(2557,1,'2022-06-18 15:07:34','2022-06-18 15:07:34','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">How First-Time Homebuyer Loans Work</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2556,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Money-2-1024x536.png\" alt=\"\" class=\"wp-image-2556\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Buying your first home can be exhilarating and a tad intimidating. You\'re likely somewhat familiar with the steps in the homebuying process—shopping, negotiating, mortgage-underwriting evaluation, closing. However, before you can make it to the closing table, you\'ll have to get financing. Many first-time homebuyers aren\'t flush with cash, so any assistance is welcome.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\">Fortunately, there are several first-time home buyer loans that can get you one step closer to unlocking the door on your first home. Many loan options for first-time homebuyers have lenient down payment requirements, and some are aimed at low-income borrowers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>Key Takeaways</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Many first-time homebuyers may find the best loan options—some even offering 100% financing—through government-backed loan programs like the Federal Housing Administration (FHA), Department of Veterans Affairs (VA), or the U.S. Department of Agriculture (USDA).</li><li>A down payment as low as 3% may be enough to qualify for many first-time homebuyer loans.</li><li>While Fannie Mae and Freddie Mac back most conventional loans, their special homebuyer loans and those for first-timers may not be available with all lenders.</li><li>Some loan options are tailored specifically for low-income borrowers.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-8\">What Is a First-Time Homebuyer Loan?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">With the help of a first-time homebuyer loan, the dream of owning a home can become a reality. These loans make homebuying accessible for borrowers who may struggle with the process due to low credit scores, limited income, or little savings for a down payment. Some loans aren\'t specifically geared toward first-time homebuyers but still can offer an entry to homeownership all the same.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> While first-time homebuyer grants exist and are worth exploring, here we\'ll go in-depth on loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-14\">How To Qualify for First-Time Homebuyer Loans?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-16\">The exact definition of a first-time homebuyer can vary depending on the program, but generally speaking, if you\'ve never owned a home in any capacity, you probably classify as a first-time homebuyer. As such:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-19\" class=\"has-black-color has-text-color has-large-font-size\"><li>You must not have had any interest in any primary residence in the three years before purchasing a new property.</li><li>You\'re a single parent and only owned a home with your former spouse.</li><li>You\'re a displaced homemaker and only owned with a spouse.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-21\">FHA Loans</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">FHA loans, one of the most popular options for first-time homebuyers, are partially guaranteed by that agency. This guarantee gives lenders more flexibility to relax their criteria and offer better terms to first-time homebuyers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-26\">How the Loan Works?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\">FHA loans are available for one- to four-unit properties and require a down payment as low as 3.5% of the purchase price. Loan limits differ depending on where you\'re shopping for a home, so proactively checking them may be helpful.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Tip:</strong> FHA loans entail paying for FHA mortgage insurance, which adds 1.75% to the upfront costs plus annual premiums.<a rel=\"noreferrer noopener\" href=\"https://www.rocketmortgage.com/learn/fha-mortgage-insurance-premium\" target=\"_blank\"></a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">An FHA-approved lender can provide more information on loan terms and qualification requirements, which include a minimum credit score, debt-to-income (DTI) ratio guidelines, and time elapsed after any previous bankruptcy and foreclosure events.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-36\">How To Apply?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-38\">To apply for an FHA loan, you must find an FHA-approved lender, which may include banks, credit unions, and online lenders. A mortgage broker can also help you locate an FHA-approved lender that works with financial and credit profiles similar to yours.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Warning:</strong> FHA loans aren\'t ideal for every type of homebuyer. Borrowers with good credit and a 10% to 15% down payment may save money by opting for conventional loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-43\">Other HUD Loans</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-45\">Beyond the standard FHA loans it oversees, the U.S. Department of Housing and Urban Development (HUD) offers some other options. Find out more below.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-48\">FHA Energy Efficient Mortgage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-50\">FHA\'s Energy Efficient Mortgage program (EEM) allows first-time homebuyers to borrow extra funds to make their homes more efficient without having to qualify for the additional money. You only have to qualify for the loan for purchasing the home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-53\">How It Works?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\">An EEM works like other FHA-insured mortgages. The bank approves and funds the mortgage, and the FHA insures the loan to protect the lender in case of default. You must have an assessment to confirm the improvements are cost-effective, such as showing that the money saved over time with the improvements is equal to or greater than the cost. The cost savings influence the maximum loan amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-58\">How To Apply?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-60\">Contact an FHA-approved lender to apply for an FHA Energy Efficient Mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-63\">Manufactured Home Programs</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-65\">FHA offers financing for mobile and manufactured homes and factory-built housing. Homebuyers can opt for a loan for the mobile home only, if they already own the land, or can seek a loan for a mobile home that will be located in a mobile home park.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-68\">Because manufactured homes are less common than conventional homes or condominiums, homebuyers may need to work with a specialized lender.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-70\">USDA Loans</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-72\">The USDA guarantees home loans for low- and moderate-income households living in rural areas. There isn\'t a down payment requirement, which means first-time homebuyers can get up to 100% financing on a new home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-75\">How the Loan Works?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-77\">Borrowers must live in a USDA-eligible area, but they have the flexibility to purchase an attached or detached home, condo, or modular or manufactured home. Borrowers must make 115% or below of the median household income and must have difficulty getting a conventional mortgage without private mortgage insurance (PMI). There are no credit score requirements, but applicants are expected to demonstrate a willingness and ability to handle and manage debt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-80\">How To Apply?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-82\">First-time buyers who are purchasing a home in a USDA-eligible area must apply with a lender within the USDA\'s approved lender network. The UDSA provides a list of active lenders searchable by state.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> To receive a USDA loan, you cannot be suspended or disbarred from participation in federal programs.<a rel=\"noreferrer noopener\" href=\"https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program\" target=\"_blank\"></a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-86\">VA Loans</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-88\">Qualified members of the U.S. military, including active duty, veterans, and eligible surviving spouses, can take advantage of VA loans, which are backed by the U.S. Department of Veteran Affairs, to purchase a home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-91\">How the Loan Works?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-93\">VA home loans are provided by banks and mortgage companies. As the VA guarantees a portion of the loan, lenders can provide better terms, including 100% financing and lower interest rates. VA loans also have the advantage of limited closing costs and no private mortgage insurance (PMI).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-96\">Because the VA home loan is a lifetime benefit, you don\'t have to worry about using up your benefits within your first home purchase. You can use the guarantee multiple times.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> VA doesn\'t require a down payment, but some lenders may require down payments for some borrowers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-101\">How To Apply?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-103\">You can apply for a VA loan with the lender of your choice, but first, you\'ll need to obtain a Certificate of Eligibility (COE) either through the VA\'s eBenefits site or by mail. In some cases, your lender may be able to assist you.<br><br>After the COE, the lender will request a VA appraisal (assessment) of the house you\'re considering, then will decide whether to accept your application and move toward closing on the home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-106\">You may need to pay the VA funding fee. This one-time fee helps lower the cost of the loan for U.S. taxpayers because the VA home loan program doesn\'t require down payments or monthly mortgage insurance. Your lender will also charge interest on the loan in addition to closing fees.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-109\">Native American Direct Loans</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-111\">The NADL program helps Native American veterans and their spouses purchase a home on Native American trust lands. Your tribal organization must participate in the VA direct loan program, and you must have a valid Certificate of Eligibility.<br><br>Unlike VA loans, where the lender provides the funds, the VA is the lender for the NADL home loan program. There are credit and income requirements, but these loans don\'t require a down payment, there are limited closing costs, and there\'s no need for PMI.<br><br>The VA funding fee may be required for NADL loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-113\">Fannie Mae and Freddie Mac</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-115\">Fannie Mae and Freddie Mac, federally backed mortgage companies, make it easier for homebuyers—both first-time and repeat—to finance their home purchases by guaranteeing mortgages. The loans guaranteed by these enterprises are conventional loans, meaning they\'re not part of a government program.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-118\">Both companies offer mortgage programs that may help first-time homebuyers find a path to homeownership.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-121\">HomeOne Mortgage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-123\">Freddie Mac\'s HomeOne Mortgage allows qualified first-time homebuyers to purchase a single-unit home with as little as 3% down on a fixed-rate conforming mortgage. There are no income or geographic restrictions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> A conforming mortgage has a maximum loan amount that\'s set by the government.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-128\">Home Possible Mortgage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-130\">Freddie Mac\'s Home Possible Mortgage aims to help low-income borrowers, those making 80% or less of their area\'s median income, to purchase a home. Borrowers can pay a minimum of 3% down and even apply with a co-borrower who doesn\'t plan to live in the home. The program offers flexibility in down-payment funding, allowing the payment to come from family, employer-assistance programs, secondary financing, and sweat equity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-133\">HomeReady Mortgage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-135\">FannieMae\'s HomeReady Mortgage allows low-income borrowers with stable credit to purchase a home with a minimal down payment. Borrowers can qualify with a credit score as low as 620 but may be offered better pricing with a score above 680. The minimum down payment of 3% can come from multiple sources, including gifts or grants. Borrowers aren\'t required to contribute personal funds toward the down payment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-138\">Both Freddie Mac and Fannie Mae\'s programs require first-time homebuyers to complete a homeownership education program unless they\'re purchasing with another borrower who isn\'t a first-time buyer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-141\">These programs are available with select lenders. Homebuyers will need to ask whether their preferred lender offers them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-143\">Alternative Financing Options</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-145\">Other financing options include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-148\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Conventional loans</strong>: Mortgage loans that aren\'t part of a government program, including those backed by Freddie Mac or Fannie Mae.</li><li><strong>Grants</strong>: Can be used for closing costs, down-payment assistance, and more.</li><li><strong>Seller financing</strong>: The home seller effectively provides the loan for purchasing the home.</li><li><strong>Borrowing from retirement</strong> <strong>savings</strong>: May be an option if you have enough put away, but this option might lead to early-withdrawal penalties if you\'re not eligible for an exception to the rules.</li><li><strong>State-based first-time homebuyer programs</strong>: May be available where you live.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-150\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-152\">There are a number of first-time homebuyer loan options catering to a variety of financial scenarios. Examining your income, credit score, military status, down-payment savings, and preferred location can help you narrow your options. Each program is different, and some may not be available in your area. Talking with your lender or mortgage broker can provide some insight into what\'s available and what may fit your situation best.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-154\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\"><strong>Can a first-time homebuyer buy a house without a down payment?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Yes, some mortgage loans allow first-time homebuyers to purchase a house with no money down or to make the down payment with funds from gifts, grants, or other down-payment assistance programs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\"><strong>How do I know how much house I can afford as a first-time homebuyer?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount of house you can afford depends on your income and expenses. Using a mortgage calculator is the best way to estimate the overall mortgage amount and monthly payment you can afford.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-first-time-home-buyer-loans-work-315674\">click here.</a></p>\n<!-- /wp:paragraph -->','How To Qualify for a First-Time Homebuyer Loan?','','inherit','closed','closed','','2555-revision-v1','','','2022-06-18 15:07:34','2022-06-18 15:07:34','',2555,'http://smartinsurance.tips/?p=2557',0,'revision','',0);
INSERT INTO `smart_posts` VALUES (2558,1,'2022-06-18 15:24:45','2022-06-18 15:24:45','<!-- wp:image {\"id\":2559,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Tech-1024x536.png\" alt=\"\" class=\"wp-image-2559\"/></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\">Anxiety, depression, and stress have become common in everyday modern life, impacting relationships, families, communities, and even the workplace. In fact, mental health problems have an impact on employers and businesses directly through increased absenteeism, and a negative impact on productivity and profits. According to Mental health America (MHA), managing stress and balancing professional and personal demands continues to be a prominent issue for employees.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In 2021, some 80% of employees agreed that the stress from work aff­ects their relationships with friends, family, and co-workers. A further 71% of employees say that they find it difficult to concentrate at work -up by 6% from 2020. Very often anxiety manifests itself in the form of increased heart rate, rapid breathing, restlessness, trouble concentrating, insomnia, and others.</p>\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 experience some of these symptoms perhaps you might want to seek help from a trained mental health professional. But in the meantime, you might consider trying out some mental health apps to help relieve your anxiety.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What is an Anxiety App?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Anxiety apps are tools that help users focus on improving different aspects of their mental health and well-being. They employ a variety of behavioral exercises and relaxation techniques to help you break free from anxious thoughts and feelings. These may include meditation sessions, calming tracks, breathing exercises, mood monitors, sleep therapy, goal setting, courses, and more. With anxiety apps, all you need is your mobile device and a few minutes to focus. Anxiety apps not only help you overcome panic attacks but also help you receive therapy in the comfort of your own home. They make it easier for people to reach out for help and are easily accessible for anyone trying to cope with mental health problems.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Why You Should Download an Anxiety App?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Anxiety apps can help you find the right mental health services that suit your needs. They also can help ease any apprehensions when it comes to seeking to address a mental health issue in person. There are many potential benefits of using anxiety apps for alleviating depression and anxiety and including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Affordability:</strong> Unlike therapy with a mental health professional anxiety apps come at a relatively low price. However, they may not be the best substitute for treatment if you are dealing with anxiety at work or serious mental health issues.</li><li><strong>Supplement existing therapy: </strong>Anxiety apps can supplement treatment as they help to offer compliance to routine treatment through worksheets and tools.</li><li><strong>Convenience: </strong>Anxiety apps come in the palm of your hands making it easy for you to access some tools to help you cope with depression, anxiety, and insomnia. They also offer convenient ways of practicing strategies learned in face-to-face therapies and include reminders that can be set to increase treatment and continuation of therapy.</li><li><strong>Gathering data and trends: </strong>Some anxiety apps can generate data through graphs or tables showing improvements or areas that need improvement. This can help therapists determine which interventions are working best and which ones should be changed.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Best Free Apps for Anxiety</h2>\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 need help coping with anxiety, depression or insomnia try one of the free anxiety apps below:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>1. Mindshift</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">MindShift CBT helps users manage their anxiety and stress using evidence-based anxiety management strategies based on Cognitive Behavioral Therapy (CBT). This free self-help anxiety relief app helps to reduce stress, learn more about anxiety, develop more effective ways of thinking, be mindful, and relax. It comes with a user-friendly intuitive design, tools based on Cognitive Behavioral Therapy (CBT) designed for anxiety relief and self-management; daily check-in to keep track of your anxiety levels and mood tracking; facts and tips to overcome general worry, social anxiety, perfectionism, panic attack, and phobias; goal setting tools to keep users accountable; coping cards and statements to help users deal with anxiety; guided relaxation and mindfulness meditations; tips and tricks for incorporating healthy habits into your life and minimizing anxiety naturally; the ability to share data to streamline sessions with your counselor, therapist, or psychologist; and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>2. Smiling Mind</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Smiling Mind is a free app for meditation and mindfulness developed by psychologists and educators to help bring balance to users’ lives. It is designed to assist people in dealing with the pressure, stress, and challenges of daily life. It has dedicated sleep programs for adults, teens, and even kids. The app offers guided meditations that help users wind down at night to assist with both getting to sleep and improving overall sleep quality. It also touts being able to help increase productivity and attention; help in anxiety reduction and stress management; offer clearer and more focused thinking; and increased positive emotion, life satisfaction, and self-esteem beyond the workplace.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>3. Dare: Panic &amp; Anxiety Relief</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Dare app offers users an interactive experience that helps users overcome anxiety, panic attacks, worry, and insomnia. It comes with information on anxiety, panic attacks and other topics. It has exercises to help users work through their anxieties and offers several meditations too. Users can also download the free audio guides to help them meditate and tackle insomnia. In addition to its free version, its robust paid subscription comes at a price tag of $9.99 a month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>4. Stop Panic &amp; Anxiety Self-Help</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Stop Panic &amp; Anxiety Self-Help app helps users monitor and manage symptoms of panic. The app includes articles about anxiety and cognitive behavioral therapy (CBT) and includes tools for relaxation, mindfulness, and teaching audios. With it, users have access to a mood log and analysis, cognitive diary, healthy goals, and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>5. Bearable</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Bearable is a simple, customizable health tracker that helps users track trends and patterns in relation to their mood, and symptoms through the use of calendars and graphs. With it, users can understand the impact of different treatments and medications on health issues such as anxiety, depression, pain, fatigue, and mood disorders. Users can also use Bearable to identify triggers, find the cause of flare-ups, help with medical appointments, manage existing health conditions, and to understand correlations between their habits and health. Users can customize reminders for diary entries, medication, and more while being able to sync their health data from Apple Health and Apple Health Kit. The free version comes with a basic version while subscriptions start at $4.49/month,</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"> Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>6. Shine</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Shine app can help you start your mental wellness through daily meditation and Self-Care Courses. It helps users to log and track their mood, y, get support from a diverse community, and explore an audio library of over 800 meditations, bedtime stories, and calming sounds to help you shift your mindset or mood. Its free version offers daily meditations, a daily article and the ability to log your gratitude its more robust paid version comes with a $14.99 a month subscription.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Best Apps for Anxiety Disorders (Paid)</h2>\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 relooking for anxiety apps that offer robust features and enhanced tools you might want to look towards paid apps where you pay upfront for the app or through subscriptions. Below are our picks of best-paid anxiety apps:</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>7. Calm App</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Calm is a meditation app that helps to relieve anxiety. It achieves this by offering nature sounds and sleep stories to help users get into a relaxed sleep. The app is designed to cater to anyone, whether you’re new to meditation or a seasoned expert. It’s also for anyone who needs a mental break, a soothing sound, or a peaceful night’s rest. It comes with guided meditations that are available in lengths of three to 25 minutes. Additional features include sleep stories narrated by well-known voices like Matthew McConaughey, a music library with exclusive tracks from top artists like Keith Urban and Disney, short videos with mindful movement and gentle stretching for every body type and Masterclasses taught by world-renowned experts in the field of mindfulness, soundscapes and nature sounds to use during meditation or to help you sleep, breathing exercises to help you relax, and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing: Calm comes with a $6.99 a month subscription while with the free version, the app offers a limited number of guided exercises and meditative audio to help relieve stress.</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>8. Sanvello</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Sanvello formerly known as Pacifica is a health and wellness app that focuses on stress, anxiety, and depression. Users’ journey with Sanvello journey is customizable meaning the app checks in with how you’re feeling so you can track your emotions and progress over time. As patterns are identified, Sanvello will provide customized tools, rooted in cognitive behavioral therapy, to keep you on the path to feeling better. The app focuses on mindfulness and Cognitive Behavior Therapy (CBT) and comes with audio exercises that focus on meditation, deep breathing, and other activities. Users can also access tools that include a mood tracker, daily challenges, goal tracking, and a health tracker.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing: Sanvello comes with a $3.99 monthly subscription while offering a limited free version.</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>9. Insight Timer – Meditation App</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Insight Timer app offers meditation solutions to calm the mind, reduce anxiety, manage stress, sleep deeply and improve happiness. It comes with free guided meditations for both beginners and experienced practitioners. It also offers short meditation sessions when you are on the go, helping you to build a daily habit in addition to thousands of music tracks and ambient sounds to calm the mind, focus, sleep better and relax. This app also offers statistics and milestones for tracking your progress.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing: Insight Premium Meditation comes with a $9.99 monthly subscription while offering a free version as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>10. InnerHour</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The InnerHour app is created by mental health professionals that offer a self-help tool, which provides users with a digital experience of therapy. The app has specific programs to help with worry, stress, sleeplessness, depression, and anger. It comes with self-help courses on depression, anxiety, sleeplessness, stress, anger, and happiness. Users can also access therapists through the app.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing: InnerHour comes with a $4.99 monthly subscription while offering a limited free version.</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>11. HeadSpace</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The headspace app helps users to meditate and sleep soundly. It offers guides on how to practice mindfulness in your everyday life. With it, you learn how to relax, manage stress, and focus your energy to become more centered and well-rested. Its features include daily meditations, sleep meditations, stress relief, coping meditations, and more. It offers over 40 meditation courses on topics that include stress and sleep</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing: Headspace comes with a $12.99 a month subscription while offering a seven-day free trial.</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>12. BetterMe: Mental Health</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">BetterMe mediation app helps users by offering simple meditations and guided courses for mental well-being. The app is a product of a collaboration with mental health specialists to offer tools and coping strategies from Cognitive Behavioral Therapy (CBT) to help you tune in to the world surrounding you. The tools available include guided meditations, stress-relief practices, breathwork, and sleep meditations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing: BetterMe comes with a $9.99 a month subscription while offering a free version as well.</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\">Take Steps to Improve Your Mental Health Today</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\">Mental health issues are a very serious matter, as they affect how we think, feel, and behave in our daily life. They also affect our ability to cope with stress, overcome challenges, build relationships, and deal with life’s setbacks. Strong mental health isn’t simply about the absence of mental health problems but also about being emotionally resilient.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Emotionally and mentally resilient people can cope with difficult situations and maintain a positive outlook. This helps them remain focused, flexible, and productive during both good and bad times. Mental health is not only about mental health issues such as generalized anxiety disorder or elevated anxiety levels but also about making continuous improvements on how we deal with issues and strive to be better versions of ourselves</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Speaking to a Mental Health Professional</h2>\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 regularly have anxious thoughts or experience anxiety symptoms seeking the help of a mental health professional can help you better understand yourself, your feelings, and generally make sense of everything going on in your life and how that makes you feel. They can also help you resolve complicated feelings or find ways to cope with them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What is the best app for anxiety?