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\">Another significant reason why you should improve your financial literacy is so that you can get a better understanding of your current income and allow for essential debt repayments. If you currently have a loan that needs to be repaid, or if you have a history of debt, then it could be worth changing your financial habits in order to avoid 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\">Try to change your priorities and consider implementing a stricter budget so that you do not fall into similar habits that are potentially damaging to your account and credit rating. Creating better savings habits can allow you to repay your debt, or make space in your monthly budget for debt repayments.&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 can prevent additional damage caused by debt collectors, credit agencies, and a harmful impact on your credit score overall that will impact your financial future. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>More Confidence And Independence</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\">Something that will come to anyone who works on the budget and financial literacy is an increased sense of independence and confidence. This is because you will be more aware of your current spending habits, and have the opportunity to reshape your budget and monthly outgoings.&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\">It could be worth taking a different approach to your finances so that you feel as if you have more control over your spending and have found the best deal with utilities and other regular bills. This can allow you to feel more confident and even treat yourself to something nice every so often.&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 can be an important part of somebody’s journey to financial literacy if you have a lower average income and find yourself regularly asking for help. Making sure that you know all the facts and how a range of things work within the financial world can allow you to be wiser with your money and save a small amount each month.&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\">Knowing that you can support yourself if you need it can make you feel more independent and assured that you do not need to rely on anybody else in an urgent situation. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Financial Security</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\">Part of the confidence that comes from improving your financial literacy stems from financial security. This can allow you to make bolder decisions and have a lot more clarity with your purchases in the future. Ensuring that you have a small amount of money saved over time can provide you with additional security.&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\">If you are interested in saving for a large purchase, have a baby on the way, or if you find yourself unemployed temporarily, a savings account or investment is a great thing to lean on when it is needed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Avoid asking loved ones for money as this can have a toll on your relationship with them over time, so it is worth putting a little money away when you have it that you can fall back on when it is needed. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Credit Improvement For The Future</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\">Finally, it is worth making sure that you work on your finances so that you can improve your credit score. This is a three-digit number that banks and credit unions use to assess how likely you are to repay them over time.&nbsp;Whether you want a loan, or financing options for larger purchases including house mortgages, vehicle financing, or a vacation paid in instalments, your credit score can determine how flexible the corresponding institutions will be.&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\">Make sure that you are creating better habits for the future so that your credit score will be higher. This can allow you more flexibility with the amount borrowed, repayment periods, and even achieve lower interest rates.&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\">In some cases, this can be the difference between a smaller home and your dream location or building. Try to take better care of your finances now, so that you have additional security for the future. Higher credit scores can open all kinds of doors for you, so it is definitely worth maintaining it if possible. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Summary</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 so many benefits that come from working on your finances and getting a better understanding of your financial literacy. Ensure that you figure out your main areas of weakness and that you are budgeting for regular bills and utilities that are necessary.&nbsp;Saving for the future can be done after this, but it could be worth seeking custom financial advice in more detail.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.finance-monthly.com/2022/02/why-is-financial-literacy-so-important/\">click here.</a></p>\n<!-- /wp:paragraph -->','Why Is Financial Literacy So Important?','','inherit','closed','closed','','2294-revision-v1','','','2022-04-12 16:23:00','2022-04-12 16:23:00','',2294,'http://smartinsurance.tips/?p=2324',0,'revision','',0),(2329,1,'2022-04-12 16:29:01','2022-04-12 16:29:01','<!-- wp:image {\"id\":2301,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Money-3-1024x536.png\" alt=\"\" class=\"wp-image-2301\"/></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\" id=\"mntl-sc-block_1-0\">Obtaining a&nbsp;mortgage&nbsp;is a crucial step in purchasing your first home, and there are several factors for choosing the most appropriate one. While the myriad of&nbsp;financing&nbsp;options available for first-time homebuyers can seem overwhelming, taking the time to research the basics of property financing&nbsp;can save you&nbsp;a significant amount of time and money.</p>\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_1-0-2\">Understanding the market&nbsp;where the&nbsp;property&nbsp;is located, and whether it offers incentives to lenders, may mean added financial perks for you. And by taking a close look at your finances, you can ensure that you&nbsp;are&nbsp;getting the mortgage that best suits your needs. This article outlines some of the important details that first-time homebuyers need to make their big purchase.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></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>Obtaining a mortgage is a crucial step in purchasing your first home, and there are several factors for choosing the best one.</li><li>Lenders will evaluate your creditworthiness and your ability to repay based on your income, assets, debts, and credit history.</li><li>As you choose a mortgage, you’ll have to decide between a fixed or floating rate, the number of years to pay off your mortgage, and the size of your down payment.</li><li>Conventional loans are mortgages that the government does not insure.</li><li>Depending on your circumstances, you may be eligible for more favorable terms through a Federal Housing Administration (FHA) loan, a U.S. Department of Veterans Affairs (VA) loan, or another type of government-guaranteed loan.</li><li>As a first-time homebuyer, you may be eligible for special programs that allow you to access deeply discounted homes and put low or no money down.</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=\"mntl-sc-block_1-0-8\">First-Time Homebuyer Requirements</h2>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-9\">To be approved for a mortgage, you’ll need to meet&nbsp;several requirements&nbsp;depending on the type of loan for which you are applying.</p>\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\">To be approved specifically as a first-time homebuyer, you’ll need to meet the definition of a first-time homebuyer, which is broader than you may think. A first-time homebuyer is someone who has not owned a principal residence for three years, a single person who has only owned with a spouse, an individual who has only owned a residence not permanently affixed to a foundation, or an individual who has only owned a property that was not in compliance with building codes.</p>\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 generally need to have proof of income for a minimum of two years sufficient to pay the mortgage, a down payment of at least 3.5%, and a&nbsp;credit score&nbsp;of at least 620. However, as a first-time homebuyer, there are programs that can allow you to buy a home with a low income, $0 down, and credit scores as low as 500.</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=\"mntl-sc-block_1-0-15\">Loan Types</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"mntl-sc-block_1-0-16\"><strong>Conventional Loans</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\" id=\"mntl-sc-block_1-0-17\">Conventional loans are&nbsp;mortgages&nbsp;that are not insured or guaranteed by the federal government. They are typically&nbsp;fixed-rate mortgages.&nbsp;They are some of the most difficult types of mortgages to qualify for because of their stricter requirements: a bigger&nbsp;down payment, higher&nbsp;credit score, lower&nbsp;debt-to-income (DTI) ratios, and the potential for a&nbsp;private mortgage insurance (PMI)&nbsp;requirement. However, if you can qualify for a conventional mortgage, they are usually less costly than&nbsp;loans that are guaranteed by the federal government.</p>\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_1-0-19\">Conventional loans are defined as either conforming loans or nonconforming loans. Conforming loans comply with&nbsp;guidelines, such as the loan limits&nbsp;set forth by&nbsp;government-sponsored enterprises (GSEs)&nbsp;Fannie Mae&nbsp;and&nbsp;Freddie Mac. These lenders (and various others) often buy and package these loans, then sell them as securities on the&nbsp;secondary market.&nbsp;However, loans that are sold on the secondary market must meet specific guidelines to be classified as conforming loans.</p>\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\">The maximum conforming loan limit&nbsp;for a&nbsp;conventional mortgage in 2022 is $647,200, although it can be more for&nbsp;designated high-cost areas. A loan made above this amount&nbsp;is called a&nbsp;jumbo loan, which usually carries a slightly higher interest rate. These loans carry more&nbsp;risk&nbsp;(since they involve more money), making them less attractive to the&nbsp;secondary market.</p>\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 nonconforming loans, the lending institution that is underwriting the loan, usually a&nbsp;portfolio lender, sets&nbsp;its own&nbsp;guidelines. Due to regulations, nonconforming loans cannot be sold on the secondary market.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"mntl-sc-block_1-0-25\"><strong>Federal Housing Administration (FHA) Loans</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\" id=\"mntl-sc-block_1-0-26\">The&nbsp;Federal Housing Administration (FHA), part of the U.S.&nbsp;Department of Housing and Urban Development (HUD), provides various mortgage loan programs for Americans. An FHA loan has lower down payment requirements and is easier to qualify for than a conventional loan. FHA loans are excellent for first-time homebuyers because, in addition to lower up-front loan costs and less stringent credit requirements, you&nbsp;can make&nbsp;a&nbsp;down payment&nbsp;as low as 3.5%. FHA loans cannot exceed the statutory limits described above.</p>\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\">However, all FHA borrowers must pay a&nbsp;mortgage insurance premium, rolled into their mortgage payments.&nbsp;Mortgage insurance&nbsp;is an insurance policy that protects a mortgage lender or titleholder if the borrower&nbsp;defaults&nbsp;on payments, passes away, or is otherwise unable to meet the contractual obligations of the mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"mntl-sc-block_1-0-30\"><strong>U.S. Department of Veterans Affairs (VA) Loans</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\" id=\"mntl-sc-block_1-0-31\">The U.S.&nbsp;Department of Veterans Affairs (VA)&nbsp;guarantees&nbsp;VA loans. The VA does not make loans itself but guarantees mortgages&nbsp;made by qualified lenders. These guarantees allow veterans to obtain home loans with favorable terms (usually without a down payment).</p>\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_1-0-33\">In most cases, VA loans are easier to qualify for than conventional loans. Lenders generally limit the maximum VA loan to conventional mortgage loan limits.&nbsp;Before applying for a loan, you’ll need to request your eligibility from the VA. If you are accepted, the VA will issue a certificate of eligibility that you can use to apply for&nbsp;a 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\" id=\"mntl-sc-block_1-0-35\">In addition to these federal loan types and programs, state and local governments and agencies sponsor assistance programs to&nbsp;increase&nbsp;investment or homeownership in certain areas.</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=\"mntl-sc-block_1-0-37\">Equity and Income Requirements</h2>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-38\">Home mortgage loan pricing&nbsp;is determined by the lender in two ways, and both methods are based on the&nbsp;creditworthiness of the borrower. In addition to checking your&nbsp;FICO score&nbsp;from the&nbsp;three major credit bureaus, lenders will calculate the&nbsp;loan-to-value (LTV) ratio&nbsp;and the&nbsp;debt-service coverage ratio (DSCR)&nbsp;to determine the amount that they’re willing to loan to you, plus the interest 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\">LTV is the amount of actual or implied equity that is available in the&nbsp;collateral&nbsp;being borrowed against. For home purchases, LTV is determined by dividing the loan amount&nbsp;by the&nbsp;purchase price&nbsp;of the home.&nbsp;Lenders assume that&nbsp;the more money you are putting up (in the form of a down payment), the less likely you are to default on the loan. The higher the LTV, the greater the risk of default, so lenders will charge 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\">For this reason, you should include any type of qualifying income that you can when negotiating with a mortgage lender. Sometimes an extra part-time job or other income-generating business can make the difference between qualifying or not qualifying for a loan, or in receiving the best possible rate. A&nbsp;mortgage calculator&nbsp;can show you the impact of different rates on your monthly payment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\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=\"mntl-sc-block_1-0-46\">Private Mortgage Insurance (PMI)</h2>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-47\">LTV also determines&nbsp;whether you&nbsp;will be required to purchase the PMI mentioned earlier. PMI helps to insulate the lender from default by transferring a portion of the loan risk to a mortgage insurer. Most lenders require PMI for any loan with an LTV greater than 80%. This translates to any loan in which you&nbsp;own&nbsp;less than 20% equity in the home.<sup>8</sup>&nbsp;The amount being insured and the mortgage program will determine&nbsp;the&nbsp;cost of mortgage insurance and how it’s collected.</p>\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_1-0-49\">Most mortgage&nbsp;insurance premiums&nbsp;are collected monthly, along with tax and property insurance&nbsp;escrows. Once&nbsp;LTV is equal to or less than 78%, PMI is supposed to be eliminated automatically. You&nbsp;may also be able to&nbsp;cancel PMI once the home has appreciated enough in value to give you&nbsp;20%&nbsp;home equity&nbsp;and a set period has passed, such as two years.</p>\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\">Some lenders, such as the FHA, will assess the mortgage insurance as a lump sum and capitalize it into the loan 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\">Important: As a rule of thumb, try to avoid PMI because it is a cost that has no benefit to you.</p>\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_1-0-55\">There are ways to avoid paying for PMI. One is not to borrow more than 80% of the property value when purchasing a home; the other is to use home equity financing or a&nbsp;second mortgage&nbsp;to put down more than 20%.&nbsp;The most common program&nbsp;is called an&nbsp;80-10-10 mortgage. The 80 stands for the LTV of the first mortgage, the first 10 stands for the LTV of the second mortgage, and the second 10 represents your home equity.<sup>10</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_1-0-57\">The rate on the second mortgage will be higher than the rate on the first mortgage, but on a blended basis, it should not be much higher than the rate of a 90% LTV loan. An 80-10-10 mortgage can be&nbsp;less expensive than&nbsp;paying for PMI. It&nbsp;also allows you to accelerate the&nbsp;payment of the second mortgage and eliminate that portion of the debt quickly so you can pay off your home&nbsp;early.&nbsp;</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=\"mntl-sc-block_1-0-59\">Fixed-Rate Mortgages vs. Floating-Rate Mortgages</h2>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-60\">Another consideration is whether to obtain a fixed-rate or floating-rate (also called a variable-rate) mortgage. In a&nbsp;fixed-rate mortgage,&nbsp;the rate does not change for the entire period of the loan. The obvious benefit of getting a fixed-rate loan is that you know&nbsp;what the monthly loan costs will be for the entire loan period. And, if prevailing interest rates are low, then you’ve locked in a good rate for a substantial time.</p>\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_1-0-62\">A&nbsp;floating-rate mortgage, such as an&nbsp;interest-only mortgage&nbsp;or an&nbsp;adjustable-rate mortgage (ARM), is designed to assist first-time homebuyers or people who expect their incomes to rise substantially over the loan period. Floating-rate loans usually allow you to obtain lower introductory rates during the first few years of the loan, which allow you to qualify for more money than if you had tried to get a more expensive fixed-rate 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\" id=\"mntl-sc-block_1-0-64\">Of course, this option can be risky if your income does not grow in step with the increase&nbsp;in&nbsp;interest rate. The other downside is that the path of market interest rates is uncertain: If they dramatically rise, then your loan’s terms will skyrocket with them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-66\">How Adjustable-Rate Mortgages (ARMs) Work</h3>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-67\">The most common types of ARMs are for one-, five-, or seven-year periods. </p>\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\">The&nbsp;initial interest rate&nbsp;is normally fixed for a period of time and then resets&nbsp;periodically, often every month. Once an ARM resets, it adjusts to the market rate, usually by adding some predetermined spread (percentage) to the prevailing U.S.&nbsp;Treasury&nbsp;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\" id=\"mntl-sc-block_1-0-69\">Although the increase&nbsp;is typically&nbsp;capped, an ARM adjustment can be&nbsp;more expensive than the prevailing fixed-rate mortgage loan to compensate the lender for offering&nbsp;a lower rate during the introductory 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_1-0-71\">Interest-only loans are a type of ARM in which you only pay&nbsp;mortgage&nbsp;interest&nbsp;and not&nbsp;principal&nbsp;during the introductory period until the loan reverts to a fixed, principal-paying loan. Such loans can be very advantageous for first-time borrowers because only paying interest significantly decreases the monthly cost of borrowing and will allow you to qualify for a much larger loan. However, because you pay&nbsp;no principal during the initial period, the balance due on the loan does not change until you&nbsp;begin&nbsp;to repay the principal.</p>\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_1-0-73\">The DSCR determines your&nbsp;ability to pay&nbsp;the mortgage. Lenders&nbsp;divide your&nbsp;monthly net income&nbsp;by the mortgage costs to&nbsp;assess the probability that you&nbsp;will default on the mortgage. Most lenders will require DSCRs of greater than one. The greater the ratio, the greater the probability that you will be able to cover borrowing costs and the less risk that the lender assumes. The greater the DSCR, the more likely that a lender will negotiate the loan rate; even at a lower rate, the lender receives a better&nbsp;risk-adjusted return.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Warning: Mortgage lending discrimination is illegal.&nbsp;If you think that you’ve been discriminated against&nbsp;based on race, religion, sex, marital status, use of public assistance, national origin, disability, or age, there are steps that you can take. One such step is to file a report with either the&nbsp;Consumer Financial Protection Bureau (CFPB)&nbsp;or&nbsp;HUD.</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=\"mntl-sc-block_1-0-77\">Specialty Programs for First-Time Homebuyers</h2>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-78\">In addition to all of the traditional sources of funding, there are several&nbsp;specialty programs&nbsp;for first-time homebuyers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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_1-0-80\">ReadyBuyer</h3>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-81\">The Federal National Mortgage Association’s (Fannie Mae’s) HomePath Ready Buyer program is designed for first-time buyers and provides up to 3% assistance toward closing costs on the purchase of a&nbsp;foreclosed&nbsp;property owned by Fannie Mae. To be eligible for the program, interested buyers have to complete a mandatory&nbsp;home-buying education course&nbsp;prior to making an offer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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_1-0-83\">Individual Retirement Accounts (IRAs)</h3>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-84\">Every first-time homebuyer is eligible to take up to $10,000 out of a&nbsp;traditional individual retirement account (IRA)&nbsp;without paying the 10% penalty for early withdrawal. The limit is per individual, so a couple could withdraw up to $10,000 each from their own IRAs for a total of $20,000 to put down. If a homebuyer wants to withdraw up to $10,000 for a home purchase from a&nbsp;Roth IRA, they can do so without penalty, as long as they’ve had the Roth account for at least five years. Note that this only exempts you from the penalty for early withdrawal. If you withdraw from a traditional IRA, you will still have to pay income tax on the money withdrawn.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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_1-0-86\">Down Payment Assistance Programs</h3>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-87\">Many states have down payment assistance programs for first-time buyers. Eligibility varies from state to state, but generally, these programs are geared toward lower-income individuals and public servants. HUD maintains a list of programs for each state.</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\">What Credit Score is Needed to Buy a House?</h2>\n<!-- /wp:heading -->\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\">Most conventional mortgages require a credit score of 620 or greater. However,&nbsp;Federal Housing Administration (FHA) loans&nbsp;can accept a credit score as low as 500 with a 10% down payment, or as low as 580 with a 3.5% down payment.</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\">What is the Average Interest Rate for a First-Time Homebuyer?</h2>\n<!-- /wp:heading -->\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\">Interest rates depend on a variety of factors, including credit scores, down payment percentage, type of loan, and market conditions. There is no data to indicate that first-time homebuyers with similar&nbsp;creditworthiness&nbsp;and circumstances pay higher or lower interest rates than experienced homebuyers.</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\">Are There Any State Tax Credits for First-Time Homebuyers?</h2>\n<!-- /wp:heading -->\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\">While the first-time homebuyer tax credit was eliminated at the federal level in 2010, several states still offer state tax credits for first-time homebuyers. Additionally, some municipalities and counties offer property tax reductions for first-time homebuyers in their first year. Check with a local&nbsp;tax professional&nbsp;to see what you may be eligible for in your area.</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=\"mntl-sc-block_1-0-95\">The Bottom Line</h2>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-96\">If you’re&nbsp;looking for&nbsp;a home mortgage&nbsp;for the first time, you may find it difficult to sort through all the financing options. Take&nbsp;time to decide&nbsp;how much home you can actually afford and then finance accordingly. If you can afford to put down a substantial amount or have enough income to create a low LTV, then you will have more negotiating power with lenders and the most financing options. If you push for the largest loan, then you may be offered a higher risk-adjusted rate and private mortgage 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_1-0-98\">Weigh the benefit of obtaining a larger loan with the risk. Interest rates typically&nbsp;float&nbsp;during the interest-only period and will often adjust in reaction to changes in market interest rates. Also, consider&nbsp;the risk that your&nbsp;disposable income&nbsp;won’t rise along with the possible increase in borrowing 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_1-0-100\">A good&nbsp;mortgage broker&nbsp;or&nbsp;mortgage banker&nbsp;should be able to help steer you through all the different programs and options, but nothing will serve you better than knowing your priorities for a mortgage loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/articles/mortgages-real-estate/08/homebuyer-financing-option.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Financing Basics for First-Time Homebuyers','','inherit','closed','closed','','2300-revision-v1','','','2022-04-12 16:29:01','2022-04-12 16:29:01','',2300,'http://smartinsurance.tips/?p=2329',0,'revision','',0),(2323,1,'2022-04-12 16:20:38','2022-04-12 16:20:38','<!-- wp:image {\"id\":2320,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-5-1024x536.png\" alt=\"\" class=\"wp-image-2320\"/></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\">Some states will allow you to share a renters insurance policy with your roommate, but it’s not always the best decision. You\'ll need more coverage, so you\'ll need to pay a higher premium, and, if you both need different types of insurance, that will be difficult to consolidate under one 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\">Having a roommate is a great way to save cash — on rent, on utilities, and even on groceries.</p>\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 what about with insurance? Can you team up on your renters insurance policy and split the bill, 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 answer to that is more nuanced than you may think. While some insurance companies allow it, not all of them do. Even if they do, you may not want a shared policy due to the higher risk it comes with.</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\">Can you share renters insurance with a roommate?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"id\":103214} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_1038686506.jpg\" alt=\"Should You Share Renters Insurance With Your Roommate? - Can you share renters insurance with your roommate?\" class=\"wp-image-103214\"/></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\">It’s possible to share a renters insurance policy, but it depends on your insurance carrier and the unique laws in your state.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some states only allow policies to be shared between family members or spouses, so if you’re in one of these states (like Florida, for example), you won’t be able to split policies with an unrelated roommate.</p>\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 state and insurance company&nbsp;<em>do</em>&nbsp;allow it, there are still some considerations you’ll want to take into account before&nbsp;signing up for a&nbsp;joint&nbsp;renters&nbsp;insurance&nbsp;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\">Let’s look at a few of these together:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Coverage limits</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\">First and foremost, you and your roommate should discuss coverage. Though adding them to your policy will cover them to some extent, it won’t protect all of their belongings unless you adjust the coverage limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let’s look at an example: if your policy currently covers up to $25,000 in damages and you add on a roommate — without increasing coverage — then you’ll now <em>split</em> that $25,000 should a disaster occur. That means you’ll each have just $12,500 in property protected.</p>\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 make sure you’re both fully covered, you’ll need to increase your coverage limits to account for your roommate’s belongings.</p>\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 should also check your lease, as many landlords require a certain amount of coverage per roommate. You’ll need to be sure your shared policy accounts for this, as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Budget</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\">Money is a big consideration when looking at insurance. While sharing renters insurance could make your insurance more affordable, it’s definitely not a given. Since you’ll need to increase your coverage limits to account for your roommate’s belongings, it could mean a higher premium, 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\">To see if sharing a renters policy would be best for your budget, be sure to get quotes both individually <em>and</em> as a pair, with the added coverage you’d need for both your belongings. This will allow you to compare the two costs side by side.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Risk</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\">Your stomach for risk is another consideration to keep in mind. After all, adding your roommate to your policy means increasing your risk. It makes you vulnerable to their incidents or mistakes, and any claim they file could hurt you — financially speaking.</p>\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 true: insurance claims are reported to&nbsp;CLUE — the Comprehensive Loss Underwriting Exchange. This system is used by all kinds of insurance providers, including home and car insurers, to assess risk and price policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In short: having a claim reported on CLUE, even if it’s not your own, could mean higher premiums on other insurance policies, too.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Types of coverage</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\">You should talk to your roommate about what types of&nbsp;coverage&nbsp;<em>they</em>&nbsp;want. If they bring a high-dollar instrument to the property, they might want extra&nbsp;coverage&nbsp;to protect that&nbsp;personal possession&nbsp;in case of&nbsp;theft&nbsp;or 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\">Similarly, you might want extra liability insurance in case your dog bites a guest or additional personal property coverage for your laptops and gaming system. All of these will come with higher premiums.</p>\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 also need to agree on your deductible — or how much you’re willing to pay out of pocket when filing a claim. This will also impact your policy premium (lower-deductible policies typically come with higher costs).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Potential for disputes</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\">Finally, your status as roommates should also come into play. If a dispute between the two of you were to arise, it could cause problems. You may have trouble getting their half of the premium, or if your roommate steals or damages your belongings,&nbsp;you may not be able to file a claim.</p>\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 one roommate leaves, it could also complicate things with your coverage and policy. In general, if you’re young, your career is in flux, or you’re still in school, there’s a good chance one of you will need to move in the near future. If this happens, you’d need to reapply or update your existing 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\">Make sure you have a conversation with your roommate about all these possibilities before deciding to split a policy.</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\">Is it a good idea to share renters insurance policies?</h2>\n<!-- /wp:heading -->\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\"><strong>Typically, it’s best to have separate renters insurance policies, so you both assume your own risk.</strong>&nbsp;Having your own policy also ensures you’re only paying for coverage for your belongings — not those of your roommates, which may be more or less valuable.</p>\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 live with a family member, long-term significant other, or someone you really know and trust, sharing insurance might be a decent option, but make sure to weigh the risks vs. rewards before adding them to your policy. And remember: any claim they need to file could impact your insurance premiums for years to come.</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\">Pros and cons of sharing a rental policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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>Pros:</strong></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><strong>Potential affordability. </strong>You can split the costs of the premium.</li><li><strong>Ease and convenience.</strong> You’ll only need to fill out one application and can both report claims on the same policy.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></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>Cons</strong></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><strong>More coverage is required. </strong>Just adding someone to your policy isn’t enough. If you want both your <em>and</em> their belongings protected, it will require higher coverage limits.</li><li><strong>Different coverages.</strong> You and your roommate may require different coverages. Your belongings may also hold different values, which would make splitting the cost of your policy unfair.</li><li><strong>Higher risk. </strong>You’re at risk if your roommate files a claim. It could mean higher premiums on other insurance products, too.</li><li><strong>Potential for disputes. </strong>Things could get complicated if a dispute arises or one roommate needs to leave.</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\">How to share a policy with your roommate</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"id\":104324} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_1849149088.jpg\" alt=\"\" class=\"wp-image-104324\"/></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\">If you decide to share policies (and your state and insurance company allow it), here’s how it works — and how to reduce your risk along the way.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>1. Get to know your roommate</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\">You shouldn’t add just anyone to your insurance policy. Sharing a policy is best reserved for people you’re very close to — a sibling, family member, or potentially, a significant other. It should be someone you’ve known for a while and trust implicitly.</p>\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 roommate fits the bill, make sure you talk to them about the consequences of sharing a policy, too. Let them know what claims could mean for each of you and make sure you’re on the same page about what coverages you want.</p>\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 should also discuss how claims money will be split&nbsp;<em>if</em>&nbsp;a claim occurs.&nbsp;According to&nbsp;Allstate, both roommates will need to endorse any check issued on a claim, so you’ll need a system for cashing the check and splitting the funds.</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>2. Take a comprehensive inventory of all of your belongings</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\">Make note of each roommate’s belongings or, better yet, take a video of each roommate’s items — their furnishings, the contents of their closets and drawers, their electronics, and any other items of value. This will help you determine how much you’re both entitled to should one of you need to file a claim.</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>3. Discuss your coverages</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\">You should sit down and have a talk about how much and what type of coverage you both want. You’ll need to think about how much you’re both willing to pay toward claims (the deductible) and what coverage limits you need. The inventory you took previously can help you calculate this number.</p>\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 you discuss any special coverages you may want, too. Insurers sometimes offer add-ons for portable electronics, bikes, art, or collectibles.</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>4. Make sure you’re both on the lease</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\">You’ll both need to be on the lease&nbsp;if you’re going to share an insurance policy. That means you can’t share a policy with a subletter or someone just temporarily staying with you.</p>\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 roommate is not already on the lease, get with your landlord to remedy it.</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>5. Work with your insurance agent&nbsp;<em>or</em>&nbsp;start getting quotes</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\">If you already have a renter’s policy and want to add your roommate to yours, you’ll need to call up your insurance company to adjust the coverage and add the new policyholder.</p>\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 don’t yet have a policy or are just moving into a property, you can shop around for quotes. Keep in mind that not all insurers offer shared policies like this, so you may need to call a few before you’re able to begin the application process.</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>6. File claims as necessary</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\">Once you have your shared policy, you can both file claims with your insurer. When your insurer issues a check, though,&nbsp;it will be issued to both of you, so be prepared to split the costs appropriately. The claim will also go on both of your records.</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\">Summary</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\">In some cases,&nbsp;sharing&nbsp;renters&nbsp;insurance&nbsp;could make sense, but it’s rarely the best decision.</p>\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 do opt to share insurance, make sure you set clear expectations regarding how claims, bill payments, and coverage will be handled. You should also be prepared to take thorough stock of your belongings to ensure you’re getting appropriate coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.moneyunder30.com/share-renters-insurance-with-your-roommate\">click here.</a></p>\n<!-- /wp:paragraph -->','Should you share renters insurance with your roommate?','','inherit','closed','closed','','2319-revision-v1','','','2022-04-12 16:20:38','2022-04-12 16:20:38','',2319,'http://smartinsurance.tips/?p=2323',0,'revision','',0),(2326,1,'2022-04-12 16:25:55','2022-04-12 16:25:55','<!-- wp:image {\"id\":2298,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Money-2-1024x536.png\" alt=\"\" class=\"wp-image-2298\"/></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\">Between turning the lights on in the morning, taking a hot shower, washing your clothes and countless other daily tasks, it’s impossible to avoid racking up a few utility bills each month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Because these bills can add up quickly, this is a great category to look at when you’re hoping to reduce your monthly spending.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In this article, I’ll take a look at 15 steps you can take to reduce your monthly utility bills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-15-ways-to-lower-your-utility-bills\"><strong>15 Ways To Lower Your Utility Bills</strong></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 monthly utilities can vary greatly depending on your lifestyle, the time of year, the appliances you have and several other factors. In any case, you can lower your energy costs by making a few simple changes to your home and habits.