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Calm is considered the best app for anxiety. It helps tackle insomnia that comes with feeling anxious. Through its sleep, meditation, relaxation and other tools Calm helps you not only deal with anxiety but remain productive and emotionally resilient.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Is there an app for people with social anxiety?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Headspace can help people deal with social anxiety. It offers guides on how to practice mindfulness in your everyday life. With it, you learn how to relax, manage stress, and focus your energy to become more centered and well-rested.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Is there a free app to help with anxiety?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">MindShift helps users manage anxiety and stress using evidence-based anxiety management strategies based on Cognitive Behavioral Therapy (CBT). This free self-help anxiety relief app helps to reduce stress, learn more about anxiety, develop more effective ways of thinking, be mindful, and relax.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What is a good game for anxiety?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">SuperBetter is an app designed by Jane McGonigal and is inspired by her book SuperBetter. It helps to incorporate Role Playing Gaming (RPG) in real life to address challenges such as anxiety, depression insomnia, willpower, and others by offering activities to do to overcome them.</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://smallbiztrends.com/2022/05/anxiety-apps.html\">click here.</a></p>\n<!-- /wp:paragraph -->','12 Best Anxiety Apps for Small Business Owners','','publish','closed','closed','','12-best-anxiety-apps-for-small-business-owners','','','2022-06-18 15:24:45','2022-06-18 15:24:45','',0,'http://smartinsurance.tips/?p=2558',0,'post','',0),(2559,1,'2022-06-18 15:13:29','2022-06-18 15:13:29','','Tech','','inherit','closed','closed','','tech','','','2022-06-18 15:13:29','2022-06-18 15:13:29','',2558,'http://smartinsurance.tips/wp-content/uploads/2022/06/Tech.png',0,'attachment','image/png',0),(2560,1,'2022-06-18 15:24:45','2022-06-18 15:24:45','<!-- wp:image {\"id\":2559,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Tech-1024x536.png\" alt=\"\" class=\"wp-image-2559\"/></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\">Anxiety, depression, and stress have become common in everyday modern life, impacting relationships, families, communities, and even the workplace. In fact, mental health problems have an impact on employers and businesses directly through increased absenteeism, and a negative impact on productivity and profits. According to Mental health America (MHA), managing stress and balancing professional and personal demands continues to be a prominent issue for employees.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In 2021, some 80% of employees agreed that the stress from work aff­ects their relationships with friends, family, and co-workers. A further 71% of employees say that they find it difficult to concentrate at work -up by 6% from 2020. Very often anxiety manifests itself in the form of increased heart rate, rapid breathing, restlessness, trouble concentrating, insomnia, and others.</p>\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 experience some of these symptoms perhaps you might want to seek help from a trained mental health professional. But in the meantime, you might consider trying out some mental health apps to help relieve your anxiety.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What is an Anxiety App?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Anxiety apps are tools that help users focus on improving different aspects of their mental health and well-being. They employ a variety of behavioral exercises and relaxation techniques to help you break free from anxious thoughts and feelings. These may include meditation sessions, calming tracks, breathing exercises, mood monitors, sleep therapy, goal setting, courses, and more. With anxiety apps, all you need is your mobile device and a few minutes to focus. Anxiety apps not only help you overcome panic attacks but also help you receive therapy in the comfort of your own home. They make it easier for people to reach out for help and are easily accessible for anyone trying to cope with mental health problems.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Why You Should Download an Anxiety App?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Anxiety apps can help you find the right mental health services that suit your needs. They also can help ease any apprehensions when it comes to seeking to address a mental health issue in person. There are many potential benefits of using anxiety apps for alleviating depression and anxiety and including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Affordability:</strong> Unlike therapy with a mental health professional anxiety apps come at a relatively low price. However, they may not be the best substitute for treatment if you are dealing with anxiety at work or serious mental health issues.</li><li><strong>Supplement existing therapy: </strong>Anxiety apps can supplement treatment as they help to offer compliance to routine treatment through worksheets and tools.</li><li><strong>Convenience: </strong>Anxiety apps come in the palm of your hands making it easy for you to access some tools to help you cope with depression, anxiety, and insomnia. They also offer convenient ways of practicing strategies learned in face-to-face therapies and include reminders that can be set to increase treatment and continuation of therapy.</li><li><strong>Gathering data and trends: </strong>Some anxiety apps can generate data through graphs or tables showing improvements or areas that need improvement. This can help therapists determine which interventions are working best and which ones should be changed.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Best Free Apps for Anxiety</h2>\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 need help coping with anxiety, depression or insomnia try one of the free anxiety apps below:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>1. Mindshift</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">MindShift CBT helps users manage their anxiety and stress using evidence-based anxiety management strategies based on Cognitive Behavioral Therapy (CBT). This free self-help anxiety relief app helps to reduce stress, learn more about anxiety, develop more effective ways of thinking, be mindful, and relax. It comes with a user-friendly intuitive design, tools based on Cognitive Behavioral Therapy (CBT) designed for anxiety relief and self-management; daily check-in to keep track of your anxiety levels and mood tracking; facts and tips to overcome general worry, social anxiety, perfectionism, panic attack, and phobias; goal setting tools to keep users accountable; coping cards and statements to help users deal with anxiety; guided relaxation and mindfulness meditations; tips and tricks for incorporating healthy habits into your life and minimizing anxiety naturally; the ability to share data to streamline sessions with your counselor, therapist, or psychologist; and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>2. Smiling Mind</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Smiling Mind is a free app for meditation and mindfulness developed by psychologists and educators to help bring balance to users’ lives. It is designed to assist people in dealing with the pressure, stress, and challenges of daily life. It has dedicated sleep programs for adults, teens, and even kids. The app offers guided meditations that help users wind down at night to assist with both getting to sleep and improving overall sleep quality. It also touts being able to help increase productivity and attention; help in anxiety reduction and stress management; offer clearer and more focused thinking; and increased positive emotion, life satisfaction, and self-esteem beyond the workplace.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>3. Dare: Panic &amp; Anxiety Relief</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Dare app offers users an interactive experience that helps users overcome anxiety, panic attacks, worry, and insomnia. It comes with information on anxiety, panic attacks and other topics. It has exercises to help users work through their anxieties and offers several meditations too. Users can also download the free audio guides to help them meditate and tackle insomnia. In addition to its free version, its robust paid subscription comes at a price tag of $9.99 a month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>4. Stop Panic &amp; Anxiety Self-Help</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Stop Panic &amp; Anxiety Self-Help app helps users monitor and manage symptoms of panic. The app includes articles about anxiety and cognitive behavioral therapy (CBT) and includes tools for relaxation, mindfulness, and teaching audios. With it, users have access to a mood log and analysis, cognitive diary, healthy goals, and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>5. Bearable</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Bearable is a simple, customizable health tracker that helps users track trends and patterns in relation to their mood, and symptoms through the use of calendars and graphs. With it, users can understand the impact of different treatments and medications on health issues such as anxiety, depression, pain, fatigue, and mood disorders. Users can also use Bearable to identify triggers, find the cause of flare-ups, help with medical appointments, manage existing health conditions, and to understand correlations between their habits and health. Users can customize reminders for diary entries, medication, and more while being able to sync their health data from Apple Health and Apple Health Kit. The free version comes with a basic version while subscriptions start at $4.49/month,</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"> Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>6. Shine</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Shine app can help you start your mental wellness through daily meditation and Self-Care Courses. It helps users to log and track their mood, y, get support from a diverse community, and explore an audio library of over 800 meditations, bedtime stories, and calming sounds to help you shift your mindset or mood. Its free version offers daily meditations, a daily article and the ability to log your gratitude its more robust paid version comes with a $14.99 a month subscription.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Best Apps for Anxiety Disorders (Paid)</h2>\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 relooking for anxiety apps that offer robust features and enhanced tools you might want to look towards paid apps where you pay upfront for the app or through subscriptions. Below are our picks of best-paid anxiety apps:</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>7. Calm App</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Calm is a meditation app that helps to relieve anxiety. It achieves this by offering nature sounds and sleep stories to help users get into a relaxed sleep. The app is designed to cater to anyone, whether you’re new to meditation or a seasoned expert. It’s also for anyone who needs a mental break, a soothing sound, or a peaceful night’s rest. It comes with guided meditations that are available in lengths of three to 25 minutes. Additional features include sleep stories narrated by well-known voices like Matthew McConaughey, a music library with exclusive tracks from top artists like Keith Urban and Disney, short videos with mindful movement and gentle stretching for every body type and Masterclasses taught by world-renowned experts in the field of mindfulness, soundscapes and nature sounds to use during meditation or to help you sleep, breathing exercises to help you relax, and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing: Calm comes with a $6.99 a month subscription while with the free version, the app offers a limited number of guided exercises and meditative audio to help relieve stress.</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>8. Sanvello</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Sanvello formerly known as Pacifica is a health and wellness app that focuses on stress, anxiety, and depression. Users’ journey with Sanvello journey is customizable meaning the app checks in with how you’re feeling so you can track your emotions and progress over time. As patterns are identified, Sanvello will provide customized tools, rooted in cognitive behavioral therapy, to keep you on the path to feeling better. The app focuses on mindfulness and Cognitive Behavior Therapy (CBT) and comes with audio exercises that focus on meditation, deep breathing, and other activities. Users can also access tools that include a mood tracker, daily challenges, goal tracking, and a health tracker.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing: Sanvello comes with a $3.99 monthly subscription while offering a limited free version.</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>9. Insight Timer – Meditation App</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Insight Timer app offers meditation solutions to calm the mind, reduce anxiety, manage stress, sleep deeply and improve happiness. It comes with free guided meditations for both beginners and experienced practitioners. It also offers short meditation sessions when you are on the go, helping you to build a daily habit in addition to thousands of music tracks and ambient sounds to calm the mind, focus, sleep better and relax. This app also offers statistics and milestones for tracking your progress.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing: Insight Premium Meditation comes with a $9.99 monthly subscription while offering a free version as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>10. InnerHour</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The InnerHour app is created by mental health professionals that offer a self-help tool, which provides users with a digital experience of therapy. The app has specific programs to help with worry, stress, sleeplessness, depression, and anger. It comes with self-help courses on depression, anxiety, sleeplessness, stress, anger, and happiness. Users can also access therapists through the app.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing: InnerHour comes with a $4.99 monthly subscription while offering a limited free version.</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>11. HeadSpace</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The headspace app helps users to meditate and sleep soundly. It offers guides on how to practice mindfulness in your everyday life. With it, you learn how to relax, manage stress, and focus your energy to become more centered and well-rested. Its features include daily meditations, sleep meditations, stress relief, coping meditations, and more. It offers over 40 meditation courses on topics that include stress and sleep</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing: Headspace comes with a $12.99 a month subscription while offering a seven-day free trial.</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>12. BetterMe: Mental Health</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">BetterMe mediation app helps users by offering simple meditations and guided courses for mental well-being. The app is a product of a collaboration with mental health specialists to offer tools and coping strategies from Cognitive Behavioral Therapy (CBT) to help you tune in to the world surrounding you. The tools available include guided meditations, stress-relief practices, breathwork, and sleep meditations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Available on: iOS and Android.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing: BetterMe comes with a $9.99 a month subscription while offering a free version as well.</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\">Take Steps to Improve Your Mental Health Today</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\">Mental health issues are a very serious matter, as they affect how we think, feel, and behave in our daily life. They also affect our ability to cope with stress, overcome challenges, build relationships, and deal with life’s setbacks. Strong mental health isn’t simply about the absence of mental health problems but also about being emotionally resilient.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Emotionally and mentally resilient people can cope with difficult situations and maintain a positive outlook. This helps them remain focused, flexible, and productive during both good and bad times. Mental health is not only about mental health issues such as generalized anxiety disorder or elevated anxiety levels but also about making continuous improvements on how we deal with issues and strive to be better versions of ourselves</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Speaking to a Mental Health Professional</h2>\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 regularly have anxious thoughts or experience anxiety symptoms seeking the help of a mental health professional can help you better understand yourself, your feelings, and generally make sense of everything going on in your life and how that makes you feel. They can also help you resolve complicated feelings or find ways to cope with them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What is the best app for anxiety?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Calm is considered the best app for anxiety. It helps tackle insomnia that comes with feeling anxious. Through its sleep, meditation, relaxation and other tools Calm helps you not only deal with anxiety but remain productive and emotionally resilient.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Is there an app for people with social anxiety?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Headspace can help people deal with social anxiety. It offers guides on how to practice mindfulness in your everyday life. With it, you learn how to relax, manage stress, and focus your energy to become more centered and well-rested.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Is there a free app to help with anxiety?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">MindShift helps users manage anxiety and stress using evidence-based anxiety management strategies based on Cognitive Behavioral Therapy (CBT). This free self-help anxiety relief app helps to reduce stress, learn more about anxiety, develop more effective ways of thinking, be mindful, and relax.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What is a good game for anxiety?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">SuperBetter is an app designed by Jane McGonigal and is inspired by her book SuperBetter. It helps to incorporate Role Playing Gaming (RPG) in real life to address challenges such as anxiety, depression insomnia, willpower, and others by offering activities to do to overcome them.</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://smallbiztrends.com/2022/05/anxiety-apps.html\">click here.</a></p>\n<!-- /wp:paragraph -->','12 Best Anxiety Apps for Small Business Owners','','inherit','closed','closed','','2558-revision-v1','','','2022-06-18 15:24:45','2022-06-18 15:24:45','',2558,'http://smartinsurance.tips/?p=2560',0,'revision','',0),(2561,1,'2022-06-18 16:49:59','2022-06-18 16:49:59','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Small businesses need adequate protection against property damage and liability</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2562,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Small-business-1024x536.png\" alt=\"\" class=\"wp-image-2562\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0\">Even when cash is scarce, or revenues are down, small businesses shouldn’t neglect their insurance needs. Businesses that are underinsured or without broad, proper, and adequate coverage are taking needless risks that could lead to serious financial problems or even bankruptcy. In a crisis, a business that has no insurance or is underinsured can be destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Small business owners need to have broad, adequate insurance and should periodically review and update their coverage as their circumstances change.</li><li>Policies available to small businesses include business owner\'s policy, product liability, professional malpractice, and commercial insurance.</li><li>A homeowners policy can be an important complement to a business owner\'s policy, but it usually doesn’t cover claims related to a business conducted in the residence.</li><li>Minimum insurance requirements for a business are often imposed by the state where it is located.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-4\">Insurance Basics</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-5\">Insurance policies are contractual agreements between the insurer and the insured. The contract will detail such information as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-7\" class=\"has-black-color has-text-color has-large-font-size\"><li>What is insured</li><li>The cost of the insurance</li><li>The conditions under which a claim may be made</li><li>The terms of payment if the claim is honored</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-9\">Most insurance policies have deductibles—the amount of money that the insured must pay toward a claim before the insurance company pays anything. Usually, the higher the deductible, the lower the premium—or cost of the insurance. Premiums may be paid on a variety of schedules, including annually (the most common), quarterly, or monthly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-11\">Policies will also indicate the period of time that they will be in force. In most cases, the insurance company, agent, or broker from whom the business owner bought the insurance will alert them when it needs to be renewed. But, just in case, it’s worth noting the date on a calendar and renewing by the deadline, so there is no gap in coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-13\">Types of Business Insurance Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\">There are a number of types of insurance that business owners may want to consider. The appropriate choices will depend on the kind of business, its size, and its particular risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Business Owner\'s Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">A business owner insurance policy offers small and midsize companies broad protection against financial loss. If their property is damaged by fire or flooding, for example, then the insurance company may pay the cost of repairs. It also might cover the owner’s legal liability for bodily injury to someone if the business is held accountable.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">Exactly what business owner insurance covers will be specified in the policy. An all-risk policy, which covers every eventuality except for specifically cited exclusions, offers more protection than a named perils policy, which only covers the risks that it names.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-21\">Among the risks that may be covered in a business owner’s policy are:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-23\" class=\"has-black-color has-text-color has-large-font-size\"><li>Fire</li><li>Flooding (for instance, when a pipe bursts; for natural disasters, you’ll need to get flood insurance)</li><li>Other sources of property damage</li><li>Theft</li><li>Bodily injury</li><li>Business interruption for specified reasons</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-25\">Product Liability Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">This type of insurance, obtained at additional cost, may be a necessity if you sell a product that has the potential to injure a user. If you sell a product that injures someone—even if you did not design, manufacture, or distribute the product—then you may have legal liability that should be covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-28\">Commercial Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-29\">A commercial insurance policy may be required if your business is larger and more complex than a simple single-owner or partnership retail operation, or is a service-oriented business or professional practice. (A professional practice may also require malpractice insurance, which is covered below.)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">Businesses that may require a commercial insurance policy include manufacturers, restaurants, and commercial real estate operators. A commercial policy is typically more expensive than a business owner\'s policy because the risks are correspondingly higher and potentially more costly to the insurance company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-33\">Professional Malpractice Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-34\">Professions (including those listed below) that give advice and/or provide services may require professional malpractice insurance to protect themselves from substantial liability in the event of a lawsuit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-36\" class=\"has-black-color has-text-color has-large-font-size\"><li>Medicine</li><li>Dentistry</li><li>Law</li><li>Accounting</li><li>Advertising</li><li>Financial planning</li><li>Occupational therapy</li><li>Computer analysis</li><li>Journalism</li><li>Psychotherapy</li><li>Real estate</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-38\">Insurers calculate premiums for malpractice insurance based on actuarial data for risk, dollar damages, and other relevant factors. Prices vary widely depending on the profession, its subspecialties, and the specific services or advice offered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-40\">Neurosurgery, for example, is a profession that carries a high premium for malpractice insurance, while a single-owner, private-practice accountancy normally would pay a smaller premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-42\">Homeowners Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-43\">Home-based businesses that are run from a private residence need to have a comprehensive homeowners policy as a complement to business owner\'s insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-45\">Coverage typically includes:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-47\" class=\"has-black-color has-text-color has-large-font-size\"><li>Home or personal property damage caused by fire or storms</li><li>Medical costs of occupants’ injuries caused by fire, storms, wind, and lightning</li><li>Medical and legal expenses of other people accidentally injured in the insured home</li><li>Loss or theft of specified personal property, either in or away from the insured home</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">However, a homeowners policy doesn’t cover claims related to a business conducted in the residence. For example, if a customer or delivery person is injured on the premises, then any claim arising from that injury would not be covered by the homeowners policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Just as it’s a mistake to be uninsured or underinsured, being overinsured can be a costly waste of money for a business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-53\">Under certain circumstances, if you have a home-operated business in which risks are minimal, then you can ask to have a low-cost rider or endorsement added to your homeowners policy to cover damage to your business assets; however, some insurers will not let you cover your business if your customers, employees, or vendors visit your home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\">Coverage also may not apply to costly equipment or inventory used or stored on the premises, or if hazardous or combustible materials are used or stored there.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-57\">The Dollar Amount of Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-58\">The dollar amount of coverage for property damage or loss should be consistent with the replacement cost of the properties involved—including your home, if applicable. Liability coverage is more difficult to calculate, so it’s useful to consult with a knowledgeable agent or broker, especially one who is familiar with your type of business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-60\">Some states also impose minimum insurance requirements for businesses. Your agent, broker, or state insurance department can provide the details.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Are Common Types of Business Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Common types of business insurance include general liability insurance, which covers areas such as bodily harm, property damage, and personal injury; commercial property insurance, which covers your owned or rented business property and equipment; business income insurance, which covers lost income so that you can pay bills and other operating expenses; professional liability insurance, which covers lawsuits against your business; workers\' compensation insurance, which covers benefits paid to your employees if they are injured on the job, and data insurance, which covers losses from data breaches.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Do You Get Insurance for a Small Business?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The first step in getting business insurance for a small business is determining what type of insurance you need for your business by assessing your risks. Common types of business insurance include general liability insurance, professional liability insurance, disaster insurance, and commercial property insurance. After deciding what insurance you need, search for insurance agents that can assist you in finding the right insurance at a good price. Don\'t decide on the first insurance policy you see, take your time and look at what is available in the market. Once you settle on one, don\'t necessarily stick with it. Whenever your insurance expires, reassess your insurance needs and what is available in the market.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is Directors and Officers (D&amp;O) Liability Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Directors and officers (D&amp;O) liability insurance is insurance that protects the directors and officers of a firm in the event they are sued. Directors and officers may be sued by outside parties, such as suppliers and customers, or by their employees. D&amp;O insurance is meant to protect the personal assets of the directors and officers if they are sued.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-68\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-69\">If you run a business, then you should discuss your insurance needs in detail with a knowledgeable insurance agent or broker, and be completely candid in describing the business, so that whatever coverage you buy will be adequate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-71\">Make sure you know what’s covered and what isn’t—and review your coverage periodically as your business evolves. Once you know exactly what kind of policy or policies you need, you can compare prices from different insurance companies and look for the best value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/articles/pf/08/business-insurance-coverage.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Insurance Coverage: A Business Necessity','','publish','closed','closed','','insurance-coverage-a-business-necessity','','','2022-06-18 16:49:59','2022-06-18 16:49:59','',0,'http://smartinsurance.tips/?p=2561',0,'post','',0),(2562,1,'2022-06-18 16:15:22','2022-06-18 16:15:22','','Small-business','','inherit','closed','closed','','small-business-4','','','2022-06-18 16:15:22','2022-06-18 16:15:22','',2561,'http://smartinsurance.tips/wp-content/uploads/2022/06/Small-business.png',0,'attachment','image/png',0),(2563,1,'2022-06-18 16:49:59','2022-06-18 16:49:59','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Small businesses need adequate protection against property damage and liability</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2562,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Small-business-1024x536.png\" alt=\"\" class=\"wp-image-2562\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0\">Even when cash is scarce, or revenues are down, small businesses shouldn’t neglect their insurance needs. Businesses that are underinsured or without broad, proper, and adequate coverage are taking needless risks that could lead to serious financial problems or even bankruptcy. In a crisis, a business that has no insurance or is underinsured can be destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Small business owners need to have broad, adequate insurance and should periodically review and update their coverage as their circumstances change.</li><li>Policies available to small businesses include business owner\'s policy, product liability, professional malpractice, and commercial insurance.</li><li>A homeowners policy can be an important complement to a business owner\'s policy, but it usually doesn’t cover claims related to a business conducted in the residence.</li><li>Minimum insurance requirements for a business are often imposed by the state where it is located.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-4\">Insurance Basics</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-5\">Insurance policies are contractual agreements between the insurer and the insured. The contract will detail such information as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-7\" class=\"has-black-color has-text-color has-large-font-size\"><li>What is insured</li><li>The cost of the insurance</li><li>The conditions under which a claim may be made</li><li>The terms of payment if the claim is honored</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-9\">Most insurance policies have deductibles—the amount of money that the insured must pay toward a claim before the insurance company pays anything. Usually, the higher the deductible, the lower the premium—or cost of the insurance. Premiums may be paid on a variety of schedules, including annually (the most common), quarterly, or monthly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-11\">Policies will also indicate the period of time that they will be in force. In most cases, the insurance company, agent, or broker from whom the business owner bought the insurance will alert them when it needs to be renewed. But, just in case, it’s worth noting the date on a calendar and renewing by the deadline, so there is no gap in coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-13\">Types of Business Insurance Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\">There are a number of types of insurance that business owners may want to consider. The appropriate choices will depend on the kind of business, its size, and its particular risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Business Owner\'s Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">A business owner insurance policy offers small and midsize companies broad protection against financial loss. If their property is damaged by fire or flooding, for example, then the insurance company may pay the cost of repairs. It also might cover the owner’s legal liability for bodily injury to someone if the business is held accountable.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">Exactly what business owner insurance covers will be specified in the policy. An all-risk policy, which covers every eventuality except for specifically cited exclusions, offers more protection than a named perils policy, which only covers the risks that it names.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-21\">Among the risks that may be covered in a business owner’s policy are:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-23\" class=\"has-black-color has-text-color has-large-font-size\"><li>Fire</li><li>Flooding (for instance, when a pipe bursts; for natural disasters, you’ll need to get flood insurance)</li><li>Other sources of property damage</li><li>Theft</li><li>Bodily injury</li><li>Business interruption for specified reasons</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-25\">Product Liability Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">This type of insurance, obtained at additional cost, may be a necessity if you sell a product that has the potential to injure a user. If you sell a product that injures someone—even if you did not design, manufacture, or distribute the product—then you may have legal liability that should be covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-28\">Commercial Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-29\">A commercial insurance policy may be required if your business is larger and more complex than a simple single-owner or partnership retail operation, or is a service-oriented business or professional practice. (A professional practice may also require malpractice insurance, which is covered below.)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">Businesses that may require a commercial insurance policy include manufacturers, restaurants, and commercial real estate operators. A commercial policy is typically more expensive than a business owner\'s policy because the risks are correspondingly higher and potentially more costly to the insurance company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-33\">Professional Malpractice Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-34\">Professions (including those listed below) that give advice and/or provide services may require professional malpractice insurance to protect themselves from substantial liability in the event of a lawsuit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-36\" class=\"has-black-color has-text-color has-large-font-size\"><li>Medicine</li><li>Dentistry</li><li>Law</li><li>Accounting</li><li>Advertising</li><li>Financial planning</li><li>Occupational therapy</li><li>Computer analysis</li><li>Journalism</li><li>Psychotherapy</li><li>Real estate</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-38\">Insurers calculate premiums for malpractice insurance based on actuarial data for risk, dollar damages, and other relevant factors. Prices vary widely depending on the profession, its subspecialties, and the specific services or advice offered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-40\">Neurosurgery, for example, is a profession that carries a high premium for malpractice insurance, while a single-owner, private-practice accountancy normally would pay a smaller premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-42\">Homeowners Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-43\">Home-based businesses that are run from a private residence need to have a comprehensive homeowners policy as a complement to business owner\'s insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-45\">Coverage typically includes:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-47\" class=\"has-black-color has-text-color has-large-font-size\"><li>Home or personal property damage caused by fire or storms</li><li>Medical costs of occupants’ injuries caused by fire, storms, wind, and lightning</li><li>Medical and legal expenses of other people accidentally injured in the insured home</li><li>Loss or theft of specified personal property, either in or away from the insured home</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">However, a homeowners policy doesn’t cover claims related to a business conducted in the residence. For example, if a customer or delivery person is injured on the premises, then any claim arising from that injury would not be covered by the homeowners policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Just as it’s a mistake to be uninsured or underinsured, being overinsured can be a costly waste of money for a business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-53\">Under certain circumstances, if you have a home-operated business in which risks are minimal, then you can ask to have a low-cost rider or endorsement added to your homeowners policy to cover damage to your business assets; however, some insurers will not let you cover your business if your customers, employees, or vendors visit your home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\">Coverage also may not apply to costly equipment or inventory used or stored on the premises, or if hazardous or combustible materials are used or stored there.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-57\">The Dollar Amount of Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-58\">The dollar amount of coverage for property damage or loss should be consistent with the replacement cost of the properties involved—including your home, if applicable. Liability coverage is more difficult to calculate, so it’s useful to consult with a knowledgeable agent or broker, especially one who is familiar with your type of business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-60\">Some states also impose minimum insurance requirements for businesses. Your agent, broker, or state insurance department can provide the details.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Are Common Types of Business Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Common types of business insurance include general liability insurance, which covers areas such as bodily harm, property damage, and personal injury; commercial property insurance, which covers your owned or rented business property and equipment; business income insurance, which covers lost income so that you can pay bills and other operating expenses; professional liability insurance, which covers lawsuits against your business; workers\' compensation insurance, which covers benefits paid to your employees if they are injured on the job, and data insurance, which covers losses from data breaches.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Do You Get Insurance for a Small Business?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The first step in getting business insurance for a small business is determining what type of insurance you need for your business by assessing your risks. Common types of business insurance include general liability insurance, professional liability insurance, disaster insurance, and commercial property insurance. After deciding what insurance you need, search for insurance agents that can assist you in finding the right insurance at a good price. Don\'t decide on the first insurance policy you see, take your time and look at what is available in the market. Once you settle on one, don\'t necessarily stick with it. Whenever your insurance expires, reassess your insurance needs and what is available in the market.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is Directors and Officers (D&amp;O) Liability Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Directors and officers (D&amp;O) liability insurance is insurance that protects the directors and officers of a firm in the event they are sued. Directors and officers may be sued by outside parties, such as suppliers and customers, or by their employees. D&amp;O insurance is meant to protect the personal assets of the directors and officers if they are sued.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-68\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-69\">If you run a business, then you should discuss your insurance needs in detail with a knowledgeable insurance agent or broker, and be completely candid in describing the business, so that whatever coverage you buy will be adequate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-71\">Make sure you know what’s covered and what isn’t—and review your coverage periodically as your business evolves. Once you know exactly what kind of policy or policies you need, you can compare prices from different insurance companies and look for the best value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/articles/pf/08/business-insurance-coverage.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Insurance Coverage: A Business Necessity','','inherit','closed','closed','','2561-revision-v1','','','2022-06-18 16:49:59','2022-06-18 16:49:59','',2561,'http://smartinsurance.tips/?p=2563',0,'revision','',0),(2564,1,'2022-06-18 17:01:03','2022-06-18 17:01:03','<!-- wp:image {\"id\":2565,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-1-1024x536.png\" alt=\"\" class=\"wp-image-2565\"/></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\">As a homeowner, few things may be as terrifying as waking up one morning to find standing sewage in your basement because of a burst pipe or blocked sewer, damaging walls, carpets and furniture. Without insurance coverage to provide financial compensation for this loss, the cost of cleaning your house and repairing the damages can be heavy on your wallet. Sewer backup coverage can be a highly beneficial financial protection for a homeowner because it adds compensation for sewer backup damage, which is not typically included in a standard homeowners insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What is sewer backup insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Simply put, sewer backup insurance covers damages arising from standing sewage in your bathtub, toilet, basement or anywhere else in your house. Depending on the cause of the backup, sewer backup coverage helps pay for the cost of repairing your sewer line (up to the city’s sewer line) and ridding your house of sewage and water. Some other names this coverage may be known by include water backup insurance, sewer backup and drain line backup coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Does homeowners insurance include sewer backup coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">No, a standard home insurance policy does not include sewer backup coverage. Some insurance companies do offer water or sewer backup as an endorsement or rider, but coverage limits may be insufficient to cover an expensive loss. Insurers may even sell sewer backup as a separate policy, but those cover just the lines themselves and do not provide financial protection for your home in the event of a backup. If the sewer backup is the result of a problem with a line that belongs to the city or simply because of lack of maintenance, your insurance provider may refuse to cover that.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Home insurance policies typically cover sudden and unexpected plumbing damages, such as a burst or leaking pipe or a broken faucet. However, the coverage often does not extend to the sewage system. Sewer coverage typically has to be added to your policy as an add-on coverage, endorsement or rider.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Causes of sewer backup</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Sewage backing into your house can be the result of several factors. Whether it is only a small leak or ankle-deep flooding, sewer backups can result in expensive damages to your property. Some common reasons include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Clogged pipes</strong>: Drain pipes can become clogged for various reasons — lack of general maintenance, flushing non-degradable items down the toilet and pouring large quantities of food particles down the garbage being a few common contributors. Letting the clog persist can result in a bigger problem of sewer backups in other parts of the house.</li><li><strong>Tree roots</strong>: When underground pipes become entangled in strong tree roots, they can break and collapse, leading to sewer backups. Have slow drains and unusual noises checked as soon as you discover them in time to potentially prevent tree roots from damaging your sewer system.</li><li><strong>Broken line</strong>: Damage to the line that runs between your house and the main can often cause sewage to flow into your property. Contact your local municipality if you suspect this is the reason behind sewage backup in your house.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What does sewer backup coverage include?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Sewer backup insurance typically covers&nbsp;<strong>damage to the sewer line running from your house to the city main.</strong>&nbsp;It also covers&nbsp;<strong>the expense of having standing sewage removed from your house and repairing the damage caused</strong>&nbsp;by it, up to coverage limits. Do bear in mind that sewer backup insurance does not cover a faulty or damaged plumbing system in your house; this is sometimes included in a standard dwelling coverage but could vary by provider.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Sewer backup insurance may also not cover damages that happen gradually over time due to lack of maintenance. Some providers may also not cover standing sewage on your property if it was the fault of your municipality and not your own sewer system. Make sure to read the fine print before you purchase sewer backup coverage so you are clear on the circumstances that it applies to.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Sewer backup coverage is also distinctly different from flood insurance, which is a separate form of insurance and not included in a standard homeowners insurance policy. Sewer backup flooding as a cause of loss is directly tied to the septic system and would not be accounted for in your flood insurance. Flood damage not related to your sewer lines or septic system is not covered by your sewer backup insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">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\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Does sewer backup insurance cover flooding?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It depends on the type of flooding and the original cause of the flooding. If your septic backs up causing flooding in a room of your house, this would be covered. But if flooding is the result of anything not related to the septic system or water lines in your house, it may need to be covered by a separate flood insurance policy, such as one sold by the National Flood Insurance Program or through various home insurance companies.</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>Do I need flood insurance and sewer backup coverage?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Flooding caused by an overflow of sewage is not covered by flood insurance, and typical flooding caused by storms or hurricanes is not covered by sewer backup insurance. Depending on whether or not your home is in an area at high risk of flooding, or based on your preferred level of financial safeguards, you may want both coverages, in addition to your home insurance policy.</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>How much does sewer backup coverage cost?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On average, sewer backup coverage can cost anywhere between $50 and $250 per year, depending upon the coverage limits you choose and how risky the build and location of your house is deemed by your insurer. Depending on whether you opt to add water or sewer backup to your home insurance policy, or if you choose just the service line maintenance coverage, the impact to rates will vary accordingly. With all insurance products, prices may vary by insurance company, as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bankrate.com/insurance/homeowners-insurance/sewer-backup-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','What is sewer backup insurance?','','publish','closed','closed','','what-is-sewer-backup-insurance','','','2022-06-18 17:01:03','2022-06-18 17:01:03','',0,'http://smartinsurance.tips/?p=2564',0,'post','',0),(2565,1,'2022-06-18 16:56:51','2022-06-18 16:56:51','','Insurance-1','','inherit','closed','closed','','insurance-1-4','','','2022-06-18 16:56:51','2022-06-18 16:56:51','',2564,'http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-1.png',0,'attachment','image/png',0),(2566,1,'2022-06-18 17:01:03','2022-06-18 17:01:03','<!-- wp:image {\"id\":2565,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-1-1024x536.png\" alt=\"\" class=\"wp-image-2565\"/></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\">As a homeowner, few things may be as terrifying as waking up one morning to find standing sewage in your basement because of a burst pipe or blocked sewer, damaging walls, carpets and furniture. Without insurance coverage to provide financial compensation for this loss, the cost of cleaning your house and repairing the damages can be heavy on your wallet. Sewer backup coverage can be a highly beneficial financial protection for a homeowner because it adds compensation for sewer backup damage, which is not typically included in a standard homeowners insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What is sewer backup insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Simply put, sewer backup insurance covers damages arising from standing sewage in your bathtub, toilet, basement or anywhere else in your house. Depending on the cause of the backup, sewer backup coverage helps pay for the cost of repairing your sewer line (up to the city’s sewer line) and ridding your house of sewage and water. Some other names this coverage may be known by include water backup insurance, sewer backup and drain line backup coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Does homeowners insurance include sewer backup coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">No, a standard home insurance policy does not include sewer backup coverage. Some insurance companies do offer water or sewer backup as an endorsement or rider, but coverage limits may be insufficient to cover an expensive loss. Insurers may even sell sewer backup as a separate policy, but those cover just the lines themselves and do not provide financial protection for your home in the event of a backup. If the sewer backup is the result of a problem with a line that belongs to the city or simply because of lack of maintenance, your insurance provider may refuse to cover that.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Home insurance policies typically cover sudden and unexpected plumbing damages, such as a burst or leaking pipe or a broken faucet. However, the coverage often does not extend to the sewage system. Sewer coverage typically has to be added to your policy as an add-on coverage, endorsement or rider.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Causes of sewer backup</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Sewage backing into your house can be the result of several factors. Whether it is only a small leak or ankle-deep flooding, sewer backups can result in expensive damages to your property. Some common reasons include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Clogged pipes</strong>: Drain pipes can become clogged for various reasons — lack of general maintenance, flushing non-degradable items down the toilet and pouring large quantities of food particles down the garbage being a few common contributors. Letting the clog persist can result in a bigger problem of sewer backups in other parts of the house.</li><li><strong>Tree roots</strong>: When underground pipes become entangled in strong tree roots, they can break and collapse, leading to sewer backups. Have slow drains and unusual noises checked as soon as you discover them in time to potentially prevent tree roots from damaging your sewer system.</li><li><strong>Broken line</strong>: Damage to the line that runs between your house and the main can often cause sewage to flow into your property. Contact your local municipality if you suspect this is the reason behind sewage backup in your house.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What does sewer backup coverage include?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Sewer backup insurance typically covers&nbsp;<strong>damage to the sewer line running from your house to the city main.</strong>&nbsp;It also covers&nbsp;<strong>the expense of having standing sewage removed from your house and repairing the damage caused</strong>&nbsp;by it, up to coverage limits. Do bear in mind that sewer backup insurance does not cover a faulty or damaged plumbing system in your house; this is sometimes included in a standard dwelling coverage but could vary by provider.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Sewer backup insurance may also not cover damages that happen gradually over time due to lack of maintenance. Some providers may also not cover standing sewage on your property if it was the fault of your municipality and not your own sewer system. Make sure to read the fine print before you purchase sewer backup coverage so you are clear on the circumstances that it applies to.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Sewer backup coverage is also distinctly different from flood insurance, which is a separate form of insurance and not included in a standard homeowners insurance policy. Sewer backup flooding as a cause of loss is directly tied to the septic system and would not be accounted for in your flood insurance. Flood damage not related to your sewer lines or septic system is not covered by your sewer backup insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">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\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Does sewer backup insurance cover flooding?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It depends on the type of flooding and the original cause of the flooding. If your septic backs up causing flooding in a room of your house, this would be covered. But if flooding is the result of anything not related to the septic system or water lines in your house, it may need to be covered by a separate flood insurance policy, such as one sold by the National Flood Insurance Program or through various home insurance companies.</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>Do I need flood insurance and sewer backup coverage?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Flooding caused by an overflow of sewage is not covered by flood insurance, and typical flooding caused by storms or hurricanes is not covered by sewer backup insurance. Depending on whether or not your home is in an area at high risk of flooding, or based on your preferred level of financial safeguards, you may want both coverages, in addition to your home insurance policy.</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>How much does sewer backup coverage cost?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On average, sewer backup coverage can cost anywhere between $50 and $250 per year, depending upon the coverage limits you choose and how risky the build and location of your house is deemed by your insurer. Depending on whether you opt to add water or sewer backup to your home insurance policy, or if you choose just the service line maintenance coverage, the impact to rates will vary accordingly. With all insurance products, prices may vary by insurance company, as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bankrate.com/insurance/homeowners-insurance/sewer-backup-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','What is sewer backup insurance?','','inherit','closed','closed','','2564-revision-v1','','','2022-06-18 17:01:03','2022-06-18 17:01:03','',2564,'http://smartinsurance.tips/?p=2566',0,'revision','',0),(2567,1,'2022-06-18 17:44:34','2022-06-18 17:44:34','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Fire insurance policies are classified into 15 types based on insurance hazards, insured risk, business type, policy rules.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2569,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-2-1-1024x536.png\" alt=\"\" class=\"wp-image-2569\"/></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\">Insurance companies provide 15 different fire insurance policies to cover the losses caused by fire for businesses. There are different forms of policies for different types of policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For meeting various needs of the businesses and individuals, there are various types of fire policies that are issued.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Types of Fire Insurance Policies;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ol class=\"has-black-color has-text-color has-large-font-size\"><li>Valued Policy.</li><li>Valuable Policy.</li><li>Specific Policy.</li><li>Floating Policy.</li><li>Average Policy.</li><li>Excess Policy.</li><li>Declaration Policy.</li><li>Adjustable Policy.</li><li>Maximum Value of Discount Policy.</li><li>Reinstatement Policy.</li><li>Comprehensive Policy.</li><li>Consequential Loss Policy.</li><li>Sprinkler Leakage Policies.</li><li>Add on Covers Policy.</li><li>Escalation Policy.</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Fire insurance follows insurance principles.</strong> The 15 types of fire insurance policies are explained below;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">1. Valued Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The value of the property to be insured is determined at the inception of the policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In this case;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insurer pays the total admitted value irrespective of the then market value of the properties. The measure of indemnity is, in consequence, not value at the time of the fire, but a value agreed upon the inception of the policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insurer pays the insured a fixed sum following the destruction of the insured property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount fixed may be greater or less than the actual market value of the property destroyed by fire at the time of loss. In this policy, the measure of indemnity is based on the value of properties rather than on the market values of the property destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy is used for insuring especially pictures, sculptures, works of art, jewelry, rare things, articles of everyday use.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Since the value of damage of these articles cannot be easily determined at the time of loss, the valued policies are commonly used.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Strictly speaking;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">the valued policies are betrayal from the principle of indemnity because the market price is not paid in this case.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The valued policy is beneficial to the insured because he is relieved of proving the value of the property at the time of loss by searching for invoices and receipts.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The disadvantages are that the new purchases and replacement cannot be added to the valued policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The valuation, therefore, is revised at frequent intervals. The insurer will have to pay more than the actual loss if the market price of the property has gone down.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It may increase the moral hazard. There may be difficulty in settling the partial losses. The valued policies can be disputed on the grounds of fraud.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">2. Valuable Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The valuable policy is that policy where the claim amount is to be determined at the market price of the damaged property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount of loss is not determined at the time of commencement of risk but is determined at the time and place of loss. This policy is truly representing the doctrine of indemnity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">3. Specific Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Where a specific sum is insured upon a specified property in case of a specified period, the whole of the actual loss is payable provided it does not exceed the insured amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here the value of the property insured has no relevance in arriving at the measure of indemnity in a specified policy and the insured sum sets a limit up to which the loss can be made good.