&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\">To get started, make sure your utility bills are listed&nbsp;on your monthly budget. If you aren’t sure how much you typically spend on things like water and electricity, you can most likely&nbsp;<strong>view your past bills and usage online</strong>&nbsp;through each provider’s website.&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\">While you’re looking at your average utility costs online, check to see if there are any suggested tips for lowering&nbsp;your bill. The company may provide these based on your past usage. You can also try to identify any patterns, problems or usage spikes in your history that need to be corrected.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Once you have an idea of how much you currently spend on utility bills, follow these tips to reduce your usage and lower those expenses!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-1-set-up-zoned-heating-and-cooling\"><strong>1. Set Up Zoned Heating and Cooling</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":161691} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2020/04/How-to-save-on-utilities-1.png?resize=800%2C300&amp;ssl=1\" alt=\"Zoned heating and cooling\" class=\"wp-image-161691\"/></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\">One great way to lower your utility bills is by cutting down on your heating and air conditioning use. You can do this by dividing your home into zones that will let you heat or cool only the rooms or areas that are being used. </p>\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 control each zone of your home with individual thermostats, or you can take a simpler approach for less upfront cost. <strong>Simply close all of the doors and vents in rooms that aren’t being used to reduce wasted energy</strong>. You can also set up fans throughout your home to increase or redirect airflow. And don’t forget to close off your fireplace when it’s not in use to prevent air from escaping.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-2-change-your-filters-and-keep-vents-clean\"><strong>2. Change Your Filters and Keep Vents Clean</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":218791} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2022/03/Check-your-vents.png?resize=800%2C300&amp;ssl=1\" alt=\"\" class=\"wp-image-218791\"/></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\">Another way to ensure your heating and cooling systems aren’t being overworked is by changing your filters regularly and keeping your home’s vents clean.</p>\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 that nothing is blocking your indoor and outdoor vents.&nbsp;<strong>There should be at least a foot of space to allow for proper airflow</strong>. That means that furniture in front of a vent should be pulled away from the wall, and any trees or bushes should be trimmed back or moved away from outdoor vents.</p>\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 the same reason, it’s important to change your filters regularly. Filters can quickly become clogged with dust, pet hair, dirt and other debris. Once a filter is clogged, the airflow is blocked. To prevent this, <strong>change your filters at least once a month</strong>. In between changes, you can use a handheld vacuum or vacuum extension to clear dust from filters and vents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-3-insulate-the-attic-floors-and-walls\"><strong>3. Insulate the Attic, Floors and Walls</strong></h3>\n<!-- /wp:heading -->\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\">As you know, if it’s colder outside, heat will always leave your house if there’s no proper barrier to block its departure. For that reason, it’s important to insulate as much of your home as possible. </p>\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 federal&nbsp;Energy Star&nbsp;program, “EPA estimates that homeowners can save an average of 15% on heating and cooling costs (or an average of 11% on total energy costs) by sealing their homes and adding insulation in attics, floors over crawl spaces and accessible basement rim joists.”</p>\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 attic, floors and walls are great places to start. Also be sure to check your ceiling fans, chimneys and ducts. Even outlets and light switches can be sources of air leaks, especially if they’re on an outside wall. You can typically find inexpensive outlet and switch plate seals at your local hardware store. These seals are designed to insulate electricity-sensitive areas and to prevent fires. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-4-seal-drafts-around-doors-and-windows\"><strong>4. Seal Drafts Around Doors and Windows</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":161693} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2020/04/How-to-save-on-utilities-3.png?resize=800%2C300&amp;ssl=1\" alt=\"Find air leaks\" class=\"wp-image-161693\"/></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\">In addition to adding more insulation, be sure to check that drafts around doors and windows are sealed so that air isn’t escaping throughout the day. If you can feel air coming in from around your doors or windows, you may need to <strong>apply weatherstripping or caulk to stop the airflow</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\">These are both projects that you can do yourself with inexpensive weatherstripping or caulk from your local hardware store. If you aren’t sure whether you have leaks that need to be sealed or you aren’t able to seal them yourself, consider hiring a qualified contractor. The money you’ll save over time will be worth any initial investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-5-use-an-electric-blanket\"><strong>5. Use an Electric Blanket</strong></h3>\n<!-- /wp:heading -->\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\">Adjusting your thermostat too often or setting it to extreme highs and lows can cause huge spikes in your electricity bill. Instead of cranking up the heat, reach for an electric blanket. They’re perfect for keeping your bed warm throughout the night without heating your entire house. An electric blanket won’t pull nearly as much energy as your home heating system.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In addition to an electric blanket, <strong>consider other ways to adjust your body temperature instead of turning on the heat or air conditioning</strong>. Reducing the use of your thermostat is a great way to save on utility bills. Changing into something warmer or cooler, getting your heart rate up by moving around or turning on a fan are other great ways to do this.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-6-cook-strategically\"><strong>6. Cook Strategically</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":218792} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2022/03/Cook-smart.png?resize=800%2C300&amp;ssl=1\" alt=\"\" class=\"wp-image-218792\"/></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\">When you use your stovetop or oven, it generates a lot of heat. In the summer, that means your air conditioner will have to work harder to keep the space cool. In the winter, the extra warmth could be a great way to help give your heater a break. Keeping this in mind, try to <strong>cook indoors during the winter and outdoors during the summer</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’re cooking something small, you may be able to <strong>use a toaster oven, air fryer, Instant Pot or microwave</strong>. These appliances use much less energy than an oven or stovetop, which means you’ll see savings on your electricity bill.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-7-use-your-dishwasher-wisely\"><strong>7. Use Your Dishwasher Wisely</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":218794} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2022/03/Dishwasher-tips.png?resize=800%2C300&amp;ssl=1\" alt=\"\" class=\"wp-image-218794\"/></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\">When it’s time to wash the dishes, use your dishwasher if you have one! Many dishwashers use less than five gallons of water per cycle, whereas washing dishes by hand can use up to four times that 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\"><strong>Try not to run the dishwasher until it’s completely full</strong>. Also, wash bigger pots and pans by hand to maximize the number of dishes you can fit into a single cycle.&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\">After you’ve put in your dishes and detergent, look at your settings. Instead of the manual “heat dry” setting, <strong>consider letting your dishes air-dry</strong> instead. This is a great way to reduce energy consumption, and if you run the dishwasher at night you’ll wake up to clean, dry dishes either way.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-8-cut-down-on-energy-spent-drying-clothes\"><strong>8. Cut Down on Energy Spent Drying Clothes</strong></h3>\n<!-- /wp:heading -->\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\">In addition to air-drying your dishes, you can use the same trick on clothes for even more savings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Instead of using the tumble dry setting on your dryer, let your clothes air-dry naturally. You can hang them on a clothesline if you have one or create one by hanging string across the balcony or a room in your home.&nbsp;<strong>If you do need to use the dryer, throw a wool dryer ball in with the clothes</strong>&nbsp;to reduce the necessary running time.</p>\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 is another chore that you should consider doing at night. Hanging up wet clothes to dry overnight ensures that everything will be ready to go when you wake up the next morning. This way, you can reduce energy costs from drying without ever feeling the difference.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-9-wash-your-clothes-on-cold\"><strong>9. Wash Your Clothes on Cold</strong></h3>\n<!-- /wp:heading -->\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\">Washing your clothes in hot or warm water takes a lot of energy. You can cut down on this by switching to cold water. Try to use hot water only when washing soiled clothes. Aside from extreme cases like sickness or very dirty clothes, <strong>researchers at</strong> <strong>Consumer Reports agree that cold water is enough</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\">Lastly, try to wash large loads instead of smaller, more frequent ones. This is another great way to reduce the amount of energy your washer uses. That will, in turn, lower your next utility bill.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-10-use-less-water-when-flushing\"><strong>10. Use Less Water When Flushing</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":161696} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2020/04/How-to-save-on-utilities-6.png?resize=800%2C300&amp;ssl=1\" alt=\"Flush your toilet\" class=\"wp-image-161696\"/></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\">The simple act of flushing your toilet uses more water than you’d expect. If you can reduce the amount of water you’re using per flush, you may be able to reduce your water bill as well. This is especially true if you have an older toilet.</p>\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’re ready to replace your current toilet, consider a low-flow toilet. To conserve water with your current toilet, you can&nbsp;<strong>put a plastic bottle filled with water into your toilet tank</strong>. This will cause the toilet to use less water per flush.&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\">Also, check for leaks periodically. To see if your toilet has a leak, put a few drops of food coloring into the tank. If the food coloring appears in the toilet bowl without flushing, there’s a leak that needs to be repaired. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-11-get-water-saving-showerheads-and-faucets\"><strong>11. Get Water-Saving Showerheads and Faucets</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":218795} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2022/03/Replace-your-showerhead.png?resize=800%2C300&amp;ssl=1\" alt=\"\" class=\"wp-image-218795\"/></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\">Replacing your showerhead and faucets with more energy-efficient options will pay for themselves over time. Low-flow showerheads put out less than half the amount of water compared to traditional, older showerheads while still providing comparable pressure. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In addition to using less water, the most efficient showerheads hold water until they’re fully heated. That means you’ll be saving water when it would otherwise be running and heating up. You’ll also be reducing your energy costs by heating less water.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-12-insulate-your-water-heater-and-adjust-the-temperature\"><strong>12. Insulate Your Water Heater and Adjust the Temperature</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":161698} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2020/04/How-to-save-on-utilities-8.png?resize=800%2C300&amp;ssl=1\" alt=\"Insulate your water heater\" class=\"wp-image-161698\"/></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\">Another great way to reduce energy and lower your utility bills is by lowering the temperature of your water heater. It’s most likely set too high anyway.</p>\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 some manufacturers set water heater thermostats at 140º,&nbsp;<strong>most households usually only require them to be set at 120º</strong>,” according to the&nbsp;Department of Energy. “Set too high, or at 140º, your water heater can waste anywhere from $36 to $61 annually in standby heat losses.”</p>\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 water heater is five or more years old, you may want to <strong>consider buying a hot water heater jacket</strong> to insulate it. The Department of Energy reports that this alone can help you save 7% to 16% annually on your water heating bill. You can find step-by-step instructions online to complete this project yourself.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-13-buy-energy-efficient-appliances\"><strong>13. Buy Energy-Efficient Appliances</strong></h3>\n<!-- /wp:heading -->\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\">You don’t have to invest in pricey new appliances just to cut down on energy costs, but when you are ready to upgrade, invest in energy-efficient options. If you aren’t sure where to start shopping, <strong>look for</strong> <strong>Energy Star-rated appliances</strong>. Products that earn this rating are certified to save energy and money over their lifespan.</p>\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 looking to upgrade your heating/cooling system, refrigerator or oven, take the time to research the best time and place to buy appliances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-14-switch-to-energy-saving-light-bulbs\"><strong>14. Switch to Energy Saving Light Bulbs</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":161699} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2020/04/How-to-save-on-utilities-9.png?resize=800%2C300&amp;ssl=1\" alt=\"Replace your light bulbs\" class=\"wp-image-161699\"/></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\">A cheap replacement that will help you reduce your energy usage and lower your utility bills is light bulbs. </p>\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&nbsp;Department of Energy’s&nbsp;website says that switching to energy-efficient lighting is one of the fastest ways to cut your energy bills. In fact, it says that the average household saves about $225 in energy costs per year by using LED lighting.&nbsp;They recommend that you&nbsp;<strong>replace your home’s five most frequently used lights with bulbs that have earned the Energy Star rating</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\">In addition to using energy-efficient bulbs, consider setting up controls like timers and dimmers to reduce electricity usage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-15-consider-home-automation\"><strong>15. Consider Home Automation</strong></h3>\n<!-- /wp:heading -->\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\">Taking things a step further, setting up home automation can help you save big money over time when it comes to energy 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\">Home automation options include smart thermostats, lighting controls, smart power strips and more. Basically, it’s any technology that can remotely control and monitor your home’s systems.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Instead of having to worry about manually adjusting your thermostat throughout the day or remembering to turn off lights and appliances,&nbsp;<strong>home automation systems will monitor and reduce your energy use for you.</strong>&nbsp;That means you’ll be saving on your utility bills without having to change your day-to-day lifestyle at 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\">Of course, keep in mind that this option comes with the upfront cost of whatever home automation system you decide to buy. </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=\"h-final-thoughts\"><strong>Final Thoughts</strong></h2>\n<!-- /wp:heading -->\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\">Overall, reducing your energy use in any way possible will help you lower your utility bills. </p>\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 aren’t sure where to start, begin by taking a walk through your home, cleaning any vents and changing any filters that haven’t been replaced in a while. Next, seal any drafts you can find. Make an effort to start using cold water when possible and let your clothes and dishes air-dry overnight. Lastly, lower your water heater temperature to 120º.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://clark.com/save-money/how-to-save-money-on-utilities/\">click here.</a></p>\n<!-- /wp:paragraph -->','How To Save Money on Utilities','','inherit','closed','closed','','2297-revision-v1','','','2022-04-12 16:25:55','2022-04-12 16:25:55','',2297,'http://smartinsurance.tips/?p=2326',0,'revision','',0),(2328,1,'2022-04-12 16:28:41','2022-04-12 16:28:41','<!-- wp:image {\"id\":2301,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Money-3-1024x536.png\" alt=\"\" class=\"wp-image-2301\"/></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\" id=\"mntl-sc-block_1-0\">Obtaining a&nbsp;mortgage&nbsp;is a crucial step in purchasing your first home, and there are several factors for choosing the most appropriate one. While the myriad of&nbsp;financing&nbsp;options available for first-time homebuyers can seem overwhelming, taking the time to research the basics of property financing&nbsp;can save you&nbsp;a significant amount of time and money.</p>\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_1-0-2\">Understanding the market where the property is located, and whether it offers incentives to lenders, may mean added financial perks for you. And by taking a close look at your finances, you can ensure that you are getting the mortgage that best suits your needs. This article outlines some of the important details that first-time homebuyers need to make their big purchase.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></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>Obtaining a mortgage is a crucial step in purchasing your first home, and there are several factors for choosing the best one.</li><li>Lenders will evaluate your creditworthiness and your ability to repay based on your income, assets, debts, and credit history.</li><li>As you choose a mortgage, you’ll have to decide between a fixed or floating rate, the number of years to pay off your mortgage, and the size of your down payment.</li><li>Conventional loans are mortgages that the government does not insure.</li><li>Depending on your circumstances, you may be eligible for more favorable terms through a Federal Housing Administration (FHA) loan, a U.S. Department of Veterans Affairs (VA) loan, or another type of government-guaranteed loan.</li><li>As a first-time homebuyer, you may be eligible for special programs that allow you to access deeply discounted homes and put low or no money down.</li><li></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_1-0-8\">First-Time Homebuyer Requirements</h2>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-9\">To be approved for a mortgage, you’ll need to meet&nbsp;several requirements&nbsp;depending on the type of loan for which you are applying.</p>\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\">To be approved specifically as a first-time homebuyer, you’ll need to meet the definition of a first-time homebuyer, which is broader than you may think. A first-time homebuyer is someone who has not owned a principal residence for three years, a single person who has only owned with a spouse, an individual who has only owned a residence not permanently affixed to a foundation, or an individual who has only owned a property that was not in compliance with building codes.</p>\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 generally need to have proof of income for a minimum of two years sufficient to pay the mortgage, a down payment of at least 3.5%, and a credit score of at least 620. However, as a first-time homebuyer, there are programs that can allow you to buy a home with a low income, $0 down, and credit scores as low as 500.</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=\"mntl-sc-block_1-0-15\">Loan Types</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"mntl-sc-block_1-0-16\"><strong>Conventional Loans</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\" id=\"mntl-sc-block_1-0-17\">Conventional loans are&nbsp;mortgages&nbsp;that are not insured or guaranteed by the federal government. They are typically&nbsp;fixed-rate mortgages.&nbsp;They are some of the most difficult types of mortgages to qualify for because of their stricter requirements: a bigger&nbsp;down payment, higher&nbsp;credit score, lower&nbsp;debt-to-income (DTI) ratios, and the potential for a&nbsp;private mortgage insurance (PMI)&nbsp;requirement. However, if you can qualify for a conventional mortgage, they are usually less costly than&nbsp;loans that are guaranteed by the federal government.</p>\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_1-0-19\">Conventional loans are defined as either conforming loans or nonconforming loans. Conforming loans comply with&nbsp;guidelines, such as the loan limits&nbsp;set forth by&nbsp;government-sponsored enterprises (GSEs)&nbsp;Fannie Mae&nbsp;and&nbsp;Freddie Mac. These lenders (and various others) often buy and package these loans, then sell them as securities on the&nbsp;secondary market.&nbsp;However, loans that are sold on the secondary market must meet specific guidelines to be classified as conforming loans.</p>\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\">The maximum conforming loan limit&nbsp;for a&nbsp;conventional mortgage in 2022 is $647,200, although it can be more for&nbsp;designated high-cost areas. A loan made above this amount&nbsp;is called a&nbsp;jumbo loan, which usually carries a slightly higher interest rate. These loans carry more&nbsp;risk&nbsp;(since they involve more money), making them less attractive to the&nbsp;secondary market.</p>\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 nonconforming loans, the lending institution that is underwriting the loan, usually a portfolio lender, sets its own guidelines. Due to regulations, nonconforming loans cannot be sold on the secondary market.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"mntl-sc-block_1-0-25\"><strong>Federal Housing Administration (FHA) Loans</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\" id=\"mntl-sc-block_1-0-26\">The&nbsp;Federal Housing Administration (FHA), part of the U.S.&nbsp;Department of Housing and Urban Development (HUD), provides various mortgage loan programs for Americans. An FHA loan has lower down payment requirements and is easier to qualify for than a conventional loan. FHA loans are excellent for first-time homebuyers because, in addition to lower up-front loan costs and less stringent credit requirements, you&nbsp;can make&nbsp;a&nbsp;down payment&nbsp;as low as 3.5%. FHA loans cannot exceed the statutory limits described above.</p>\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\">However, all FHA borrowers must pay a mortgage insurance premium, rolled into their mortgage payments. Mortgage insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments, passes away, or is otherwise unable to meet the contractual obligations of the mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\" id=\"mntl-sc-block_1-0-30\"><strong>U.S. Department of Veterans Affairs (VA) Loans</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\" id=\"mntl-sc-block_1-0-31\">The U.S.&nbsp;Department of Veterans Affairs (VA)&nbsp;guarantees&nbsp;VA loans. The VA does not make loans itself but guarantees mortgages&nbsp;made by qualified lenders. These guarantees allow veterans to obtain home loans with favorable terms (usually without a down payment).</p>\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_1-0-33\">In most cases, VA loans are easier to qualify for than conventional loans. Lenders generally limit the maximum VA loan to conventional mortgage loan limits.&nbsp;Before applying for a loan, you’ll need to request your eligibility from the VA. If you are accepted, the VA will issue a certificate of eligibility that you can use to apply for&nbsp;a 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\" id=\"mntl-sc-block_1-0-35\">In addition to these federal loan types and programs, state and local governments and agencies sponsor assistance programs to increase investment or homeownership in certain areas.</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=\"mntl-sc-block_1-0-37\">Equity and Income Requirements</h2>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-38\">Home mortgage loan pricing&nbsp;is determined by the lender in two ways, and both methods are based on the&nbsp;creditworthiness of the borrower. In addition to checking your&nbsp;FICO score&nbsp;from the&nbsp;three major credit bureaus, lenders will calculate the&nbsp;loan-to-value (LTV) ratio&nbsp;and the&nbsp;debt-service coverage ratio (DSCR)&nbsp;to determine the amount that they’re willing to loan to you, plus the interest 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\">LTV is the amount of actual or implied equity that is available in the&nbsp;collateral&nbsp;being borrowed against. For home purchases, LTV is determined by dividing the loan amount&nbsp;by the&nbsp;purchase price&nbsp;of the home.&nbsp;Lenders assume that&nbsp;the more money you are putting up (in the form of a down payment), the less likely you are to default on the loan. The higher the LTV, the greater the risk of default, so lenders will charge 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\">For this reason, you should include any type of qualifying income that you can when negotiating with a mortgage lender. Sometimes an extra part-time job or other income-generating business can make the difference between qualifying or not qualifying for a loan, or in receiving the best possible rate. A mortgage calculator can show you the impact of different rates on your monthly payment.</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=\"mntl-sc-block_1-0-46\">Private Mortgage Insurance (PMI)</h2>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-47\">LTV also determines whether you will be required to purchase the PMI mentioned earlier. PMI helps to insulate the lender from default by transferring a portion of the loan risk to a mortgage insurer. Most lenders require PMI for any loan with an LTV greater than 80%. This translates to any loan in which you own less than 20% equity in the home.<sup>8</sup> The amount being insured and the mortgage program will determine the cost of mortgage insurance and how it’s collected.</p>\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_1-0-49\">Most mortgage&nbsp;insurance premiums&nbsp;are collected monthly, along with tax and property insurance&nbsp;escrows. Once&nbsp;LTV is equal to or less than 78%, PMI is supposed to be eliminated automatically. You&nbsp;may also be able to&nbsp;cancel PMI once the home has appreciated enough in value to give you&nbsp;20%&nbsp;home equity&nbsp;and a set period has passed, such as two years.</p>\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\">Some lenders, such as the FHA, will assess the mortgage insurance as a lump sum and capitalize it into the loan 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\">Important: As a rule of thumb, try to avoid PMI because it is a cost that has no benefit to you.</p>\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_1-0-55\">There are ways to avoid paying for PMI. One is not to borrow more than 80% of the property value when purchasing a home; the other is to use home equity financing or a&nbsp;second mortgage&nbsp;to put down more than 20%.&nbsp;The most common program&nbsp;is called an&nbsp;80-10-10 mortgage. The 80 stands for the LTV of the first mortgage, the first 10 stands for the LTV of the second mortgage, and the second 10 represents your home equity.<sup>10</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_1-0-57\">The rate on the second mortgage will be higher than the rate on the first mortgage, but on a blended basis, it should not be much higher than the rate of a 90% LTV loan. An 80-10-10 mortgage can be less expensive than paying for PMI. It also allows you to accelerate the payment of the second mortgage and eliminate that portion of the debt quickly so you can pay off your home early. </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=\"mntl-sc-block_1-0-59\">Fixed-Rate Mortgages vs. Floating-Rate Mortgages</h2>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-60\">Another consideration is whether to obtain a fixed-rate or floating-rate (also called a variable-rate) mortgage. In a fixed-rate mortgage, the rate does not change for the entire period of the loan. The obvious benefit of getting a fixed-rate loan is that you know what the monthly loan costs will be for the entire loan period. And, if prevailing interest rates are low, then you’ve locked in a good rate for a substantial time.</p>\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_1-0-62\">A&nbsp;floating-rate mortgage, such as an&nbsp;interest-only mortgage&nbsp;or an&nbsp;adjustable-rate mortgage (ARM), is designed to assist first-time homebuyers or people who expect their incomes to rise substantially over the loan period. Floating-rate loans usually allow you to obtain lower introductory rates during the first few years of the loan, which allow you to qualify for more money than if you had tried to get a more expensive fixed-rate 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\" id=\"mntl-sc-block_1-0-64\">Of course, this option can be risky if your income does not grow in step with the increase in interest rate. The other downside is that the path of market interest rates is uncertain: If they dramatically rise, then your loan’s terms will skyrocket with them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-66\">How Adjustable-Rate Mortgages (ARMs) Work</h3>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-67\">The most common types of ARMs are for one-, five-, or seven-year periods. </p>\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\">The&nbsp;initial interest rate&nbsp;is normally fixed for a period of time and then resets&nbsp;periodically, often every month. Once an ARM resets, it adjusts to the market rate, usually by adding some predetermined spread (percentage) to the prevailing U.S.&nbsp;Treasury&nbsp;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\" id=\"mntl-sc-block_1-0-69\">Although the increase&nbsp;is typically&nbsp;capped, an ARM adjustment can be&nbsp;more expensive than the prevailing fixed-rate mortgage loan to compensate the lender for offering&nbsp;a lower rate during the introductory 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_1-0-71\">Interest-only loans are a type of ARM in which you only pay&nbsp;mortgage&nbsp;interest&nbsp;and not&nbsp;principal&nbsp;during the introductory period until the loan reverts to a fixed, principal-paying loan. Such loans can be very advantageous for first-time borrowers because only paying interest significantly decreases the monthly cost of borrowing and will allow you to qualify for a much larger loan. However, because you pay&nbsp;no principal during the initial period, the balance due on the loan does not change until you&nbsp;begin&nbsp;to repay the principal.</p>\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_1-0-73\">The DSCR determines your&nbsp;ability to pay&nbsp;the mortgage. Lenders&nbsp;divide your&nbsp;monthly net income&nbsp;by the mortgage costs to&nbsp;assess the probability that you&nbsp;will default on the mortgage. Most lenders will require DSCRs of greater than one. The greater the ratio, the greater the probability that you will be able to cover borrowing costs and the less risk that the lender assumes. The greater the DSCR, the more likely that a lender will negotiate the loan rate; even at a lower rate, the lender receives a better&nbsp;risk-adjusted return.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Warning: Mortgage lending discrimination is illegal. If you think that you’ve been discriminated against based on race, religion, sex, marital status, use of public assistance, national origin, disability, or age, there are steps that you can take. One such step is to file a report with either the Consumer Financial Protection Bureau (CFPB) or HUD.</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=\"mntl-sc-block_1-0-77\">Specialty Programs for First-Time Homebuyers</h2>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-78\">In addition to all of the traditional sources of funding, there are several specialty programs for first-time homebuyers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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_1-0-80\">ReadyBuyer</h3>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-81\">The Federal National Mortgage Association’s (Fannie Mae’s) HomePath Ready Buyer program is designed for first-time buyers and provides up to 3% assistance toward closing costs on the purchase of a foreclosed property owned by Fannie Mae. To be eligible for the program, interested buyers have to complete a mandatory home-buying education course prior to making an offer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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_1-0-83\">Individual Retirement Accounts (IRAs)</h3>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-84\">Every first-time homebuyer is eligible to take up to $10,000 out of a traditional individual retirement account (IRA) without paying the 10% penalty for early withdrawal. The limit is per individual, so a couple could withdraw up to $10,000 each from their own IRAs for a total of $20,000 to put down. If a homebuyer wants to withdraw up to $10,000 for a home purchase from a Roth IRA, they can do so without penalty, as long as they’ve had the Roth account for at least five years. Note that this only exempts you from the penalty for early withdrawal. If you withdraw from a traditional IRA, you will still have to pay income tax on the money withdrawn.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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_1-0-86\">Down Payment Assistance Programs</h3>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-87\">Many states have down payment assistance programs for first-time buyers. Eligibility varies from state to state, but generally, these programs are geared toward lower-income individuals and public servants. HUD maintains a list of programs for each state.</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\">What Credit Score is Needed to Buy a House?</h2>\n<!-- /wp:heading -->\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\">Most conventional mortgages require a credit score of 620 or greater. However, Federal Housing Administration (FHA) loans can accept a credit score as low as 500 with a 10% down payment, or as low as 580 with a 3.5% down payment.</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\">What is the Average Interest Rate for a First-Time Homebuyer?</h2>\n<!-- /wp:heading -->\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\">Interest rates depend on a variety of factors, including credit scores, down payment percentage, type of loan, and market conditions. There is no data to indicate that first-time homebuyers with similar creditworthiness and circumstances pay higher or lower interest rates than experienced homebuyers.</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\">Are There Any State Tax Credits for First-Time Homebuyers?</h2>\n<!-- /wp:heading -->\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\">While the first-time homebuyer tax credit was eliminated at the federal level in 2010, several states still offer state tax credits for first-time homebuyers. Additionally, some municipalities and counties offer property tax reductions for first-time homebuyers in their first year. Check with a local tax professional to see what you may be eligible for in your area.</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=\"mntl-sc-block_1-0-95\">The Bottom Line</h2>\n<!-- /wp:heading -->\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\" id=\"mntl-sc-block_1-0-96\">If you’re looking for a home mortgage for the first time, you may find it difficult to sort through all the financing options. Take time to decide how much home you can actually afford and then finance accordingly. If you can afford to put down a substantial amount or have enough income to create a low LTV, then you will have more negotiating power with lenders and the most financing options. If you push for the largest loan, then you may be offered a higher risk-adjusted rate and private mortgage 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_1-0-98\">Weigh the benefit of obtaining a larger loan with the risk. Interest rates typically&nbsp;float&nbsp;during the interest-only period and will often adjust in reaction to changes in market interest rates. Also, consider&nbsp;the risk that your&nbsp;disposable income&nbsp;won’t rise along with the possible increase in borrowing 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_1-0-100\">A good mortgage broker or mortgage banker should be able to help steer you through all the different programs and options, but nothing will serve you better than knowing your priorities for a mortgage loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/articles/mortgages-real-estate/08/homebuyer-financing-option.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Financing Basics for First-Time Homebuyers','','inherit','closed','closed','','2300-revision-v1','','','2022-04-12 16:28:41','2022-04-12 16:28:41','',2300,'http://smartinsurance.tips/?p=2328',0,'revision','',0),(2330,1,'2022-04-12 16:30:25','2022-04-12 16:30:25','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">High-performing employees are worth their weight in gold.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">High-performing employees’ have outstanding skills that distinguish them from their mediocre colleagues in the workplace. With a willingness to go above and beyond what is written in their job description, high performers keep the work flowing smoothly. But that’s not all -- they follow directions enthusiastically and are not afraid of challenges. What’s more, they exhibit creative thinking and leadership qualities, especially when decision-making is required. Striving to constantly develop new and existing skills&nbsp;increases their overall performance within the company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2304,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Productivity-1024x536.png\" alt=\"\" class=\"wp-image-2304\"/></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\">Managers with high-performing employees can rest assured knowing that these workers will exceed their expectations. Their unmatched skills set them apart from others. In fact, Apple and Google have stated that there is a huge gap between high performers and average employees.</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\"><strong>1. Initiative and self-direction.</strong></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\">Instead of depending on managers or supervisors for direction, the high performer will carry out their own research. Self-direction drives them to seek apt information for completing a project. This could mean contacting others within the organization who has fitting knowledge. Better still, they’re prepared to attend conferences, sign up to training programs, read edifying books and even attend evening classes if required. Using initiative, they will boldly try new ways of working and take on more responsibilities to develop their career path.</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\"><strong>2. Feedback to develop performance.</strong></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\">Being open to feedback and taking it constructively is crucial to the growth of an employee and their organization. High performers use feedback to evaluate their efficiency and look for areas where they can make an improvement. Therefore, they will actively seek feedback about their performance from management or supervisors to ensure they are always on track. In addition, feedback from other departments will provide scope for developing fresh, innovative ideas for the organization.