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">4. Floating Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The floating policy is the policy taken to cover one or more kinds of goods at one time under one sum assured for one premium and about the same owner.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy is useful to cover fluctuating stocks in different localities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Since the properties are spread over various localities and in different forms, the physical and moral hazards are also varying and, therefore, it makes difficult to determine premium rates.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In India, the premium rate is approximately the same in such cases except for the case of the most hazardous risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Such policies are specially taken by big manufacturers or traders whose merchandise might be lying in parts of the warehouse, port, or railway station.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In such cases, it is very difficult for the owner of such goods to take a specified policy for each good because the quantities of the goods deposited in each will fluctuate from day to day, place to place, according to sales or consumption or consequent removal and replacement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The average rate of premium is ascertained by taking into account the total premium payable had the property been insured by specific policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The floating policy contains the ‘average’ and ‘marine’ clauses. The policy is taken only on stocks. The policy cannot be issued in respect of the immovable property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The address of each warehouse has to be declared by the insured. Unspecified locations cannot be covered. The entire complex is under the control of the insured. There is an extra premium for additional risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">5. Average Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The policy is containing an ‘average clause’ called an Average Policy. The amount of indemnity is determined concerning the value of the property insured.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If the policyholder has taken a policy for a lesser amount than the actual value of the property, the insured will be deemed to be his insurer for the amount of under-insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insurer will pay only such proportion of the actual loss as his insurance amount bears to the actual value of the property at the time of loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">the property worth $30,000 is insured for $20,000 is damaged up to $12,000, the insurer will pay only Rs. 8,000 as is evident from the following:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Claim = Insured amount / value of property X actual loss</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insured, thus, will suffer him up to $4,000 and the insurer will pay only $8,000 out of Rs. 12,000. In this case, if the insurance were taken up to the full value of the property, the assured would have been paid all the financial loss, i.e., $12,000. Since the insurance was taken for lesser than the actual value of the property, the assured is compensated for the loss in that proportion.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The average clause is operative only in the case of under-insurance. This clause is ineffective when the property is insured for the full value as in that case the insured is protected to the extent of his total loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The under-insurance penalizes the assured by inserting ‘average clause’ to the policy because he is supposed to insure himself for the amount by which he under-insures his property and,</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Therefore;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It&nbsp;supposed to contribute in that ratio to the loss sustained.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The average clause is accompanied, sometimes, with the co-insurance clause which is discussed in the next chapter.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">6. Excess Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Sometimes, the stock of a businessman may fluctuate from time to time, and he may be unable to take one policy or a specific policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If he takes a policy for a higher amount, he has to pay a higher premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On the other hand;</p>\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 he takes insurance for a lower amount, he will have to bear the proportionate amount of loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insured in this case can purchase two policies, one ‘First Loss Policy” and the second, ‘excess policy.’ The ‘First Loss Policy’ will cover that stock below which the stock never goes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The minimum level of stock can be found out from the experience and for the other portion of stock which exceeds the minimum limit; he can purchase another policy called ‘excess policy’.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The actual value of the excess stock is declared every month. The amount of premium is calculated on the average monthly excess amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Since the chances of payment on the excess amount are very remote, the rate of premium is also very nominal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Thus;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insured will pay a very nominal premium as compared to the premium payable on the total amount had the policy been a specific one. The average clause also applies to this policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">7. Declaration Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The excess policy contributes to only a rateable proportion of the loss because if the amount of excess stock exceeds the sum set in the excess policy, the businessman will not have a full cover owing to the average condition.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Moreover, if the First Loss Policy was also subject to an average condition, the assured will be at a loss. The declaration policy will give better protection in such cases where the stock fluctuates from time to time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Under the declaration policy, the insured takes out insurance for the maximum amount that he considers would be at risk during the period of the policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On a fixed date of every month or a specific period, the insured furnishes a declaration of the amount. The premium is provisionally paid to 75% of the annual premium amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Practically;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">the annual premium is determined on the average of these declarations; If the premium is higher than the provisional premium already paid, the insured has to pay the difference to the insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On the other hand, if the premium so calculated is lesser than the premium already paid, the excess is returned to the policyholder.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The declaration must be made on a specified day or within the next 14 days. Otherwise, the sum insured will be deemed to be the declared value. The policy applies only to stocks and the sole property of the insured.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The great advantage of this policy is that the premium is limited to the actual amount at risk irrespective of the sum insured. Unlike the excess policy, the premium is not unnecessarily paid.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Moreover;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">the insurer may pay up to the sum insured throughout the policy because the premium amount can be adjusted accordingly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The value of risks is an average of each day of the month or the highest value at risk during the month. Declaration policy is not available for a short period stock in process, stock at Railway siding.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Premium is adjusted at the expiry of the policy. The policy is very advantageous to those businessmen whose stocks fluctuate from time to time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount of the declaration offers scope for fraud because the insured may pay a lesser premium by undervaluing the stock. Therefore, this policy is issued only to reputed concerns.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">8. Adjustable Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The above disadvantage is removed by an adjustable policy. This policy is nothing but an ordinary policy on the stock of the businessman with the liberty to the insured to vary in his opinion; the premium is adjustable pro-rata according to the variation of the stock.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the case of declaration policy, since the excess premium is refundable at the end of the year, the insured may put fire to the property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This danger is avoidable in an ‘Adjustable Policy’. This is issued for a definite term on the existing stock.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The premium is calculated frequently and is paid in full at the inception of the policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Whenever there is variation in the stock, the insured informs the insurer. As soon as the information of variation is received, the policy is suitably endorsed and, the premium is adjusted on a pro-rata basis.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The policy amount will, thus, be changeable from time to time. The premium is also settled accordingly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Difference between Declaration and Adjustable Policies</h2>\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 case of declaration policy, the insurer’s liability is the insured amount, but in the case of an adjustable policy, the insurer’s liability is the value of the last declaration made.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The periodical declarations have no direct bearing on the measurement of indemnity in case of declaration policy, but these have been the basis of measurement of indemnity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The advantage of the declaration policy over the adjustable policy is that in the former a margin of safety is present because the maximum amount insured is always at risk, but in the latter case, The cover is always for the declared value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The declaration is, the case of declaration policy is meant only for ascertaining the average of the actual cover given throughout the year to arrive at the figure to which the actual premium will be calculated, but in the case of adjustable policy, the declaration is the basis of policy amount adjusted by endorsement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The drawback of this policy is that the insured will have to deposit 75 percent of the premium fixed for the maximum coverage in the beginning although a portion of it is found more than the actual premium required for the full coverage, which will be returned at the end of the year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the case of adjustable policy, the premium is adjusted from time to time according to the variation of the risk and the liability of the insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">9. Maximum Value of Discount Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Under this policy, no declaration or adjustment of policy is required, but the policy is taken for a maximum amount, and the full premium is paid thereon.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">At the end of the year, in the case of no loss, one-third of the premium paid is returned to the policyholder.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy is similar to the declaration policy where botheration of checking and recording declarations is avoided.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It serves as a rough and ready method of coverage for the maximum amount. This policy is not issued on all types of commodities and is confined only to selected commodities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">10. Reinstatement Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy is issued to avoid the conflict of indemnity, in other types of policies only the market value of the damage or loss is indemnified but, this policy undertakes to reinstate the insured property loss by fire to new condition irrespective of its value at the time of loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In other types of policies, in the case of building or machinery, the actual loss is arrived at by deducting the regular depreciation from the original cost of it. The amount of indemnity will be lesser than the amount to be spent in reinstating the property destroyed or damaged.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">To provide full coverage, ‘reinstatement or replacement’ policies are issued.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Under this policy, the basis of settlement in the event of destruction is the cost of rebuilding the premises, or in the case of plant and machinery, the placement is done by similar machinery.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The reinstatement of the damaged property indicates the meaning of repair of the damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The restoration of the damaged portion of the property to a condition substantially the same as but not better or more extensive than its condition, at the time of its renovation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The cost of the property when partially destroyed will not be more than the cost which would have been insured if such property has been destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The payment of the actual expenditure on the replacement will not be made until the expenditure has been incurred. This policy is also called ‘New for Old’ policy because the old property is replaced by new properties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However, such policies are issued only on a building, plant, and machinery. This policy is not issued on the stock, merchandise or materials.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Each item of the insured property is subject to average. The policy provides a definite amount in case of purchase of new property in place of the old property destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The reinstatement Policy stipulates that reinstatement must be carried out by the insured to obtain the special basis of the settlement agreed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The reinstatement must be commenced raid carried out with reasonable dispatch and in any case, must be completed within 12 months after the destruction or damage, or until reinstatement carried out and expenditure incurred, the liability under the policy remains on the normal indemnity basis.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insurance by this policy intends to include such additional cost of reinstatement as may be incurred solely because of the necessity to comply with the building, etc. by any Act of Parliament, Municipal or Local Authority.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">No additional premium is charged for the purpose. This policy does not cover any destruction or damage occurring before the granting of this extension.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">11. Comprehensive Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy undertakes full protection not only against the risk of fire but combining within the risk against burglary, riot, civil commotion, theft, damage from the past, lightning. The policy is also termed as ‘All in policies’.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here the ‘Comprehensive’ does not mean that every type of risk is covered. There may be many exclusions and limitations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy is beneficial to the insured and the insurer. The insurer can get a higher premium, and the assured is protected against losses due to several specified perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">12. Consequential Loss Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The fire insurance is originally purchased to indemnify the material loss only. The intangible interest was not indemnified. This provided a check on the insured to exercise greater care concerning the property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However, the settlement of a loss covering material damage only was not sufficient. The consequential loss was also to be provided. Thus, the consequential loss policy includes the loss of tangible and intangible properties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Thus, this policy provides an indemnity to the insured for loss of net profits, payment of standing charges and expenditure in respect of the increased cost of working.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As a consequence of fire, there is a reduction in the volume of business which in its turn leads to a reduction in the net profit which the lost business would have ordinarily contributed and to an increase in the proportion of the standing barges such as rents, rates, salaries and others to the total business done.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Thus, the policy is to indemnify the insured against financial loss which he may sustain due to the interruption of his business following a fire.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Previously;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">the measure of indemnity was a specified percentage of the amount payable under an ordinary fire policy in respect of a material loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insurer, thus, used to pay the amount of loss and a specified percentage of the loss. However, now, the measure of indemnity is changed because the specified percentage cannot be the true estimation of the intangible loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">So, the resultant loss is calculated by estimating figures of loss of profits based on a reduction in turnover or output and secondly, increased cost of working in maintaining the business on its pre-fire level.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">13. Sprinkler Leakage Policies</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy insures the destruction of or damage to by water accidentally discharged or leaking from automatic sprinkler installation in the insured premises.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However,</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The discharge or leakage of water due to heat caused by fire, repair or alteration of building nr sprinkler installation, earthquake, war, explosion are not covered by this policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">14. Add on Covers Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An insured may like to cover his property against to delete some of the exclusions. The cover in respect of these perils is provided by the insurer by charging an additional premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This additional cover is effected by either deletion of some of the excluded perils or the addition of other specified perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The perils which are covered by an endorsement of the basic fire policy are collectively called&nbsp;Add-on Covers. For example, earthquake damage is added to the fire policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are certain principles to add to covers. It is an extension of the basic standard fire policy. The liability shall in no case under the extension of the policy exceed the sum insured of the policy. All the conditions of the basic fire policy shall apply to the insurance granted by extension.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Add on the cover is mid-term inclusion but the annual premium has to be charged and not short period premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If the insured requests for the add on the cover to be canceled midterm the no refund of premiums for the cancellation will be allowed unless the entire policy is canceled.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">15. Escalation Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This insurance allows an automatic regular increase in the sum insured throughout the policy in return for an additional premium to be paid in advance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are certain conditions for escalation insurance. The escalation of the policy amount shall not be more than 25 percent of the sum assured.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The additional premium payable in advance will be at 50% of the full rate. This policy applies to policies covering building, Machinery, and accessories only and will not apply to policies covering the stock.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The clause cannot be opted for during the currency of the policy but only at inception or renewal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The effect of this policy/clause is to provide for a daily increase in the sum assumed based on the percentage selected spread throughout the policy;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It also allows an automatic regular increase up to 25% of the sum insured throughout the policy in return for an additional premium to be paid in advance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Specialized Policies</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Special policies for different risk exposed products are also issued specifically with their respective premium terms and warranties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The important specialized policies are</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>petrochemical policy,</li><li>industrial risks policy,</li><li>machinery breakdown policy,</li><li>material damage policy,</li><li>business interruption policy,</li><li>engineering good policy,</li><li>electrical installation policy,</li><li>housekeeping policy,</li><li>mega risk policy and</li><li>consequential loss policy.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.iedunote.com/fire-insurance-policies\">click here.</a></p>\n<!-- /wp:paragraph -->','15 Types of Fire Insurance Policies','','publish','closed','closed','','15-types-of-fire-insurance-policies','','','2022-06-18 17:44:34','2022-06-18 17:44:34','',0,'http://smartinsurance.tips/?p=2567',0,'post','',0),(2568,1,'2022-06-18 17:30:57','2022-06-18 17:30:57','','Insurance-2','','inherit','closed','closed','','insurance-2-4','','','2022-06-18 17:30:57','2022-06-18 17:30:57','',2567,'http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-2.png',0,'attachment','image/png',0),(2569,1,'2022-06-18 17:31:35','2022-06-18 17:31:35','','Insurance-2-1','','inherit','closed','closed','','insurance-2-1','','','2022-06-18 17:31:35','2022-06-18 17:31:35','',2567,'http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-2-1.png',0,'attachment','image/png',0),(2570,1,'2022-06-18 17:44:34','2022-06-18 17:44:34','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Fire insurance policies are classified into 15 types based on insurance hazards, insured risk, business type, policy rules.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2569,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-2-1-1024x536.png\" alt=\"\" class=\"wp-image-2569\"/></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\">Insurance companies provide 15 different fire insurance policies to cover the losses caused by fire for businesses. There are different forms of policies for different types of policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For meeting various needs of the businesses and individuals, there are various types of fire policies that are issued.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Types of Fire Insurance Policies;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ol class=\"has-black-color has-text-color has-large-font-size\"><li>Valued Policy.</li><li>Valuable Policy.</li><li>Specific Policy.</li><li>Floating Policy.</li><li>Average Policy.</li><li>Excess Policy.</li><li>Declaration Policy.</li><li>Adjustable Policy.</li><li>Maximum Value of Discount Policy.</li><li>Reinstatement Policy.</li><li>Comprehensive Policy.</li><li>Consequential Loss Policy.</li><li>Sprinkler Leakage Policies.</li><li>Add on Covers Policy.</li><li>Escalation Policy.</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Fire insurance follows insurance principles.</strong> The 15 types of fire insurance policies are explained below;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">1. Valued Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The value of the property to be insured is determined at the inception of the policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In this case;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insurer pays the total admitted value irrespective of the then market value of the properties. The measure of indemnity is, in consequence, not value at the time of the fire, but a value agreed upon the inception of the policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insurer pays the insured a fixed sum following the destruction of the insured property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount fixed may be greater or less than the actual market value of the property destroyed by fire at the time of loss. In this policy, the measure of indemnity is based on the value of properties rather than on the market values of the property destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy is used for insuring especially pictures, sculptures, works of art, jewelry, rare things, articles of everyday use.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Since the value of damage of these articles cannot be easily determined at the time of loss, the valued policies are commonly used.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Strictly speaking;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">the valued policies are betrayal from the principle of indemnity because the market price is not paid in this case.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The valued policy is beneficial to the insured because he is relieved of proving the value of the property at the time of loss by searching for invoices and receipts.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The disadvantages are that the new purchases and replacement cannot be added to the valued policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The valuation, therefore, is revised at frequent intervals. The insurer will have to pay more than the actual loss if the market price of the property has gone down.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It may increase the moral hazard. There may be difficulty in settling the partial losses. The valued policies can be disputed on the grounds of fraud.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">2. Valuable Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The valuable policy is that policy where the claim amount is to be determined at the market price of the damaged property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount of loss is not determined at the time of commencement of risk but is determined at the time and place of loss. This policy is truly representing the doctrine of indemnity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">3. Specific Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Where a specific sum is insured upon a specified property in case of a specified period, the whole of the actual loss is payable provided it does not exceed the insured amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here the value of the property insured has no relevance in arriving at the measure of indemnity in a specified policy and the insured sum sets a limit up to which the loss can be made good.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">4. Floating Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The floating policy is the policy taken to cover one or more kinds of goods at one time under one sum assured for one premium and about the same owner.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy is useful to cover fluctuating stocks in different localities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Since the properties are spread over various localities and in different forms, the physical and moral hazards are also varying and, therefore, it makes difficult to determine premium rates.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In India, the premium rate is approximately the same in such cases except for the case of the most hazardous risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Such policies are specially taken by big manufacturers or traders whose merchandise might be lying in parts of the warehouse, port, or railway station.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In such cases, it is very difficult for the owner of such goods to take a specified policy for each good because the quantities of the goods deposited in each will fluctuate from day to day, place to place, according to sales or consumption or consequent removal and replacement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The average rate of premium is ascertained by taking into account the total premium payable had the property been insured by specific policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The floating policy contains the ‘average’ and ‘marine’ clauses. The policy is taken only on stocks. The policy cannot be issued in respect of the immovable property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The address of each warehouse has to be declared by the insured. Unspecified locations cannot be covered. The entire complex is under the control of the insured. There is an extra premium for additional risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">5. Average Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The policy is containing an ‘average clause’ called an Average Policy. The amount of indemnity is determined concerning the value of the property insured.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If the policyholder has taken a policy for a lesser amount than the actual value of the property, the insured will be deemed to be his insurer for the amount of under-insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insurer will pay only such proportion of the actual loss as his insurance amount bears to the actual value of the property at the time of loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">the property worth $30,000 is insured for $20,000 is damaged up to $12,000, the insurer will pay only Rs. 8,000 as is evident from the following:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Claim = Insured amount / value of property X actual loss</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insured, thus, will suffer him up to $4,000 and the insurer will pay only $8,000 out of Rs. 12,000. In this case, if the insurance were taken up to the full value of the property, the assured would have been paid all the financial loss, i.e., $12,000. Since the insurance was taken for lesser than the actual value of the property, the assured is compensated for the loss in that proportion.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The average clause is operative only in the case of under-insurance. This clause is ineffective when the property is insured for the full value as in that case the insured is protected to the extent of his total loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The under-insurance penalizes the assured by inserting ‘average clause’ to the policy because he is supposed to insure himself for the amount by which he under-insures his property and,</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Therefore;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It&nbsp;supposed to contribute in that ratio to the loss sustained.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The average clause is accompanied, sometimes, with the co-insurance clause which is discussed in the next chapter.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">6. Excess Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Sometimes, the stock of a businessman may fluctuate from time to time, and he may be unable to take one policy or a specific policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If he takes a policy for a higher amount, he has to pay a higher premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On the other hand;</p>\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 he takes insurance for a lower amount, he will have to bear the proportionate amount of loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insured in this case can purchase two policies, one ‘First Loss Policy” and the second, ‘excess policy.’ The ‘First Loss Policy’ will cover that stock below which the stock never goes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The minimum level of stock can be found out from the experience and for the other portion of stock which exceeds the minimum limit; he can purchase another policy called ‘excess policy’.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The actual value of the excess stock is declared every month. The amount of premium is calculated on the average monthly excess amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Since the chances of payment on the excess amount are very remote, the rate of premium is also very nominal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Thus;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insured will pay a very nominal premium as compared to the premium payable on the total amount had the policy been a specific one. The average clause also applies to this policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">7. Declaration Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The excess policy contributes to only a rateable proportion of the loss because if the amount of excess stock exceeds the sum set in the excess policy, the businessman will not have a full cover owing to the average condition.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Moreover, if the First Loss Policy was also subject to an average condition, the assured will be at a loss. The declaration policy will give better protection in such cases where the stock fluctuates from time to time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Under the declaration policy, the insured takes out insurance for the maximum amount that he considers would be at risk during the period of the policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On a fixed date of every month or a specific period, the insured furnishes a declaration of the amount. The premium is provisionally paid to 75% of the annual premium amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Practically;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">the annual premium is determined on the average of these declarations; If the premium is higher than the provisional premium already paid, the insured has to pay the difference to the insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On the other hand, if the premium so calculated is lesser than the premium already paid, the excess is returned to the policyholder.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The declaration must be made on a specified day or within the next 14 days. Otherwise, the sum insured will be deemed to be the declared value. The policy applies only to stocks and the sole property of the insured.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The great advantage of this policy is that the premium is limited to the actual amount at risk irrespective of the sum insured. Unlike the excess policy, the premium is not unnecessarily paid.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Moreover;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">the insurer may pay up to the sum insured throughout the policy because the premium amount can be adjusted accordingly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The value of risks is an average of each day of the month or the highest value at risk during the month. Declaration policy is not available for a short period stock in process, stock at Railway siding.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Premium is adjusted at the expiry of the policy. The policy is very advantageous to those businessmen whose stocks fluctuate from time to time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount of the declaration offers scope for fraud because the insured may pay a lesser premium by undervaluing the stock. Therefore, this policy is issued only to reputed concerns.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">8. Adjustable Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The above disadvantage is removed by an adjustable policy. This policy is nothing but an ordinary policy on the stock of the businessman with the liberty to the insured to vary in his opinion; the premium is adjustable pro-rata according to the variation of the stock.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the case of declaration policy, since the excess premium is refundable at the end of the year, the insured may put fire to the property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This danger is avoidable in an ‘Adjustable Policy’. This is issued for a definite term on the existing stock.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The premium is calculated frequently and is paid in full at the inception of the policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Whenever there is variation in the stock, the insured informs the insurer. As soon as the information of variation is received, the policy is suitably endorsed and, the premium is adjusted on a pro-rata basis.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The policy amount will, thus, be changeable from time to time. The premium is also settled accordingly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Difference between Declaration and Adjustable Policies</h2>\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 case of declaration policy, the insurer’s liability is the insured amount, but in the case of an adjustable policy, the insurer’s liability is the value of the last declaration made.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The periodical declarations have no direct bearing on the measurement of indemnity in case of declaration policy, but these have been the basis of measurement of indemnity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The advantage of the declaration policy over the adjustable policy is that in the former a margin of safety is present because the maximum amount insured is always at risk, but in the latter case, The cover is always for the declared value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The declaration is, the case of declaration policy is meant only for ascertaining the average of the actual cover given throughout the year to arrive at the figure to which the actual premium will be calculated, but in the case of adjustable policy, the declaration is the basis of policy amount adjusted by endorsement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The drawback of this policy is that the insured will have to deposit 75 percent of the premium fixed for the maximum coverage in the beginning although a portion of it is found more than the actual premium required for the full coverage, which will be returned at the end of the year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the case of adjustable policy, the premium is adjusted from time to time according to the variation of the risk and the liability of the insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">9. Maximum Value of Discount Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Under this policy, no declaration or adjustment of policy is required, but the policy is taken for a maximum amount, and the full premium is paid thereon.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">At the end of the year, in the case of no loss, one-third of the premium paid is returned to the policyholder.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy is similar to the declaration policy where botheration of checking and recording declarations is avoided.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It serves as a rough and ready method of coverage for the maximum amount. This policy is not issued on all types of commodities and is confined only to selected commodities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">10. Reinstatement Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy is issued to avoid the conflict of indemnity, in other types of policies only the market value of the damage or loss is indemnified but, this policy undertakes to reinstate the insured property loss by fire to new condition irrespective of its value at the time of loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In other types of policies, in the case of building or machinery, the actual loss is arrived at by deducting the regular depreciation from the original cost of it. The amount of indemnity will be lesser than the amount to be spent in reinstating the property destroyed or damaged.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">To provide full coverage, ‘reinstatement or replacement’ policies are issued.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Under this policy, the basis of settlement in the event of destruction is the cost of rebuilding the premises, or in the case of plant and machinery, the placement is done by similar machinery.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The reinstatement of the damaged property indicates the meaning of repair of the damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The restoration of the damaged portion of the property to a condition substantially the same as but not better or more extensive than its condition, at the time of its renovation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The cost of the property when partially destroyed will not be more than the cost which would have been insured if such property has been destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The payment of the actual expenditure on the replacement will not be made until the expenditure has been incurred. This policy is also called ‘New for Old’ policy because the old property is replaced by new properties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However, such policies are issued only on a building, plant, and machinery. This policy is not issued on the stock, merchandise or materials.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Each item of the insured property is subject to average. The policy provides a definite amount in case of purchase of new property in place of the old property destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The reinstatement Policy stipulates that reinstatement must be carried out by the insured to obtain the special basis of the settlement agreed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The reinstatement must be commenced raid carried out with reasonable dispatch and in any case, must be completed within 12 months after the destruction or damage, or until reinstatement carried out and expenditure incurred, the liability under the policy remains on the normal indemnity basis.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insurance by this policy intends to include such additional cost of reinstatement as may be incurred solely because of the necessity to comply with the building, etc. by any Act of Parliament, Municipal or Local Authority.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">No additional premium is charged for the purpose. This policy does not cover any destruction or damage occurring before the granting of this extension.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">11. Comprehensive Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy undertakes full protection not only against the risk of fire but combining within the risk against burglary, riot, civil commotion, theft, damage from the past, lightning. The policy is also termed as ‘All in policies’.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here the ‘Comprehensive’ does not mean that every type of risk is covered. There may be many exclusions and limitations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy is beneficial to the insured and the insurer. The insurer can get a higher premium, and the assured is protected against losses due to several specified perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">12. Consequential Loss Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The fire insurance is originally purchased to indemnify the material loss only. The intangible interest was not indemnified. This provided a check on the insured to exercise greater care concerning the property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However, the settlement of a loss covering material damage only was not sufficient. The consequential loss was also to be provided. Thus, the consequential loss policy includes the loss of tangible and intangible properties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Thus, this policy provides an indemnity to the insured for loss of net profits, payment of standing charges and expenditure in respect of the increased cost of working.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As a consequence of fire, there is a reduction in the volume of business which in its turn leads to a reduction in the net profit which the lost business would have ordinarily contributed and to an increase in the proportion of the standing barges such as rents, rates, salaries and others to the total business done.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Thus, the policy is to indemnify the insured against financial loss which he may sustain due to the interruption of his business following a fire.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Previously;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">the measure of indemnity was a specified percentage of the amount payable under an ordinary fire policy in respect of a material loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The insurer, thus, used to pay the amount of loss and a specified percentage of the loss. However, now, the measure of indemnity is changed because the specified percentage cannot be the true estimation of the intangible loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">So, the resultant loss is calculated by estimating figures of loss of profits based on a reduction in turnover or output and secondly, increased cost of working in maintaining the business on its pre-fire level.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">13. Sprinkler Leakage Policies</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This policy insures the destruction of or damage to by water accidentally discharged or leaking from automatic sprinkler installation in the insured premises.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However,</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The discharge or leakage of water due to heat caused by fire, repair or alteration of building nr sprinkler installation, earthquake, war, explosion are not covered by this policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">14. Add on Covers Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An insured may like to cover his property against to delete some of the exclusions. The cover in respect of these perils is provided by the insurer by charging an additional premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This additional cover is effected by either deletion of some of the excluded perils or the addition of other specified perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The perils which are covered by an endorsement of the basic fire policy are collectively called&nbsp;Add-on Covers. For example, earthquake damage is added to the fire policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are certain principles to add to covers. It is an extension of the basic standard fire policy. The liability shall in no case under the extension of the policy exceed the sum insured of the policy. All the conditions of the basic fire policy shall apply to the insurance granted by extension.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Add on the cover is mid-term inclusion but the annual premium has to be charged and not short period premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If the insured requests for the add on the cover to be canceled midterm the no refund of premiums for the cancellation will be allowed unless the entire policy is canceled.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">15. Escalation Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This insurance allows an automatic regular increase in the sum insured throughout the policy in return for an additional premium to be paid in advance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are certain conditions for escalation insurance. The escalation of the policy amount shall not be more than 25 percent of the sum assured.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The additional premium payable in advance will be at 50% of the full rate. This policy applies to policies covering building, Machinery, and accessories only and will not apply to policies covering the stock.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The clause cannot be opted for during the currency of the policy but only at inception or renewal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The effect of this policy/clause is to provide for a daily increase in the sum assumed based on the percentage selected spread throughout the policy;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It also allows an automatic regular increase up to 25% of the sum insured throughout the policy in return for an additional premium to be paid in advance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Specialized Policies</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Special policies for different risk exposed products are also issued specifically with their respective premium terms and warranties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The important specialized policies are</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>petrochemical policy,</li><li>industrial risks policy,</li><li>machinery breakdown policy,</li><li>material damage policy,</li><li>business interruption policy,</li><li>engineering good policy,</li><li>electrical installation policy,</li><li>housekeeping policy,</li><li>mega risk policy and</li><li>consequential loss policy.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.iedunote.com/fire-insurance-policies\">click here.</a></p>\n<!-- /wp:paragraph -->','15 Types of Fire Insurance Policies','','inherit','closed','closed','','2567-revision-v1','','','2022-06-18 17:44:34','2022-06-18 17:44:34','',2567,'http://smartinsurance.tips/?p=2570',0,'revision','',0),(2571,1,'2022-06-18 17:59:57','2022-06-18 17:59:57','<!-- wp:image {\"id\":2572,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-3-1024x536.png\" alt=\"\" class=\"wp-image-2572\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Adjustable-rate mortgages (ARMs) are home loans with a rate that varies. As interest rates rise and fall in general, rates on adjustable-rate mortgages follow. These can be useful loans for getting into a home, but they are also risky. This article covers the basics of adjustable-rate mortgages.</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-callout-heading_1-0\"><strong>Key Takeaways</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Adjustable-rate mortgages (ARMs) have an interest rate that can be adjusted with the market. </li><li>The interest rate on these mortgages is typically tied to a market index. </li><li>Lenders typically offer a lower fixed initial rate on these mortgages.</li><li>Caps limit how much the interest rate on an ARM can change.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">The Rate</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">Adjustable-rate mortgages are unique because the interest rate on the mortgage adjusts with interest rates in the marketplace. This is important because mortgage payment amounts are determined (in part) by the interest rate on the loan. As the interest rate rises, the monthly payment rises. Likewise, payments fall as interest rates fall.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">The rate on your adjustable-rate mortgage is determined by combining a set ARM margin with a market index. Many adjustable-rate mortgages are tied to the London interbank offered rate (LIBOR), prime rate, cost of funds Index, or another index. The index your mortgage uses is a technicality, but it can affect how your payments change. Ask your lender why they’ve offered you an adjustable-rate mortgage based on a given index.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Pros and Cons of ARMs</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2573,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/image.png\" alt=\"\" class=\"wp-image-2573\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Adjustable-Rate Mortgage Benefits</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-18\">The main reason to consider adjustable-rate mortgages is that you may end up with a lower monthly<strong> </strong>payment. The bank (usually) rewards you with a lower initial rate because you’re taking the risk that interest rates could rise in the future. Contrast the situation with a fixed-rate mortgage, where the bank takes that risk. Consider what happens if rates rise: the bank is stuck lending you money at a below-market rate when you have a fixed-rate mortgage. On the other hand, if rates fall, you can simply refinance and get a better rate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-20\">Pitfalls of Adjustable-Rate Mortgages</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">Alas, there is no free lunch. While you may benefit from a lower payment, you still have the risk that rates will rise on you. If that happens, your monthly payment can increase dramatically. What was once an affordable payment can become a serious burden when you have an adjustable-rate mortgage. The payment can get so high that you have to default on the debt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-24\">Managing Adjustable-Rate Mortgages</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">To manage the risks, you’ll want to pick the right type of adjustable-rate mortgage. The best way to manage your risk is to have a loan with restrictions and caps. Caps are limits on how much an adjustable-rate mortgage can actually adjust.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-29\">You might have caps on the interest rate applied to your loan, or you might have a cap on the dollar amount of your monthly payment. Finally, your loan may include a guaranteed number of years that must pass before the rate starts adjusting—the first five years, for example. These restrictions remove some of the risks of adjustable-rate mortgages, but they can also create some problems.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-31\">Different Kinds of Caps</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">ARM caps can work in a variety of ways. There are periodic caps and lifetime caps. A periodic cap limits how much your rate can change during a given period, such as a one-year period. Lifetime caps limit how much your ARM rate can change over the entire life of the loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">Assume you have a periodic cap of 1% per year. If rates rise 3% during that year, your ARM rate will only rise 1% because of the cap. Lifetime caps are similar. If you’ve got a lifetime cap of 5%, the interest rate on your loan will not adjust upward more than 5%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">Keep in mind that interest rate changes in excess of a periodic cap can carry over from year to year. Consider the example above where interest rates rose 3% but your ARM mortgage cap kept your loan rate at a 1% increase. If interest rates are flat the next year, it’s possible that your ARM mortgage rate will rise another 1% anyway because you still “owe” after the previous cap.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-41\">ARM Examples</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-43\">There are a variety of ARM mortgage flavors available. For example, you might find the following:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-46\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>10/1 ARM Mortgage</strong>: the rate is fixed for 10 years, then adjusts every year (up to the cap, if there is one)</li><li><strong>7/1 ARM Mortgage</strong>: the rate is fixed for 7 years, then adjusts every year (up to the cap, if there is one)</li><li><strong>1-Year ARM Mortgage</strong>: the rate is fixed for one year then adjusts annually up to any caps</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-54\">Not All Caps Are Created Equal</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-56\">Note that caps may differ over the life of your loan. The first adjustment may be up to 5%, while subsequent adjustments may be capped at 1%. If this is the case on an adjustable-rate mortgage you’re considering, be prepared for a wild swing in your monthly payments when the first reset rolls around. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-58\">Pitfalls of Caps</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-60\">While caps and restrictions may protect you, they can cause some problems. For example, your ARM may have a limit on how high the monthly payment will go regardless of movements in interest rates. If rates get so high that you hit the upper (dollar) limit on your payments, you may not be paying off all the interest you owe for a given month. When this happens, you get into negative amortization, meaning your loan balance actually increases each month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-62\">Buyer Beware</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-64\">The bottom line with adjustable-rate mortgages is that you need to know what you’re getting into. Your lender should explain some worst-case-scenarios so that you aren’t blindsided by payment adjustments. Most borrowers look at these what-ifs and assume that they will be in a better position to absorb payment increases in the future, whether it’s five or 10 years out. This very well may be the case, but things don’t always work out the way we’ve planned.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/adjustable-rate-mortgages-315667\">click here.</a></p>\n<!-- /wp:paragraph -->','Pros and Cons of Adjustable-Rate Mortgages','','publish','closed','closed','','pros-and-cons-of-adjustable-rate-mortgages','','','2022-06-18 17:59:57','2022-06-18 17:59:57','',0,'http://smartinsurance.tips/?p=2571',0,'post','',0),(2572,1,'2022-06-18 17:46:58','2022-06-18 17:46:58','','Insurance-3','','inherit','closed','closed','','insurance-3-2','','','2022-06-18 17:46:58','2022-06-18 17:46:58','',2571,'http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-3.png',0,'attachment','image/png',0),(2573,1,'2022-06-18 17:47:43','2022-06-18 17:47:43','','image','','inherit','closed','closed','','image-5','','','2022-06-18 17:47:43','2022-06-18 17:47:43','',2571,'http://smartinsurance.tips/wp-content/uploads/2022/06/image.png',0,'attachment','image/png',0),(2574,1,'2022-06-18 17:59:57','2022-06-18 17:59:57','<!-- wp:image {\"id\":2572,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-3-1024x536.png\" alt=\"\" class=\"wp-image-2572\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Adjustable-rate mortgages (ARMs) are home loans with a rate that varies. As interest rates rise and fall in general, rates on adjustable-rate mortgages follow. These can be useful loans for getting into a home, but they are also risky. This article covers the basics of adjustable-rate mortgages.</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-callout-heading_1-0\"><strong>Key Takeaways</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Adjustable-rate mortgages (ARMs) have an interest rate that can be adjusted with the market. </li><li>The interest rate on these mortgages is typically tied to a market index. </li><li>Lenders typically offer a lower fixed initial rate on these mortgages.</li><li>Caps limit how much the interest rate on an ARM can change.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">The Rate</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">Adjustable-rate mortgages are unique because the interest rate on the mortgage adjusts with interest rates in the marketplace. This is important because mortgage payment amounts are determined (in part) by the interest rate on the loan. As the interest rate rises, the monthly payment rises. Likewise, payments fall as interest rates fall.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">The rate on your adjustable-rate mortgage is determined by combining a set ARM margin with a market index. Many adjustable-rate mortgages are tied to the London interbank offered rate (LIBOR), prime rate, cost of funds Index, or another index. The index your mortgage uses is a technicality, but it can affect how your payments change. Ask your lender why they’ve offered you an adjustable-rate mortgage based on a given index.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Pros and Cons of ARMs</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2573,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/image.png\" alt=\"\" class=\"wp-image-2573\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Adjustable-Rate Mortgage Benefits</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-18\">The main reason to consider adjustable-rate mortgages is that you may end up with a lower monthly<strong> </strong>payment. The bank (usually) rewards you with a lower initial rate because you’re taking the risk that interest rates could rise in the future. Contrast the situation with a fixed-rate mortgage, where the bank takes that risk. Consider what happens if rates rise: the bank is stuck lending you money at a below-market rate when you have a fixed-rate mortgage. On the other hand, if rates fall, you can simply refinance and get a better rate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-20\">Pitfalls of Adjustable-Rate Mortgages</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">Alas, there is no free lunch. While you may benefit from a lower payment, you still have the risk that rates will rise on you. If that happens, your monthly payment can increase dramatically. What was once an affordable payment can become a serious burden when you have an adjustable-rate mortgage. The payment can get so high that you have to default on the debt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-24\">Managing Adjustable-Rate Mortgages</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">To manage the risks, you’ll want to pick the right type of adjustable-rate mortgage. The best way to manage your risk is to have a loan with restrictions and caps. Caps are limits on how much an adjustable-rate mortgage can actually adjust.