</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\"><strong>3. Problem-solving at its best.</strong></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\">\"We can\'t solve problems by using the same kind of thinking we used when we created them.\"&nbsp; -- Einstein</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Fresh challenges present an opportunity for high performers to showcase their problem-solving skills. Instead of dodging complicated tasks, they seek various diagnostic methods such as asking questions, exploring the issue, reading case studies or even calling for emergency team meetings. They use a systematic approach. First, identify the challenge, then look at alternatives, followed by deciding on the best approach and lastly executing the most suitable solution.</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\"><strong>4. Time management to avoid slacking.</strong></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\">Managing time effectively can save an organization money. High-performing employees are aware that time is money and put that understanding into practice. You won’t find them wasting work time on social media, procrastinating or turning up late in the mornings. They are dedicated to performing at their highest levels to get things done on or before the scheduled time. Handling time well could also mean negotiating less urgent tasks to other colleagues in the department.</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\"><strong>5. A personalized system developed for order.</strong></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\">Staying focused is crucial for outstanding performance. A high-performing employee will develop a system for keeping their workday organized. And this starts with a clear, clutter-free desk. One principal factor that will reduce stress and tiredness is taking frequent breaks during the day.  Other methods helping them stay on top are regular routines, using a checklist, developing a functional filing system, managing incoming emails and even keeping a work journal.</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\"><strong>6. A positive mindset to promote good energy.</strong></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\">Having a positive mindset doesn’t necessarily mean the workday will flow without problems. But having the right attitude is key for knowing how to look on the bright side and deal with issues constructively. This thinking helps high-performers excel in the workplace. They have an air of excitement, produce superior work and outperform the employee with a negative outlook. Not only that, colleagues prefer to be around the person who is full of energy, optimistic and always engaged with their work. In contrast, a pessimistic employee dampens the atmosphere and moods of those around him.</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\"><strong>7. Healthy working relationships and networking skills.</strong></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\">Building relationships is important to high performers because of their lean toward&nbsp;like-minded people. As a result, they develop strong networking skills by connecting with other sources to gather information and worthwhile knowledge for their organization, when needed. This performance constantly grows their networking relations and provide easy access to contacts inside and outside of the workplace. In short, the high performer\'s innovative attitude benefits the organization who will be more than willing to invest in their personal development. This, in turn, will add more value to their skills.</p>\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 sum up, high-performing employees are worth their weight in gold. Their exceptional skills push them to continually perform at optimum levels to achieve superior results. Not only do they contribute to the bottom line and productivity of any organization, they are also on a successful career path.</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.entrepreneur.com/article/310468\">click here.</a></p>\n<!-- /wp:paragraph -->','7 Traits of Supremely Productive Employees','','inherit','closed','closed','','2303-revision-v1','','','2022-04-12 16:30:25','2022-04-12 16:30:25','',2303,'http://smartinsurance.tips/?p=2330',0,'revision','',0),(2331,1,'2022-04-12 16:41:47','2022-04-12 16:41:47','<!-- wp:image {\"id\":2449,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-6-1024x536.png\" alt=\"\" class=\"wp-image-2449\"/></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\">Electric cars may be cheaper to “fill up,” but they’re also more expensive to insure. They\'re filled with more expensive parts, and often require more expensive labor when they need repairs.</p>\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’re considering going electric for your next car purchase, you’re probably already relishing in the idea of blasting past the gas station so you can charge up at home for free.</p>\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 EVs are undeniably cheaper to “fill up,” so to speak, they’re also more expensive to insure. Insurance companies aren’t quite sure what to make of electric cars and they’ve come up with some pretty valid reasons why they need to charge higher premiums to keep you covered.</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\">Is electric car insurance more expensive?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":103601} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_1641881554.png\" alt=\"Is Electric Car Insurance Really More Expensive? - Is electric car insurance more expensive?\" class=\"wp-image-103601\"/></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\">Electric car insurance, quite simply, is conventional auto insurance but for your electric car.&nbsp;<strong>The key&nbsp;difference&nbsp;between electric and conventional car insurance is&nbsp;price</strong>.&nbsp;<strong>Electric cars are, across the board,&nbsp;more&nbsp;expensive to insure.</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\">You might assume that electric cars would require some sort of specialized insurance like they have for ATVs or motor homes, but no; insurance companies basically treat them the same as gas-powered cars.&nbsp;This means that you’ll be able to purchase collision coverage, comprehensive coverage, and all that other good stuff you’re familiar with.</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\">Why&nbsp;is it more expensive to insure an electric car?</h2>\n<!-- /wp:heading -->\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\">Although your personalized auto insurance premiums are heavily driven by factors like where you park, how you drive, etc., one of the&nbsp;biggest&nbsp;ones is:&nbsp;how expensive will your car be to repair?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Electric cars are much more expensive to repair than gas-powered cars for a variety of reasons, 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>They’re filled with more sensitive electronics</strong>&nbsp;which can easily get damaged in a fender bender. My neighbor’s daughter once bumped into a Tesla Model S at a stoplight doing under 15mph. Her Jeep had nary a scratch, while the Tesla suffered $12,000 in damage. Apparently, the impact dislodged several sensors throughout the car. Ouch.</li><li><strong>They&nbsp;generally require more specialized parts and labor</strong>&nbsp;to work on since they’re more like giant laptops than traditional automobiles. You can’t take them to the corner shop where Ed throws in a new radiator for $150. They almost always have to go back to the dealership, which holds a monopoly on parts and labor.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></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\">Are electric cars more expensive to insure than hybrids?</h3>\n<!-- /wp:heading -->\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\">Yep, and for much the same reasons. Electric cars are more expensive to buy, made with more expensive parts, and are costlier to work on than hybrids.</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\">What coverage do electric car drivers need?</h2>\n<!-- /wp:heading -->\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\">If you buy an electric car instead of a gas or hybrid one, will it change up how much collision, comprehensive, and other types of insurance you’ll need?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In a word,&nbsp;yes.</p>\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 quick breakdown of which insurance types you’ll want more or the same of when you insure an electric car:</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>Property damage liability/Bodily injury liability – possibly more coverage.&nbsp;</strong>Liability doesn’t protect you or your car – it protects your net worth. If you have $25k worth of liability and cause $60k worth of damage, the other driver can sue you for the remaining $35k.&nbsp;Furthermore, they’re more likely to sue you if they think you’re rich and have the money to pay. That’s why drivers of “rich” looking electric cars like Teslas and Porsches might want to up their liability.</li><li><strong>Collision – definitely more coverage.</strong>&nbsp;Collision covers&nbsp;your&nbsp;repair bills after you cause an accident. Since even minor fender benders can cause $10,000+ worth of damage to electric cars, I&nbsp;strongly&nbsp;recommend getting at least $10k worth of collision coverage.</li><li><strong>Comprehensive –&nbsp;possibly more coverage.&nbsp;</strong>&nbsp;This covers damage your car suffers in a non-accident, like fire damage, hail damage, vandalism, theft, and generally unlucky stuff happening to your car. Even though your electric car is more sensitive to damage than a gas car (and more expensive to repair), you may still be okay skipping comprehensive coverage if you park your car in a safe area.</li><li><strong>Towing and labor – same coverage.&nbsp;</strong>Towing and labor helps to cover the cost of towing and roadside assistance. You’ll want towing coverage for your electric car in case you run out of battery or experience a breakdown.</li><li><strong>Uninsured motorist bodily injury/property damage – same coverage.&nbsp;</strong>As the name implies, UMBI and UMPD cover your costs if the driver who hit you doesn’t have enough insurance to cover your damage.&nbsp;<strong>When you consider the high costs of repairing your electric car&nbsp;and&nbsp;the fact that 1 in 8 drivers on the road is uninsured, according to the&nbsp;Insurance Information Institute, you’d be wise to shield your EV with uninsured motorist protection.</strong></li><li><strong>Personal injury protection (PIP) – same coverage.&nbsp;</strong>I recommend you purchase at least enough PIP coverage to meet your health insurance deductible plus one month of lost wages. There’s no reason that I can think of that you’d need to&nbsp;increase&nbsp;your PIP coverage in an electric car.</li><li><strong>Gap insurance –&nbsp;same coverage.&nbsp;</strong>If you leased your electric car, chances are the dealer baked gap insurance into the price. Give ‘em a call to confirm.&nbsp;<strong>If you&nbsp;financed&nbsp;your car, take a minute to compare how much you still owe on the car with its&nbsp;True Market Value. If the TMV is way lower, you’ll want gap insurance.&nbsp;</strong></li><li><strong>Rental reimbursement –&nbsp;same coverage.&nbsp;</strong>Rental car reimbursement coverage is self-explanatory, and the same principles apply as when insuring a gas car.&nbsp; Will the dealer give you a loaner while your EV is in the shop? If not, can you go without your EV for a while? If you answered “no” to both, treat yourself to some rental reimbursement coverage.</li><li><strong>Usage-based insurance –&nbsp;same coverage.&nbsp;</strong>There’s no reason owning an electric car should inherently push you towards UBI –&nbsp;unless&nbsp;you bought it with the specific intent to drive less.</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\">Are electric cars still cheaper to own overall?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":103605} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_34516006.png\" alt=\"Is Electric Car Insurance Really More Expensive? - Are electric cars still cheaper to own overall?\" class=\"wp-image-103605\"/></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\">If you were primarily looking at buying an EV to save money on ownership costs, you might be bummed to read that they’re actually&nbsp;more&nbsp;expensive to insure.</p>\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 will owning an EV save you money&nbsp;overall?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">EVs are more expensive to buy up front, and in 10 years, they’ll likely need a replacement battery service costing $10,000 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\"><strong>So basically, EVs are expensive at 0 miles, expensive at 100,000 miles, and cheap for all those miles in between</strong>. The sweet spot, then, may be to buy a gently-used EV and flip it before it turns 10!</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\">How can you save on electric car insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":104002} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_523890190.jpg\" alt=\"\" class=\"wp-image-104002\"/></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\">If you’re not too excited to&nbsp;pay way more than your current insurance rate on your new EV, here are some simple ways you can get your rates down:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Buy an EV that’s cheap to insure</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 with conventional cars, certain EVs are cheaper to insure than others.&nbsp;Teslas are at the top of the range, unfortunately, because they’re so darn pricey to fix. But&nbsp;Chevy Bolts, Kia Niros, and Nissan Leafs are much cheaper.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Call your provider and hunt for discounts together</strong></h3>\n<!-- /wp:heading -->\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\">I know, it sounds a little ridiculous to call up your provider and ask “how can I pay you less,” but I swear it works.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">All you have to do is connect with a live agent over the phone and ask them if you qualify for a better rate. They’ll update your driver info first, then go down the list of possible discounts you may not be taking advantage of – especially any that are EV-related.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Opt-in to telematics programs</strong></h3>\n<!-- /wp:heading -->\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\">Lastly, a great way to slash your EV insurance premiums is to opt into your provider’s telematics program. Telematics is just industry-speak for “thingy you plug into your car to grade your driving behavior for a discount.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Premium discounts for safe, mindful driving can be&nbsp;crazy.&nbsp;Your&nbsp;only challenge will be to resist stomping on the accelerator at every stoplight to feel the pull of that sweet electric motor.</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\">Summary</h2>\n<!-- /wp:heading -->\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\">Electric cars are&nbsp;more expensive to insure than their gas-powered equivalents for many reasons, including their perceived “luxury” status, sensitivity to damage, and high cost of repairs.</p>\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, as EVs implement more safety tech and adoption becomes more widespread, that gap may narrow.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In the meantime, buying a gently-used EV and getting plenty of quotes is the best way to save on EV insurance.</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.moneyunder30.com/is-electric-car-insurance-really-more-expensive\">click here.</a></p>\n<!-- /wp:paragraph -->','Is Electric Car Insurance Really More Expensive?','','publish','open','open','','is-electric-car-insurance-really-more-expensive','','','2022-04-26 15:42:21','2022-04-26 15:42:21','',0,'http://smartinsurance.tips/?p=2331',0,'post','',0),(2332,1,'2022-04-12 16:31:49','2022-04-12 16:31:49','','Insurance-6','','inherit','open','closed','','insurance-6','','','2022-04-12 16:31:49','2022-04-12 16:31:49','',2331,'http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-6.png',0,'attachment','image/png',0),(2333,1,'2022-04-12 16:41:47','2022-04-12 16:41:47','<!-- wp:image {\"id\":2332,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-6-1024x536.png\" alt=\"\" class=\"wp-image-2332\"/></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\">Electric cars may be cheaper to “fill up,” but they’re also more expensive to insure. They\'re filled with more expensive parts, and often require more expensive labor when they need repairs.</p>\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’re considering going electric for your next car purchase, you’re probably already relishing in the idea of blasting past the gas station so you can charge up at home for free.</p>\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 EVs are undeniably cheaper to “fill up,” so to speak, they’re also more expensive to insure. Insurance companies aren’t quite sure what to make of electric cars and they’ve come up with some pretty valid reasons why they need to charge higher premiums to keep you covered.</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\">Is electric car insurance more expensive?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":103601} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_1641881554.png\" alt=\"Is Electric Car Insurance Really More Expensive? - Is electric car insurance more expensive?\" class=\"wp-image-103601\"/></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\">Electric car insurance, quite simply, is conventional auto insurance but for your electric car. <strong>The key difference between electric and conventional car insurance is price</strong>. <strong>Electric cars are, across the board, more expensive to insure.</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\">You might assume that electric cars would require some sort of specialized insurance like they have for ATVs or motor homes, but no; insurance companies basically treat them the same as gas-powered cars. This means that you’ll be able to purchase collision coverage, comprehensive coverage, and all that other good stuff you’re familiar with.</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\">Why is it more expensive to insure an electric car?</h2>\n<!-- /wp:heading -->\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\">Although your personalized auto insurance premiums are heavily driven by factors like where you park, how you drive, etc., one of the biggest ones is: how expensive will your car be to repair?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Electric cars are much more expensive to repair than gas-powered cars for a variety of reasons, 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>They’re filled with more sensitive electronics</strong> which can easily get damaged in a fender bender. My neighbor’s daughter once bumped into a Tesla Model S at a stoplight doing under 15mph. Her Jeep had nary a scratch, while the Tesla suffered $12,000 in damage. Apparently, the impact dislodged several sensors throughout the car. Ouch.</li><li><strong>They generally require more specialized parts and labor</strong> to work on since they’re more like giant laptops than traditional automobiles. You can’t take them to the corner shop where Ed throws in a new radiator for $150. They almost always have to go back to the dealership, which holds a monopoly on parts and labor.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></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\">Are electric cars more expensive to insure than hybrids?</h3>\n<!-- /wp:heading -->\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\">Yep, and for much the same reasons. Electric cars are more expensive to buy, made with more expensive parts, and are costlier to work on than hybrids.</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\">What coverage do electric car drivers need?</h2>\n<!-- /wp:heading -->\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\">If you buy an electric car instead of a gas or hybrid one, will it change up how much collision, comprehensive, and other types of insurance you’ll need?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In a word, yes.</p>\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 quick breakdown of which insurance types you’ll want more or the same of when you insure an electric car:</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>Property damage liability/Bodily injury liability – possibly more coverage. </strong>Liability doesn’t protect you or your car – it protects your net worth. If you have $25k worth of liability and cause $60k worth of damage, the other driver can sue you for the remaining $35k. Furthermore, they’re more likely to sue you if they think you’re rich and have the money to pay. That’s why drivers of “rich” looking electric cars like Teslas and Porsches might want to up their liability.</li><li><strong>Collision – definitely more coverage.</strong> Collision covers your repair bills after you cause an accident. Since even minor fender benders can cause $10,000+ worth of damage to electric cars, I strongly recommend getting at least $10k worth of collision coverage.</li><li><strong>Comprehensive – possibly more coverage. </strong> This covers damage your car suffers in a non-accident, like fire damage, hail damage, vandalism, theft, and generally unlucky stuff happening to your car. Even though your electric car is more sensitive to damage than a gas car (and more expensive to repair), you may still be okay skipping comprehensive coverage if you park your car in a safe area.</li><li><strong>Towing and labor – same coverage. </strong>Towing and labor helps to cover the cost of towing and roadside assistance. You’ll want towing coverage for your electric car in case you run out of battery or experience a breakdown.</li><li><strong>Uninsured motorist bodily injury/property damage – same coverage. </strong>As the name implies, UMBI and UMPD cover your costs if the driver who hit you doesn’t have enough insurance to cover your damage. <strong>When you consider the high costs of repairing your electric car and the fact that 1 in 8 drivers on the road is uninsured, according to the Insurance Information Institute, you’d be wise to shield your EV with uninsured motorist protection.</strong></li><li><strong>Personal injury protection (PIP) – same coverage. </strong>I recommend you purchase at least enough PIP coverage to meet your health insurance deductible plus one month of lost wages. There’s no reason that I can think of that you’d need to increase your PIP coverage in an electric car.</li><li><strong>Gap insurance – same coverage. </strong>If you leased your electric car, chances are the dealer baked gap insurance into the price. Give ‘em a call to confirm. <strong>If you financed your car, take a minute to compare how much you still owe on the car with its True Market Value. If the TMV is way lower, you’ll want gap insurance. </strong></li><li><strong>Rental reimbursement – same coverage. </strong>Rental car reimbursement coverage is self-explanatory, and the same principles apply as when insuring a gas car.  Will the dealer give you a loaner while your EV is in the shop? If not, can you go without your EV for a while? If you answered “no” to both, treat yourself to some rental reimbursement coverage.</li><li><strong>Usage-based insurance – same coverage. </strong>There’s no reason owning an electric car should inherently push you towards UBI – unless you bought it with the specific intent to drive less.</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\">Are electric cars still cheaper to own overall?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":103605} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_34516006.png\" alt=\"Is Electric Car Insurance Really More Expensive? - Are electric cars still cheaper to own overall?\" class=\"wp-image-103605\"/></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\">If you were primarily looking at buying an EV to save money on ownership costs, you might be bummed to read that they’re actually more expensive to insure.</p>\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 will owning an EV save you money overall?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">EVs are more expensive to buy up front, and in 10 years, they’ll likely need a replacement battery service costing $10,000 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\"><strong>So basically, EVs are expensive at 0 miles, expensive at 100,000 miles, and cheap for all those miles in between</strong>. The sweet spot, then, may be to buy a gently-used EV and flip it before it turns 10!</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\">How can you save on electric car insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":104002} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_523890190.jpg\" alt=\"\" class=\"wp-image-104002\"/></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\">If you’re not too excited to pay way more than your current insurance rate on your new EV, here are some simple ways you can get your rates down:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Buy an EV that’s cheap to insure</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 with conventional cars, certain EVs are cheaper to insure than others. Teslas are at the top of the range, unfortunately, because they’re so darn pricey to fix. But Chevy Bolts, Kia Niros, and Nissan Leafs are much cheaper.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Call your provider and hunt for discounts together</strong></h3>\n<!-- /wp:heading -->\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\">I know, it sounds a little ridiculous to call up your provider and ask “how can I pay you less,” but I swear it works.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">All you have to do is connect with a live agent over the phone and ask them if you qualify for a better rate. They’ll update your driver info first, then go down the list of possible discounts you may not be taking advantage of – especially any that are EV-related.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Opt-in to telematics programs</strong></h3>\n<!-- /wp:heading -->\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\">Lastly, a great way to slash your EV insurance premiums is to opt into your provider’s telematics program. Telematics is just industry-speak for “thingy you plug into your car to grade your driving behavior for a discount.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Premium discounts for safe, mindful driving can be crazy. Your only challenge will be to resist stomping on the accelerator at every stoplight to feel the pull of that sweet electric motor.</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\">Summary</h2>\n<!-- /wp:heading -->\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\">Electric cars are&nbsp;more expensive to insure than their gas-powered equivalents for many reasons, including their perceived “luxury” status, sensitivity to damage, and high cost of repairs.</p>\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, as EVs implement more safety tech and adoption becomes more widespread, that gap may narrow.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In the meantime, buying a gently-used EV and getting plenty of quotes is the best way to save on EV insurance.</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.moneyunder30.com/is-electric-car-insurance-really-more-expensive\">click here.</a></p>\n<!-- /wp:paragraph -->','Is Electric Car Insurance Really More Expensive?','','inherit','closed','closed','','2331-revision-v1','','','2022-04-12 16:41:47','2022-04-12 16:41:47','',2331,'http://smartinsurance.tips/?p=2333',0,'revision','',0),(2334,1,'2022-04-12 16:52:12','2022-04-12 16:52:12','<!-- wp:image {\"id\":2451,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-7-1024x536.png\" alt=\"\" class=\"wp-image-2451\"/></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\">When&nbsp;building a home inventory&nbsp;of your belongings, items at the top of your list might be especially valuable possessions like art or fine jewelry. But while a standard policy for&nbsp;homeowners&nbsp;or&nbsp;renters&nbsp;insurance provides coverage for personal belongings, they are often limited for specific high-value items. Fortunately, most insurance companies offer ways to adjust your policy and ensure adequate protection for all your possessions.</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\">What valuable items might be in your home?</h2>\n<!-- /wp:heading -->\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\">When purchasing a home insurance policy, insurance carriers will ask if valuable personal belongings are kept in the home. The term “valuables” refers to an item that is expensive, rare or collectible. Insurance companies consider many items valuable, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Fine jewelry</li><li>Watches</li><li>Art</li><li>Furs</li><li>Fine china and silverware</li><li>Coin collections</li><li>Stamp collections</li><li>Firearms</li><li>Sporting equipment</li><li>Musical instruments</li><li>Cameras</li><li>Electronics</li><li>Medical devices</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\">Tips for insuring your valuable items</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\">Valuable items, like a wedding ring or antique collection, are likely prized possessions, and it’s important to get the right type of insurance and the right amount of coverage to protect them. Here are some tips for insuring expensive items:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Check what your policy covers</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\">Whether it’s homeowners or renters insurance, check to see what the policy covers and what coverage limits are for valuables. Note that most insurance policies have different coverage limits for damage and theft. Find out if the policy includes&nbsp;all perils or named perils coverage&nbsp;for personal property to determine what losses are covered under your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Get your items appraised</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\">If unsure how much valuable items are worth, consider getting them appraised by a professional. An appraisal will help determine if an insurance policy’s coverage limits offer enough protection or if extra coverage is needed. Because some valuable items appreciate over time, it’s a good idea to get appraisals every few years to ensure their value is accurate and the coverage is sufficient.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Make a home inventory</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\">Every homeowner should have a home inventory of their personal belongings with a separate section for valuables. A home inventory is essentially a catalog of everything in the home and should include an image and description of each valuable item, plus the original value, date of purchase, place of purchase and the receipt if possible. Having a home inventory comes in handy when filing a personal property claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Upgrade to replacement cost coverage</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\">Most home and renters insurance policies reimburse damaged or stolen personal property at their&nbsp;actual cash value&nbsp;(ACV). With ACV, payouts for the damaged or stolen item include depreciation. Upgrading to a&nbsp;replacement cost value (RCV) policy&nbsp;helps ensure a payout for the item’s original cost without depreciation. Among&nbsp;the differences between RCV and ACV policies, the main one is that RCV policies are more expensive than ACV policies, but the claim payout is higher.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Purchase an endorsement</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\">One good way to insure jewelry or other valuable items is to&nbsp;purchase a scheduled personal property endorsement. This add-on policy is available from most insurance companies, and it allows for an increase to the personal property coverage limit for specific items, like a fine art collection or firearm. Purchasing an endorsement will raise the premium but result in a higher payout after a covered loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Consider a buyer’s protection plan</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\">When purchasing new valuable items, consider purchasing a buyer’s protection plan from the merchant. Popular with jewelry and electronics companies, a buyer’s protection plan offers coverage on top of what a standard home or renters insurance already includes. There is usually a monthly or annual fee, but it may cost less than buying an add-on policy.</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\">How homeowners insurance covers valuables differently than renters 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\">Homeowners insurance and renters insurance both offer coverage for valuables, but the coverage limits vary. Typically, home insurance policies offer more coverage for valuable items than renters insurance policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Home insurance policies also include more options for valuables add-on coverage. It is important to determine coverage needs with either type of policy and purchase additional coverage if extra protection is needed for valuable personal belongings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Homeowners insurance</strong></td><td><strong>Renters insurance</strong></td></tr><tr><td>Higher valuables coverage limits</td><td>Lower valuables coverage limits</td></tr><tr><td>Covers items anywhere in the house</td><td>Covers items anywhere in the building</td></tr><tr><td>More options for add-on coverages</td><td>Few or no options for add-on coverages</td></tr><tr><td>More expensive premiums</td><td>Less expensive premiums</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\">Frequently asked questions</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>How do I create a home inventory?</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\">To create a home inventory of your personal belongings, we suggest working room-by-room and writing down a list of all personal belongings. It should include things like furniture, electronics, valuables, appliances, clothing, sporting equipment and office equipment. Photograph each item and include a short description, date of purchase, place of purchase, serial number and original value. Any available receipts should be included with the inventory. It’s also a good idea to keep a digital and hard copy of the home inventory file in a safe place outside of the home.</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>Is jewelry covered under homeowners 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\">Yes, jewelry is typically covered under a homeowners policy. However, every home insurance company treats valuables coverage differently. According to the Insurance Information Institute (Triple-I), many home insurance companies only include&nbsp;$1,500 in jewelry coverage&nbsp;with standard policies. For renters insurance, the limit could be even lower. It’s a good idea for the insured to determine what their specific policy includes and look into scheduled personal property coverage or other endorsements if more coverage is needed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.bankrate.com/insurance/homeowners-insurance/insuring-expensive-possessions/\">click here.</a></p>\n<!-- /wp:paragraph -->','How to insure valuable items?','','publish','open','open','','how-to-insure-valuable-items','','','2022-04-26 15:43:14','2022-04-26 15:43:14','',0,'http://smartinsurance.tips/?p=2334',0,'post','',0),(2335,1,'2022-04-12 16:43:23','2022-04-12 16:43:23','','Insurance-7','','inherit','open','closed','','insurance-7','','','2022-04-12 16:43:23','2022-04-12 16:43:23','',2334,'http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-7.png',0,'attachment','image/png',0),(2350,1,'2022-04-12 23:52:20','2022-04-12 23:52:20','<!-- wp:image {\"id\":2335,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-7-1024x536.png\" alt=\"\" class=\"wp-image-2335\"/></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\">When&nbsp;building a home inventory&nbsp;of your belongings, items at the top of your list might be especially valuable possessions like art or fine jewelry. But while a standard policy for&nbsp;homeowners&nbsp;or&nbsp;renters&nbsp;insurance provides coverage for personal belongings, they are often limited for specific high-value items. Fortunately, most insurance companies offer ways to adjust your policy and ensure adequate protection for all your possessions.</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\">What valuable items might be in your home?</h2>\n<!-- /wp:heading -->\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\">When purchasing a home insurance policy, insurance carriers will ask if valuable personal belongings are kept in the home. The term “valuables” refers to an item that is expensive, rare or collectible. Insurance companies consider many items valuable, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Fine jewelry</li><li>Watches</li><li>Art</li><li>Furs</li><li>Fine china and silverware</li><li>Coin collections</li><li>Stamp collections</li><li>Firearms</li><li>Sporting equipment</li><li>Musical instruments</li><li>Cameras</li><li>Electronics</li><li>Medical devices</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\">Tips for insuring your valuable items</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\">Valuable items, like a wedding ring or antique collection, are likely prized possessions, and it’s important to get the right type of insurance and the right amount of coverage to protect them. Here are some tips for insuring expensive items:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Check what your policy covers</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\">Whether it’s homeowners or renters insurance, check to see what the policy covers and what coverage limits are for valuables. Note that most insurance policies have different coverage limits for damage and theft. Find out if the policy includes&nbsp;all perils or named perils coverage&nbsp;for personal property to determine what losses are covered under your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Get your items appraised</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\">If unsure how much valuable items are worth, consider getting them appraised by a professional. An appraisal will help determine if an insurance policy’s coverage limits offer enough protection or if extra coverage is needed. Because some valuable items appreciate over time, it’s a good idea to get appraisals every few years to ensure their value is accurate and the coverage is sufficient.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Make a home inventory</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\">Every homeowner should have a home inventory of their personal belongings with a separate section for valuables. A home inventory is essentially a catalog of everything in the home and should include an image and description of each valuable item, plus the original value, date of purchase, place of purchase and the receipt if possible. Having a home inventory comes in handy when filing a personal property claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Upgrade to replacement cost coverage</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\">Most home and renters insurance policies reimburse damaged or stolen personal property at their&nbsp;actual cash value&nbsp;(ACV). With ACV, payouts for the damaged or stolen item include depreciation. Upgrading to a&nbsp;replacement cost value (RCV) policy&nbsp;helps ensure a payout for the item’s original cost without depreciation. Among&nbsp;the differences between RCV and ACV policies, the main one is that RCV policies are more expensive than ACV policies, but the claim payout is higher.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Purchase an endorsement</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\">One good way to insure jewelry or other valuable items is to&nbsp;purchase a scheduled personal property endorsement. This add-on policy is available from most insurance companies, and it allows for an increase to the personal property coverage limit for specific items, like a fine art collection or firearm. Purchasing an endorsement will raise the premium but result in a higher payout after a covered loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Consider a buyer’s protection plan</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\">When purchasing new valuable items, consider purchasing a buyer’s protection plan from the merchant. Popular with jewelry and electronics companies, a buyer’s protection plan offers coverage on top of what a standard home or renters insurance already includes. There is usually a monthly or annual fee, but it may cost less than buying an add-on policy.