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-29\">You might have caps on the interest rate applied to your loan, or you might have a cap on the dollar amount of your monthly payment. Finally, your loan may include a guaranteed number of years that must pass before the rate starts adjusting—the first five years, for example. These restrictions remove some of the risks of adjustable-rate mortgages, but they can also create some problems.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-31\">Different Kinds of Caps</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">ARM caps can work in a variety of ways. There are periodic caps and lifetime caps. A periodic cap limits how much your rate can change during a given period, such as a one-year period. Lifetime caps limit how much your ARM rate can change over the entire life of the loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">Assume you have a periodic cap of 1% per year. If rates rise 3% during that year, your ARM rate will only rise 1% because of the cap. Lifetime caps are similar. If you’ve got a lifetime cap of 5%, the interest rate on your loan will not adjust upward more than 5%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">Keep in mind that interest rate changes in excess of a periodic cap can carry over from year to year. Consider the example above where interest rates rose 3% but your ARM mortgage cap kept your loan rate at a 1% increase. If interest rates are flat the next year, it’s possible that your ARM mortgage rate will rise another 1% anyway because you still “owe” after the previous cap.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-41\">ARM Examples</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-43\">There are a variety of ARM mortgage flavors available. For example, you might find the following:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-46\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>10/1 ARM Mortgage</strong>: the rate is fixed for 10 years, then adjusts every year (up to the cap, if there is one)</li><li><strong>7/1 ARM Mortgage</strong>: the rate is fixed for 7 years, then adjusts every year (up to the cap, if there is one)</li><li><strong>1-Year ARM Mortgage</strong>: the rate is fixed for one year then adjusts annually up to any caps</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-54\">Not All Caps Are Created Equal</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-56\">Note that caps may differ over the life of your loan. The first adjustment may be up to 5%, while subsequent adjustments may be capped at 1%. If this is the case on an adjustable-rate mortgage you’re considering, be prepared for a wild swing in your monthly payments when the first reset rolls around. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-58\">Pitfalls of Caps</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-60\">While caps and restrictions may protect you, they can cause some problems. For example, your ARM may have a limit on how high the monthly payment will go regardless of movements in interest rates. If rates get so high that you hit the upper (dollar) limit on your payments, you may not be paying off all the interest you owe for a given month. When this happens, you get into negative amortization, meaning your loan balance actually increases each month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-62\">Buyer Beware</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-64\">The bottom line with adjustable-rate mortgages is that you need to know what you’re getting into. Your lender should explain some worst-case-scenarios so that you aren’t blindsided by payment adjustments. Most borrowers look at these what-ifs and assume that they will be in a better position to absorb payment increases in the future, whether it’s five or 10 years out. This very well may be the case, but things don’t always work out the way we’ve planned.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/adjustable-rate-mortgages-315667\">click here.</a></p>\n<!-- /wp:paragraph -->','Pros and Cons of Adjustable-Rate Mortgages','','inherit','closed','closed','','2571-revision-v1','','','2022-06-18 17:59:57','2022-06-18 17:59:57','',2571,'http://smartinsurance.tips/?p=2574',0,'revision','',0),(2575,1,'2022-06-18 18:07:01','2022-06-18 18:07:01','<!-- wp:image {\"id\":2576,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-5-1024x536.png\" alt=\"\" class=\"wp-image-2576\"/></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\">How you use your car will impact the type of insurance you need and therefore the premium rates you pay.&nbsp;<strong>A commuter vehicle is one that you use to commute on a daily basis, while a pleasure vehicle is one that you do not drive every day but, rather, only from time to time. Each of these vehicle types requires a different kind of insurance.</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When you live in some of the nation’s busiest cities, you likely spend many hours among the miles of snarled traffic that can wreak havoc on your commute and require special insurance to keep you safe. Before you purchase your next insurance policy, it is important that you understand the difference between commuter and pleasure car insurance and how each can best benefit you with the best coverage at the right price.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Which do I use my vehicle for?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">What many people don’t realize is that there is a big difference in commuter vs. pleasure car insurance, and this can affect how much you pay for your insurance premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Pleasure</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\">Pleasure insurance is the type of insurance coverage that you need when you do not drive your vehicle everyday. This is typically a good fit for people with sports cars or classic cars that are not suitable for daily commuting but are still driven from time to time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, you may use the car for things like running errands, going to the grocery store or driving to the neighborhood bistro for a meal with friends. Maybe it is your favorite vehicle for weekend adventures or road trips with your friends. Either way, this is a car that is usually only driven occasionally, such as only on the weekends and at night. Regardless of when you use it, this vehicle is not used nearly as often as a commuter vehicle and likely spends most of the time in your garage or your driveway.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Commuting</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A commuting vehicle is much different from a pleasure vehicle. This is a primary vehicle that is used to transport you and your family to work and school each day. As your regular transportation, you spend much more time in this vehicle than you do in a pleasure vehicle. Therefore, your commuting car faces a much higher risk on the road than you do when you are driving your pleasure vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Why does my insurance company care?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When car insurance companies determine the cost of your auto insurance, one of the factors that matter most is the risk that you pose to the company. If there is a higher likelihood of you filing a claim in the future, a company will adjust your rates accordingly to help cover that risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Will this impact my insurance rates?</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\"><strong>Commuter car insurance is typically more expensive than pleasure insurance because commuter cars are used more frequently than pleasure vehicles.</strong> All of those extra miles on the road increase your risk of an accident and damages to your car, especially when you have so many cars on the road around you, like during rush hour. The distance you travel can also impact your insurance rates, with insurance companies often rewarding low-mileage drivers with cheaper rates than the ones that long-distance commuters can face.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However, insurance companies also consider the make and model of the car you have. A sports car or classic car may cost more to fix, so you may pay more for your insurance premiums when you have a higher-value vehicle. Insurance companies often weigh the value of your car against how likely you are to be involved in an accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">To ensure that you find the cheapest car insurance for you, be sure to find and compare top auto insurance quotes. Many of the nation’s leading providers also provide nonstandard insurance, including commuter and pleasure insurance for all of your driving needs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What is commuter vs. pleasure car insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are many types of car insurance that you can buy, but before you decide on coverage, you should consider your needs regarding commute vs. pleasure car insurance. If you are a commuter that spends a lot of time on the road, commuter insurance will fit your needs far better than the limited protections that pleasure car insurance provides.</p>\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 have a vehicle that you do not drive every day, you should still be sure to protect your investment with adequate insurance to protect you in case of a loss. Pleasure car insurance is an easy way to insure that second vehicle without necessitating the full coverage required for an everyday vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When comparing commute vs. pleasure car insurance, you are essentially comparing usage. Commuter insurance generally covers regular, daily use, while pleasure car insurance typically constitutes occasional use. With greater use for commuter vehicles, your commuter insurance is typically more expensive.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">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\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>What is a pleasure vehicle?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A pleasure vehicle is a car that generally has minimal use. It is used during leisure time rather than a commuter vehicle, which is often used every day to transport you to school or work.</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>What is non-standard insurance?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Nonstandard insurance is a type of non-traditional insurance that some car insurance companies offer. It is used for high-risk drivers or vehicles that may require additional coverage beyond the standard auto insurance policy.</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>Why do I need different insurance for commuter and pleasure vehicles?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Use of a commuter vehicle is generally much more frequent than a pleasure vehicle, which most drivers tend to use in limited periods on the weekends or in the evenings. Because of the difference in usage, insurance companies will account for the difference in rates with different coverage and pricing.</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/car/commute-vs-pleasure/\">click here.</a></p>\n<!-- /wp:paragraph -->','Commuter vs Pleasure Car Insurance','','publish','closed','closed','','commuter-vs-pleasure-car-insurance','','','2022-06-18 18:07:01','2022-06-18 18:07:01','',0,'http://smartinsurance.tips/?p=2575',0,'post','',0),(2576,1,'2022-06-18 18:01:54','2022-06-18 18:01:54','','Insurance-5','','inherit','closed','closed','','insurance-5-4','','','2022-06-18 18:01:54','2022-06-18 18:01:54','',2575,'http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-5.png',0,'attachment','image/png',0),(2577,1,'2022-06-18 18:07:01','2022-06-18 18:07:01','<!-- wp:image {\"id\":2576,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-5-1024x536.png\" alt=\"\" class=\"wp-image-2576\"/></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\">How you use your car will impact the type of insurance you need and therefore the premium rates you pay.&nbsp;<strong>A commuter vehicle is one that you use to commute on a daily basis, while a pleasure vehicle is one that you do not drive every day but, rather, only from time to time. Each of these vehicle types requires a different kind of insurance.</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When you live in some of the nation’s busiest cities, you likely spend many hours among the miles of snarled traffic that can wreak havoc on your commute and require special insurance to keep you safe. Before you purchase your next insurance policy, it is important that you understand the difference between commuter and pleasure car insurance and how each can best benefit you with the best coverage at the right price.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Which do I use my vehicle for?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">What many people don’t realize is that there is a big difference in commuter vs. pleasure car insurance, and this can affect how much you pay for your insurance premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Pleasure</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\">Pleasure insurance is the type of insurance coverage that you need when you do not drive your vehicle everyday. This is typically a good fit for people with sports cars or classic cars that are not suitable for daily commuting but are still driven from time to time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, you may use the car for things like running errands, going to the grocery store or driving to the neighborhood bistro for a meal with friends. Maybe it is your favorite vehicle for weekend adventures or road trips with your friends. Either way, this is a car that is usually only driven occasionally, such as only on the weekends and at night. Regardless of when you use it, this vehicle is not used nearly as often as a commuter vehicle and likely spends most of the time in your garage or your driveway.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Commuting</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A commuting vehicle is much different from a pleasure vehicle. This is a primary vehicle that is used to transport you and your family to work and school each day. As your regular transportation, you spend much more time in this vehicle than you do in a pleasure vehicle. Therefore, your commuting car faces a much higher risk on the road than you do when you are driving your pleasure vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Why does my insurance company care?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When car insurance companies determine the cost of your auto insurance, one of the factors that matter most is the risk that you pose to the company. If there is a higher likelihood of you filing a claim in the future, a company will adjust your rates accordingly to help cover that risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Will this impact my insurance rates?</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\"><strong>Commuter car insurance is typically more expensive than pleasure insurance because commuter cars are used more frequently than pleasure vehicles.</strong> All of those extra miles on the road increase your risk of an accident and damages to your car, especially when you have so many cars on the road around you, like during rush hour. The distance you travel can also impact your insurance rates, with insurance companies often rewarding low-mileage drivers with cheaper rates than the ones that long-distance commuters can face.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">However, insurance companies also consider the make and model of the car you have. A sports car or classic car may cost more to fix, so you may pay more for your insurance premiums when you have a higher-value vehicle. Insurance companies often weigh the value of your car against how likely you are to be involved in an accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">To ensure that you find the cheapest car insurance for you, be sure to find and compare top auto insurance quotes. Many of the nation’s leading providers also provide nonstandard insurance, including commuter and pleasure insurance for all of your driving needs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What is commuter vs. pleasure car insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are many types of car insurance that you can buy, but before you decide on coverage, you should consider your needs regarding commute vs. pleasure car insurance. If you are a commuter that spends a lot of time on the road, commuter insurance will fit your needs far better than the limited protections that pleasure car insurance provides.</p>\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 have a vehicle that you do not drive every day, you should still be sure to protect your investment with adequate insurance to protect you in case of a loss. Pleasure car insurance is an easy way to insure that second vehicle without necessitating the full coverage required for an everyday vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When comparing commute vs. pleasure car insurance, you are essentially comparing usage. Commuter insurance generally covers regular, daily use, while pleasure car insurance typically constitutes occasional use. With greater use for commuter vehicles, your commuter insurance is typically more expensive.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">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\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>What is a pleasure vehicle?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A pleasure vehicle is a car that generally has minimal use. It is used during leisure time rather than a commuter vehicle, which is often used every day to transport you to school or work.</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>What is non-standard insurance?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Nonstandard insurance is a type of non-traditional insurance that some car insurance companies offer. It is used for high-risk drivers or vehicles that may require additional coverage beyond the standard auto insurance policy.</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>Why do I need different insurance for commuter and pleasure vehicles?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Use of a commuter vehicle is generally much more frequent than a pleasure vehicle, which most drivers tend to use in limited periods on the weekends or in the evenings. Because of the difference in usage, insurance companies will account for the difference in rates with different coverage and pricing.</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/car/commute-vs-pleasure/\">click here.</a></p>\n<!-- /wp:paragraph -->','Commuter vs Pleasure Car Insurance','','inherit','closed','closed','','2575-revision-v1','','','2022-06-18 18:07:01','2022-06-18 18:07:01','',2575,'http://smartinsurance.tips/?p=2577',0,'revision','',0),(2578,1,'2022-06-18 18:47:04','2022-06-18 18:47:04','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Coverage can come from your personal auto policy, the rental car counter or a third-party insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2579,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-6-1024x536.png\" alt=\"\" class=\"wp-image-2579\"/></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’ve rented a car, you’ve probably been warned by salespeople at the counter about the possible consequences of walking away without buying their company’s rental car insurance. Put on the spot, you might not feel confident about exactly what coverage you already have. And that’s what rental companies are counting on — along with their commissions for selling you the coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Note that rental car insurance isn\'t the same as rental car reimbursement coverage, a common auto policy option that covers the cost of a car rental if your vehicle is being repaired as part of a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The information below will help you understand whether you need rental car insurance and how to get it before you arrive at the rental counter.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do you need insurance to rent a car?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You don’t need to have your own auto insurance policy to rent a car. However, rental agencies typically have minimal coverage on their vehicles, so if you get into an accident, you could be responsible for significant 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\">Other options include buying additional insurance from the rental car company, using a credit card for coverage or getting a standalone policy through a third party.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Rental car insurance vs. your own auto insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are the typical insurance options from rental car companies, along with how to determine if you already have coverage within your own auto insurance policy.Nerdy tip:&nbsp;Coverage from your own policy applies when you are using a rental car for personal, nonbusiness purposes. The rules may be different for business use of a rental car. Check with your insurer or employer for details about coverage when using a rental car for business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Crashes and car theft</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\"><strong>At the counter:</strong> A loss-damage waiver or LDW, also called a collision damage waiver or CDW, gets you off the hook for damage to the rental vehicle or theft of the car. It’s technically not insurance but rather a waiver that says the rental car company won’t come after you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Your policy:</strong> If you have collision and comprehensive coverage on your own policy, it generally will extend to a rental car as long as you’re renting within the U.S. or Canada. However, you will still be responsible for your deductible, and filing a claim on your auto insurance policy could raise your premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you don’t have comprehensive and collision on your regular policy, or you’re renting in a location where this coverage isn’t in effect, you’d have to pay for the damage unless you buy the LDW.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Damage you do to others</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>At the counter:</strong> Supplemental liability protection will pay for damage you do to others’ vehicles or property. Typical limits range from $300,000 to $1 million. If you don\'t have auto insurance (for example, if you don’t own a car), or if you’re traveling in a country where your own policy doesn’t offer coverage, you should buy this.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Your own policy:</strong> Your own liability insurance will typically cover you when you’re driving rental cars within the U.S. and Canada. If you have minimal liability coverage on your auto policy, you could buy the supplemental protection to boost your coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Injuries to you</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\"><strong>At the counter:</strong> Personal accident insurance covers medical costs for you and your passengers if you’re involved in an accident. This includes ambulance, medical care and death benefits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Your own policy:</strong> If you have personal injury protection or medical payments coverage through your auto policy, you likely won’t need personal accident insurance as long as you’re renting in the U.S. or Canada. Your own health insurance may also cover you if you’re staying within the U.S. Overseas, you probably don’t need personal accident insurance if you have travel medical insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Your stolen stuff</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\"><strong>At the counter:</strong> Personal effects coverage pays for your belongings if they’re stolen from the rental car, up to a set dollar amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Your own policy:</strong> A homeowners or renters insurance policy will generally cover your possessions if they are stolen, even when traveling out of the country. To make a theft claim, you’ll typically need to file a police report, and your deductible amount will apply. As with auto insurance claims, filing a property claim could cause your rates to go up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Using your credit card for rental car coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Credit cards often provide coverage for rental cars, assuming you used the card to pay for the rental and the rental is in your name. They can be a particularly useful option overseas in places where your personal auto insurance won’t cover you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You’ll automatically have this coverage if it’s included with your credit card — no need to call or sign forms. But it’s usually secondary coverage, meaning your own auto insurance policy will pay out first if it’s available. NerdWallet assessed credit cards that offer good rental car insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re planning on credit card coverage, call your credit card issuer to confirm the details.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">The bottom line: Do you need rental car insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may not need to buy the rental car company’s insurance if:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You’re traveling within the U.S. or Canada and your own auto policy provides sufficient coverage.</li><li>Your credit card offers rental car insurance.</li><li>You’ve bought standalone coverage through a separate company.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may want to buy the rental car company’s insurance if:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You’re worried about having to pay a deductible or a higher rate on your auto insurance if you damage a rental car.</li><li>You don’t have your own car insurance or coverage through a credit card.</li><li>You’re traveling overseas where your personal auto policy won’t cover you.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.nerdwallet.com/article/insurance/rental-car-insurance#:~:text=Do%20you%20need%20insurance%20to,be%20responsible%20for%20significant%20expenses.\">click here.</a></p>\n<!-- /wp:paragraph -->','Rental Car Insurance Explained','','publish','closed','closed','','rental-car-insurance-explained','','','2022-06-20 19:37:33','2022-06-20 19:37:33','',0,'http://smartinsurance.tips/?p=2578',0,'post','',0),(2579,1,'2022-06-18 18:39:49','2022-06-18 18:39:49','','Insurance-6','','inherit','closed','closed','','insurance-6-4','','','2022-06-18 18:39:49','2022-06-18 18:39:49','',2578,'http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-6.png',0,'attachment','image/png',0),(2591,1,'2022-06-20 19:37:33','2022-06-20 19:37:33','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Coverage can come from your personal auto policy, the rental car counter or a third-party insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2579,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-6-1024x536.png\" alt=\"\" class=\"wp-image-2579\"/></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’ve rented a car, you’ve probably been warned by salespeople at the counter about the possible consequences of walking away without buying their company’s rental car insurance. Put on the spot, you might not feel confident about exactly what coverage you already have. And that’s what rental companies are counting on — along with their commissions for selling you the coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Note that rental car insurance isn\'t the same as rental car reimbursement coverage, a common auto policy option that covers the cost of a car rental if your vehicle is being repaired as part of a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The information below will help you understand whether you need rental car insurance and how to get it before you arrive at the rental counter.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do you need insurance to rent a car?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You don’t need to have your own auto insurance policy to rent a car. However, rental agencies typically have minimal coverage on their vehicles, so if you get into an accident, you could be responsible for significant 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\">Other options include buying additional insurance from the rental car company, using a credit card for coverage or getting a standalone policy through a third party.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Rental car insurance vs. your own auto insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are the typical insurance options from rental car companies, along with how to determine if you already have coverage within your own auto insurance policy.Nerdy tip:&nbsp;Coverage from your own policy applies when you are using a rental car for personal, nonbusiness purposes. The rules may be different for business use of a rental car. Check with your insurer or employer for details about coverage when using a rental car for business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Crashes and car theft</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\"><strong>At the counter:</strong> A loss-damage waiver or LDW, also called a collision damage waiver or CDW, gets you off the hook for damage to the rental vehicle or theft of the car. It’s technically not insurance but rather a waiver that says the rental car company won’t come after you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Your policy:</strong> If you have collision and comprehensive coverage on your own policy, it generally will extend to a rental car as long as you’re renting within the U.S. or Canada. However, you will still be responsible for your deductible, and filing a claim on your auto insurance policy could raise your premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you don’t have comprehensive and collision on your regular policy, or you’re renting in a location where this coverage isn’t in effect, you’d have to pay for the damage unless you buy the LDW.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Damage you do to others</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>At the counter:</strong> Supplemental liability protection will pay for damage you do to others’ vehicles or property. Typical limits range from $300,000 to $1 million. If you don\'t have auto insurance (for example, if you don’t own a car), or if you’re traveling in a country where your own policy doesn’t offer coverage, you should buy this.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Your own policy:</strong> Your own liability insurance will typically cover you when you’re driving rental cars within the U.S. and Canada. If you have minimal liability coverage on your auto policy, you could buy the supplemental protection to boost your coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Injuries to you</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\"><strong>At the counter:</strong> Personal accident insurance covers medical costs for you and your passengers if you’re involved in an accident. This includes ambulance, medical care and death benefits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Your own policy:</strong> If you have personal injury protection or medical payments coverage through your auto policy, you likely won’t need personal accident insurance as long as you’re renting in the U.S. or Canada. Your own health insurance may also cover you if you’re staying within the U.S. Overseas, you probably don’t need personal accident insurance if you have travel medical insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Your stolen stuff</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\"><strong>At the counter:</strong> Personal effects coverage pays for your belongings if they’re stolen from the rental car, up to a set dollar amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Your own policy:</strong> A homeowners or renters insurance policy will generally cover your possessions if they are stolen, even when traveling out of the country. To make a theft claim, you’ll typically need to file a police report, and your deductible amount will apply. As with auto insurance claims, filing a property claim could cause your rates to go up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Using your credit card for rental car coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Credit cards often provide coverage for rental cars, assuming you used the card to pay for the rental and the rental is in your name. They can be a particularly useful option overseas in places where your personal auto insurance won’t cover you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You’ll automatically have this coverage if it’s included with your credit card — no need to call or sign forms. But it’s usually secondary coverage, meaning your own auto insurance policy will pay out first if it’s available. NerdWallet assessed credit cards that offer good rental car insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re planning on credit card coverage, call your credit card issuer to confirm the details.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">The bottom line: Do you need rental car insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may not need to buy the rental car company’s insurance if:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You’re traveling within the U.S. or Canada and your own auto policy provides sufficient coverage.</li><li>Your credit card offers rental car insurance.</li><li>You’ve bought standalone coverage through a separate company.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may want to buy the rental car company’s insurance if:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You’re worried about having to pay a deductible or a higher rate on your auto insurance if you damage a rental car.</li><li>You don’t have your own car insurance or coverage through a credit card.</li><li>You’re traveling overseas where your personal auto policy won’t cover you.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.nerdwallet.com/article/insurance/rental-car-insurance#:~:text=Do%20you%20need%20insurance%20to,be%20responsible%20for%20significant%20expenses.\">click here.</a></p>\n<!-- /wp:paragraph -->','Rental Car Insurance Explained','','inherit','closed','closed','','2578-revision-v1','','','2022-06-20 19:37:33','2022-06-20 19:37:33','',2578,'http://smartinsurance.tips/?p=2591',0,'revision','',0),(2580,1,'2022-06-18 18:47:04','2022-06-18 18:47:04','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Coverage can come from your personal auto policy, the rental car counter or a third-party insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2579,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-6-1024x536.png\" alt=\"\" class=\"wp-image-2579\"/></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’ve rented a car, you’ve probably been warned by salespeople at the counter about the possible consequences of walking away without buying their company’s rental car insurance. Put on the spot, you might not feel confident about exactly what coverage you already have. And that’s what rental companies are counting on — along with their commissions for selling you the coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Note that rental car insurance isn\'t the same as rental car reimbursement coverage, a common auto policy option that covers the cost of a car rental if your vehicle is being repaired as part of a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The information below will help you understand whether you need rental car insurance and how to get it before you arrive at the rental counter.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do you need insurance to rent a car?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You don’t need to have your own auto insurance policy to rent a car. However, rental agencies typically have minimal coverage on their vehicles, so if you get into an accident, you could be responsible for significant 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\">Other options include buying additional insurance from the rental car company, using a credit card for coverage or getting a standalone policy through a third party.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Rental car insurance vs. your own auto insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are the typical insurance options from rental car companies, along with how to determine if you already have coverage within your own auto insurance policy.Nerdy tip: Coverage from your own policy applies when you are using a rental car for personal, nonbusiness purposes. The rules may be different for business use of a rental car. Check with your insurer or employer for details about coverage when using a rental car for business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Crashes and car theft</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\"><strong>At the counter:</strong> A loss-damage waiver or LDW, also called a collision damage waiver or CDW, gets you off the hook for damage to the rental vehicle or theft of the car. It’s technically not insurance but rather a waiver that says the rental car company won’t come after you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Your policy:</strong> If you have collision and comprehensive coverage on your own policy, it generally will extend to a rental car as long as you’re renting within the U.S. or Canada. However, you will still be responsible for your deductible, and filing a claim on your auto insurance policy could raise your premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you don’t have comprehensive and collision on your regular policy, or you’re renting in a location where this coverage isn’t in effect, you’d have to pay for the damage unless you buy the LDW.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Damage you do to others</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>At the counter:</strong> Supplemental liability protection will pay for damage you do to others’ vehicles or property. Typical limits range from $300,000 to $1 million. If you don\'t have auto insurance (for example, if you don’t own a car), or if you’re traveling in a country where your own policy doesn’t offer coverage, you should buy this.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Your own policy:</strong> Your own liability insurance will typically cover you when you’re driving rental cars within the U.S. and Canada. If you have minimal liability coverage on your auto policy, you could buy the supplemental protection to boost your coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Injuries to you</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\"><strong>At the counter:</strong> Personal accident insurance covers medical costs for you and your passengers if you’re involved in an accident. This includes ambulance, medical care and death benefits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Your own policy:</strong> If you have personal injury protection or medical payments coverage through your auto policy, you likely won’t need personal accident insurance as long as you’re renting in the U.S. or Canada. Your own health insurance may also cover you if you’re staying within the U.S. Overseas, you probably don’t need personal accident insurance if you have travel medical insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Your stolen stuff</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\"><strong>At the counter:</strong> Personal effects coverage pays for your belongings if they’re stolen from the rental car, up to a set dollar amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Your own policy:</strong> A homeowners or renters insurance policy will generally cover your possessions if they are stolen, even when traveling out of the country. To make a theft claim, you’ll typically need to file a police report, and your deductible amount will apply. As with auto insurance claims, filing a property claim could cause your rates to go up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Using your credit card for rental car coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Credit cards often provide coverage for rental cars, assuming you used the card to pay for the rental and the rental is in your name. They can be a particularly useful option overseas in places where your personal auto insurance won’t cover you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You’ll automatically have this coverage if it’s included with your credit card — no need to call or sign forms. But it’s usually secondary coverage, meaning your own auto insurance policy will pay out first if it’s available. NerdWallet assessed credit cards that offer good rental car insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re planning on credit card coverage, call your credit card issuer to confirm the details.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Buying rental car insurance on your own</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Some companies sell standalone policies for rental cars if you don’t want to buy insurance at the counter. Generally, you need to decline the rental company’s coverage to use these.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Allianz Global Assistance</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\">Allianz Global Assistance sells a Rental Car Damage Protector for $11 a day that pays out up to $75,000 for damage and loss. It’s primary coverage, so it pays out before your own auto insurance and includes 24-hour emergency assistance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Bonzah</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\">Bonzah sells insurance starting at $7.99 per day that pays out for up to $35,000 in repairs or replacement of the vehicle. It\'s primary insurance, so it pays out before your own insurer. Policies generally cover travel abroad, but check the fine print.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Insure My Rental Car</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\">Insure My Rental Car offers loss damage waivers covering up to $100,000 in damage to your rental vehicle. You can purchase coverage for anywhere from a day (starting at $9.75) to a year. The policy provides primary coverage so you don’t need to use your own auto insurance first. Policies may also extend to rentals outside the U.S.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Rental Cover</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\">Rental Cover offers no-deductible policies that count as primary coverage so you wouldn’t need to make a claim to your auto insurer first. Coverage options vary by country. Rental Cover doesn’t list prices on its website but claims to be up to 50% cheaper than the rental desk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></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\">Sure</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\">Sure offers rental car insurance that covers up to $100,000 worth of damage to a vehicle, plus any of your belongings inside of it. The coverage also includes flat tires and lost keys, and you can get an online quote from its website.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">The bottom line: Do you need rental car insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may not need to buy the rental car company’s insurance if:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You’re traveling within the U.S. or Canada and your own auto policy provides sufficient coverage.</li><li>Your credit card offers rental car insurance.</li><li>You’ve bought standalone coverage through a separate company.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may want to buy the rental car company’s insurance if:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You’re worried about having to pay a deductible or a higher rate on your auto insurance if you damage a rental car.</li><li>You don’t have your own car insurance or coverage through a credit card.</li><li>You’re traveling overseas where your personal auto policy won’t cover you.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.nerdwallet.com/article/insurance/rental-car-insurance#:~:text=Do%20you%20need%20insurance%20to,be%20responsible%20for%20significant%20expenses.\">click here.</a></p>\n<!-- /wp:paragraph -->','Rental Car Insurance Explained','','inherit','closed','closed','','2578-revision-v1','','','2022-06-18 18:47:04','2022-06-18 18:47:04','',2578,'http://smartinsurance.tips/?p=2580',0,'revision','',0),(2581,1,'2022-06-18 19:46:41','2022-06-18 19:46:41','<!-- wp:image {\"id\":2582,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-7-1024x536.png\" alt=\"\" class=\"wp-image-2582\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Building and Personal Property Coverage Form?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Building and personal property coverage form is a type of commercial insurance policy designed to cover direct physical damage or loss to commercial property and its contents. This type of insurance defines specifically what property is covered—such as buildings and personal property, what property is not covered—such as cash and animals. The building and personal property coverage form will detail the losses covered, which may include fire and vandalism, but it will outline any additional coverages, exclusions and limitations, and insurance limits and deductibles.</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-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Building and personal property coverage form is an insurance that covers physical damage to commercial property. </li><li>If the building in which a business operates is owned, the policy will likely cover both the building and its personal property, but if the building is rented, it may only cover the personal property.</li><li>Policyholders should inspect their documents to make sure everything that should be covered is covered and purchase additional coverage if needed. </li><li>Building coverage may insure items that are permanently attached to the building itself, while personal property coverage includes property that is not part of the building. </li><li>Building and personal property coverage exclude land, water, plants, roadways, crops, shrubs, money, accounts, instruments, or trees.  </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">Understanding Building and Personal Property Coverage Form</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-6\">It is important for policyholders to inspect their coverages when they take out a building and personal property coverage form policy to make sure everything that should be covered is covered. If the policy is inadequate, it\'s usually possible to purchase additional coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">Building and personal property coverage form excludes claims for loss or damage to land, water, bridges, roadways, and underground pipes or drains. The policy also excludes any loss to plants, crops, trees and shrubs. It will also exclude losses for certain types of personal property, including deeds, instruments, money, accounts, bills, and securities. Vehicles, watercraft, and aircraft—unless specifically named as insured property—are also excluded.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Covered losses are considered items that are attached to a building, but loss due to wear and tear or dishonest employees aren’t considered to be covered. An insurer may offer additional coverage beyond the basic criteria. </p>\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 electronic data is lost in a fire, flood, or other covered events, this coverage will recover the loss that may otherwise impact a business. This does not include data lost due to mistakes, actions of an employee, or the business’s own liability that caused the loss. Electronic data is a special consideration and would require an extra payment in addition to the regular premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Businesses located in regions that experience seasonal changes may experience seasonal variations in the value of property or materials. For example, a boating shop may experience a total loss during its peak season of summer rather than slower, colder seasons. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Special Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Coverages a policyholder should look for on a building and personal property coverage form depends on the nature of their needs and financial connections to the commercial property in question. Commercial property insurance policies cover two basic types of property—buildings (also called real property) and business personal property.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">If someone owns the building in which their business operates, a commercial policy should cover both the building and the BPP it contains. If renting or leasing, the proper commercial property insurance policy will cover only BPP.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-21\">Building coverage normally includes machines and equipment that are permanently installed, such as a furnace, boiler, and air conditioning equipment. Fixtures, or property that is permanently attached to the building such as a built-in bookcase or cabinet, are also covered. Floor coverings, appliances (like refrigerators and dishwashers), fire extinguishers, and outdoor furniture are usually considered BPP.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">BPP consists of owned property that is not part of a building and is not otherwise excluded. It includes office furniture, machines and equipment (if not attached to the building), raw materials, goods-in-process and finished goods. Improvements made to a leased building are covered if you paid for them and cannot be legally removed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-25\">The limits of building and personal property form insurance apply separately to each occurrence, except for a small number of additional coverage specified in the policy. BPP coverage is not subject to an aggregate limit that caps a recoverable amount under that coverage during a policy year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/b/building-and-property-coverage-form.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Building And Personal Property Coverage Form','','publish','closed','closed','','building-and-personal-property-coverage-form','','','2022-06-18 19:46:41','2022-06-18 19:46:41','',0,'http://smartinsurance.tips/?p=2581',0,'post','',0),(2582,1,'2022-06-18 19:43:54','2022-06-18 19:43:54','','Insurance-7','','inherit','closed','closed','','insurance-7-4','','','2022-06-18 19:43:54','2022-06-18 19:43:54','',2581,'http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-7.png',0,'attachment','image/png',0),(2583,1,'2022-06-18 19:46:41','2022-06-18 19:46:41','<!-- wp:image {\"id\":2582,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-7-1024x536.png\" alt=\"\" class=\"wp-image-2582\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Building and Personal Property Coverage Form?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Building and personal property coverage form is a type of commercial insurance policy designed to cover direct physical damage or loss to commercial property and its contents. This type of insurance defines specifically what property is covered—such as buildings and personal property, what property is not covered—such as cash and animals. The building and personal property coverage form will detail the losses covered, which may include fire and vandalism, but it will outline any additional coverages, exclusions and limitations, and insurance limits and deductibles.</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-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Building and personal property coverage form is an insurance that covers physical damage to commercial property. </li><li>If the building in which a business operates is owned, the policy will likely cover both the building and its personal property, but if the building is rented, it may only cover the personal property.</li><li>Policyholders should inspect their documents to make sure everything that should be covered is covered and purchase additional coverage if needed. </li><li>Building coverage may insure items that are permanently attached to the building itself, while personal property coverage includes property that is not part of the building. </li><li>Building and personal property coverage exclude land, water, plants, roadways, crops, shrubs, money, accounts, instruments, or trees.  </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">Understanding Building and Personal Property Coverage Form</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-6\">It is important for policyholders to inspect their coverages when they take out a building and personal property coverage form policy to make sure everything that should be covered is covered. If the policy is inadequate, it\'s usually possible to purchase additional coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">Building and personal property coverage form excludes claims for loss or damage to land, water, bridges, roadways, and underground pipes or drains. The policy also excludes any loss to plants, crops, trees and shrubs. It will also exclude losses for certain types of personal property, including deeds, instruments, money, accounts, bills, and securities. Vehicles, watercraft, and aircraft—unless specifically named as insured property—are also excluded.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Covered losses are considered items that are attached to a building, but loss due to wear and tear or dishonest employees aren’t considered to be covered. An insurer may offer additional coverage beyond the basic criteria. </p>\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 electronic data is lost in a fire, flood, or other covered events, this coverage will recover the loss that may otherwise impact a business. This does not include data lost due to mistakes, actions of an employee, or the business’s own liability that caused the loss. Electronic data is a special consideration and would require an extra payment in addition to the regular premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Businesses located in regions that experience seasonal changes may experience seasonal variations in the value of property or materials. For example, a boating shop may experience a total loss during its peak season of summer rather than slower, colder seasons. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Special Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Coverages a policyholder should look for on a building and personal property coverage form depends on the nature of their needs and financial connections to the commercial property in question. Commercial property insurance policies cover two basic types of property—buildings (also called real property) and business personal property.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">If someone owns the building in which their business operates, a commercial policy should cover both the building and the BPP it contains. If renting or leasing, the proper commercial property insurance policy will cover only BPP.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-21\">Building coverage normally includes machines and equipment that are permanently installed, such as a furnace, boiler, and air conditioning equipment. Fixtures, or property that is permanently attached to the building such as a built-in bookcase or cabinet, are also covered. Floor coverings, appliances (like refrigerators and dishwashers), fire extinguishers, and outdoor furniture are usually considered BPP.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">BPP consists of owned property that is not part of a building and is not otherwise excluded. It includes office furniture, machines and equipment (if not attached to the building), raw materials, goods-in-process and finished goods. Improvements made to a leased building are covered if you paid for them and cannot be legally removed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-25\">The limits of building and personal property form insurance apply separately to each occurrence, except for a small number of additional coverage specified in the policy. BPP coverage is not subject to an aggregate limit that caps a recoverable amount under that coverage during a policy year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/b/building-and-property-coverage-form.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Building And Personal Property Coverage Form','','inherit','closed','closed','','2581-revision-v1','','','2022-06-18 19:46:41','2022-06-18 19:46:41','',2581,'http://smartinsurance.tips/?p=2583',0,'revision','',0),(2584,1,'2022-06-18 19:53:00','2022-06-18 19:53:00','<!-- wp:image {\"id\":2585,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-9-1024x536.png\" alt=\"\" class=\"wp-image-2585\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Property damage claims are never fun. The at-fault driver is often embarrassed. The owner of the damaged property has to deal with the hassle of having their car repaired. Knowing the process for filing a damage claim with the insurance company can make things easier for both parties involved, but the procedure will vary, depending on who is at fault.</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-callout-heading_1-0\"><strong>Key Takeaways</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>The process of making a property damage claim to an auto insurance policy can depend on who is to blame for the accident.</li><li>Always take photos of the damage if you’re at fault. Let your insurer know that a claim will be made.</li><li>Your insurance agent should guide you through the process of making a claim to the at-fault policy if someone else damaged your auto.</li><li>Your policy’s collision coverage should honor the claim if you have this coverage and if you don’t know who’s responsible for the damage.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">If You Caused the Damage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">Accidents happen. Owning up to your mistake isn\'t always easy, but it will make filing a claim easier for all involved. It\'s up to you to take steps to let the property owner know if you damaged someone\'s auto.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Leaving a note on the windshield for the owner to find could turn a frustrating problem into a bearable one if no one is around. How would you feel if the tables were turned, and you found damage to your car with no one taking responsibility?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Warning:</strong> Leaving the scene of an accident is a misdemeanor in most states, if not a felony. You may pay more in future insurance premiums if you stay on the scene and take responsibility, but it\'s worth a clear conscience and avoiding jail time or hefty fines.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-14\">Steps to Take When You\'re at Fault</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-16\">Leave your policy information for the owner of the damaged vehicle.&nbsp;Leave your name, the name of your insurance company, your policy number, your insurance agency, and contact phone numbers. It\'s helpful to note the best time to reach you, but be on the lookout for incoming calls from unknown numbers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">Collect information from the owner of the damaged auto. Try to get their name, phone number, and a description of the damage. Ask them to reach out to you with this information if you have to leave a note because they\'re not around.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Tip:</strong> Take a photo or photos of the damage. This will help settle a dispute if one comes up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\">Let your agent know about the claim. They should be able to begin dealing with any damage to your vehicle right away, but you\'ll have to make contact with the other owner before addressing any damage to theirs. You can call your insurer\'s claims department if you don\'t have a relationship with your agent or don\'t have an agent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-27\">You might have to pay a deductible. Repairs to your vehicle are based on the coverage you\'ve selected on your car insurance policy. This will be subject to your deductible, but a deductible is rarely imposed for repairs to another person\'s damaged car. You\'ll need to have collision coverage in place in order to get your claim paid if you caused the damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-30\">Expect your premiums to go up. Filing an at-fault accident often affects your insurance rates. You should plan on your rates increasing at your next renewal unless you bought (or your policy comes with) accident forgiveness.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-32\">When Your Property Was Damaged</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-34\">Dealing with insurance companies and being without your vehicle while it\'s in the shop for repairs is a major hassle. The sooner you can get the claims process moving along, the sooner you\'ll have the matter resolved. A claim can go one of two ways when it\'s your car that was damaged.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-37\">If You Know Who Damaged Your Property</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">Get the insurance information of the driver who caused the damage. Be sure to collect the name of the driver, the insurance carrier, the policy number, the insurance policy number, the date, the time, the location, and a description of what occurred.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">Call your agent for help. Most&nbsp;insurance agents are happy to help you file a damage claim through the at-fault vehicle\'s policy. Look up the at-fault driver\'s carrier. Get the toll-free claim number if you don\'t have an agent or aren\'t having any luck getting help. A customer service representative should walk you through the process.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-45\">You won\'t have any out-of-pocket expenses if the at-fault driver admits to causing the damage. No deductible will apply.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> You\'ll often be able to get a rental car while your vehicle is in for repair.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-50\">If You Don\'t Know Who Damaged Your Property</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-52\">You could be looking at some out-of-pocket costs, or you might even find that you have no coverage at all, if the other driver flees the scene. You\'ll need collision coverage on your own policy to cover your auto\'s repair in this case, even if the damage was caused by someone else. Your deductible will apply in most cases, depending on state law.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\">You may also want to ask your agent about adding uninsured motorist coverage to your policy. This will often cover the costs of a hit-and-run accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><a href=\"https://www.hg.org/legal-articles/5-facts-about-insurance-coverage-for-hit-and-run-accidents-30804\" target=\"_blank\" rel=\"noreferrer noopener\"></a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-58\">Your homeowner\'s policy would most likely cover the damage minus your deductible if your home were damaged by a car.