</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\">How homeowners insurance covers valuables differently than renters 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\">Homeowners insurance and renters insurance both offer coverage for valuables, but the coverage limits vary. Typically, home insurance policies offer more coverage for valuable items than renters insurance policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Home insurance policies also include more options for valuables add-on coverage. It is important to determine coverage needs with either type of policy and purchase additional coverage if extra protection is needed for valuable personal belongings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Homeowners insurance</strong></td><td><strong>Renters insurance</strong></td></tr><tr><td>Higher valuables coverage limits</td><td>Lower valuables coverage limits</td></tr><tr><td>Covers items anywhere in the house</td><td>Covers items anywhere in the building</td></tr><tr><td>More options for add-on coverages</td><td>Few or no options for add-on coverages</td></tr><tr><td>More expensive premiums</td><td>Less expensive premiums</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\">Frequently asked questions</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>How do I create a home inventory?</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\">To create a home inventory of your personal belongings, we suggest working room-by-room and writing down a list of all personal belongings. It should include things like furniture, electronics, valuables, appliances, clothing, sporting equipment and office equipment. Photograph each item and include a short description, date of purchase, place of purchase, serial number and original value. Any available receipts should be included with the inventory. It’s also a good idea to keep a digital and hard copy of the home inventory file in a safe place outside of the home.</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>Is jewelry covered under homeowners 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\">Yes, jewelry is typically covered under a homeowners policy. However, every home insurance company treats valuables coverage differently. According to the Insurance Information Institute (Triple-I), many home insurance companies only include $1,500 in jewelry coverage with standard policies. For renters insurance, the limit could be even lower. It’s a good idea for the insured to determine what their specific policy includes and look into scheduled personal property coverage or other endorsements if more coverage is needed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.bankrate.com/insurance/homeowners-insurance/insuring-expensive-possessions/\">click here.</a></p>\n<!-- /wp:paragraph -->','How to insure valuable items?','','inherit','closed','closed','','2334-revision-v1','','','2022-04-12 23:52:20','2022-04-12 23:52:20','',2334,'http://smartinsurance.tips/?p=2350',0,'revision','',0),(2336,1,'2022-04-12 16:52:12','2022-04-12 16:52:12','<!-- wp:image {\"id\":2335,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-7-1024x536.png\" alt=\"\" class=\"wp-image-2335\"/></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\">When building a home inventory of your belongings, items at the top of your list might be especially valuable possessions like art or fine jewelry. But while a standard policy for homeowners or renters insurance provides coverage for personal belongings, they are often limited for specific high-value items. Fortunately, most insurance companies offer ways to adjust your policy and ensure adequate protection for all your possessions.</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\">What valuable items might be in your home?</h2>\n<!-- /wp:heading -->\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\">When purchasing a home insurance policy, insurance carriers will ask if valuable personal belongings are kept in the home. The term “valuables” refers to an item that is expensive, rare or collectible. Insurance companies consider many items valuable, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Fine jewelry</li><li>Watches</li><li>Art</li><li>Furs</li><li>Fine china and silverware</li><li>Coin collections</li><li>Stamp collections</li><li>Firearms</li><li>Sporting equipment</li><li>Musical instruments</li><li>Cameras</li><li>Electronics</li><li>Medical devices</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\">Tips for insuring your valuable items</h2>\n<!-- /wp:heading -->\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\">Valuable items, like a wedding ring or antique collection, are likely prized possessions, and it’s important to get the right type of insurance and the right amount of coverage to protect them. Here are some tips for insuring expensive items:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Check what your policy covers</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\">Whether it’s homeowners or renters insurance, check to see what the policy covers and what coverage limits are for valuables. Note that most insurance policies have different coverage limits for damage and theft. Find out if the policy includes all perils or named perils coverage for personal property to determine what losses are covered under your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Get your items appraised</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\">If unsure how much valuable items are worth, consider getting them appraised by a professional. An appraisal will help determine if an insurance policy’s coverage limits offer enough protection or if extra coverage is needed. Because some valuable items appreciate over time, it’s a good idea to get appraisals every few years to ensure their value is accurate and the coverage is sufficient.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Make a home inventory</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\">Every homeowner should have a home inventory of their personal belongings with a separate section for valuables. A home inventory is essentially a catalog of everything in the home and should include an image and description of each valuable item, plus the original value, date of purchase, place of purchase and the receipt if possible. Having a home inventory comes in handy when filing a personal property claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Upgrade to replacement cost coverage</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\">Most home and renters insurance policies reimburse damaged or stolen personal property at their actual cash value (ACV). With ACV, payouts for the damaged or stolen item include depreciation. Upgrading to a replacement cost value (RCV) policy helps ensure a payout for the item’s original cost without depreciation. Among the differences between RCV and ACV policies, the main one is that RCV policies are more expensive than ACV policies, but the claim payout is higher.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Purchase an endorsement</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\">One good way to insure jewelry or other valuable items is to purchase a scheduled personal property endorsement. This add-on policy is available from most insurance companies, and it allows for an increase to the personal property coverage limit for specific items, like a fine art collection or firearm. Purchasing an endorsement will raise the premium but result in a higher payout after a covered loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Consider a buyer’s protection plan</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\">When purchasing new valuable items, consider purchasing a buyer’s protection plan from the merchant. Popular with jewelry and electronics companies, a buyer’s protection plan offers coverage on top of what a standard home or renters insurance already includes. There is usually a monthly or annual fee, but it may cost less than buying an add-on policy.</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\">How homeowners insurance covers valuables differently than renters insurance?</h2>\n<!-- /wp:heading -->\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\">Homeowners insurance and renters insurance both offer coverage for valuables, but the coverage limits vary. Typically, home insurance policies offer more coverage for valuable items than renters insurance policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Home insurance policies also include more options for valuables add-on coverage. It is important to determine coverage needs with either type of policy and purchase additional coverage if extra protection is needed for valuable personal belongings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Homeowners insurance</strong></td><td><strong>Renters insurance</strong></td></tr><tr><td>Higher valuables coverage limits</td><td>Lower valuables coverage limits</td></tr><tr><td>Covers items anywhere in the house</td><td>Covers items anywhere in the building</td></tr><tr><td>More options for add-on coverages</td><td>Few or no options for add-on coverages</td></tr><tr><td>More expensive premiums</td><td>Less expensive premiums</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Frequently asked questions</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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>What is the best home insurance company?</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 dozens of home insurance companies on the market, and they each have strengths and weaknesses. The best home insurance company for each person depends on unique coverage needs and budget. Some of the home insurance companies we recommend are Amica, Allstate and USAA. It’s a good idea to shop around and compare rates for homeowners insurance  to see how your premium might compare to the national average or speak with a licensed insurance agent before purchasing insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>How do I create a home inventory?</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\">To create a home inventory of your personal belongings, we suggest working room-by-room and writing down a list of all personal belongings. It should include things like furniture, electronics, valuables, appliances, clothing, sporting equipment and office equipment. Photograph each item and include a short description, date of purchase, place of purchase, serial number and original value. Any available receipts should be included with the inventory. It’s also a good idea to keep a digital and hard copy of the home inventory file in a safe place outside of the home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Is jewelry covered under homeowners 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\">Yes, jewelry is typically covered under a homeowners policy. However, every home insurance company treats valuables coverage differently. According to the Insurance Information Institute (Triple-I), many home insurance companies only include $1,500 in jewelry coverage with standard policies. For renters insurance, the limit could be even lower. It’s a good idea for the insured to determine what their specific policy includes and look into scheduled personal property coverage or other endorsements if more coverage is needed.</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.bankrate.com/insurance/homeowners-insurance/insuring-expensive-possessions/\">click here.</a></p>\n<!-- /wp:paragraph -->','How to insure valuable items','','inherit','closed','closed','','2334-revision-v1','','','2022-04-12 16:52:12','2022-04-12 16:52:12','',2334,'http://smartinsurance.tips/?p=2336',0,'revision','',0),(2337,1,'2022-04-12 16:58:18','2022-04-12 16:58:18','<!-- wp:image {\"id\":2453,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-8-1024x536.png\" alt=\"\" class=\"wp-image-2453\"/></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\">Whether your most valuable possessions are electronics, family heirlooms or a new piece of furniture, protecting your belongings is a priority for most homeowners or renters. Fortunately, if you have a&nbsp;homeowners, condo or renters insurance policy, you probably already have just that.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">All of these policy types almost always include contents insurance, also known as&nbsp;personal property coverage. That means that if your belongings are damaged by a covered peril — like a fire — your policy can pay out to help you replace what you lost.</p>\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 other countries offer contents insurance as a standalone policy, in the U.S., this protection for your possessions comes standard with insurance policies for your residence (i.e., homeowners, renters or condo insurance). With a single policy that includes contents insurance, you can have peace of mind with a level of financial protection against a broad range of risks.</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\">What does home contents insurance cover?</h2>\n<!-- /wp:heading -->\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\">What is contents insurance, exactly? As its name suggests, it covers the contents of your home (up to your policy limits and barring exclusions).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In short, your personal property coverage applies to the vast majority of the belongings that you store in your house. Some insurance professionals make this concept easier to understand by saying that contents insurance covers anything that would fall out if your residence was turned upside down.</p>\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 your contents insurance usually does not cover installed items — like your carpet or your hot water heater — your&nbsp;dwelling insurance&nbsp;probably does. This applies to home and condo owners. If you rent, your landlord is typically the one responsible for insuring built-in features.</p>\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 contents insurance may also offer protections for&nbsp;things you store off-premises&nbsp;(up to a certain policy limit) and reimbursement if any of your guests’ belongings are damaged or destroyed by a covered peril. It will not, however, protect the possessions of any people who live with you long-term but are not related to you (e.g., tenants or roommates).</p>\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 that your house and contents insurance only kicks in after a covered loss. So if a fire damages your couch, your policy will almost definitely provide coverage to repair or replace it. But if you spilled on it and now want a new one, a claim would likely be unsuccessful.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">What is typically covered:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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>Furniture</li><li>Clothing</li><li>Electronics, including TVs and computers</li><li>Decor</li><li>Books</li><li>Sports equipment, including bikes</li><li>Dishes</li><li>Jewelry</li><li>Art</li><li>Appliances that are not built-in (e.g., blenders, toasters, mixers)</li><li>Firearms</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></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\">What is not typically covered:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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>The&nbsp;full value of expensive items</li><li>Vehicles and aircrafts</li><li>Installed features like flooring, furnaces, cabinets, etc. (if you own a home, dwelling insurance will step in here)</li><li>Animals, including birds and fish</li><li>Items covered by a separate insurance policy (e.g., jewelry that has its own policy)</li><li>Belongings owned by any tenant or boarder</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\">Contents insurance coverage limits</h2>\n<!-- /wp:heading -->\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\">The Insurance Information Institute (III)&nbsp;indicates&nbsp;that most homeowners insurance policies offer contents insurance in the amount of 50-70% of your dwelling coverage. So if you have $300,000 of dwelling insurance, you can expect somewhere between $150,000 and $210,000 of house contents 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\">As a renter or condo owner, because you lack a dwelling coverage amount to guide your limit, you get to set your own contents insurance limit, although your carrier may indicate a required or recommended minimum. Similarly, if you live in an area where you can purchase standalone contents insurance — like&nbsp;the UK&nbsp;or&nbsp;Australia&nbsp;— you will be able to buy a contents insurance policy with the coverage limit you want.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In the event that you buy a contents insurance policy and get to pick your coverage limit, you may be best served by first creating a&nbsp;home inventory, or a comprehensive list of what you own. This will help you determine where you should set your policy limits.</p>\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, whether you own a home or condo or rent, you do get a big say in how your buildings and content insurance works because you get to choose between the following two options.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Actual cash value versus replacement cost value</h3>\n<!-- /wp:heading -->\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\">Generally, policies include&nbsp;actual cash value&nbsp;(ACV) by default. This coverage factors in depreciation, meaning they will pay out the item’s actual cash value today after a covered loss. That means that if you were hoping to replace your TV from 2010 with a new one, you will be left covering a fair chunk of the expense yourself.</p>\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 do have an option to bump up your coverage level, though: you can choose&nbsp;replacement cost value&nbsp;(RCV). This type of contents insurance pays out to replace the item with the same type of item purchased at today’s prices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">RCV can help you better maintain your quality of life after a covered loss, but it costs more. Expect your premiums to be somewhat higher if you opt for RCV over ACV.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Valuable item sublimits</h3>\n<!-- /wp:heading -->\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\">You will notice quite a few high-value items have been included in the list of what contents insurance covers. While personal property coverage usually will pay to help you replace the item, almost all policies place sub-limits on certain item types. For example, your policy might&nbsp;pay out up to $1,500&nbsp;to<br>replace stolen jewelry.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Read your policy to identify any specific sub-limits. If your house and contents insurance would not be sufficient to cover some of your more expensive belongings, you can explore specifically adding them to your insurance policy through a rider or endorsement (for an additional cost). Alternatively, you may be able to get a separate insurance policy for them.</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\">Do I need contents insurance?</h2>\n<!-- /wp:heading -->\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\">Most insurance experts recommend carrying some form of contents insurance. Most mortgage lenders require homebuyers to carry house and contents insurance in the form of a homeowners insurance policy, but although landlords commonly mandate renters insurance for their tenants, the personal property portion is usually optional and up to your preference.</p>\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 contents insurance is optional for you, it can go a long way in helping you recover after a disaster. With this type of coverage in place, you can replace or repair your belongings after a fire, theft, vandalism, windstorm, or other covered loss, up to policy limits.</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.bankrate.com/insurance/homeowners-insurance/contents-insurance/?itm_source=parsely-api\">click here.</a></p>\n<!-- /wp:paragraph -->','What is contents insurance?','','publish','open','open','','what-is-contents-insurance','','','2022-04-26 15:44:00','2022-04-26 15:44:00','',0,'http://smartinsurance.tips/?p=2337',0,'post','',0),(2338,1,'2022-04-12 16:53:35','2022-04-12 16:53:35','','Insurance-8','','inherit','open','closed','','insurance-8','','','2022-04-12 16:53:35','2022-04-12 16:53:35','',2337,'http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-8.png',0,'attachment','image/png',0),(2354,1,'2022-04-13 19:06:15','2022-04-13 19:06:15','<!-- wp:image {\"id\":2338,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-8-1024x536.png\" alt=\"\" class=\"wp-image-2338\"/></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\">Whether your most valuable possessions are electronics, family heirlooms or a new piece of furniture, protecting your belongings is a priority for most homeowners or renters. Fortunately, if you have a&nbsp;homeowners, condo or renters insurance policy, you probably already have just that.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">All of these policy types almost always include contents insurance, also known as personal property coverage. That means that if your belongings are damaged by a covered peril — like a fire — your policy can pay out to help you replace what you lost.</p>\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 other countries offer contents insurance as a standalone policy, in the U.S., this protection for your possessions comes standard with insurance policies for your residence (i.e., homeowners, renters or condo insurance). With a single policy that includes contents insurance, you can have peace of mind with a level of financial protection against a broad range of risks.</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\">What does home contents insurance cover?</h2>\n<!-- /wp:heading -->\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\">What is contents insurance, exactly? As its name suggests, it covers the contents of your home (up to your policy limits and barring exclusions).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In short, your personal property coverage applies to the vast majority of the belongings that you store in your house. Some insurance professionals make this concept easier to understand by saying that contents insurance covers anything that would fall out if your residence was turned upside down.</p>\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 your contents insurance usually does not cover installed items — like your carpet or your hot water heater — your&nbsp;dwelling insurance&nbsp;probably does. This applies to home and condo owners. If you rent, your landlord is typically the one responsible for insuring built-in features.</p>\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 contents insurance may also offer protections for&nbsp;things you store off-premises&nbsp;(up to a certain policy limit) and reimbursement if any of your guests’ belongings are damaged or destroyed by a covered peril. It will not, however, protect the possessions of any people who live with you long-term but are not related to you (e.g., tenants or roommates).</p>\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 that your house and contents insurance only kicks in after a covered loss. So if a fire damages your couch, your policy will almost definitely provide coverage to repair or replace it. But if you spilled on it and now want a new one, a claim would likely be unsuccessful.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">What is typically covered:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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>Furniture</li><li>Clothing</li><li>Electronics, including TVs and computers</li><li>Decor</li><li>Books</li><li>Sports equipment, including bikes</li><li>Dishes</li><li>Jewelry</li><li>Art</li><li>Appliances that are not built-in (e.g., blenders, toasters, mixers)</li><li>Firearms</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></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\">What is not typically covered:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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>The&nbsp;full value of expensive items</li><li>Vehicles and aircrafts</li><li>Installed features like flooring, furnaces, cabinets, etc. (if you own a home, dwelling insurance will step in here)</li><li>Animals, including birds and fish</li><li>Items covered by a separate insurance policy (e.g., jewelry that has its own policy)</li><li>Belongings owned by any tenant or boarder</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\">Contents insurance coverage limits</h2>\n<!-- /wp:heading -->\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\">The Insurance Information Institute (III)&nbsp;indicates&nbsp;that most homeowners insurance policies offer contents insurance in the amount of 50-70% of your dwelling coverage. So if you have $300,000 of dwelling insurance, you can expect somewhere between $150,000 and $210,000 of house contents 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\">As a renter or condo owner, because you lack a dwelling coverage amount to guide your limit, you get to set your own contents insurance limit, although your carrier may indicate a required or recommended minimum. Similarly, if you live in an area where you can purchase standalone contents insurance — like&nbsp;the UK&nbsp;or&nbsp;Australia&nbsp;— you will be able to buy a contents insurance policy with the coverage limit you want.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In the event that you buy a contents insurance policy and get to pick your coverage limit, you may be best served by first creating a&nbsp;home inventory, or a comprehensive list of what you own. This will help you determine where you should set your policy limits.</p>\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, whether you own a home or condo or rent, you do get a big say in how your buildings and content insurance works because you get to choose between the following two options.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Actual cash value versus replacement cost value</h3>\n<!-- /wp:heading -->\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\">Generally, policies include&nbsp;actual cash value&nbsp;(ACV) by default. This coverage factors in depreciation, meaning they will pay out the item’s actual cash value today after a covered loss. That means that if you were hoping to replace your TV from 2010 with a new one, you will be left covering a fair chunk of the expense yourself.</p>\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 do have an option to bump up your coverage level, though: you can choose&nbsp;replacement cost value&nbsp;(RCV). This type of contents insurance pays out to replace the item with the same type of item purchased at today’s prices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">RCV can help you better maintain your quality of life after a covered loss, but it costs more. Expect your premiums to be somewhat higher if you opt for RCV over ACV.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Valuable item sublimits</h3>\n<!-- /wp:heading -->\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\">You will notice quite a few high-value items have been included in the list of what contents insurance covers. While personal property coverage usually will pay to help you replace the item, almost all policies place sub-limits on certain item types. For example, your policy might&nbsp;pay out up to $1,500&nbsp;to<br>replace stolen jewelry.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Read your policy to identify any specific sub-limits. If your house and contents insurance would not be sufficient to cover some of your more expensive belongings, you can explore specifically adding them to your insurance policy through a rider or endorsement (for an additional cost). Alternatively, you may be able to get a separate insurance policy for them.</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\">Do I need contents insurance?</h2>\n<!-- /wp:heading -->\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\">Most insurance experts recommend carrying some form of contents insurance. Most mortgage lenders require homebuyers to carry house and contents insurance in the form of a homeowners insurance policy, but although landlords commonly mandate renters insurance for their tenants, the personal property portion is usually optional and up to your preference.</p>\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 contents insurance is optional for you, it can go a long way in helping you recover after a disaster. With this type of coverage in place, you can replace or repair your belongings after a fire, theft, vandalism, windstorm, or other covered loss, up to policy limits.</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.bankrate.com/insurance/homeowners-insurance/contents-insurance/?itm_source=parsely-api\">click here.</a></p>\n<!-- /wp:paragraph -->','What is contents insurance?','','inherit','closed','closed','','2337-revision-v1','','','2022-04-13 19:06:15','2022-04-13 19:06:15','',2337,'http://smartinsurance.tips/?p=2354',0,'revision','',0),(2339,1,'2022-04-12 16:58:18','2022-04-12 16:58:18','<!-- wp:image {\"id\":2338,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-8-1024x536.png\" alt=\"\" class=\"wp-image-2338\"/></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\">Whether your most valuable possessions are electronics, family heirlooms or a new piece of furniture, protecting your belongings is a priority for most homeowners or renters. Fortunately, if you have a homeowners, condo or renters insurance policy, you probably already have just that.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">All of these policy types almost always include contents insurance, also known as personal property coverage. That means that if your belongings are damaged by a covered peril — like a fire — your policy can pay out to help you replace what you lost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Compare rates and save on home insurance today!Get quotes</p>\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 other countries offer contents insurance as a standalone policy, in the U.S., this protection for your possessions comes standard with insurance policies for your residence (i.e., homeowners, renters or condo insurance). With a single policy that includes contents insurance, you can have peace of mind with a level of financial protection against a broad range of risks.</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\">What does home contents insurance cover?</h2>\n<!-- /wp:heading -->\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\">What is contents insurance, exactly? As its name suggests, it covers the contents of your home (up to your policy limits and barring exclusions).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In short, your personal property coverage applies to the vast majority of the belongings that you store in your house. Some insurance professionals make this concept easier to understand by saying that contents insurance covers anything that would fall out if your residence was turned upside down.</p>\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 your contents insurance usually does not cover installed items — like your carpet or your hot water heater — your dwelling insurance probably does. This applies to home and condo owners. If you rent, your landlord is typically the one responsible for insuring built-in features.</p>\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 contents insurance may also offer protections for things you store off-premises (up to a certain policy limit) and reimbursement if any of your guests’ belongings are damaged or destroyed by a covered peril. It will not, however, protect the possessions of any people who live with you long-term but are not related to you (e.g., tenants or roommates).</p>\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 that your house and contents insurance only kicks in after a covered loss. So if a fire damages your couch, your policy will almost definitely provide coverage to repair or replace it. But if you spilled on it and now want a new one, a claim would likely be unsuccessful.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">What is typically covered:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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>Furniture</li><li>Clothing</li><li>Electronics, including TVs and computers</li><li>Decor</li><li>Books</li><li>Sports equipment, including bikes</li><li>Dishes</li><li>Jewelry</li><li>Art</li><li>Appliances that are not built-in (e.g., blenders, toasters, mixers)</li><li>Firearms</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></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\">What is not typically covered:</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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>The full value of expensive items</li><li>Vehicles and aircrafts</li><li>Installed features like flooring, furnaces, cabinets, etc. (if you own a home, dwelling insurance will step in here)</li><li>Animals, including birds and fish</li><li>Items covered by a separate insurance policy (e.g., jewelry that has its own policy)</li><li>Belongings owned by any tenant or boarder</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\">Contents insurance coverage limits</h2>\n<!-- /wp:heading -->\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\">The Insurance Information Institute (III) indicates that most homeowners insurance policies offer contents insurance in the amount of 50-70% of your dwelling coverage. So if you have $300,000 of dwelling insurance, you can expect somewhere between $150,000 and $210,000 of house contents 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\">As a renter or condo owner, because you lack a dwelling coverage amount to guide your limit, you get to set your own contents insurance limit, although your carrier may indicate a required or recommended minimum. Similarly, if you live in an area where you can purchase standalone contents insurance — like the UK or Australia — you will be able to buy a contents insurance policy with the coverage limit you want.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In the event that you buy a contents insurance policy and get to pick your coverage limit, you may be best served by first creating a home inventory, or a comprehensive list of what you own. This will help you determine where you should set your policy limits.</p>\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, whether you own a home or condo or rent, you do get a big say in how your buildings and content insurance works because you get to choose between the following two options.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Actual cash value versus replacement cost value</h3>\n<!-- /wp:heading -->\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\">Generally, policies include actual cash value (ACV) by default. This coverage factors in depreciation, meaning they will pay out the item’s actual cash value today after a covered loss. That means that if you were hoping to replace your TV from 2010 with a new one, you will be left covering a fair chunk of the expense yourself.</p>\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 do have an option to bump up your coverage level, though: you can choose replacement cost value (RCV). This type of contents insurance pays out to replace the item with the same type of item purchased at today’s prices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">RCV can help you better maintain your quality of life after a covered loss, but it costs more. Expect your premiums to be somewhat higher if you opt for RCV over ACV.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Valuable item sublimits</h3>\n<!-- /wp:heading -->\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\">You will notice quite a few high-value items have been included in the list of what contents insurance covers. While personal property coverage usually will pay to help you replace the item, almost all policies place sub-limits on certain item types. For example, your policy might pay out up to $1,500 to<br>replace stolen jewelry.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Read your policy to identify any specific sub-limits. If your house and contents insurance would not be sufficient to cover some of your more expensive belongings, you can explore specifically adding them to your insurance policy through a rider or endorsement (for an additional cost). Alternatively, you may be able to get a separate insurance policy for them.</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\">Do I need contents insurance?</h2>\n<!-- /wp:heading -->\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\">Most insurance experts recommend carrying some form of contents insurance. Most mortgage lenders require homebuyers to carry house and contents insurance in the form of a homeowners insurance policy, but although landlords commonly mandate renters insurance for their tenants, the personal property portion is usually optional and up to your preference.</p>\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 contents insurance is optional for you, it can go a long way in helping you recover after a disaster. With this type of coverage in place, you can replace or repair your belongings after a fire, theft, vandalism, windstorm, or other covered loss, up to policy limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Ultimately, it is generally recommended to compare quotes for multiple policies and look over any included sub-limits to find the best contents coverage for your belongings.</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.bankrate.com/insurance/homeowners-insurance/contents-insurance/?itm_source=parsely-api\">click here.</a></p>\n<!-- /wp:paragraph -->','What is contents insurance?','','inherit','closed','closed','','2337-revision-v1','','','2022-04-12 16:58:18','2022-04-12 16:58:18','',2337,'http://smartinsurance.tips/?p=2339',0,'revision','',0),(2341,1,'2022-04-12 17:03:07','2022-04-12 17:03:07','<!-- wp:image {\"id\":2455,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/fIxNt1a-1024x536.png\" alt=\"\" class=\"wp-image-2455\"/></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\">The average US household&nbsp;contains 11 connected devices, including seven items with screens (e.g. smartphones, tablets and TVs).&nbsp;The gradual rollout of 5G&nbsp;is expected to prompt an increase in connected device ownership in the home, in the car, and in the form of wearable technology, making it more important than ever for homeowners to consider their insurance options and make sure all their gadgets are covered. So what is gadget insurance, and do you need 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\">What is already covered by your homeowner’s insurance?</h2>\n<!-- /wp:heading -->\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\">Also known as electronics insurance, gadget insurance protects your mobile devices when home insurance does not. Many home insurance policies do&nbsp;cover electrical items in the home. Sometimes this is limited to electrical outlets, electrical panels, interior wiring and other electrical systems integral to the running of the home, and sometimes more items are included. In either situation, additional coverage can often be added to a basic plan to cover items that are not covered in the original policy. However, the limitation of home insurance when it comes to gadgets is that it won’t pay for devices when they have simply stopped working or have been damaged by 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\">Most home insurance plans will pay for damaged electronics if they’re damaged in a disaster (such as a fire or flood) or stolen. Portable devices like laptops, smartphones and tablets are generally only covered up to a value of $1,500 unless you pay for additional coverage. Without replacement cost coverage, stolen or damaged gadgets will only be covered up to their current value, and therefore payouts will not be enough to cover the cost of new devices. Although some home insurance policies cover damage resulting from a lightning-induced power surge, many won’t pay for damage caused by a&nbsp;power surge prompted by any other event.</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\">When to consider gadget insurance?</h2>\n<!-- /wp:heading -->\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\">The first step in ensuring that all your electrical devices are protected is checking the coverage offered by your current home insurance policy and finding out what additional add-ons are available. It is also worth considering what items you have that are often taken outside of the home. The more items like this you have, the less likely it is that your home insurance will be sufficient.</p>\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 it is not possible to protect all your devices, the best solution is gadget insurance, and this will cover your tech in the event that you damage it by accident — such as by dropping your devices or spilling something on them. All your devices will initially be covered by the manufacturer’s warranty, but this usually only applies for the first year, and doesn’t normally include accidental damage. Gadget insurance, however, will.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Gadget insurance typically covers theft and accidental damage, water damage, mechanical breakdown, unauthorized call cover, extended warranty cover, and international cover. The latter essentially functions as travel insurance for your electronic devices, and will protect them when you’re traveling in other countries. However, if you’re a frequent traveler, it’s worth checking the territories this type of cover extends to, as many policies do have limitations. Most policies offer a 48 hour replacement option, so if your devices are integral to your work, it’s worth checking for this too. When considering any gadget insurance policy, consider the elements that are most relevant to your situation, and cross-reference the policies with your home insurance plan to be sure that you’re adequately covered.</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\">The limitations of gadget insurance</h2>\n<!-- /wp:heading -->\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\">While gadget insurance is typically quite comprehensive, most policies have some exclusions. For example, your devices may only be covered in the first three years of their lifespan, and you may not be able to make claims for older gadgets. Many providers also exclude wear and tear, and there may be limitations on other types of claims. For example, while some policies protect against loss, there may be stipulations about how the loss occurred — a phone stolen from the back seat of your car where it was clearly visible, for instance, may not be covered, but a phone left in the glove compartment may be.</p>\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 claims against theft, your policy may require you to prove&nbsp;forced entry to your home, and claims may have a time limitation attached to them. This works the other way too: often claims can’t be made within the first 14 days after the damage occurred. Devices that are still under their original warranty are not usually covered by gadget insurance, but most policies require you to provide proof of purchase, no matter when you bought them.</p>\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 have multiple electronic devices in your home, gadget insurance is usually worth it, particularly if you often travel with your laptop, tablet or smartphone. However, as home insurance policies do cover a certain amount, it’s worth checking what your policy offers before investing in gadget insurance.</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://blog.solidsignal.com/tutorials/insuring-your-electronic-devices-is-your-homeowners-insurance-enough/\">click here.</a></p>\n<!-- /wp:paragraph -->','Insuring Your Electronic Devices: Is Your Homeowner’s Insurance Enough?','','publish','open','open','','insuring-your-electronic-devices-is-your-homeowners-insurance-enough','','','2022-04-26 15:45:47','2022-04-26 15:45:47','',0,'http://smartinsurance.tips/?p=2341',0,'post','',0),(2342,1,'2022-04-12 17:00:01','2022-04-12 17:00:01','','Insurance-10','','inherit','open','closed','','insurance-10','','','2022-04-12 17:00:01','2022-04-12 17:00:01','',2341,'http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-10.png',0,'attachment','image/png',0),(2343,1,'2022-04-12 17:03:07','2022-04-12 17:03:07','<!-- wp:image {\"id\":2342,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-10-1024x536.png\" alt=\"\" class=\"wp-image-2342\"/></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\">The average US household contains 11 connected devices, including seven items with screens (e.g. smartphones, tablets and TVs). The gradual rollout of 5G is expected to prompt an increase in connected device ownership in the home, in the car, and in the form of wearable technology, making it more important than ever for homeowners to consider their insurance options and make sure all their gadgets are covered. So what is gadget insurance, and do you need 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\">What is already covered by your homeowner’s insurance?</h2>\n<!-- /wp:heading -->\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\">Also known as electronics insurance, gadget insurance protects your mobile devices when home insurance does not. Many home insurance policies do cover electrical items in the home. Sometimes this is limited to electrical outlets, electrical panels, interior wiring and other electrical systems integral to the running of the home, and sometimes more items are included. In either situation, additional coverage can often be added to a basic plan to cover items that are not covered in the original policy. However, the limitation of home insurance when it comes to gadgets is that it won’t pay for devices when they have simply stopped working or have been damaged by 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\">Most home insurance plans will pay for damaged electronics if they’re damaged in a disaster (such as a fire or flood) or stolen. Portable devices like laptops, smartphones and tablets are generally only covered up to a value of $1,500 unless you pay for additional coverage. Without replacement cost coverage, stolen or damaged gadgets will only be covered up to their current value, and therefore payouts will not be enough to cover the cost of new devices. Although some home insurance policies cover damage resulting from a lightning-induced power surge, many won’t pay for damage caused by a power surge prompted by any other event.</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\">When to consider gadget insurance?</h2>\n<!-- /wp:heading -->\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\">The first step in ensuring that all your electrical devices are protected is checking the coverage offered by your current home insurance policy and finding out what additional add-ons are available. It is also worth considering what items you have that are often taken outside of the home. The more items like this you have, the less likely it is that your home insurance will be sufficient.</p>\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 it is not possible to protect all your devices, the best solution is gadget insurance, and this will cover your tech in the event that you damage it by accident — such as by dropping your devices or spilling something on them. All your devices will initially be covered by the manufacturer’s warranty, but this usually only applies for the first year, and doesn’t normally include accidental damage. Gadget insurance, however, will.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Gadget insurance typically covers theft and accidental damage, water damage, mechanical breakdown, unauthorized call cover, extended warranty cover, and international cover. The latter essentially functions as travel insurance for your electronic devices, and will protect them when you’re traveling in other countries. However, if you’re a frequent traveler, it’s worth checking the territories this type of cover extends to, as many policies do have limitations. Most policies offer a 48 hour replacement option, so if your devices are integral to your work, it’s worth checking for this too. When considering any gadget insurance policy, consider the elements that are most relevant to your situation, and cross-reference the policies with your home insurance plan to be sure that you’re adequately covered.</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\">The limitations of gadget insurance</h2>\n<!-- /wp:heading -->\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\">While gadget insurance is typically quite comprehensive, most policies have some exclusions. For example, your devices may only be covered in the first three years of their lifespan, and you may not be able to make claims for older gadgets. Many providers also exclude wear and tear, and there may be limitations on other types of claims. For example, while some policies protect against loss, there may be stipulations about how the loss occurred — a phone stolen from the back seat of your car where it was clearly visible, for instance, may not be covered, but a phone left in the glove compartment may be.</p>\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 claims against theft, your policy may require you to prove forced entry to your home, and claims may have a time limitation attached to them. This works the other way too: often claims can’t be made within the first 14 days after the damage occurred. Devices that are still under their original warranty are not usually covered by gadget insurance, but most policies require you to provide proof of purchase, no matter when you bought them.</p>\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 have multiple electronic devices in your home, gadget insurance is usually worth it, particularly if you often travel with your laptop, tablet or smartphone. However, as home insurance policies do cover a certain amount, it’s worth checking what your policy offers before investing in gadget insurance.</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://blog.solidsignal.com/tutorials/insuring-your-electronic-devices-is-your-homeowners-insurance-enough/\">click here.</a></p>\n<!-- /wp:paragraph -->','Insuring Your Electronic Devices: Is Your Homeowner’s Insurance Enough?','','inherit','closed','closed','','2341-revision-v1','','','2022-04-12 17:03:07','2022-04-12 17:03:07','',2341,'http://smartinsurance.tips/?p=2343',0,'revision','',0),(2344,1,'2022-04-12 23:46:22','2022-04-12 23:46:22','<!-- wp:image {\"id\":2307,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Small-Biz-1024x536.png\" alt=\"\" class=\"wp-image-2307\"/></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\">Looking for funding? Find out how to finance your startup without a traditional bank.</h2>\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>Venture capitalists can provide funding, networking and professional guidance to launch your business rapidly.</li><li>Generally, angel investors don\'t ask for any company shares or claim to be stakeholders of your business.</li><li>Businesses focused on science or research may receive grants from the government.</li><li><strong>This article is for small business owners who need information on alternatives to traditional bank loans.</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\">Starting your own company can be a daunting but rewarding process. While a great business plan is crucial for founders, financing is one of the most important elements a company needs to succeed.</p>\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, financing a startup or small business can be a difficult, drawn-out process, especially for those with poor credit. While there is no minimum credit score you must have to&nbsp;get a business loan, traditional lenders have a range they usually consider acceptable.</p>\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 have a low credit score and no collateral to offer, consider an alternative loan. In this article, we break down 11 small business funding options, examine the benefits of alternative lending and provide tips on how to finance your business.</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=\"why-is-it-difficult-for-small-businesses-to-get-loans-from-banks\">Why is it difficult for small businesses to get loans from banks?</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\">Capital is difficult for small businesses to access for several reasons. It\'s not that banks are against lending to small businesses – they want to – but traditional financial institutions have an outdated, labor-intensive lending process and regulations that are unfavorable to local shops and small organizations.&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 difficulty of accessing capital is exacerbated because many small businesses applying for loans are new, and banks typically want to see at least a five-year profile of a healthy business (for instance, five years of tax data) before extending an offer.</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-alternative-financing\">What is alternative financing?</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\">Alternative financing is any method through which business owners can acquire capital without the assistance of traditional banks. Generally, if a funding option is based entirely online, it is an alternative financing method. By this definition, options such as crowdfunding, online loan providers and cryptocurrency qualify as alternative financing.</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=\"why-might-small-businesses-seek-alternative-financing\">Why might small businesses seek alternative financing?</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 several reasons why small business owners might turn to business loan alternatives. Here are three of the most common.</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>Lower credit requirements:</strong>&nbsp;Traditional banks are almost certain to decline loans to borrowers with credit scores below a certain threshold that, though different for each loan provider, is often between 600 and 650.</li><li><strong>Easier qualification:</strong>&nbsp;Not all small business owners meet the additional requirements to apply and be approved for traditional loans. In these cases, business loan alternatives are helpful.</li><li><strong>Faster approval:</strong>&nbsp;Traditional bank loans can take weeks to be approved, whereas some business loan alternatives give you access to funding in as little as one week.</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=\"business-financing-options-without-a-traditional-bank\">Business financing options without a traditional bank</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 small business needs capital but&nbsp;doesn\'t qualify&nbsp;for a traditional bank loan, certain alternative financing methods and lenders may meet your needs. Here are some of the top financing options for startups and small businesses.</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\">1. Community development finance institutions</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 thousands of nonprofit community development finance institutions (CDFIs) across the country, all providing capital to small business and microbusiness owners on reasonable terms, according to Jennifer Sporzynski, senior vice president for business and workforce development at Coastal Enterprises Inc<a href=\"https://www.ceimaine.org/\">.</a>&nbsp;(CEI).</p>\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 wide variety of applications for loans come across our desk every week, many of them from ambitious startups,\" Sporzynski said. \"As a mission-oriented non-bank lender, we know from experience that many viable small businesses struggle to access the capital they need to get started, thrive and grow.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Lenders like CEI differ from banks in a few ways. First, many lenders look for a certain credit score, and that rules out a lot of startups. If banks see \"poor credit,\" that business will almost always end up in the \"no\" pile. CDFI lenders look at credit scores, too, but in a different way.</p>\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 look for borrowers who have been fiscally responsible, but we understand that unfortunate things happen to good people and businesses,\" Sporzynski said. \"We seek to understand what happened and assess its relevance.\"</p>\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 instance, personal or family medical issues and job losses can all negatively impact a borrower\'s accounting, but those can all be explained. Also, CDFI lenders do not need nearly as much collateral as a traditional bank would. Other things can compensate for a lack of&nbsp;assets to be used as collateral.</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\">2. Venture capitalists</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\">Venture capitalists (VCs) are an outside group that takes part ownership of the company in exchange for capital. The percentages of ownership to capital are negotiable and usually based on a company\'s valuation.</p>\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 is a good choice for startups who don\'t have physical collateral to&nbsp;serve as a lien&nbsp;to loan against for a bank,\" said Sandra Serkes, CEO of Valora Technologies. \"But it is only a fit when there is a demonstrated high growth potential and a competitive edge of some kind, like a patent or captive customer.\"</p>\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 benefits of a VC are not all financial. The relationship you establish with a VC can provide an abundance of knowledge, industry connections and a clear direction for your business.</p>\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 lot of entrepreneurs lack the skills needed to grow a business, and even though they can make money through sales, understanding how to grow a company will always be a lost cause in the beginning,\" said Chris Holder, author of&nbsp;<em>Tips to Success</em>&nbsp;and CEO and founder of the $100 Million Run Group. \"The guidance from an experienced investor group is the best thing, as the mentorship is key for everyone.\"</p>\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>Did you know?</strong>&nbsp;The benefits of a VC are not all financial. The relationship you establish with a VC can provide an abundance of knowledge, industry connections and a clear direction for your 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\">3. Partner financing</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\">With strategic partner financing, another player in your industry funds the growth in exchange for special access to your product, staff, distribution rights, ultimate sale or some combination of those items. Serkes said this option is usually overlooked.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Strategic funding acts like venture capital in that it is usually an equity sale – not a loan – though sometimes it can be royalty-based, where the partner gets a piece of every product sale,\" she added.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Partner financing is a good alternative because the company you partner with is usually going to be a large business and may even be in a similar industry, or an industry with an interest in your business.</p>\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 larger company typically has relevant customers, salespeople and marketing programming that you can tap right into, assuming your product or service is a compatible fit with what they already offer, which would surely be the case or there would be no incentive for them to invest in you,\" Serkes said.</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\">4. Angel investors</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\">Many think that&nbsp;angel investors&nbsp;and&nbsp;venture capitalists&nbsp;are the same, but there is one glaring difference. While a VC is a company (usually large and established) that invests in your business by trading equity for capital, an angel investor is an individual who is more likely to invest in a startup or early-stage business that may not have the demonstrable growth a VC would want.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Finding an angel investor can also be good in a similar way to gaining funding from a VC, albeit on a more personal level.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Not only will they provide the funds, [but] they will usually guide you and assist you along the way,\" said Wilbert Wynnberg, an entrepreneur and speaker based in Singapore. \"Remember, there is no point in borrowing money just to lose it later. These experienced businesspeople can save you tons of money in the long run.\"</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\">5. Invoice financing or factoring</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\">With invoice financing, also known as&nbsp;factoring, a service provider fronts you the money on your outstanding accounts receivable, which you repay once customers settle their bills. This way, your business has the cash flow it needs to keep running while you wait for customers to pay their outstanding invoices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Eyal Shinar, CEO of small business&nbsp;cash flow management&nbsp;company Fundbox, said these advances allow companies to close the pay gap between billed work and payments to suppliers and contractors.</p>\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 closing the pay gap, companies can accept new projects more quickly,\" Shinar said. \"Our goal is to help business owners grow their businesses and hire new workers by ensuring steady cash flow.\"&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\">6. Crowdfunding</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\">Crowdfunding&nbsp;on platforms such as Kickstarter and Indiegogo can give a financial boost to small businesses. These platforms allow businesses to pool small investments from several investors instead of seeking out a single investment source.</p>\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 an entrepreneur, you don\'t want to spend your investment options and increase the risk of investing in your business at such an early age,\" said Igor Mitic, co-founder of Fortunly. \"By using crowdfunding, you can raise the necessary seed funds to get your startup through the development phase and ready to be pitched to investors.\"</p>\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;Read the fine print of equity crowdfunding platforms before choosing one to use. Some platforms charge payment-processing fees or require you to reach your full financial goal in order to keep any of the money you raised.</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\">7. Grants</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\">Businesses focused on science or research may receive&nbsp;grants from the government. The U.S. Small Business Administration (SBA) offers grants through the Small Business Innovation Research and Small Business Technology Transfer programs. Recipients of these grants must meet federal research and development goals and have a high potential for commercialization.</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\">8. Peer-to-peer or marketplace lending</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\">Peer-to-peer (P2P) lending is an option for raising capital that introduces borrowers to lenders through various websites. Lending Club and Prosper are two of the most notable P2P lending platforms in the U.S.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"In its simplest form, a borrower creates an account on a peer-to-peer website that keeps records, transfers funds and connects borrowers to lenders,\" said Kevin Heaton, CEO and founder of i3. \"It\'s Match.com for money. A key difference is in borrower risk assessment.\"</p>\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 SBA, P2P lending can be a solid financing alternative for small businesses, especially given the post-recession credit market. One drawback of this solution is that P2P lending is available to investors in certain states only.</p>\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 form of lending, made possible by the internet, is a hybrid of crowdfunding and marketplace lending. When platform lending first hit the market, it allowed people with little working capital to give loans to other people – peers. Years later, major corporations and banks began crowding out true P2P lenders with their increased activity. In countries with better-developed financial industries, the term \"marketplace lending\" is more commonly used.</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\">9. Convertible debt</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\">Convertible debt is when a business borrows money from an investor or investor group and the collective agreement is to convert the debt to equity in the future.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Convertible debt can be a great way to finance both a startup and a small business, but you have to be comfortable with ceding some control of the business to an investor,\" said Brian Cairns, CEO of ProStrategix Consulting. \"These investors are guaranteed some set rate of return per year until a set date or an action occurs that triggers an option to convert.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cairns believes another benefit of convertible debt is that it doesn\'t place a strain on cash flow while interest payments are accrued during the term of the bond. A drawback of this type of financing is that you relinquish some ownership or control of your 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\">10. Merchant cash advances</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 merchant cash advance is the opposite of a small business loan in terms of affordability and structure. While this is a quick way to obtain capital, cash advances should be a last resort because of their high expense. Many of the&nbsp;top merchant services&nbsp;offer this option, so check with your provider to see if this could be a form of capital to explore</p>\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 merchant cash advance is where a financial provider extends a lump-sum amount of financing and then buys the rights to a portion of your credit and debit card sales,\" said Priyanka Prakash, lending and credit expert at Fundera. \"Every time the merchant processes a credit or debit card sale, the provider takes a small cut of the sale until the advance is paid back.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Prakash says that while this appears to be convenient, cash advances can be very expensive and troublesome to your company\'s cash flow. If you can\'t qualify for a small business loan or any of the options above, only then should you consider this option.</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\">11. Microloans</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\">Microloans (or&nbsp;microfinancing) are small loans given to entrepreneurs who have little to no collateral. Microloans sometimes have restrictions on how you can spend the money, but they typically cover operational costs and working capital for equipment, furniture and supplies. One example of a small business microlender is Kabbage, which offers microloans of $2,000 to $250,000; you can learn more about it in our&nbsp;Kabbage review. Another example are SBA&nbsp;microloans&nbsp;administered by nonprofit organizations.</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=\"the-benefits-of-alternative-lending\">The benefits of alternative lending</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\">Startups can enjoy a few key benefits in securing funding from a nontraditional source, according to Serkes. She believes that with alternative loans, a business owner gets a strong, invested partner who can introduce them to new clients, analysts, media and other contacts.</p>\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 some other benefits of working with a nontraditional lender.</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>Market credibility:</strong>&nbsp;The startup gets to \"borrow\" some of the goodwill that the strategic partner has built up, and working with an established investor lends weight to the brand.</li><li><strong>Infrastructure help:</strong>&nbsp;The larger partner likely has teams for marketing, IT, finance and HR – all of which are things a startup could \"borrow\" or utilize at a favorable rate.</li><li><strong>Overall business guidance:</strong>&nbsp;It\'s likely the strategic partner will join your board as part of the investment. Remember that they have a wealth of experience in business, so their advice and viewpoint will be invaluable.</li><li><strong>Relatively hands-off partnership:</strong>&nbsp;A strategic partner still has their own business to run, so they are unlikely to be very involved in the day-to-day operations of the startup. Occasional updates on your business, such as monthly or quarterly, are usually sufficient check-ins for them.</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\">All businesses need working capital to thrive. Without the appropriate business financing options, startup companies are likely to fail. Avoiding the traditional bank loan route might seem like an impossible feat, but there are a plethora of small business financing options readily available for entrepreneurs. Gathering the right market data research and implementing the best financing option for your company increases the chances of your business surviving for the long haul.</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-can-small-businesses-prepare-to-apply-for-alternative-lending-options\">How can small businesses prepare to apply for alternative lending options?</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\">Applying for financing entails much more than just filling out an application. To increase your chances of getting financing, small business owners should do their homework and have a strategy.</p>\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 five tips to help you prepare your business for financing success:</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>Know how much you need to borrow upfront.</strong>&nbsp;When you apply for business loan alternatives, you\'ll likely find that many different loan amounts are available. Don\'t commit to borrowing more than you need; there may be penalties for early repayment or for not using your whole loan.</li><li><strong>Write a business plan with financial projections.</strong>&nbsp;While not all alternative financing providers will demand to see your business plan, many funding sources have this stipulation, so you should prepare your plan now.</li><li><strong>Do market research and know the conditions of your industry.</strong>&nbsp;Lenders may be more likely to approve borrowers in growing industries. As such, if you can prove that your company\'s sector or market primes your business to expand and succeed, present your argument firmly somewhere in your application. It also demonstrates your knowledge as an entrepreneur and business strategist.</li><li><strong>Know your credit score.</strong>&nbsp;Often, a credit score below a certain number is an immediate disqualifier for loan applications, even if your company is primed for rapid growth and you\'re working on repaying your loans. Find out your credit score, and if it is too low, work to improve it before seeking capital.&nbsp;</li><li><strong>Meet with a small business expert and attend training provided through the SBA.</strong>&nbsp;As with any important small business decision, you shouldn\'t go this one alone. Consult experts and seek training on how to apply successfully for the funding your company needs to thrive.</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\">As a small business owner, you should also establish a strong online presence and pay attention to how your company looks online, because lenders will be reviewing this information, too. Online review sites such as Yelp, Angie\'s List and TripAdvisor help paint a picture of your operations and serve as an indicator of your overall business health. Social connections and customer relationships on social media can also play a role in a lender\'s decision to offer financing.</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-find-business-financing-options\">How to find business financing options?</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\">Trying to find financing for your startup can easily turn into a full-time job. From building a network of investors to connecting with other founders, financing is at the heart of any business\'s success, but it can turn into a serious time commitment.</p>\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, by working with the right investors and taking the time to be purposeful in your pitch, you can take important steps toward funding your company. Make no mistake; it will be difficult, but by being precise in your search, you can position yourself for success.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"What I find is when people get lots and lots of rejection and little progress, oftentimes they\'re just talking to the wrong investors,\" said Mike Kisch, founder and CEO of sleep technology company Beddr. \"If they had a better sense as to who the right investor was, they\'d see their success rate go up fairly dramatically.\"</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=\"warm-introductions\">Warm introductions</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 key to obtaining funding as a startup is the \"warm introduction,\" according to Casey Berman, managing director of VC firm Camber Creek. Berman said startup founders can look to their immediate network to try to find opportunities. While this includes obvious connections – like&nbsp;friends and family&nbsp;or other startup owners – it\'s also important to consider professional services your company is using. If, for example, you work with a legal consultant or PR company, they may be able to help you find funding, he said.</p>\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 key, said Berman, is to partner with a company, whether it\'s an investment firm or a payroll processing service, that adds value to your business.</p>\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 warm introduction goes a lot further than really any other potential avenue,\" he said. \"Any professionals that are surrounding the company should absolutely be the first stop and the first location a company goes to try to have access to venture capital and a warm introduction.\"</p>\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 is how you can differentiate your startup from its peers. Building a network of individuals that help pull your company up is the best way to give your business the support it needs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">How to target a venture capitalist for business financing?</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\">Venture capital may be the most difficult to secure, primarily because VCs have very specific investment strategies, want to invest for a relatively short period of time (three to five years) and may want to be involved in your business\' operations and decisions. VCs also usually want to invest sums larger than a few million dollars.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Most startups begin with early seed funding from friends and family, angel investors, or accelerators. If you\'re already past this step and are looking for longer-term funding, it\'s important to approach VC firms the right way. Kisch said it\'s crucial to find the right investor for the stage your business is in. There are thousands of VC firms out there, so think critically about your business and which investors make the most sense.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Finding the right investor who is at the right stage of where your company is but [that] also has some exposure to the environment that you\'re going to be in – I think that\'s the best way that you\'re going to have a productive relationship,\" Kisch said.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Once you\'ve developed a shortlist of VCs that invest in your space and can provide the level of guidance and added value you\'re looking for, it\'s time to set up a formal process.</p>\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 your list in hand, Berman recommends spending one to two weeks trying to make that initial contact with the company. Once you\'ve made contact, keep the company up to date on business developments and other information that are relevant to that investor. This ongoing conversation can help you build relationships with investors. When it\'s time to raise funding, you\'ll have to pitch the VC firms you\'ve been in constant communication with.</p>\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 CEO really needs to commit to raising money and doing what\'s called a roadshow to get in front of a large number of venture funds to find the right partner,\" Berman said.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Berman said the whole process, from initial meetings to closing a deal, can take anywhere from 60 to 90 days, or even longer, so plan accordingly. He also recommended looking for funding well before your business will need it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">How to stay motivated?</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\">One of the biggest variables throughout this process is motivation. For a startup, rejection is part of the journey. Staying motivated during trying times can be difficult, but it will be the backbone of your business\'s success.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Kisch has been through five rounds of funding with various startups he\'s worked for. He said one thing that has been helpful for him throughout the screening process is that he has tried to maintain low expectations so that rejection doesn\'t overwhelm him. Rather than seeing it as a failure, Kisch sees rejection as part of the process.</p>\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 someone says no, I just think, \'That\'s cool, I guess I\'m just one step closer to a yes,\'\" he said.</p>\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 other takeaway from rejection is how you adapt and respond. Kisch said that a stream of critical feedback allows you to better your product and hone your pitching skills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">He said a good way to think about it is you\'re not getting rejected because your idea or product is bad; it\'s because it can be slightly improved or you haven\'t developed the&nbsp;skills to pitch&nbsp;it in the most effective way. This keeps the responsibility in your hands without adding any pressure. Everything is a work in progress, and even today\'s most successful companies had to deal with challenges at one 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\">\"Raising money from people is a very difficult thing,\" he said. \"You just have to sort of roll with it and be aware that there are a lot of companies that were initially rejected that became generation-defining companies.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.businessnewsdaily.com/1733-small-business-financing-options-.html\">click here.</a></p>\n<!-- /wp:paragraph -->','Small Business Financing Options That Bypass Traditional Banks','','inherit','closed','closed','','2306-revision-v1','','','2022-04-12 23:46:22','2022-04-12 23:46:22','',2306,'http://smartinsurance.tips/?p=2344',0,'revision','',0),(2346,1,'2022-04-12 23:48:00','2022-04-12 23:48:00','<!-- wp:image {\"id\":2310,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-1-1024x536.png\" alt=\"\" class=\"wp-image-2310\"/></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\">The average cost for homeowners insurance across the U.S. is $1,251 per year, or $104.25 per month, according to&nbsp;National Association of Insurance Commissioners data.&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 figure has been on the rise in recent years. That’s because of an increase in home repair and rebuilding costs, higher catastrophe losses due to extreme weather, and more people relocating to disaster-prone areas.</p>\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 actual cost of homeowners insurance can vary widely based on the specific type of policy you choose, your location, and a host of other factors.&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\"><strong>Factors that affect the cost of homeowners insurance</strong></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 quote for a&nbsp;homeowners insurance&nbsp;premium takes many factors into account, including:&nbsp;</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>Age of the home —</strong>&nbsp;Newer homes may have lower insurance costs than older homes. If a home is particularly old, you may struggle to find adequate coverage.</li><li><strong>Type of construction —</strong>&nbsp;Your house’s construction style can affect its risk of being damaged in a fire or storm. Frame houses, for example, may be more expensive to insure than brick homes.</li><li><strong>Location —</strong>&nbsp;The setting of your home can affect the price of insurance in either direction. For example, homes in urban areas may face a higher risk of crime, but have better fire protection services — while homes in rural areas may have the opposite dynamic. The quality of your area’s fire department is particularly important to homeowners insurance companies. Your city may have a fire protection class rating that insurers use to set prices.</li><li><strong>Deductible —</strong>&nbsp;A deductible is the amount you pay toward a repair before insurance kicks in. The higher your deductible, the lower your premium tends to be, but the more money you pay out of pocket when you file a claim.</li><li><strong>Amount of insurance coverage —</strong>&nbsp;You’ll want to buy enough insurance to cover the cost of replacing your home in the event of a total loss, making your total coverage highly dependent on real estate and construction costs. The more coverage you need, the higher&nbsp;price you’ll pay.</li><li><strong>Risk of natural disasters —</strong>&nbsp;Certain parts of the country are more prone to disasters like hurricanes, brush fires, and tornadoes. These areas may require you to pay higher premiums.</li><li><strong>Local laws and regulations —</strong>&nbsp;Homeowners insurance is heavily regulated, with rules varying from state to state that can affect insurance costs. Certain states may require specific levels of coverage, which can increase your cost.</li><li><strong>Your claim history —</strong>&nbsp;If you’ve filed numerous homeowners insurance claims in the past, you may face higher costs when you renew or purchase a new policy. This can happen even if the claims you filed weren’t your fault.</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\"><strong>What are the most expensive states for homeowners insurance?</strong></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 most expensive states for homeowners insurance all lie on the Gulf Coast, an area at particular risk for hurricanes. All three states have been hit hard recently, with homeowners incurring billions in damages.</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>Florida —</strong>&nbsp;$1,954 average annual premium, or $162.83 per month</li><li><strong>Louisiana —</strong>&nbsp;$1,906 average annual premium, or $158.83 per month</li><li><strong>Texas —</strong>&nbsp;$1,878 average annual premium, or $156.50 per month</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\"><strong>What are the least expensive states for homeowners insurance?</strong></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 states with the least expensive homeowners insurance aren’t&nbsp;in areas traditionally prone to hurricanes or tornadoes. Their premiums are less than half the average premiums in the most expensive states.</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>Oregon —</strong>&nbsp;$731 average annual premium, or $60.92 per month</li><li><strong>Utah —</strong>&nbsp;$737 average annual premium, or $61.42 per month</li><li><strong>Idaho —</strong>&nbsp;$787 average annual premium, or $65.58 per month</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\"><strong>Average cost of homeowners insurance by coverage amount</strong></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\">Homeowners insurance policies generally have a&nbsp;dwelling coverage limit, or the maximum amount an insurance company will pay out to repair or replace a damaged house. More-expensive homes require you to buy a higher dwelling coverage limit, which can have a major effect on your premium.</p>\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 the average cost of homeowners insurance by coverage amount, according to the National Association of Insurance Commissioners:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/03/931/523/CREDIBLE_USE_ONLY_cost-of-homeowners-insurance-by-coverage-amount.png?ve=1&amp;tl=1\" alt=\"\"/></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\"><strong>How to lower the cost of homeowners insurance</strong>?</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 any of the average prices give you sticker shock, keep in mind that it’s possible to lower the cost when you&nbsp;buy homeowners insurance. Consider these strategies:</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>Bundle multiple insurance policies.</strong> You may have a number of different insurance policies, including auto insurance, life insurance, and business insurance. Some insurance companies may give you discounts if you choose to have multiple policies with the same company, which is called bundling.</li><li><strong>Take advantage of discounts.</strong> Some insurers will give you a discount on your policy if you do things like install a security system or sprinkler system.</li><li><strong>Increase your deductible.</strong> The higher your deductible, the more you\'ll pay out of pocket if you file a claim — but the lower your insurance premium will be.</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\"><strong>Homeowners insurance FAQs</strong></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\">Read on for the answers to a few of the most common questions people have about homeowners insurance.</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>Why does homeowners insurance go up?</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\">The cost of your homeowners insurance may rise over time for a variety of reasons, and some of them are specific to your home. Your homeowners insurance may also get more expensive as your home ages, for example, since older homes tend to be more at risk of damage. You may face a higher premium if you have a history of filing homeowners insurance claims, even if they’re for issues that weren’t your fault.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Plus, factors beyond your home can influence rising prices. One of them is inflation: The price of construction, materials, and other items you’d need to repair or replace your home goes up over time, so your insurance does too. Your policy may automatically increase its coverage (and likely its cost) to keep up with overall inflation. Homeowners insurance rates may also go up in your area if your town has been hit by an unusual number of natural disasters or other catastrophes recently.</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>Does homeowners insurance affect your mortgage payment?</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\">Yes, in a way. You typically won’t pay your homeowners insurance company directly for your policy. Instead, you’ll pay for your homeowners insurance as part of your monthly mortgage payment, with your lender holding the money in an escrow account and making the premium payments on your behalf. This allows the lender to ensure your homeowners insurance is paid on time, protecting its investment as well as your own. If the cost of your&nbsp;homeowners insurance goes up, so will your mortgage payment.&nbsp;</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>What’s not covered by homeowners 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\">Homeowners insurance policies generally spell out&nbsp;when damage to your home will be covered&nbsp;and when it won’t. (It usually depends on what caused the damage.) In most cases, your policy will cover damage from fire or storms but won’t cover flood damage or earthquakes. Your policy may or may not cover damage from hailstorms or windstorms.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Wear and tear is generally not covered under a homeowners insurance policy. Your vehicles generally aren’t covered, even if they’re damaged in an event that also damages your house, and your pets aren’t covered either.&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\">You can usually see what’s not covered under your policy in the \"exclusions\" section, or you can speak with your insurance agent to find out.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.foxbusiness.com/personal-finance/cost-of-homeowners-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','What’s the average cost of homeowners insurance?','','inherit','closed','closed','','2309-revision-v1','','','2022-04-12 23:48:00','2022-04-12 23:48:00','',2309,'http://smartinsurance.tips/?p=2346',0,'revision','',0),(2345,1,'2022-04-12 23:46:57','2022-04-12 23:46:57','<!-- wp:image {\"id\":2310,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-1-1024x536.png\" alt=\"\" class=\"wp-image-2310\"/></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\">The average cost for homeowners insurance across the U.S. is $1,251 per year, or $104.25 per month, according to&nbsp;National Association of Insurance Commissioners data.&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 figure has been on the rise in recent years. That’s because of an increase in home repair and rebuilding costs, higher catastrophe losses due to extreme weather, and more people relocating to disaster-prone areas.</p>\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 actual cost of homeowners insurance can vary widely based on the specific type of policy you choose, your location, and a host of other factors.&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\"><strong>Factors that affect the cost of homeowners insurance</strong></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 quote for a&nbsp;homeowners insurance&nbsp;premium takes many factors into account, including:&nbsp;</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>Age of the home —</strong>&nbsp;Newer homes may have lower insurance costs than older homes. If a home is particularly old, you may struggle to find adequate coverage.</li><li><strong>Type of construction —</strong>&nbsp;Your house’s construction style can affect its risk of being damaged in a fire or storm. Frame houses, for example, may be more expensive to insure than brick homes.</li><li><strong>Location —</strong>&nbsp;The setting of your home can affect the price of insurance in either direction. For example, homes in urban areas may face a higher risk of crime, but have better fire protection services — while homes in rural areas may have the opposite dynamic. The quality of your area’s fire department is particularly important to homeowners insurance companies. Your city may have a fire protection class rating that insurers use to set prices.</li><li><strong>Deductible —</strong>&nbsp;A deductible is the amount you pay toward a repair before insurance kicks in. The higher your deductible, the lower your premium tends to be, but the more money you pay out of pocket when you file a claim.</li><li><strong>Amount of insurance coverage —</strong>&nbsp;You’ll want to buy enough insurance to cover the cost of replacing your home in the event of a total loss, making your total coverage highly dependent on real estate and construction costs. The more coverage you need, the higher&nbsp;price you’ll pay.</li><li><strong>Risk of natural disasters —</strong>&nbsp;Certain parts of the country are more prone to disasters like hurricanes, brush fires, and tornadoes. These areas may require you to pay higher premiums.</li><li><strong>Local laws and regulations —</strong>&nbsp;Homeowners insurance is heavily regulated, with rules varying from state to state that can affect insurance costs. Certain states may require specific levels of coverage, which can increase your cost.</li><li><strong>Your claim history —</strong>&nbsp;If you’ve filed numerous homeowners insurance claims in the past, you may face higher costs when you renew or purchase a new policy. This can happen even if the claims you filed weren’t your fault.</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\"><strong>What are the most expensive states for homeowners insurance?</strong></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 most expensive states for homeowners insurance all lie on the Gulf Coast, an area at particular risk for hurricanes. All three states have been hit hard recently, with homeowners incurring billions in damages.</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>Florida —</strong>&nbsp;$1,954 average annual premium, or $162.83 per month</li><li><strong>Louisiana —</strong>&nbsp;$1,906 average annual premium, or $158.83 per month</li><li><strong>Texas —</strong>&nbsp;$1,878 average annual premium, or $156.50 per month</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\"><strong>What are the least expensive states for homeowners insurance?</strong></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 states with the least expensive homeowners insurance aren’t&nbsp;in areas traditionally prone to hurricanes or tornadoes. Their premiums are less than half the average premiums in the most expensive states.</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>Oregon —</strong>&nbsp;$731 average annual premium, or $60.92 per month</li><li><strong>Utah —</strong>&nbsp;$737 average annual premium, or $61.42 per month</li><li><strong>Idaho —</strong>&nbsp;$787 average annual premium, or $65.58 per month</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\"><strong>Average cost of homeowners insurance by coverage amount</strong></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\">Homeowners insurance policies generally have a&nbsp;dwelling coverage limit, or the maximum amount an insurance company will pay out to repair or replace a damaged house. More-expensive homes require you to buy a higher dwelling coverage limit, which can have a major effect on your premium.</p>\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 the average cost of homeowners insurance by coverage amount, according to the National Association of Insurance Commissioners:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/03/931/523/CREDIBLE_USE_ONLY_cost-of-homeowners-insurance-by-coverage-amount.png?ve=1&amp;tl=1\" alt=\"\"/></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\"><strong>How to lower the cost of homeowners insurance</strong>?</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 any of the average prices give you sticker shock, keep in mind that it’s possible to lower the cost when you&nbsp;buy homeowners insurance. Consider these strategies:</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>Bundle multiple insurance policies.</strong>&nbsp;You may have a number of different insurance policies, including auto insurance, life insurance, and business insurance. Some insurance companies may give you discounts if you choose to have multiple policies with the same company, which is called bundling.</li><li><strong>Take advantage of discounts.</strong>&nbsp;Some insurers will give you a discount on your policy if you do things like install a security system or sprinkler system.</li><li><strong>Increase your deductible.</strong>&nbsp;The higher your deductible, the more you\'ll pay out of pocket if you file a claim — but the lower your insurance premium will be.</li><li><strong>Shop around.</strong>&nbsp;Once you&nbsp;determine the level of insurance coverage you need, you can get quotes from multiple companies. You may find that the price is&nbsp;significantly cheaper&nbsp;from one insurer to another. Just be sure you’re comparing similar policies.</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\"><strong>Homeowners insurance FAQs</strong></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\">Read on for the answers to a few of the most common questions people have about homeowners insurance.</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>Why does homeowners insurance go up?</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\">The cost of your homeowners insurance may rise over time for a variety of reasons, and some of them are specific to your home. Your homeowners insurance may also get more expensive as your home ages, for example, since older homes tend to be more at risk of damage. You may face a higher premium if you have a history of filing homeowners insurance claims, even if they’re for issues that weren’t your fault.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Plus, factors beyond your home can influence rising prices. One of them is inflation: The price of construction, materials, and other items you’d need to repair or replace your home goes up over time, so your insurance does too. Your policy may automatically increase its coverage (and likely its cost) to keep up with overall inflation. Homeowners insurance rates may also go up in your area if your town has been hit by an unusual number of natural disasters or other catastrophes recently.</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>Does homeowners insurance affect your mortgage payment?</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\">Yes, in a way. You typically won’t pay your homeowners insurance company directly for your policy. Instead, you’ll pay for your homeowners insurance as part of your monthly mortgage payment, with your lender holding the money in an escrow account and making the premium payments on your behalf. This allows the lender to ensure your homeowners insurance is paid on time, protecting its investment as well as your own. If the cost of your&nbsp;homeowners insurance goes up, so will your mortgage payment.&nbsp;</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>What’s not covered by homeowners 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\">Homeowners insurance policies generally spell out&nbsp;when damage to your home will be covered&nbsp;and when it won’t. (It usually depends on what caused the damage.) In most cases, your policy will cover damage from fire or storms but won’t cover flood damage or earthquakes. Your policy may or may not cover damage from hailstorms or windstorms.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Wear and tear is generally not covered under a homeowners insurance policy. Your vehicles generally aren’t covered, even if they’re damaged in an event that also damages your house, and your pets aren’t covered either.&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\">You can usually see what’s not covered under your policy in the \"exclusions\" section, or you can speak with your insurance agent to find out.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.foxbusiness.com/personal-finance/cost-of-homeowners-insurance\">click here.</a></p>\n<!-- /wp:paragraph -->','What’s the average cost of homeowners insurance?','','inherit','closed','closed','','2309-revision-v1','','','2022-04-12 23:46:57','2022-04-12 23:46:57','',2309,'http://smartinsurance.tips/?p=2345',0,'revision','',0),(2348,1,'2022-04-12 23:48:58','2022-04-12 23:48:58','<!-- wp:image {\"id\":2313,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-2-1024x536.png\" alt=\"\" class=\"wp-image-2313\"/></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\">Event planning insurance operates on a principle familiar to top-notch event planners: Plan for the best, but always be prepared for the worst.</p>\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 already do this. Thanks to your careful wedding planning, for example, the bride’s dress is perfect on the big day. But when a small dog plants its grassy paws on the dress during pictures, your otherwise-invisible preparation saves the day. You open your go-bag for white towels, a stain stick, rubbing alcohol, baby powder, and chalk—and erase the mark in moments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Event planning insurance operates on the same principle. The unforeseen can happen despite the best possible planning. Having insurance all zipped up in your ‘go-bag’ means that you are prepared and protected—no matter the unwanted circumstances impacting your business and events. Read on to learn the types of insurance you may need and the protection they provide.</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\">Discover the event planning insurance your business needs</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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>1. Event planning 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\">Liability insurance protects you financially if you’re sued for personal injury or property 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\">With liability insurance, if a guest or worker gets hurt or someone’s valuable possessions are damaged at your event, a lawsuit over these issues won’t drain every cent from your coffers and put you out of business. A liability insurance policy covers lawyers’ fees and any money awarded to the plaintiff.&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\">Consider a client’s garden party where a glass pitcher of water slipped and shattered on the tile floor—not an accident you could lose your business over. But while you grabbed towels to soak up the water and an employee swept up the glass, a guest slipped in the water, fell, and broke his wrist in several places. This guest could feasibly come after your business to recoup his medical expenses.&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\">Or, let’s say you caught that tilting pitcher of water just before it fell—but knocked over a valuable marble statue in the process. Your client might not want to swallow the lost value of that statue, opting instead to recoup it from your business.</p>\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 your responsibility to take every precaution to ensure a safe event, such as following best practices for event safety and&nbsp;layout design, but an event completely free of risks is impossible. Liability insurance covers you when rare accidents happen.&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\">Corporate event planners have legal teams to ensure proper coverage at all times and for various events. However, if you run your own business, you need to&nbsp;be your own legal team. Look into event planning liability insurance, as a protection for your business and to ensure you can work with the many venues that require the coverage. Like the cost of car insurance, it’s an expense that is well worth it when you consider the alternatives.&nbsp;</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>2. Event planning professional 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\">Professional liability insurance protects you financially if you’re sued by clients who are dissatisfied with your work. This type of insurance is sometimes called ‘errors and omissions insurance’, and in some industries it’s called ‘malpractice 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\">It’s important to understand that a lawsuit can drain your company’s funds equally effectively whether or not you are at fault for a mistake, and whether or not the suit has merit.</p>\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, let’s say a client just didn’t like your work: the balloons were the wrong shade of mauve and they file a lawsuit claiming you didn’t fulfill your contractual obligations. Professional liability insurance covers the fees for the lawyer you must now hire to get their unmerited case thrown out of court.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Or, more seriously, let’s say you missed the deadline for a venue deposit and the venue booked another event for that time-slot. Meanwhile, nonrefundable deposits for DJs, caterers, and florals were already made. Your client could bring a lawsuit to reclaim that lost money from your business. Professional liability insurance covers the legal fees for the lawsuit and court costs, as well as any damages the judge awards the client.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Nobody likes to think about having dissatisfied, litigious clients. But the truth is that planners often help people plan for important personal milestones and celebrations. When things go wrong, emotions can be very strained, and a lawsuit can land in your lap out of the blue.</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>3. Event planning liquor 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\">This type of insurance protects you against personal injury and property damage claims when people have been drinking at an event.</p>\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 someone who has been drinking leaves the venue, gets in a fight, and injures someone,&nbsp; liquor liability insurance protects your business against a claim for the injured person’s medical bills. Same thing if an attendee runs their car into a fence on the way home from an event—your business won’t be on the hook for the cost of a new fence.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><br>There are two kinds of liquor liability insurance policies. Full policies are for venues like bars and restaurants that serve alcohol frequently. Event planners usually need the second type, known as host policies, which are designed for venues where alcohol is served occasionally, but not as a matter of routine.</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>4. Hired and non-owned auto 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\">This type of insurance protects you against lawsuits for personal injury or property damage when an employee is driving for work. It covers vehicles that aren’t owned by the business: rental cars, buses, and employees’ personal vehicles.</p>\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 are also an employee of your business—this policy also covers you. “But wait,” you may say. “I’m driving my own car, and I already have auto insurance. I don’t need this!” Not so fast. Personal auto insurance generally does not cover driving for business purposes. If you’re driving your own car on the way to a site visit or an event, and get into an accident, this is the insurance policy that will provide financial protection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":25533} -->\n<figure class=\"wp-block-image\"><img src=\"https://2lkcp81qv9i72rn88i4dfqq1-wpengine.netdna-ssl.com/wp-content/uploads/2019/08/Hand-Shake.png\" alt=\"\" class=\"wp-image-25533\"/></figure>\n<!-- /wp:image -->\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\">Help your clients make smart event insurance choices</h2>\n<!-- /wp:heading -->\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\">Creating events is a partnership between planner and client, and your clients also need the protection provided by event insurance and event cancellation insurance. For events held on your client’s property, direct them to speak with their homeowners, rental, or property insurance provider to make sure the coverage is sufficient if an injury or property damage occurs.&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 events held off the client’s property (a wedding in a city garden, a company event in a historic building, a networking meeting at a hotel), homeowners and property insurance won’t cover damage or injury. Your clients will need short-term event insurance to cover the event. As their advisor, get acquainted with reliable insurance providers in a range of price-points and have the contact information of go-to agents on hand to share with clients.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let your clients know event insurance generally starts under $200 and goes up from there, with the price varying depending on event type, size, activities, length, and other 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\">Your clients will also need event cancellation insurance. This covers financial losses when extreme weather, hospitalizations, and vendor no-shows force a cancellation of the event. The insurance does not, however, cover factors such as cold feet at a wedding or low ticket sales for a fundraiser.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":25526} -->\n<figure class=\"wp-block-image\"><img src=\"https://2lkcp81qv9i72rn88i4dfqq1-wpengine.netdna-ssl.com/wp-content/uploads/2019/08/PeopleOnSofa-1024x755.png\" alt=\"\" class=\"wp-image-25526\"/></figure>\n<!-- /wp:image -->\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\">How to find the right event insurance plans?</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\">Insurance isn’t likely a favorite task or topic of conversation—for you or your clients. But getting insurance plans in place to protect your business and your clients from liability is essential. Here are some search tips to keep in mind as you decide on your insurance provider:</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>Accessibility.</strong> For some people, having a walk-in office and an agent to speak with face to face when choosing coverage or navigating a claim is important.</li><li><strong>Specialization. </strong>Most insurance companies cover events. But if you run a small planning company, an agency specializing in small businesses may be ideal. Some companies may also specialize in event coverage in your area.  </li><li><strong>Cost.</strong> It’s simple—you need coverage with premiums that stay within your budget. </li><li><strong>Reviews.</strong> Explore online customer reviews and consumer guides that cover insurance. Pay attention to whether the consumer review site makes money when you link to an insurance company through them. This isn’t a dealbreaker, but the most trustworthy sites are transparent about their business model.</li><li><strong>Word of mouth.</strong> Talk with trusted mentors in the business about their experiences with insurance companies to help you narrow your choices.</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\">Hopefully you’ll never have to make a claim, but with your insurance in order you can focus without worry on the fun stuff—planning outstanding events.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.socialtables.com/blog/event-planning/insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','The 4 Event Planning Insurance Plans You Need','','inherit','closed','closed','','2312-revision-v1','','','2022-04-12 23:48:58','2022-04-12 23:48:58','',2312,'http://smartinsurance.tips/?p=2348',0,'revision','',0),(2349,1,'2022-04-12 23:50:38','2022-04-12 23:50:38','<!-- wp:image {\"id\":2320,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-5-1024x536.png\" alt=\"\" class=\"wp-image-2320\"/></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\">Some states will allow you to share a renters insurance policy with your roommate, but it’s not always the best decision. You\'ll need more coverage, so you\'ll need to pay a higher premium, and, if you both need different types of insurance, that will be difficult to consolidate under one 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\">Having a roommate is a great way to save cash — on rent, on utilities, and even on groceries.</p>\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 what about with insurance? Can you team up on your renters insurance policy and split the bill, 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 answer to that is more nuanced than you may think. While some insurance companies allow it, not all of them do. Even if they do, you may not want a shared policy due to the higher risk it comes with.</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\">Can you share renters insurance with a roommate?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"id\":103214} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_1038686506.jpg\" alt=\"Should You Share Renters Insurance With Your Roommate? - Can you share renters insurance with your roommate?\" class=\"wp-image-103214\"/></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\">It’s possible to share a renters insurance policy, but it depends on your insurance carrier&nbsp;and&nbsp;the unique laws in your state.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some states only allow policies to be shared between family members or spouses, so if you’re in one of these states (like Florida, for example), you won’t be able to split policies with an unrelated roommate.</p>\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 state and insurance company&nbsp;<em>do</em>&nbsp;allow it, there are still some considerations you’ll want to take into account before&nbsp;signing up for a&nbsp;joint&nbsp;renters&nbsp;insurance&nbsp;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\">Let’s look at a few of these together:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Coverage limits</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\">First and foremost, you and your roommate should discuss coverage. Though adding them to your policy will cover them to some extent, it won’t protect all of their belongings unless you adjust the coverage limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let’s look at an example:&nbsp;if your policy currently covers up to $25,000 in damages and you add on a roommate — without increasing coverage — then you’ll now&nbsp;<em>split</em>&nbsp;that $25,000 should a disaster occur. That means you’ll each have just $12,500 in property protected.</p>\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 make sure you’re both fully covered, you’ll need to increase your coverage limits to account for your roommate’s belongings.</p>\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 should also check your lease, as many landlords require a certain amount of coverage per roommate. You’ll need to be sure your shared policy accounts for this, as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Budget</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\">Money is a big consideration when looking at insurance. While sharing renters insurance could make your insurance more affordable, it’s definitely not a given. Since you’ll need to increase your coverage limits to account for your roommate’s belongings, it could mean a higher premium, 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\">To see if sharing a renters policy would be best for your budget, be sure to get quotes both individually&nbsp;<em>and</em>&nbsp;as a pair, with the added coverage you’d need for both your belongings. This will allow you to compare the two costs side by side.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Risk</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\">Your stomach for risk is another consideration to keep in mind. After all, adding your roommate to your policy means increasing your risk. It makes you vulnerable to their incidents or mistakes, and any claim they file could hurt you — financially speaking.</p>\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 true: insurance claims are reported to&nbsp;CLUE — the Comprehensive Loss Underwriting Exchange. This system is used by all kinds of insurance providers, including home and car insurers, to assess risk and price policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In short: having a claim reported on CLUE, even if it’s not your own,&nbsp;could mean higher premiums&nbsp;on other insurance policies, too.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Types of coverage</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\">You should talk to your roommate about what types of&nbsp;coverage&nbsp;<em>they</em>&nbsp;want. If they bring a high-dollar instrument to the property, they might want extra&nbsp;coverage&nbsp;to protect that&nbsp;personal possession&nbsp;in case of&nbsp;theft&nbsp;or 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\">Similarly, you might want extra liability insurance in case your dog bites a guest or additional personal property coverage for your laptops and gaming system. All of these will come with higher premiums.</p>\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 also need to agree on your deductible — or how much you’re willing to pay out of pocket when filing a claim. This will also impact your policy premium&nbsp;(lower-deductible policies typically come with higher costs).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>Potential for disputes</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\">Finally, your status as roommates should also come into play. If a dispute between the two of you were to arise, it could cause problems. You may have trouble getting their half of the premium, or if your roommate steals or damages your belongings,&nbsp;you may not be able to file a claim.</p>\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 one roommate leaves, it could also complicate things with your coverage and policy. In general, if you’re young, your career is in flux, or you’re still in school, there’s a good chance one of you will need to move in the near future. If this happens, you’d need to reapply or update your existing 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\">Make sure you have a conversation with your roommate about all these possibilities before deciding to split a policy.</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\">Is it a good idea to share renters insurance policies?</h2>\n<!-- /wp:heading -->\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\"><strong>Typically, it’s best to have separate renters insurance policies, so you both assume your own risk.</strong>&nbsp;Having your own policy also ensures you’re only paying for coverage for your belongings — not those of your roommates, which may be more or less valuable.</p>\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 live with a family member, long-term significant other, or someone you really know and trust, sharing insurance might be a decent option, but make sure to weigh the risks vs. rewards before adding them to your policy. And remember: any claim they need to file could impact your insurance premiums for years to come.</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\">Pros and cons of sharing a rental policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></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>Pros:</strong></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><strong>Potential affordability.&nbsp;</strong>You can split the costs of the premium.</li><li><strong>Ease and convenience.</strong>&nbsp;You’ll only need to fill out one application and can both report claims on the same policy.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></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>Cons</strong></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><strong>More coverage is required.&nbsp;</strong>Just adding someone to your policy isn’t enough. If you want both your&nbsp;<em>and</em>&nbsp;their belongings protected, it will require higher coverage limits.</li><li><strong>Different coverages.</strong>&nbsp;You and your roommate may require different coverages. Your belongings may also hold different values, which would make splitting the cost of your policy unfair.</li><li><strong>Higher risk.&nbsp;</strong>You’re at risk if your roommate files a claim. It could mean higher premiums on other insurance products, too.</li><li><strong>Potential for disputes.&nbsp;</strong>Things could get complicated if a dispute arises or one roommate needs to leave.</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\">How to share a policy with your roommate?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:image {\"id\":104324} -->\n<figure class=\"wp-block-image\"><img src=\"https://www.moneyunder30.com/wp-content/uploads/2021/09/shutterstock_1849149088.jpg\" alt=\"\" class=\"wp-image-104324\"/></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\">If you decide to share policies (and your state and insurance company allow it), here’s how it works — and how to reduce your risk along the way.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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>1. Get to know your roommate</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\">You shouldn’t add just anyone to your insurance policy. Sharing a policy is best reserved for people you’re very close to — a sibling, family member, or potentially, a significant other. It should be someone you’ve known for a while and trust implicitly.</p>\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 roommate fits the bill, make sure you talk to them about the consequences of sharing a policy, too. Let them know what claims could mean for each of you and make sure you’re on the same page about what coverages you want.</p>\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 should also discuss how claims money will be split&nbsp;<em>if</em>&nbsp;a claim occurs.&nbsp;According to&nbsp;Allstate, both roommates will need to endorse any check issued on a claim, so you’ll need a system for cashing the check and splitting the funds.</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>2. Take a comprehensive inventory of all of your belongings</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\">Make note of each roommate’s belongings or, better yet, take a video of each roommate’s items — their furnishings, the contents of their closets and drawers, their electronics, and any other items of value. This will help you determine how much you’re both entitled to should one of you need to file a claim.</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>3. Discuss your coverages</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\">You should sit down and have a talk about how much and what type of coverage you both want. You’ll need to think about how much you’re both willing to pay toward claims (the deductible) and what coverage limits you need. The inventory you took previously can help you calculate this number.</p>\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 you discuss any special coverages you may want, too. Insurers sometimes offer add-ons for portable electronics, bikes, art, or collectibles.</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>4. Make sure you’re both on the lease</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\">You’ll both need to be on the lease&nbsp;if you’re going to share an insurance policy. That means you can’t share a policy with a subletter or someone just temporarily staying with you.</p>\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 roommate is not already on the lease, get with your landlord to remedy it.</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>5. Work with your insurance agent&nbsp;<em>or</em>&nbsp;start getting quotes</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\">If you already have a renter’s policy and want to add your roommate to yours, you’ll need to call up your insurance company to adjust the coverage and add the new policyholder.</p>\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 don’t yet have a policy or are just moving into a property, you can shop around for quotes. Keep in mind that not all insurers offer shared policies like this, so you may need to call a few before you’re able to begin the application process.</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>6. File claims as necessary</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\">Once you have your shared policy, you can both file claims with your insurer. When your insurer issues a check, though,&nbsp;it will be issued to both of you, so be prepared to split the costs appropriately. The claim will also go on both of your records.</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\">Summary</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\">In some cases,&nbsp;sharing&nbsp;renters&nbsp;insurance&nbsp;could make sense, but it’s rarely the best decision.</p>\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 do opt to share insurance, make sure you set clear expectations regarding how claims, bill payments, and coverage will be handled. You should also be prepared to take thorough stock of your belongings to ensure you’re getting appropriate coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.moneyunder30.com/share-renters-insurance-with-your-roommate\">click here.</a></p>\n<!-- /wp:paragraph -->','Should you share renters insurance with your roommate?','','inherit','closed','closed','','2319-revision-v1','','','2022-04-12 23:50:38','2022-04-12 23:50:38','',2319,'http://smartinsurance.tips/?p=2349',0,'revision','',0),(2351,1,'2022-04-13 00:07:19','2022-04-13 00:07:19','<!-- wp:image {\"id\":2298,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Money-2-1024x536.png\" alt=\"\" class=\"wp-image-2298\"/></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\">Between turning the lights on in the morning, taking a hot shower, washing your clothes and countless other daily tasks, it’s impossible to avoid racking up a few utility bills each month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Because these bills can add up quickly, this is a great category to look at when you’re hoping to reduce your monthly spending.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In this article, I’ll take a look at 15 steps you can take to reduce your monthly utility bills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-15-ways-to-lower-your-utility-bills\"><strong>15 Ways To Lower Your Utility Bills</strong></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 monthly utilities can vary greatly depending on your lifestyle, the time of year, the appliances you have and several other factors. In any case, you can lower your energy costs by making a few simple changes to your home and habits.&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\">To get started, make sure your utility bills are listed&nbsp;on your monthly budget. If you aren’t sure how much you typically spend on things like water and electricity, you can most likely&nbsp;<strong>view your past bills and usage online</strong>&nbsp;through each provider’s website.&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\">While you’re looking at your average utility costs online, check to see if there are any suggested tips for lowering&nbsp;your bill. The company may provide these based on your past usage. You can also try to identify any patterns, problems or usage spikes in your history that need to be corrected.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Once you have an idea of how much you currently spend on utility bills, follow these tips to reduce your usage and lower those expenses!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-1-set-up-zoned-heating-and-cooling\"><strong>1. Set Up Zoned Heating and Cooling</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":161691} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2020/04/How-to-save-on-utilities-1.png?resize=800%2C300&amp;ssl=1\" alt=\"Zoned heating and cooling\" class=\"wp-image-161691\"/></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\">One great way to lower your utility bills is by cutting down on your heating and air conditioning use. You can do this by dividing your home into zones that will let you heat or cool only the rooms or areas that are being used.&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\">You can control each zone of your home with individual thermostats, or you can take a simpler approach for less upfront cost.&nbsp;<strong>Simply close all of the doors and vents in rooms that aren’t being used to reduce wasted energy</strong>. You can also set up fans throughout your home to increase or redirect airflow. And don’t forget to close off your fireplace when it’s not in use to prevent air from escaping.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-2-change-your-filters-and-keep-vents-clean\"><strong>2. Change Your Filters and Keep Vents Clean</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":218791} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2022/03/Check-your-vents.png?resize=800%2C300&amp;ssl=1\" alt=\"\" class=\"wp-image-218791\"/></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\">Another way to ensure your heating and cooling systems aren’t being overworked is by changing your filters regularly and keeping your home’s vents clean.</p>\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 that nothing is blocking your indoor and outdoor vents.&nbsp;<strong>There should be at least a foot of space to allow for proper airflow</strong>. That means that furniture in front of a vent should be pulled away from the wall, and any trees or bushes should be trimmed back or moved away from outdoor vents.</p>\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 the same reason, it’s important to change your filters regularly. Filters can quickly become clogged with dust, pet hair, dirt and other debris. Once a filter is clogged, the airflow is blocked. To prevent this,&nbsp;<strong>change your filters at least once a month</strong>. In between changes, you can use a handheld vacuum or vacuum extension to clear dust from filters and vents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-3-insulate-the-attic-floors-and-walls\"><strong>3. Insulate the Attic, Floors and Walls</strong></h3>\n<!-- /wp:heading -->\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\">As you know, if it’s colder outside, heat will always leave your house if there’s no proper barrier to block its departure. For that reason, it’s important to insulate as much of your home as possible.&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 the federal&nbsp;Energy Star&nbsp;program, “EPA estimates that homeowners can save an average of 15% on heating and cooling costs (or an average of 11% on total energy costs) by sealing their homes and adding insulation in attics, floors over crawl spaces and accessible basement rim joists.”</p>\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 attic, floors and walls are great places to start. Also be sure to check your ceiling fans, chimneys and ducts. Even outlets and light switches can be sources of air leaks, especially if they’re on an outside wall. You can typically find inexpensive outlet and switch plate seals at your local hardware store. These seals are designed to insulate electricity-sensitive areas and to prevent fires.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-4-seal-drafts-around-doors-and-windows\"><strong>4. Seal Drafts Around Doors and Windows</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":161693} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2020/04/How-to-save-on-utilities-3.png?resize=800%2C300&amp;ssl=1\" alt=\"Find air leaks\" class=\"wp-image-161693\"/></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\">In addition to adding more insulation, be sure to check that drafts around doors and windows are sealed so that air isn’t escaping throughout the day. If you can feel air coming in from around your doors or windows, you may need to&nbsp;<strong>apply weatherstripping or caulk to stop the airflow</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\">These are both projects that you can do yourself with inexpensive weatherstripping or caulk from your local hardware store. If you aren’t sure whether you have leaks that need to be sealed or you aren’t able to seal them yourself, consider hiring a qualified contractor. The money you’ll save over time will be worth any initial investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-5-use-an-electric-blanket\"><strong>5. Use an Electric Blanket</strong></h3>\n<!-- /wp:heading -->\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\">Adjusting your thermostat too often or setting it to extreme highs and lows can cause huge spikes in your electricity bill. Instead of cranking up the heat, reach for an electric blanket. They’re perfect for keeping your bed warm throughout the night without heating your entire house. An electric blanket won’t pull nearly as much energy as your home heating system.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In addition to an electric blanket,&nbsp;<strong>consider other ways to adjust your body temperature instead of turning on the heat or air conditioning</strong>. Reducing the use of your thermostat is a great way to save on utility bills. Changing into something warmer or cooler, getting your heart rate up by moving around or turning on a fan are other great ways to do this.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-6-cook-strategically\"><strong>6. Cook Strategically</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":218792} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2022/03/Cook-smart.png?resize=800%2C300&amp;ssl=1\" alt=\"\" class=\"wp-image-218792\"/></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\">When you use your stovetop or oven, it generates a lot of heat. In the summer, that means your air conditioner will have to work harder to keep the space cool. In the winter, the extra warmth could be a great way to help give your heater a break. Keeping this in mind, try to&nbsp;<strong>cook indoors during the winter and outdoors during the summer</strong>.&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\">If you’re cooking something small, you may be able to&nbsp;<strong>use a toaster oven, air fryer, Instant Pot or microwave</strong>. These appliances use much less energy than an oven or stovetop, which means you’ll see savings on your electricity bill.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-7-use-your-dishwasher-wisely\"><strong>7. Use Your Dishwasher Wisely</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":218794} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2022/03/Dishwasher-tips.png?resize=800%2C300&amp;ssl=1\" alt=\"\" class=\"wp-image-218794\"/></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\">When it’s time to wash the dishes, use your dishwasher if you have one! Many dishwashers use less than five gallons of water per cycle, whereas washing dishes by hand can use up to four times that amount.&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>Try not to run the dishwasher until it’s completely full</strong>. Also, wash bigger pots and pans by hand to maximize the number of dishes you can fit into a single cycle.&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\">After you’ve put in your dishes and detergent, look at your settings. Instead of the manual “heat dry” setting,&nbsp;<strong>consider letting your dishes air-dry</strong>&nbsp;instead. This is a great way to reduce energy consumption, and if you run the dishwasher at night you’ll wake up to clean, dry dishes either way.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-8-cut-down-on-energy-spent-drying-clothes\"><strong>8. Cut Down on Energy Spent Drying Clothes</strong></h3>\n<!-- /wp:heading -->\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\">In addition to air-drying your dishes, you can use the same trick on clothes for even more savings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Instead of using the tumble dry setting on your dryer, let your clothes air-dry naturally. You can hang them on a clothesline if you have one or create one by hanging string across the balcony or a room in your home.&nbsp;<strong>If you do need to use the dryer, throw a wool dryer ball in with the clothes</strong>&nbsp;to reduce the necessary running time.</p>\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 is another chore that you should consider doing at night. Hanging up wet clothes to dry overnight ensures that everything will be ready to go when you wake up the next morning. This way, you can reduce energy costs from drying without ever feeling the difference.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-9-wash-your-clothes-on-cold\"><strong>9. Wash Your Clothes on Cold</strong></h3>\n<!-- /wp:heading -->\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\">Washing your clothes in hot or warm water takes a lot of energy. You can cut down on this by switching to cold water. Try to use hot water only when washing soiled clothes. Aside from extreme cases like sickness or very dirty clothes,&nbsp;<strong>researchers at</strong>&nbsp;<strong>Consumer Reports&nbsp;agree that cold water is enough</strong>.&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\">Lastly, try to wash large loads instead of smaller, more frequent ones. This is another great way to reduce the amount of energy your washer uses. That will, in turn, lower your next utility bill.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-10-use-less-water-when-flushing\"><strong>10. Use Less Water When Flushing</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":161696} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2020/04/How-to-save-on-utilities-6.png?resize=800%2C300&amp;ssl=1\" alt=\"Flush your toilet\" class=\"wp-image-161696\"/></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\">The simple act of flushing your toilet uses more water than you’d expect. If you can reduce the amount of water you’re using per flush, you may be able to reduce your water bill as well. This is especially true if you have an older toilet.</p>\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’re ready to replace your current toilet, consider a low-flow toilet. To conserve water with your current toilet, you can&nbsp;<strong>put a plastic bottle filled with water into your toilet tank</strong>. This will cause the toilet to use less water per flush.&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\">Also, check for leaks periodically. To see if your toilet has a leak, put a few drops of food coloring into the tank. If the food coloring appears in the toilet bowl without flushing, there’s a leak that needs to be repaired.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-11-get-water-saving-showerheads-and-faucets\"><strong>11. Get Water-Saving Showerheads and Faucets</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":218795} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2022/03/Replace-your-showerhead.png?resize=800%2C300&amp;ssl=1\" alt=\"\" class=\"wp-image-218795\"/></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\">Replacing your showerhead and faucets with more energy-efficient options will pay for themselves over time. Low-flow showerheads put out less than half the amount of water compared to traditional, older showerheads while still providing comparable pressure.&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\">In addition to using less water, the most efficient showerheads hold water until they’re fully heated. That means you’ll be saving water when it would otherwise be running and heating up. You’ll also be reducing your energy costs by heating less water.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-12-insulate-your-water-heater-and-adjust-the-temperature\"><strong>12. Insulate Your Water Heater and Adjust the Temperature</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":161698} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2020/04/How-to-save-on-utilities-8.png?resize=800%2C300&amp;ssl=1\" alt=\"Insulate your water heater\" class=\"wp-image-161698\"/></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\">Another great way to reduce energy and lower your utility bills is by lowering the temperature of your water heater. It’s most likely set too high anyway.</p>\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 some manufacturers set water heater thermostats at 140º,&nbsp;<strong>most households usually only require them to be set at 120º</strong>,” according to the&nbsp;Department of Energy. “Set too high, or at 140º, your water heater can waste anywhere from $36 to $61 annually in standby heat losses.”</p>\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 water heater is five or more years old, you may want to&nbsp;<strong>consider buying a hot water heater jacket</strong>&nbsp;to insulate it. The Department of Energy reports that this alone can help you save 7% to 16% annually on your water heating bill. You can find&nbsp;step-by-step instructions&nbsp;online to complete this project yourself.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-13-buy-energy-efficient-appliances\"><strong>13. Buy Energy-Efficient Appliances</strong></h3>\n<!-- /wp:heading -->\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\">You don’t have to invest in pricey new appliances just to cut down on energy costs, but when you are ready to upgrade, invest in energy-efficient options. If you aren’t sure where to start shopping,&nbsp;<strong>look for</strong>&nbsp;<strong>Energy Star-rated appliances</strong>. Products that earn this rating are certified to save energy and money over their lifespan.</p>\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 looking to upgrade your heating/cooling system, refrigerator or oven, take the time to research&nbsp;the best time and place to buy appliances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-14-switch-to-energy-saving-light-bulbs\"><strong>14. Switch to Energy Saving Light Bulbs</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":161699} -->\n<figure class=\"wp-block-image\"><img src=\"https://i0.wp.com/clark.com/wp-content/uploads/2020/04/How-to-save-on-utilities-9.png?resize=800%2C300&amp;ssl=1\" alt=\"Replace your light bulbs\" class=\"wp-image-161699\"/></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\">A cheap replacement that will help you reduce your energy usage and lower your utility bills is light bulbs.&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&nbsp;Department of Energy’s&nbsp;website says that switching to energy-efficient lighting is one of the fastest ways to cut your energy bills. In fact, it says that the average household saves about $225 in energy costs per year by using LED lighting.&nbsp;They recommend that you&nbsp;<strong>replace your home’s five most frequently used lights with bulbs that have earned the Energy Star rating</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\">In addition to using energy-efficient bulbs, consider setting up controls like timers and dimmers to reduce electricity usage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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=\"h-15-consider-home-automation\"><strong>15. Consider Home Automation</strong></h3>\n<!-- /wp:heading -->\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\">Taking things a step further, setting up home automation can help you save big money over time when it comes to energy 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\">Home automation options include smart thermostats, lighting controls, smart power strips and more. Basically, it’s any technology that can remotely control and monitor your home’s systems.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Instead of having to worry about manually adjusting your thermostat throughout the day or remembering to turn off lights and appliances,&nbsp;<strong>home automation systems will monitor and reduce your energy use for you.</strong>&nbsp;That means you’ll be saving on your utility bills without having to change your day-to-day lifestyle at 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\">Of course, keep in mind that this option comes with the upfront cost of whatever home automation system you decide to buy.&nbsp;</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=\"h-final-thoughts\"><strong>Final Thoughts</strong></h2>\n<!-- /wp:heading -->\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\">Overall, reducing your energy use in any way possible will help you lower your utility bills.&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\">If you aren’t sure where to start, begin by taking a walk through your home, cleaning any vents and changing any filters that haven’t been replaced in a while. Next, seal any drafts you can find. Make an effort to start using cold water when possible and let your clothes and dishes air-dry overnight. Lastly, lower your water heater temperature to 120º.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://clark.com/save-money/how-to-save-money-on-utilities/\">click here.</a></p>\n<!-- /wp:paragraph -->','How To Save Money on Utilities?','','inherit','closed','closed','','2297-revision-v1','','','2022-04-13 00:07:19','2022-04-13 00:07:19','',2297,'http://smartinsurance.tips/?p=2351',0,'revision','',0),(2352,1,'2022-04-13 00:51:36','2022-04-13 00:51:36','','My-project-78','','inherit','open','closed','','my-project-78','','','2022-04-13 00:51:36','2022-04-13 00:51:36','',2341,'http://smartinsurance.tips/wp-content/uploads/2022/04/My-project-78.png',0,'attachment','image/png',0),(2353,1,'2022-04-13 00:51:44','2022-04-13 00:51:44','<!-- wp:image {\"id\":2352,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/My-project-78-1024x536.png\" alt=\"\" class=\"wp-image-2352\"/></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\">The average US household&nbsp;contains 11 connected devices, including seven items with screens (e.g. smartphones, tablets and TVs).&nbsp;The gradual rollout of 5G&nbsp;is expected to prompt an increase in connected device ownership in the home, in the car, and in the form of wearable technology, making it more important than ever for homeowners to consider their insurance options and make sure all their gadgets are covered. So what is gadget insurance, and do you need 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\">What is already covered by your homeowner’s insurance?</h2>\n<!-- /wp:heading -->\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\">Also known as electronics insurance, gadget insurance protects your mobile devices when home insurance does not. Many home insurance policies do&nbsp;cover electrical items in the home. Sometimes this is limited to electrical outlets, electrical panels, interior wiring and other electrical systems integral to the running of the home, and sometimes more items are included. In either situation, additional coverage can often be added to a basic plan to cover items that are not covered in the original policy. However, the limitation of home insurance when it comes to gadgets is that it won’t pay for devices when they have simply stopped working or have been damaged by 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\">Most home insurance plans will pay for damaged electronics if they’re damaged in a disaster (such as a fire or flood) or stolen. Portable devices like laptops, smartphones and tablets are generally only covered up to a value of $1,500 unless you pay for additional coverage. Without replacement cost coverage, stolen or damaged gadgets will only be covered up to their current value, and therefore payouts will not be enough to cover the cost of new devices. Although some home insurance policies cover damage resulting from a lightning-induced power surge, many won’t pay for damage caused by a&nbsp;power surge prompted by any other event.</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\">When to consider gadget insurance?</h2>\n<!-- /wp:heading -->\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\">The first step in ensuring that all your electrical devices are protected is checking the coverage offered by your current home insurance policy and finding out what additional add-ons are available. It is also worth considering what items you have that are often taken outside of the home. The more items like this you have, the less likely it is that your home insurance will be sufficient.</p>\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 it is not possible to protect all your devices, the best solution is gadget insurance, and this will cover your tech in the event that you damage it by accident — such as by dropping your devices or spilling something on them. All your devices will initially be covered by the manufacturer’s warranty, but this usually only applies for the first year, and doesn’t normally include accidental damage. Gadget insurance, however, will.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Gadget insurance typically covers theft and accidental damage, water damage, mechanical breakdown, unauthorized call cover, extended warranty cover, and international cover. The latter essentially functions as travel insurance for your electronic devices, and will protect them when you’re traveling in other countries. However, if you’re a frequent traveler, it’s worth checking the territories this type of cover extends to, as many policies do have limitations. Most policies offer a 48 hour replacement option, so if your devices are integral to your work, it’s worth checking for this too. When considering any gadget insurance policy, consider the elements that are most relevant to your situation, and cross-reference the policies with your home insurance plan to be sure that you’re adequately covered.</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\">The limitations of gadget insurance</h2>\n<!-- /wp:heading -->\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\">While gadget insurance is typically quite comprehensive, most policies have some exclusions. For example, your devices may only be covered in the first three years of their lifespan, and you may not be able to make claims for older gadgets. Many providers also exclude wear and tear, and there may be limitations on other types of claims. For example, while some policies protect against loss, there may be stipulations about how the loss occurred — a phone stolen from the back seat of your car where it was clearly visible, for instance, may not be covered, but a phone left in the glove compartment may be.</p>\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 claims against theft, your policy may require you to prove&nbsp;forced entry to your home, and claims may have a time limitation attached to them. This works the other way too: often claims can’t be made within the first 14 days after the damage occurred. Devices that are still under their original warranty are not usually covered by gadget insurance, but most policies require you to provide proof of purchase, no matter when you bought them.</p>\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 have multiple electronic devices in your home, gadget insurance is usually worth it, particularly if you often travel with your laptop, tablet or smartphone. However, as home insurance policies do cover a certain amount, it’s worth checking what your policy offers before investing in gadget insurance.</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://blog.solidsignal.com/tutorials/insuring-your-electronic-devices-is-your-homeowners-insurance-enough/\">click here.</a></p>\n<!-- /wp:paragraph -->','Insuring Your Electronic Devices: Is Your Homeowner’s Insurance Enough?','','inherit','closed','closed','','2341-revision-v1','','','2022-04-13 00:51:44','2022-04-13 00:51:44','',2341,'http://smartinsurance.tips/?p=2353',0,'revision','',0),(2357,1,'2022-04-22 23:32:35','2022-04-22 23:32:35','{\"version\": 2, \"isGlobalStylesUserThemeJSON\": true }','Custom Styles','','publish','closed','closed','','wp-global-styles-twentytwentytwo','','','2022-04-22 23:32:35','2022-04-22 23:32:35','',0,'https://smartinsurance.tips/wp-global-styles-twentytwentytwo/',0,'wp_global_styles','',0),(2467,1,'2022-05-01 00:37:21','2022-05-01 00:37:21','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Being involved in a car accident can be physically and emotionally traumatic. If you were injured, you might have to spend time in the hospital to get the help you need. Along with your medical bills, you will have household bills or repair bills that will need to be paid.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2466,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Money-1-1024x536.png\" alt=\"\" class=\"wp-image-2466\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you have filed a personal injury lawsuit, you are likely to get a settlement from your&nbsp;insurance&nbsp;company, but that can take more time than you have to pay your past-due bills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your&nbsp;car accident lawyer&nbsp;can help you build a case to help you get the compensation that you deserve, but what about the bills that you have to pay now? Let’s take a closer look at how to pay your bills after a car accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Medical Bills</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In most states, your insurance is required by the law to pay all of your medical expenses that were caused by a vehicle accident. Your medical bills should be covered under a worker’s compensation claim if you are injured at work. The remainder of your medical bills, with the exception of your&nbsp;deductible amounts, should be covered under your private health insurance. It’s important to keep detailed records of your medical history, injury treatment plan, doctors and specialist contacts, prescription costs, and all other medically-related expenses.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Household Bills</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you have been involved in an accident and have suffered injuries that keep you from working, your&nbsp;household bills&nbsp;could start adding up quickly. You are still required to pay your rent, mortgage, and utility bills. When you file your claim with your insurance agency, they will issue you a payment for up to 85% of your monthly income for a maximum of three years. This payment is to help you pay for your household bills. With some policies, you may be able to apply for household assistance if you can’t do certain things like grocery shopping or laundry.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Vehicle Repairs</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">One of the largest expenses of a car accident is vehicle repairs. Minus your deductible, your insurance company should pay for all of the needed repairs. Make sure that you take your vehicle to a licensed and qualified repair shop to ensure that you get the proper coverage. The first $750 of damage should be paid for by the at-fault driver’s insurance, and the balance will be paid by&nbsp;your collision coverage. Always ensure that you carry enough coverage on your vehicle to cover the total loss of your vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Accessibility</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you are gravely injured in a car accident, it could change the type of long-term needs that you have. You may need to purchase a walker or wheelchair or install a mobility ramp at your home. Your insurance coverage combined with your&nbsp;medical insurance&nbsp;should be able to cover most of these accessibility expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you are involved in a serious car accident, the last thing that you want to worry about is how you will pay your bills. Don’t stress about your past due payments. Your insurance coverage will help you to get the money that you need.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.finance-monthly.com/2022/04/how-to-pay-your-bills-after-a-car-accident/\">click here.</a></p>\n<!-- /wp:paragraph -->','How To Pay Your Bills After A Car Accident?','','inherit','closed','closed','','2457-revision-v1','','','2022-05-01 00:37:21','2022-05-01 00:37:21','',2457,'http://smartinsurance.tips/?p=2467',0,'revision','',0),(2466,1,'2022-05-01 00:37:10','2022-05-01 00:37:10','','Money-1','','inherit','open','closed','','money-1-3','','','2022-05-01 00:37:10','2022-05-01 00:37:10','',2457,'http://smartinsurance.tips/wp-content/uploads/2022/05/Money-1.png',0,'attachment','image/png',0),(2363,1,'2022-04-25 22:16:32','2022-04-25 22:16:32','<!-- wp:image {\"id\":2338,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-8-1024x536.png\" alt=\"\" class=\"wp-image-2338\"/><figcaption>test post</figcaption></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->','test','','publish','closed','closed','','test','','','2022-04-25 22:16:32','2022-04-25 22:16:32','',0,'https://smartinsurance.tips/?page_id=2363',0,'page','',0),(2364,1,'2022-04-25 22:15:37','2022-04-25 22:15:37','{\"version\": 2, \"isGlobalStylesUserThemeJSON\": true }','Custom Styles','','publish','closed','closed','','wp-global-styles-twentytwentyone','','','2022-04-25 22:15:37','2022-04-25 22:15:37','',0,'https://smartinsurance.tips/wp-global-styles-twentytwentyone/',0,'wp_global_styles','',0),(2365,1,'2022-04-25 22:16:32','2022-04-25 22:16:32','<!-- wp:image {\"id\":2338,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/Insurance-8-1024x536.png\" alt=\"\" class=\"wp-image-2338\"/><figcaption>test post</figcaption></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->','test','','inherit','closed','closed','','2363-revision-v1','','','2022-04-25 22:16:32','2022-04-25 22:16:32','',2363,'https://smartinsurance.tips/?p=2365',0,'revision','',0),(2366,1,'2022-04-25 22:17:46','2022-04-25 22:17:46','<!-- wp:paragraph -->\n<p>this is great.   </p>\n<!-- /wp:paragraph -->','Test page','','publish','closed','closed','','test-page','','','2022-04-25 22:17:46','2022-04-25 22:17:46','',0,'https://smartinsurance.tips/?page_id=2366',0,'page','',0),(2367,1,'2022-04-25 22:17:46','2022-04-25 22:17:46','<!-- wp:paragraph -->\n<p>this is great.   </p>\n<!-- /wp:paragraph -->','Test page','','inherit','closed','closed','','2366-revision-v1','','','2022-04-25 22:17:46','2022-04-25 22:17:46','',2366,'https://smartinsurance.tips/?p=2367',0,'revision','',0),(2368,1,'2022-04-25 22:20:43','0000-00-00 00:00:00','<!-- wp:paragraph {\"fontSize\":\"large\"} -->\n<p class=\"has-large-font-size\">Hi this is a test. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Article Title </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->','test this post','','draft','open','open','','','','','2022-04-25 22:20:43','2022-04-25 22:20:43','',0,'https://smartinsurance.tips/?p=2368',0,'post','',0),(2371,1,'2022-04-25 22:46:44','2022-04-25 22:46:44','','dog beach md headshot','','inherit','open','closed','','dog-beach-md-headshot','','','2022-04-25 22:46:44','2022-04-25 22:46:44','',1789,'http://smartinsurance.tips/wp-content/uploads/2022/04/dog-beach-md-headshot.jpg',0,'attachment','image/jpeg',0),(2390,1,'2022-04-25 23:44:15','2022-04-25 23:44:15','','dog-beach-md-headshot-1','','inherit','open','closed','','dog-beach-md-headshot-1','','','2022-04-25 23:44:15','2022-04-25 23:44:15','',1909,'http://smartinsurance.tips/wp-content/uploads/2022/04/dog-beach-md-headshot-1.jpg',0,'attachment','image/jpeg',0),(2384,1,'2022-04-25 23:25:20','2022-04-25 23:25:20','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" custom_padding=\"1px|||||\"]<p>&nbsp;</p>\n<h1 class=\"headline\" itemprop=\"headline\" style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; font-size: 3rem; margin-top: 0.5rem; margin-bottom: 1rem; font-weight: bold; line-height: 3.4rem; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; letter-spacing: -0.07rem; color: #141414; background-color: #ffffff; text-align: center;\"><strong><span style=\"color: #0a0a0a;\">4 Ways an Entrepreneur Should Diversify Their Income</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/03/mon.jpg\" width=\"894\" height=\"446\" alt=\"\" class=\"wp-image-1251 aligncenter size-full\" /> </span></p>\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">The Office for National Statistics figures, released in December, state that “the number of payroll employees has fallen by 819,000” since February 2020. While these figures were front-loaded, the prime minister and expert commentators expect the overall COVID-19  situation to worsen before it gets better. It will be some time before the vaccination program has enough coverage to release the restrictions, and that is if the virus does not mutate to nullify the vaccines’ efficacy.</p>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">The above figures do not capture sole traders and SMEs\' picture without a payrolled workforce. In addition, with schools closed, for the time being, maintaining 9-5 working hours whilst at home proves problematic, particularly for parents expected to supervise their children’s learning.  Therefore, traditional working models are under increasing pressure, and we can expect no return to ‘normal’ even after widespread vaccination. What does this mean for future income streams?</p>\n<h2 style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; font-weight: bold; line-height: 28.6px; font-size: 1.375rem; margin-top: 1rem; margin-bottom: 0.5rem; font-family: Roboto, HelveticaNeue-Light, \'Helvetica Neue Light\', \'Helvetica Neue\', Helvetica, Arial, sans-serif; color: #212121; text-align: start; background-color: #ffffff;\">Financial ‘survival of the fittest’</h2>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">“<i style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; line-height: inherit;\">It is not the strongest of the species that survives, … It is the one that is most adaptable to change.</i>”</p>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">This quote is often attributed to Charles Darwin. It is actually a paraphrase of Darwin’s ‘Origin of Species’ by Leon Megginson (Professor of Management and Marketing, Louisiana State). That the phrase comes from a management context is not surprising as it perfectly captures the entrepreneurial spirit with which we should face these uncertain times.</p>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">Many people day-dream, amidst the drudgery of a mundane 9-5 job, starting a business or applying a creative skill to a profitable side hustle. Perhaps people are watching your pension situation and realizing the state pension really is not sufficient, and you need another income stream. Most have fancied a passive income stream. Now is the time, especially if you are one of the 819,000 recently unemployed or if you want to financially benefit from your additional time due to lost leisure activities or released from your dead-time commute.</p>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">If your income streams are successfully adapted to change or sufficiently diversified to mitigate the risk of change, you will not only economically survive but potentially flourish in this pandemic.</p>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">It is frequently written that one of the defining characteristics of millionaires is that they have multiple income streams. This is largely true, of course. However, in the pop-culture presentation of this statement, the implication is that you too can be a millionaire so long as you have a second stream of income. Sorry, but it isn’t that simple. What it does mean is that the mindset of a millionaire is not ‘What do I need to do to get the money?’ but rather ‘How can I use money innovatively to work for me.’ Further, by diversifying one’s income streams, one can benefit from favorable tax arrangements rather than facing an ever-increasing Income Tax bill, and that financial risk is mitigated.</p>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">Income streams can be created in various ways. Many can work in conjunction with others, and some are more easily automated than others to provide a passive income stream.</p>\n<h2 style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; font-weight: bold; line-height: 28.6px; font-size: 1.375rem; margin-top: 1rem; margin-bottom: 0.5rem; font-family: Roboto, HelveticaNeue-Light, \'Helvetica Neue Light\', \'Helvetica Neue\', Helvetica, Arial, sans-serif; color: #212121; text-align: start; background-color: #ffffff;\">Diversification is key</h2>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">As an investor and multiple business owner, I cannot push diversification enough. Make sure your eggs are not all in the same basket. This goes for investing in the stock market, becoming an entrepreneur, or even on the very basic scale selling products. Having your financial risk spread across multiple streams and increases your financial stability and longevity if one of those streams were to turn out a failure. Take your time and research into ETFs, Tracker Funds, Blue Chip Stocks &amp; Property Crowd Funding projects.</p>\n<h2 style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; font-weight: bold; line-height: 28.6px; font-size: 1.375rem; margin-top: 1rem; margin-bottom: 0.5rem; font-family: Roboto, HelveticaNeue-Light, \'Helvetica Neue Light\', \'Helvetica Neue\', Helvetica, Arial, sans-serif; color: #212121; text-align: start; background-color: #ffffff;\">Starting a side income</h2>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">An online business can easily be developed during this period of time, and many ideas can be implemented with limited or no start-up costs or ongoing overheads. Services delivered online are the most obvious and COVID secure options. These side businesses can vary from dropshipping or start even smaller with freelance sites for small jobs like Fiverr.</p>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\"><span style=\"background-color: #ffffff; font-family: Roboto, HelveticaNeue-Light, \'Helvetica Neue Light\', \'Helvetica Neue\', Helvetica, Arial, sans-serif; font-size: 1.375rem; font-weight: bold;\">Utilize your network</span></p>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">Building business relations takes time and trust. Start with people who you know within your network. These individuals are more likely to give you a try because they know you personally. In this day and age, social media is booming. It\'s now easier than ever to reach out to people on social media, especially Instagram. Spending time networking on social media is key to growing your brand recognition and gaining customers.<br style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased;\" /><br style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased;\" /><span style=\"background-color: #ffffff; font-family: Roboto, HelveticaNeue-Light, \'Helvetica Neue Light\', \'Helvetica Neue\', Helvetica, Arial, sans-serif; font-size: 1.375rem; font-weight: bold;\">Manage Your Debt</span></p>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">Between having a 9-5 job to maintain and starting not only your side business but spending time on your branding and networking across social media, all whilst maintaining your available cash and outgoings, can somewhat be stressful at times. Lowering your debt is key to growing as an entrepreneur; the above points will definitely assist with this. However, for extra help and a somewhat hands-off approach, I love to use tools such as Moneybox, which is a clever app that allows you to round up those purchases you make on your card to the nearest whole number. These pennies can then be added to my first point of financial investments via the app in a simple, hands-off approach. Another great tool that can be used to save money to lower those debts would be utilizing the likes of Monzo Bank, which allows saving pots to put aside a certain amount of money each month, all whilst monitoring your outgoings and incoming payments in a smart manner. All automated, allowing me to focus all my attention on my core side businesses.</p>\n<p style=\"box-sizing: inherit; -webkit-font-smoothing: antialiased; margin-top: 1rem; margin-bottom: 1rem; color: #212121; font-family: \'PT Serif\', TimesNewRoman, \'Times New Roman\', Times, Georgia, serif; font-size: 19px; text-align: start; background-color: #ffffff;\">Entrepreneurs who have mastered the above methods to diversify their income are on the road to becoming a successful entrepreneur.</p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.entrepreneur.com/article/362790\">click here</a><span style=\"color: #000000;\">.</span></span></div>\n[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','4 Ways an Entrepreneur Should Diversify Their Income','','inherit','closed','closed','','1248-autosave-v1','','','2022-04-25 23:25:20','2022-04-25 23:25:20','',1248,'https://smartinsurance.tips/?p=2384',0,'revision','',0),(2375,1,'2022-04-25 23:05:31','2022-04-25 23:04:04',' ','','','publish','closed','closed','','2375','','','2022-04-25 23:05:31','2022-04-25 23:05:31','',0,'https://smartinsurance.tips/?p=2375',1,'nav_menu_item','',0),(2379,1,'2022-04-25 23:17:02','2022-04-25 23:17:02','','down-payment-on-summary','','inherit','open','closed','','down-payment-on-summary','','','2022-04-25 23:17:02','2022-04-25 23:17:02','',1795,'http://smartinsurance.tips/wp-content/uploads/2022/04/down-payment-on-summary.png',0,'attachment','image/png',0),(2386,1,'2022-04-25 23:33:20','2022-04-25 23:33:20','<!-- wp:paragraph -->\r\n<p style=\"text-align: left;\"> </p>\r\n<!-- /wp:paragraph -->\r\n<p style=\"text-align: left;\"> </p>\r\n<div style=\"text-align: left;\" align=\"center\">\r\n<p style=\"text-align: left;\"> </p>\r\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><img class=\"aligncenter size-large wp-image-2379\" src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/down-payment-on-summary-1024x343.png\" alt=\"\" width=\"750\" height=\"251\" /></div>\r\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Many of today’s homeowners have been inspired by house-flipping shows to learn practical tips and savvy tricks to either increase their home’s resale value or, for those who prefer to stay put, refresh their living space for its long-term use. While these shows highlight the newest trends that resonate with new buyers or help customize a house to an owner’s current needs, what they don’t tell you is how remodeling might affect your homeowners insurance coverage.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“Building an addition and adding square footage, renovating a kitchen or bathroom, or other significant changes made to a home will increase its value,” said Jane Li, Mercury Insurance director of product management. “One thing that can’t be overlooked, however, is that these renovations will also increase the home’s replacement cost if it is damaged or destroyed, so it’s very important that homeowners also adjust their insurance policies to ensure the home is properly insured in the event disaster strikes.”</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Here are four improvements Li recommends discussing with your insurance agent before making upgrades.</span></p>\r\n<div id=\"tncms-region-article_instory_top\" class=\"tncms-region hidden-print\" style=\"text-align: left;\"> </div>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">The roof is the primary source to protect a home against the elements, providing shelter from rain, hail, wind, summer heat and winter cold. It’s likely not the first thing that comes to mind when a homeowner thinks of renovations but, eventually, it will need to be replaced to keep doing its job properly.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“The age of your roof factors into your homeowners insurance coverage because, as it gets older it becomes more likely to leak, which can cause structural damage,” said Li. “Certain roofing materials — like clay or concrete tile, slate or metal — provide added protection against wind and wildfires if you live in an area that’s prone to these conditions. If properly maintained, these materials also have a longer lifespan than an asphalt-shingled roof, which tends to last about 20 years.”</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Pools are a great way to cool off when temperatures climb and are also a nice centerpiece for outdoor entertaining. However, putting in a pool also adds to your liability risk, which will increase your homeowners insurance premium.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“If you decide to install a pool, be sure to also build a fence with a locking gate around it,” said Li. “The fence should not connect to the dwelling and, if possible, it should be built using fire-resistant material.”</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Sometimes, all it takes to give your kitchen or bathroom a new look is to swap out your old sink for a new one.</span></p>\r\n<div id=\"tncms-region-article_instory_middle\" class=\"tncms-region hidden-print\" style=\"text-align: left;\"> </div>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">If you decide to replace some of your home’s plumbing fixtures, it’s important to make note of the upgraded materials as they may be of a higher quality — and thus have a higher replacement cost — than the original equipment. It’s also a good time to consider installing a water-leak detection system, as claims due to water-related damages, like bursting or leaking pipes, or malfunctioning appliances, are the most commonly filed homeowners insurance claims, according to Mercury Insurance.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“Many leaks can be difficult to detect since most pipes are enclosed inside walls,” said Li. “We recommend installing water-leak sensors or shut off devices if you are making plumbing upgrades, because they can be very helpful in preventing extensive water damage. Some can automatically shut off the home’s main water supply if a leak is detected and might even qualify you for a discount on your insurance.”</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">The trees, bushes, plants and stonework you choose can add to your home’s curb appeal and, in areas with dry climates that are prone to wildfires, your landscaping may even increase your home’s insurability.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“A good landscape in fire country will endure firebrands for days, intense heat for weeks, and do both without igniting,” said Douglas Kent, wildfire expert, author and professor of land management at California State Polytechnic University, Pomona.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">The five feet closest to your home is where you should retrofit with fire retardant materials and conduct simple maintenance like clearing away dead plants, and cleaning gutters and decks of leaves. The next 30 feet from your home should be green and clean landscaping, with lawns kept free of debris. Trim tree limbs so they are at least 10 feet away from your home and trim unruly bushes. Keep your lawn well-manicured and plants healthy. Hard surfaces like asphalt and concrete also work well in this space.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Finally, the next 70 feet should contain thinned out vegetation, removing flammable plants and brush surrounding your home. Trees should also be at least 20 feet apart.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Whether you plan to live in your home for many years to come or sell it to a new homeowner, be sure to assess your homeowners’ coverage needs annually as long as it’s your property.</span></p>\r\n<p style=\"text-align: left;\"> </p>\r\n</div>\r\n</div>\r\n<div style=\"text-align: left;\" align=\"center\"> </div>\r\n<div style=\"text-align: left;\" align=\"center\"><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.news-journal.com/4-home-improvements-that-may-affect-your-homeowners-insurance/article_eb23fa40-d0e4-11ea-9b48-2734580ae152.html?fbclid=IwAR3Y5Ie5rXRwzUHQG2mWhn8p-uMWdjpxQzQV2EisRBzVd3SVWtn8T2uyW78\">click here</a><span style=\"color: #000000;\">.</span></div>\r\n<p style=\"text-align: left;\"> </p>','4 home improvements that may affect your homeowners insurance','','inherit','closed','closed','','664-revision-v1','','','2022-04-25 23:33:20','2022-04-25 23:33:20','',664,'https://smartinsurance.tips/?p=2386',0,'revision','',0),(2385,1,'2022-04-25 23:28:19','2022-04-25 23:28:19','<!-- wp:paragraph -->\r\n<p style=\"text-align: left;\"> </p>\r\n<!-- /wp:paragraph -->\r\n<p style=\"text-align: left;\"> </p>\r\n<div style=\"text-align: left;\" align=\"center\">\r\n<p style=\"text-align: left;\"> </p>\r\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><img class=\"aligncenter size-large wp-image-2379\" src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/down-payment-on-summary-1024x343.png\" alt=\"\" width=\"750\" height=\"251\" /></div>\r\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Many of today’s homeowners have been inspired by house-flipping shows to learn practical tips and savvy tricks to either increase their home’s resale value or, for those who prefer to stay put, refresh their living space for its long-term use. While these shows highlight the newest trends that resonate with new buyers or help customize a house to an owner’s current needs, what they don’t tell you is how remodeling might affect your homeowners insurance coverage.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“Building an addition and adding square footage, renovating a kitchen or bathroom, or other significant changes made to a home will increase its value,” said Jane Li, Mercury Insurance director of product management. “One thing that can’t be overlooked, however, is that these renovations will also increase the home’s replacement cost if it is damaged or destroyed, so it’s very important that homeowners also adjust their insurance policies to ensure the home is properly insured in the event disaster strikes.”</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Here are four improvements Li recommends discussing with your insurance agent before making upgrades.</span></p>\r\n<div id=\"tncms-region-article_instory_top\" class=\"tncms-region hidden-print\" style=\"text-align: left;\"> </div>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">The roof is the primary source to protect a home against the elements, providing shelter from rain, hail, wind, summer heat and winter cold. It’s likely not the first thing that comes to mind when a homeowner thinks of renovations but, eventually, it will need to be replaced to keep doing its job properly.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“The age of your roof factors into your homeowners insurance coverage because, as it gets older it becomes more likely to leak, which can cause structural damage,” said Li. “Certain roofing materials — like clay or concrete tile, slate or metal — provide added protection against wind and wildfires if you live in an area that’s prone to these conditions. If properly maintained, these materials also have a longer lifespan than an asphalt-shingled roof, which tends to last about 20 years.”</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Pools are a great way to cool off when temperatures climb and are also a nice centerpiece for outdoor entertaining. However, putting in a pool also adds to your liability risk, which will increase your homeowners insurance premium.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“If you decide to install a pool, be sure to also build a fence with a locking gate around it,” said Li. “The fence should not connect to the dwelling and, if possible, it should be built using fire-resistant material.”</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Sometimes, all it takes to give your kitchen or bathroom a new look is to swap out your old sink for a new one.</span></p>\r\n<div id=\"tncms-region-article_instory_middle\" class=\"tncms-region hidden-print\" style=\"text-align: left;\"> </div>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">If you decide to replace some of your home’s plumbing fixtures, it’s important to make note of the upgraded materials as they may be of a higher quality — and thus have a higher replacement cost — than the original equipment. It’s also a good time to consider installing a water-leak detection system, as claims due to water-related damages, like bursting or leaking pipes, or malfunctioning appliances, are the most commonly filed homeowners insurance claims, according to Mercury Insurance.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“Many leaks can be difficult to detect since most pipes are enclosed inside walls,” said Li. “We recommend installing water-leak sensors or shut off devices if you are making plumbing upgrades, because they can be very helpful in preventing extensive water damage. Some can automatically shut off the home’s main water supply if a leak is detected and might even qualify you for a discount on your insurance.”</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">The trees, bushes, plants and stonework you choose can add to your home’s curb appeal and, in areas with dry climates that are prone to wildfires, your landscaping may even increase your home’s insurability.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“A good landscape in fire country will endure firebrands for days, intense heat for weeks, and do both without igniting,” said Douglas Kent, wildfire expert, author and professor of land management at California State Polytechnic University, Pomona.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">The five feet closest to your home is where you should retrofit with fire retardant materials and conduct simple maintenance like clearing away dead plants, and cleaning gutters and decks of leaves. The next 30 feet from your home should be green and clean landscaping, with lawns kept free of debris. Trim tree limbs so they are at least 10 feet away from your home and trim unruly bushes. Keep your lawn well-manicured and plants healthy. Hard surfaces like asphalt and concrete also work well in this space.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Finally, the next 70 feet should contain thinned out vegetation, removing flammable plants and brush surrounding your home. Trees should also be at least 20 feet apart.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Whether you plan to live in your home for many years to come or sell it to a new homeowner, be sure to assess your homeowners’ coverage needs annually as long as it’s your property.</span></p>\r\n<p style=\"text-align: left;\"> </p>\r\n</div>\r\n</div>\r\n<div style=\"text-align: left;\" align=\"center\"> </div>\r\n<div style=\"text-align: left;\" align=\"center\"><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.news-journal.com/4-home-improvements-that-may-affect-your-homeowners-insurance/article_eb23fa40-d0e4-11ea-9b48-2734580ae152.html?fbclid=IwAR3Y5Ie5rXRwzUHQG2mWhn8p-uMWdjpxQzQV2EisRBzVd3SVWtn8T2uyW78\">click here</a><span style=\"color: #000000;\">.</span></div>\r\n<p style=\"text-align: left;\">[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]</p>','4 home improvements that may affect your homeowners insurance','','inherit','closed','closed','','664-revision-v1','','','2022-04-25 23:28:19','2022-04-25 23:28:19','',664,'https://smartinsurance.tips/?p=2385',0,'revision','',0),(2381,1,'2022-04-25 23:17:37','2022-04-25 23:17:37','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":2379,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https://smartinsurance.tips/wp-content/uploads/2022/04/down-payment-on-summary-1024x343.png\" alt=\"\" class=\"wp-image-2379\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p>Organizing your home takes time and effort, but it doesn’t have to be one big daunting project. In fact, when it comes to decluttering, it’s the little things that make a difference.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“Small tidying tasks are an easy way for busy people to keep their house neat and organized without a large time commitment,” Sarah Giller Nelson, founder of Less Is More Organizing, told HuffPost. “There is a real feeling of accomplishment that comes with getting things done. Since these tasks are small and not very time consuming, it becomes something easy to celebrate: I might not have accomplished much today, but at least I made my bed!”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“As we move through our spaces we are constantly taking items out of their homes to use and enjoy,” she continued. “Since the taking out is constant, the putting back must be constant as well, or else the clutter will accumulate. Doing little things each day helps keep us on top of it all.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Don’t know where to get started? We asked Nelson and professional organizers to share the small tidying tasks they do on the daily to keep their own homes organized.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Below, we’ve rounded up 21 of their go-to mini chores. While it may be unrealistic to do&nbsp;<em>all</em>&nbsp;of these things each day, try to pick a few to work into your routine.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3><strong>Make the bed</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“I make my bed every morning. It really is the biggest bang-for-your-buck tidying activity you can do. The bed is the dominant feature in the bedroom so if it is made, then the entire space looks calmer. And all it takes is 30 seconds!” ― Sarah Giller Nelson, founder of Less Is More Organizing</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“Making my bed every morning is a habit instilled in me by my mom at a young age. The day doesn’t feel ready to begin until I’ve done that. There is also the mindfulness aspect to this. When we pay attention to the cycle of things, we can focus on and enjoy the process of what we’re doing. … Pay attention to smoothing the sheets, fluffing the pillows, feeling the fabric, getting yourself and your bedroom ready for the day. At night, you pull down the covers and slip into bed for a good night’s sleep. You rest more peacefully and better when you enter a bed that is sleep-ready.” ― Linda Samuels, professional organizer at Oh, So Organized</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Deal with the mail</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“When I bring in the mail, I deal with it right away: recycle junk; file statements (yup, I still get some in paper); put to-dos into my follow-up system (I hate the word ‘tickler file’); put</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“When I bring in the mail, I deal with it right away: recycle junk; file statements (yup, I still get some in paper); put to-dos into my follow-up system (I hate the word ‘tickler file’); put magazines into a tray on the coffee table to read later; leave other nonurgent mail in a tray with a cheery paperweight that says ‘Cheers’ to be dealt with when I have time.” ― Lisa Zaslow, professional organizer at Gotham Organizers</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“If you open your mail each day it only takes a few minutes, but if you wait weeks you’re going to have piles and piles of paper which becomes overwhelming. I open the mail, open any packages, fill out return labels and repack anything not being kept. I throw away any periodicals that have been replaced with a new issue ― I discard daily periodicals daily, weekly periodicals weekly, and monthly periodicals monthly.” ― Barbara Reich, professional organizer at Life Organized</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Organize groceries</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“I update my grocery inventory list on my fridge, so I know exactly what I need to buy if I stop at the store.” ― Pooja Naik, organizing consultant at Organizing With You, Inc.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“I put away groceries and dry goods and throw away any food in the refrigerator that’s past its expiration date.” ― Reich</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“One small tidying task I do every day is keeping my refrigerator clean and organized.” ― Nicole Arroyo, professional organizer at Neatly Nic</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Keep the bathroom in order</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“When I’m finished showering, I clear grooming supplies off of the counter, put dirty clothes in the hamper, and hang my towel on the rod.” ― Seana Turner, founder of The Seana Method</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“I put my beauty products back in their home after use to leave a clear bathroom sink.” ― Jeni Aron, professional organizer at Clutter Cowgirl</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“Other small daily tidying tasks include removing hair from the shower drain trap, hanging up towels (nicely), wiping down the sink and bathroom surfaces.” ― Samuels</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Wipe down the shower after use</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“I wipe the shower after showering to prevent mildew and grout discoloration.” ― Jeffrey Phillip, professional organizer and interior designer</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“I wipe down the glass shower door after my shower.” ― Turner</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Pick up toys</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“Put away all the kids’ toys (they can help with this and should). Basically, reset the house so that it’s good to go when we awake the next day, ensuring a smooth as possible start.” ― Beth Penn, professional organizer at Bneato Bar</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Put clothes away</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“Clothes can make any space look way worse than it actually is. So keep a hamper for dirty clothes and towels and avoid leaving these things on the floor, in chairs, on the bed, etc. Only wash as many clothes as you have time to put away immediately. Try not to let laundry baskets stay full. Note: There are laundry baskets that flatten so they can be more easily stored.” ― Carolyn Rogers, professional organizing consultant at Neat Nerd Solutions</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“I never go to sleep with my clothing on the floor. I have a rule that I get undressed in my closet, so I can immediately put things into the laundry, fold them, or hang them, and they don’t hit the floor. Like anything else, avoided clothing can become big, messy mounds which are overwhelming to deal with.” ― Tova Weinstock, professional organizer at Tidy Tova</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“Pick up clothes lying around the house. Or better yet, don’t put clothes anywhere they aren’t supposed to go. Hang up coats, put laundry in the bin and put clothes in the closet or drawers.” ― Melissa Levy, founder of Declutter + Design</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Clear surfaces</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“Clear off countertops. Surfaces take a beating, whether it’s mail, homework or other paperwork, it often gets put down and forgotten. So do lots of other things throughout the day. Taking 10 minutes at the end of the day or 30 at the end of the week to target clearing off surfaces will help you stay on top of the clutter.” ―&nbsp;<em>Levy</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“Maintain clear surfaces and countertops. Countertops are actually the hidden workhorses of the home. Keeping them neat and clear goes a long way. When they are not being used, a clear surface reads as clean, open and airy. When needed, it becomes a drop zone, baking area, desk or even a game night centerpiece.” ― Dina Smith, professional organizer at Closet Therapy with Dina</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Tidy pillows and blankets</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“I fluff and fix pillows and cushions on the couch before bed.” ―&nbsp;<em>Phillip</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“I neatly fold throws on the couch and fluff pillows. Less than a minute, and the living room feels refreshed.” ―&nbsp;<em>Zaslow</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Wash and put away the dishes</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“I always make sure that all of the dishes are clean before I go to sleep. That way, when I go in to make my coffee each morning, I am greeted by a clean, calm space.” ―&nbsp;<em>Nelson</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“I often laugh and tell people that the major characteristic of living an organized life is frequently walking around and putting things away. I do this continually all day long, and particularly when I finish using a space. For example, after eating, I put dirty dishes in the dishwasher, return the food containers to the pantry or fridge, throw out any trash, and push in my chair.” ―&nbsp;<em>Turner</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“Sometimes I leave dirty dishes but never without soaking them in water. I think it’s OK to leave a few dirty dishes at night, but I always make sure to leave them soaking in water. There’s nothing more frustrating than wasting time scraping off food scraps when it can be so easily avoided.” ―&nbsp;<em>Weinstock</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Clean out bags</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“I always empty my bag at the end of the day and then prepare it for the next day. I throw away any garbage, wash food containers, and make sure the items I need for the following day are packed and ready to go. This daily practice saves me a ton of time the following morning and keeps my bag clear of becoming a garbage disposal ― I’ve seen lots of those in my work with clients.” ―&nbsp;<em>Weinstock</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“I put my keys back in my purse. There’s a lot that’s uncertain in life. It’s comforting to always know where your keys are! And extremely frustrating when you have to spend time looking for them.” ―&nbsp;<em>Zaslow</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Organize papers</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“I stack papers neatly if they can’t be filed or discarded right away and must remain in plain sight.” ―&nbsp;<em>Rogers</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“I look at my papers every day, so bills, RSVPs, important messages don’t get ignored. I have a proven system for paper organization!” ―&nbsp;<em>Naik</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Wash face masks</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“For the past year I’ve added these steps: Wash my hands and hang up my mask to be washed later. I wash masks so they’re clean and ready for tomorrow.” ―&nbsp;<em>Zaslow</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Put items where they belong</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“Most of my ‘tidy tasks’ happen through the day, and it’s all about putting away what I take out and use as I finish using it. At the very end of the day, I do one final sweep to clear my desk, the sofa, the kitchen counters. My rule: If I take it out, I have to put it back.” ― Regina Lark, professional organizer at A Clear Path</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“At night, I corral my remote controls to the center of the family room table, fold and hang the blanket on the back of the chair, and straighten the pillows. The goal for me is to leave a space the way I want it to be when I return. This means not only looking tidy, but more importantly in such a state that it is ready to function. I rarely leave a room without making sure the surfaces are clear, and my supplies are tucked away exactly where I have decided they will live.” ― Turner</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“I return any activity items ― work related, hobby related, etc. ― to their proper zones in the home and/or proper containers each night before bed.” ― Kellie Powell, lead professional organizer and COO of Dexterous Organizing</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“Put things away in their designated place when you’re done using them. Make sure that there is easy access to things that are used frequently. Having to pull out multiple things to reach something at the back increases the chances that it won’t all be put away properly or at all.” ―&nbsp;<em>Rogers</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Keep shoes in the entryway</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“I maintain a shoe-free home. The rule of thumb is, ‘If you are willing to mop, you can feel free to wear your shoes inside.’ Removing shoes cuts down on cleaning, mopping, vacuuming, and lowers the number of germs and bacteria in the home. It also shifts your mood and mindset from outside to ‘home.’” ―&nbsp;<em>Smith</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“I tidy the entry area ― shoes away, coats and accessories hung or put away, etc.” ―&nbsp;<em>Phillip</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Clean one specific area</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“Cleaning precedes organizing in most cases, and they go hand in hand. So I try to thoroughly clean one area of my home every day. This is so much easier than having to set aside a whole lot of time to do major cleaning for the entire home. ... I pick an area and try to tidy up with a timer. No more than 5 minutes, but I try to be consistent. When you take baby steps at a time with organizing, it makes it more enjoyable and will provide the momentum needed to keep going as opposed to taking on too much at once and then not going back because it felt grueling. I even recommend setting a timer for organizing, like 5 or 10 minutes and stopping when the timer goes off. The important thing is to do the little things each day.” ―&nbsp;<em>Naik</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Discard trash and unwanted items</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“When something becomes trash, put it in the trash. It sounds simple, but debris adds to visual and physical clutter. Staying on top of things that need to be discarded is a great way to keep things tidy. One tip is to keep a shopping bag for donation in your closet. When you notice something needs to be donated you have a place for it. When it gets full, take it out and open another bag.” ―&nbsp;<em>Smith</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“I purge a clothing item if I try it on and it’s not a great fit for me. Putting it back in the drawer is only leaving me to make the same decision in the future.” ―&nbsp;<em>Aron</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Remove things from the floor</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“I adhere to the rule that the floor is not for storage. At the end of the day, I do a walk through of my home to pick up and put away anything that might have been placed on the floor.” ―&nbsp;<em>Nelson</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Organize the desk</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“When I’m at my desk, I tend to work messy! Throughout the day I put pens, pencils and markers back in the (not too full!) pen cup on my desk. This is surprisingly satisfying! It’s like a mini break that instantly creates some clear space and helps me focus.” ―&nbsp;<em>Zaslow</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Do anything that takes less than five minutes</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“Anything that takes less than five minutes to complete, I do it right away. Think about the time it takes you to add it to your to-do list, and the action could be almost completed in that time!” ― Julie Naylon, professional organizer at No Wire Hangers</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Prepare for the next day</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>“I prepare for the next day ― plan what I’m going to wear, what I need to take with me when I leave the house, and what I will eat. Thinking about this ahead of time means that I’m rarely caught unprepared.” ―&nbsp;<em>Reich</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“Before going to bed, I make sure everything is ready to start the next day. This could include doing the dishes and making sure the kitchen is clean.” ―&nbsp;<em>Naylon</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“I keep a notebook of errands and to-do items instead of lots of little scraps of paper. One cohesive notebook focuses my brain and allows me to refer back to past tasks from previous days if I need to.” ―&nbsp;<em>Aron</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.huffpost.com/entry/professional-organizers-tidying-tasks-every-day_l_606ccf16c5b68ddf94b604d2?stat=524733&amp;socialnet=linkedin&amp;lnkey=2351687\">click here</a>.</p>\n<!-- /wp:paragraph -->','21 Little Tidying Tasks Professional Organizers Do Every Single Day','','inherit','closed','closed','','1795-revision-v1','','','2022-04-25 23:17:37','2022-04-25 23:17:37','',1795,'https://smartinsurance.tips/?p=2381',0,'revision','',0),(2387,1,'2022-04-25 23:34:49','2022-04-25 23:34:49','<!-- wp:paragraph -->\r\n<p>&nbsp;</p>\r\n<!-- /wp:paragraph -->\r\n<p style=\"text-align: left;\"> </p>\r\n<div style=\"text-align: left;\" align=\"center\">\r\n<p style=\"text-align: left;\"> </p>\r\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"><img class=\"aligncenter size-large wp-image-2379\" src=\"http://smartinsurance.tips/wp-content/uploads/2022/04/down-payment-on-summary-1024x343.png\" alt=\"\" width=\"750\" height=\"251\" /></div>\r\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Many of today’s homeowners have been inspired by house-flipping shows to learn practical tips and savvy tricks to either increase their home’s resale value or, for those who prefer to stay put, refresh their living space for its long-term use. While these shows highlight the newest trends that resonate with new buyers or help customize a house to an owner’s current needs, what they don’t tell you is how remodeling might affect your homeowners insurance coverage.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“Building an addition and adding square footage, renovating a kitchen or bathroom, or other significant changes made to a home will increase its value,” said Jane Li, Mercury Insurance director of product management. “One thing that can’t be overlooked, however, is that these renovations will also increase the home’s replacement cost if it is damaged or destroyed, so it’s very important that homeowners also adjust their insurance policies to ensure the home is properly insured in the event disaster strikes.”</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Here are four improvements Li recommends discussing with your insurance agent before making upgrades.</span></p>\r\n<div id=\"tncms-region-article_instory_top\" class=\"tncms-region hidden-print\" style=\"text-align: left;\"> </div>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">The roof is the primary source to protect a home against the elements, providing shelter from rain, hail, wind, summer heat and winter cold. It’s likely not the first thing that comes to mind when a homeowner thinks of renovations but, eventually, it will need to be replaced to keep doing its job properly.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“The age of your roof factors into your homeowners insurance coverage because, as it gets older it becomes more likely to leak, which can cause structural damage,” said Li. “Certain roofing materials — like clay or concrete tile, slate or metal — provide added protection against wind and wildfires if you live in an area that’s prone to these conditions. If properly maintained, these materials also have a longer lifespan than an asphalt-shingled roof, which tends to last about 20 years.”</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Pools are a great way to cool off when temperatures climb and are also a nice centerpiece for outdoor entertaining. However, putting in a pool also adds to your liability risk, which will increase your homeowners insurance premium.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“If you decide to install a pool, be sure to also build a fence with a locking gate around it,” said Li. “The fence should not connect to the dwelling and, if possible, it should be built using fire-resistant material.”</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Sometimes, all it takes to give your kitchen or bathroom a new look is to swap out your old sink for a new one.</span></p>\r\n<div id=\"tncms-region-article_instory_middle\" class=\"tncms-region hidden-print\" style=\"text-align: left;\"> </div>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">If you decide to replace some of your home’s plumbing fixtures, it’s important to make note of the upgraded materials as they may be of a higher quality — and thus have a higher replacement cost — than the original equipment. It’s also a good time to consider installing a water-leak detection system, as claims due to water-related damages, like bursting or leaking pipes, or malfunctioning appliances, are the most commonly filed homeowners insurance claims, according to Mercury Insurance.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“Many leaks can be difficult to detect since most pipes are enclosed inside walls,” said Li. “We recommend installing water-leak sensors or shut off devices if you are making plumbing upgrades, because they can be very helpful in preventing extensive water damage. Some can automatically shut off the home’s main water supply if a leak is detected and might even qualify you for a discount on your insurance.”</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">The trees, bushes, plants and stonework you choose can add to your home’s curb appeal and, in areas with dry climates that are prone to wildfires, your landscaping may even increase your home’s insurability.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">“A good landscape in fire country will endure firebrands for days, intense heat for weeks, and do both without igniting,” said Douglas Kent, wildfire expert, author and professor of land management at California State Polytechnic University, Pomona.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">The five feet closest to your home is where you should retrofit with fire retardant materials and conduct simple maintenance like clearing away dead plants, and cleaning gutters and decks of leaves. The next 30 feet from your home should be green and clean landscaping, with lawns kept free of debris. Trim tree limbs so they are at least 10 feet away from your home and trim unruly bushes. Keep your lawn well-manicured and plants healthy. Hard surfaces like asphalt and concrete also work well in this space.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Finally, the next 70 feet should contain thinned out vegetation, removing flammable plants and brush surrounding your home. Trees should also be at least 20 feet apart.</span></p>\r\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Whether you plan to live in your home for many years to come or sell it to a new homeowner, be sure to assess your homeowners’ coverage needs annually as long as it’s your property.</span></p>\r\n<p style=\"text-align: left;\"> </p>\r\n</div>\r\n</div>\r\n<div style=\"text-align: left;\" align=\"center\"> </div>\r\n<div style=\"text-align: left;\" align=\"center\"><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.news-journal.com/4-home-improvements-that-may-affect-your-homeowners-insurance/article_eb23fa40-d0e4-11ea-9b48-2734580ae152.html?fbclid=IwAR3Y5Ie5rXRwzUHQG2mWhn8p-uMWdjpxQzQV2EisRBzVd3SVWtn8T2uyW78\">click here</a><span style=\"color: #000000;\">.</span></div>\r\n<p style=\"text-align: left;\"> </p>','4 Home Improvements that May Affect your Homeowners Insurance','','inherit','closed','closed','','664-revision-v1','','','2022-04-25 23:34:49','2022-04-25 23:34:49','',664,'https://smartinsurance.tips/?p=2387',0,'revision','',0),