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-60\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-62\">Property damage claims can vary, depending on the details of what happened. Hit-and-run accidents aren\'t uncommon. Be sure you know the laws in your state. Ask for help from your insurance agent or a customer service representative if you\'re not sure what you need or if you have trouble filing a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-to-file-a-property-damage-claim-527096\">click here.</a></p>\n<!-- /wp:paragraph -->','How to File a Property Damage Claim?','','publish','closed','closed','','how-to-file-a-property-damage-claim','','','2022-06-18 19:53:00','2022-06-18 19:53:00','',0,'http://smartinsurance.tips/?p=2584',0,'post','',0),(2585,1,'2022-06-18 19:47:53','2022-06-18 19:47:53','','Insurance-9','','inherit','closed','closed','','insurance-9-2','','','2022-06-18 19:47:53','2022-06-18 19:47:53','',2584,'http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-9.png',0,'attachment','image/png',0),(2586,1,'2022-06-18 19:53:00','2022-06-18 19:53:00','<!-- wp:image {\"id\":2585,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-9-1024x536.png\" alt=\"\" class=\"wp-image-2585\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Property damage claims are never fun. The at-fault driver is often embarrassed. The owner of the damaged property has to deal with the hassle of having their car repaired. Knowing the process for filing a damage claim with the insurance company can make things easier for both parties involved, but the procedure will vary, depending on who is at fault.</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-callout-heading_1-0\"><strong>Key Takeaways</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>The process of making a property damage claim to an auto insurance policy can depend on who is to blame for the accident.</li><li>Always take photos of the damage if you’re at fault. Let your insurer know that a claim will be made.</li><li>Your insurance agent should guide you through the process of making a claim to the at-fault policy if someone else damaged your auto.</li><li>Your policy’s collision coverage should honor the claim if you have this coverage and if you don’t know who’s responsible for the damage.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">If You Caused the Damage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">Accidents happen. Owning up to your mistake isn\'t always easy, but it will make filing a claim easier for all involved. It\'s up to you to take steps to let the property owner know if you damaged someone\'s auto.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Leaving a note on the windshield for the owner to find could turn a frustrating problem into a bearable one if no one is around. How would you feel if the tables were turned, and you found damage to your car with no one taking responsibility?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Warning:</strong> Leaving the scene of an accident is a misdemeanor in most states, if not a felony. You may pay more in future insurance premiums if you stay on the scene and take responsibility, but it\'s worth a clear conscience and avoiding jail time or hefty fines.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-14\">Steps to Take When You\'re at Fault</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-16\">Leave your policy information for the owner of the damaged vehicle.&nbsp;Leave your name, the name of your insurance company, your policy number, your insurance agency, and contact phone numbers. It\'s helpful to note the best time to reach you, but be on the lookout for incoming calls from unknown numbers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">Collect information from the owner of the damaged auto. Try to get their name, phone number, and a description of the damage. Ask them to reach out to you with this information if you have to leave a note because they\'re not around.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Tip:</strong> Take a photo or photos of the damage. This will help settle a dispute if one comes up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\">Let your agent know about the claim. They should be able to begin dealing with any damage to your vehicle right away, but you\'ll have to make contact with the other owner before addressing any damage to theirs. You can call your insurer\'s claims department if you don\'t have a relationship with your agent or don\'t have an agent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-27\">You might have to pay a deductible. Repairs to your vehicle are based on the coverage you\'ve selected on your car insurance policy. This will be subject to your deductible, but a deductible is rarely imposed for repairs to another person\'s damaged car. You\'ll need to have collision coverage in place in order to get your claim paid if you caused the damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-30\">Expect your premiums to go up. Filing an at-fault accident often affects your insurance rates. You should plan on your rates increasing at your next renewal unless you bought (or your policy comes with) accident forgiveness.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-32\">When Your Property Was Damaged</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-34\">Dealing with insurance companies and being without your vehicle while it\'s in the shop for repairs is a major hassle. The sooner you can get the claims process moving along, the sooner you\'ll have the matter resolved. A claim can go one of two ways when it\'s your car that was damaged.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-37\">If You Know Who Damaged Your Property</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">Get the insurance information of the driver who caused the damage. Be sure to collect the name of the driver, the insurance carrier, the policy number, the insurance policy number, the date, the time, the location, and a description of what occurred.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">Call your agent for help. Most&nbsp;insurance agents are happy to help you file a damage claim through the at-fault vehicle\'s policy. Look up the at-fault driver\'s carrier. Get the toll-free claim number if you don\'t have an agent or aren\'t having any luck getting help. A customer service representative should walk you through the process.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-45\">You won\'t have any out-of-pocket expenses if the at-fault driver admits to causing the damage. No deductible will apply.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> You\'ll often be able to get a rental car while your vehicle is in for repair.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-50\">If You Don\'t Know Who Damaged Your Property</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-52\">You could be looking at some out-of-pocket costs, or you might even find that you have no coverage at all, if the other driver flees the scene. You\'ll need collision coverage on your own policy to cover your auto\'s repair in this case, even if the damage was caused by someone else. Your deductible will apply in most cases, depending on state law.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\">You may also want to ask your agent about adding uninsured motorist coverage to your policy. This will often cover the costs of a hit-and-run accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><a href=\"https://www.hg.org/legal-articles/5-facts-about-insurance-coverage-for-hit-and-run-accidents-30804\" target=\"_blank\" rel=\"noreferrer noopener\"></a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-58\">Your homeowner\'s policy would most likely cover the damage minus your deductible if your home were damaged by a car.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-60\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-62\">Property damage claims can vary, depending on the details of what happened. Hit-and-run accidents aren\'t uncommon. Be sure you know the laws in your state. Ask for help from your insurance agent or a customer service representative if you\'re not sure what you need or if you have trouble filing a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-to-file-a-property-damage-claim-527096\">click here.</a></p>\n<!-- /wp:paragraph -->','How to File a Property Damage Claim?','','inherit','closed','closed','','2584-revision-v1','','','2022-06-18 19:53:00','2022-06-18 19:53:00','',2584,'http://smartinsurance.tips/?p=2586',0,'revision','',0),(2587,1,'2022-06-18 20:03:24','2022-06-18 20:03:24','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your Timeline for Filing a Claim After a Car Accident</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2588,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-10-1024x536.png\" alt=\"\" class=\"wp-image-2588\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">From a minor fender bender to a more serious accident that injures one or more people, car accidents can be stressful. Knowing beforehand what to do after an accident could improve the outcome for everyone involved.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\">After an accident, you should contact your insurance company as soon as possible. Call your insurance representative or the company’s claims hotline immediately to report the incident and begin filing a claim. Insurance contracts vary widely, so read your policy’s fine print or ask your representative to help you understand the reporting requirements to make the claims process smoother.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">Learn more about when to file a claim after an accident, factors that could affect the insurance timeline, and the procedure for filing a claim.</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-callout-heading_1-0\"><strong>Key Takeaways</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You should call your insurance agent or company’s claims hotline to file a claim as soon as possible after the accident.</li><li>Insurance contracts vary, so make sure to read your policy’s fine print so you understand the reporting and filing requirements.</li><li>Collect names, contact information, and insurance information from everyone involved in the accident, and take photos of the damage and the scene.</li><li>If another driver is at fault for the accident, you may file a claim with either your own insurance provider (if you carry the necessary coverages) or the other driver’s insurance company.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-11\">When To File a Claim After an Accident?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-13\">Different policies and states may have specific time frames for filing claims. For example, if you’re injured in a car accident in New York, you must file a no-fault claim within 30 days of the accident. Generally, it’s in your best interest to file an insurance claim as soon as possible so that you clearly remember as many details of the accident as you can.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> Some insurers even recommend starting the claims process immediately at the accident scene—of course, after making sure any injured parties receive medical attention.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-17\">Factors That Can Affect the Insurance Timeline</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">If you’re involved in a car accident, your insurance provider is obliged to handle your claim fairly and with minimal inconvenience. You can expedite the process by providing accurate information when you purchase your policy and by documenting the accident scene in as much detail as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">After you file your claim, the insurer should respond promptly, and state law may dictate a maximum timeline. For example, in Pennsylvania and New Jersey, insurers must respond to claims within 10 business days.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-25\">First-Party vs. Third-Party Insurance Claim</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-27\">After an accident involving another vehicle, you typically have the option to file a claim with either your insurer (first-party claim) or the other driver’s insurer (third-party claim), depending on who is at fault. If you file a claim with the other driver’s insurer, they’ll investigate and settle it when they’re satisfied that their policyholder is liable for your injuries or damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Insurance laws around first- and third-party claims differ, and they also vary between states. For example, in some states, you must be less than 50% at fault for an accident to file a claim with the other driver’s insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Settlement timelines are often limited by state law. In New Jersey, for example, an insurer is allowed 30 days to settle a first-party claim and 45 days for a third-party claim. In Pennsylvania, an insurer must accept or deny a first-party claim within 15 business days and a third-party claim within 30 days.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-35\">At-Fault vs. No-Fault State</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">Before filing a claim, it’s important to know whether you live in an at-fault or no-fault state. In an at-fault state, the other driver’s insurer may pay for both property damage and bodily injury. But if you live in a no-fault state, the other driver’s insurance company will only pay for property damage, and you’ll need to file a medical payments or personal injury protection claim with your own insurer. Filing with your own insurer or the other driver’s insurer may take different amounts of time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-40\">If you sustained bodily injuries and damage to your vehicle in an at-fault state, the other driver’s insurer may settle an agreed-upon property-damage claim but withhold a bodily injury liability settlement until you’ve completed all medical treatment for your injuries.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> Other factors that may impact your insurance timeline include the extent of the damage, how long it takes to send out an insurance adjuster, and whether you and the insurer agree on a settlement amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-44\">How To File an Auto Insurance Claim?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-46\">Filing a car insurance claim is typically fairly straightforward, and many insurers make it convenient to handle online. You can expedite the process and avoid any problems by following the guidelines below.</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_1-0-49\"><strong>Gather Evidence</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-51\">The first step to filing an auto insurance claim is documenting every aspect of the accident scene. The National Association of Insurance Commissioners provides a free printable WreckCheck checklist to help you collect information you’ll need for your claim:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-54\" class=\"has-black-color has-text-color has-large-font-size\"><li>Names, telephone numbers, addresses, and driver’s license numbers from all drivers</li><li>License plate and vehicle identification numbers (VINs)</li><li>Names, telephone numbers, and addresses of any passengers and witnesses</li><li>Insurance companies of all drivers involved</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-57\">In addition, you should take photographs of the accident scene and any damage to vehicles or other property, such as a fence or guardrail.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Don’t make accusations or admit fault for the accident, which could hurt your case later on.</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_1-0-62\"><strong>Report the Accident</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-64\">State and local laws may require you to immediately report the car accident to the police or DMV in specific cases, such as if there were injuries or damage to other people’s property, or if the incident required a tow truck. It’s essential to know your local reporting requirements, as some states assess penalties for not reporting within a certain time frame. Even if it’s not required, many insurers recommend contacting the police from the accident scene because a police report could be useful in case you file a claim.</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_1-0-67\"><strong>Contact Your Insurance Company</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-69\">Alert your insurance company as soon as possible, while the circumstances around the accident are still fresh in your mind. While you can always report an accident to your insurer, you can only file a claim if you have the necessary coverages, such as collision. You may also want to consider the extent of the damage compared with any deductible on your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-72\">If you decide to file a claim, you’ll need the police report, your insurance information, and all the accident information you collected at the scene. Your insurance company may also require additional documentation, such as medical bills, auto repair bills, and the vehicle’s bill of sale, among others.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-75\">Typically, the insurer will assign a claims representative to walk you through the process. It’s a good idea to keep a record of all correspondence between you and your insurance representative.</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_1-0-78\"><strong>What if the Other Party Is at Fault?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-80\">If another driver is at fault for the accident, you may file a claim with either your own insurance provider or the other driver’s insurer. Depending on your state and insurer, your insurance provider may file your claim and work with the other party’s insurer on your behalf, or you may be able to file a third-party claim directly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-83\">Either way, the other party’s insurer will investigate your claim, and may interview you about the circumstances around the accident. A representative will then determine whether their insured driver is at fault and the amount of damages they’ll pay.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-85\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-87\">After you’ve filed your claim, you’ll wait for the insurer to accept or deny it. If your claim is accepted, the insurance company will make an offer of settlement. If the offer isn’t what you expected, you can attempt to negotiate a fair settlement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-90\">Your claim won’t affect your current premium, but insurers may consider your claims history when you apply for coverage, request a quote, or renew your policy. To do so, they’ll use a Comprehensive Loss Underwriting Exchange (CLUE) report, which summarizes your coverage and past claims. You can also request a copy for yourself to ensure it contains no errors. Having claims on your record could mean your premiums increase, potentially because you no longer qualify for a claims-free discount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-92\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\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>How soon can you file a claim after getting insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can file a claim with your insurer if the covered incident occurred after your policy was in force. That means you can’t purchase optional coverages, such as collision or comprehensive, after the damage occurred.</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>How long after an accident can you file a health insurance claim for injuries?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It’s a good idea to file a health insurance claim for injuries from an accident as soon as possible after you receive medical care. If you have medical payments coverage or personal injury protection on your car insurance policy, these coverages may help you pay for hospital and other medical expenses. They may also help pay your health insurance deductible, if you have one.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-long-after-an-accident-can-you-file-a-claim-5221339\">click here.</a></p>\n<!-- /wp:paragraph -->','How Long After an Accident Can You File a Claim?','','publish','closed','closed','','how-long-after-an-accident-can-you-file-a-claim','','','2022-06-18 20:03:24','2022-06-18 20:03:24','',0,'http://smartinsurance.tips/?p=2587',0,'post','',0),(2588,1,'2022-06-18 19:54:13','2022-06-18 19:54:13','','Insurance-10','','inherit','closed','closed','','insurance-10-3','','','2022-06-18 19:54:13','2022-06-18 19:54:13','',2587,'http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-10.png',0,'attachment','image/png',0),(2589,1,'2022-06-18 20:03:24','2022-06-18 20:03:24','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your Timeline for Filing a Claim After a Car Accident</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2588,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Insurance-10-1024x536.png\" alt=\"\" class=\"wp-image-2588\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">From a minor fender bender to a more serious accident that injures one or more people, car accidents can be stressful. Knowing beforehand what to do after an accident could improve the outcome for everyone involved.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\">After an accident, you should contact your insurance company as soon as possible. Call your insurance representative or the company’s claims hotline immediately to report the incident and begin filing a claim. Insurance contracts vary widely, so read your policy’s fine print or ask your representative to help you understand the reporting requirements to make the claims process smoother.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">Learn more about when to file a claim after an accident, factors that could affect the insurance timeline, and the procedure for filing a claim.</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-callout-heading_1-0\"><strong>Key Takeaways</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You should call your insurance agent or company’s claims hotline to file a claim as soon as possible after the accident.</li><li>Insurance contracts vary, so make sure to read your policy’s fine print so you understand the reporting and filing requirements.</li><li>Collect names, contact information, and insurance information from everyone involved in the accident, and take photos of the damage and the scene.</li><li>If another driver is at fault for the accident, you may file a claim with either your own insurance provider (if you carry the necessary coverages) or the other driver’s insurance company.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-11\">When To File a Claim After an Accident?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-13\">Different policies and states may have specific time frames for filing claims. For example, if you’re injured in a car accident in New York, you must file a no-fault claim within 30 days of the accident. Generally, it’s in your best interest to file an insurance claim as soon as possible so that you clearly remember as many details of the accident as you can.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> Some insurers even recommend starting the claims process immediately at the accident scene—of course, after making sure any injured parties receive medical attention.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-17\">Factors That Can Affect the Insurance Timeline</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">If you’re involved in a car accident, your insurance provider is obliged to handle your claim fairly and with minimal inconvenience. You can expedite the process by providing accurate information when you purchase your policy and by documenting the accident scene in as much detail as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">After you file your claim, the insurer should respond promptly, and state law may dictate a maximum timeline. For example, in Pennsylvania and New Jersey, insurers must respond to claims within 10 business days.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-25\">First-Party vs. Third-Party Insurance Claim</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-27\">After an accident involving another vehicle, you typically have the option to file a claim with either your insurer (first-party claim) or the other driver’s insurer (third-party claim), depending on who is at fault. If you file a claim with the other driver’s insurer, they’ll investigate and settle it when they’re satisfied that their policyholder is liable for your injuries or damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Insurance laws around first- and third-party claims differ, and they also vary between states. For example, in some states, you must be less than 50% at fault for an accident to file a claim with the other driver’s insurer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Settlement timelines are often limited by state law. In New Jersey, for example, an insurer is allowed 30 days to settle a first-party claim and 45 days for a third-party claim. In Pennsylvania, an insurer must accept or deny a first-party claim within 15 business days and a third-party claim within 30 days.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-35\">At-Fault vs. No-Fault State</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">Before filing a claim, it’s important to know whether you live in an at-fault or no-fault state. In an at-fault state, the other driver’s insurer may pay for both property damage and bodily injury. But if you live in a no-fault state, the other driver’s insurance company will only pay for property damage, and you’ll need to file a medical payments or personal injury protection claim with your own insurer. Filing with your own insurer or the other driver’s insurer may take different amounts of time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-40\">If you sustained bodily injuries and damage to your vehicle in an at-fault state, the other driver’s insurer may settle an agreed-upon property-damage claim but withhold a bodily injury liability settlement until you’ve completed all medical treatment for your injuries.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> Other factors that may impact your insurance timeline include the extent of the damage, how long it takes to send out an insurance adjuster, and whether you and the insurer agree on a settlement amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-44\">How To File an Auto Insurance Claim?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-46\">Filing a car insurance claim is typically fairly straightforward, and many insurers make it convenient to handle online. You can expedite the process and avoid any problems by following the guidelines below.</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_1-0-49\"><strong>Gather Evidence</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-51\">The first step to filing an auto insurance claim is documenting every aspect of the accident scene. The National Association of Insurance Commissioners provides a free printable WreckCheck checklist to help you collect information you’ll need for your claim:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-54\" class=\"has-black-color has-text-color has-large-font-size\"><li>Names, telephone numbers, addresses, and driver’s license numbers from all drivers</li><li>License plate and vehicle identification numbers (VINs)</li><li>Names, telephone numbers, and addresses of any passengers and witnesses</li><li>Insurance companies of all drivers involved</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-57\">In addition, you should take photographs of the accident scene and any damage to vehicles or other property, such as a fence or guardrail.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Don’t make accusations or admit fault for the accident, which could hurt your case later on.</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_1-0-62\"><strong>Report the Accident</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-64\">State and local laws may require you to immediately report the car accident to the police or DMV in specific cases, such as if there were injuries or damage to other people’s property, or if the incident required a tow truck. It’s essential to know your local reporting requirements, as some states assess penalties for not reporting within a certain time frame. Even if it’s not required, many insurers recommend contacting the police from the accident scene because a police report could be useful in case you file a claim.</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_1-0-67\"><strong>Contact Your Insurance Company</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-69\">Alert your insurance company as soon as possible, while the circumstances around the accident are still fresh in your mind. While you can always report an accident to your insurer, you can only file a claim if you have the necessary coverages, such as collision. You may also want to consider the extent of the damage compared with any deductible on your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-72\">If you decide to file a claim, you’ll need the police report, your insurance information, and all the accident information you collected at the scene. Your insurance company may also require additional documentation, such as medical bills, auto repair bills, and the vehicle’s bill of sale, among others.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-75\">Typically, the insurer will assign a claims representative to walk you through the process. It’s a good idea to keep a record of all correspondence between you and your insurance representative.</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_1-0-78\"><strong>What if the Other Party Is at Fault?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-80\">If another driver is at fault for the accident, you may file a claim with either your own insurance provider or the other driver’s insurer. Depending on your state and insurer, your insurance provider may file your claim and work with the other party’s insurer on your behalf, or you may be able to file a third-party claim directly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-83\">Either way, the other party’s insurer will investigate your claim, and may interview you about the circumstances around the accident. A representative will then determine whether their insured driver is at fault and the amount of damages they’ll pay.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-85\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-87\">After you’ve filed your claim, you’ll wait for the insurer to accept or deny it. If your claim is accepted, the insurance company will make an offer of settlement. If the offer isn’t what you expected, you can attempt to negotiate a fair settlement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-90\">Your claim won’t affect your current premium, but insurers may consider your claims history when you apply for coverage, request a quote, or renew your policy. To do so, they’ll use a Comprehensive Loss Underwriting Exchange (CLUE) report, which summarizes your coverage and past claims. You can also request a copy for yourself to ensure it contains no errors. Having claims on your record could mean your premiums increase, potentially because you no longer qualify for a claims-free discount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-92\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\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>How soon can you file a claim after getting insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can file a claim with your insurer if the covered incident occurred after your policy was in force. That means you can’t purchase optional coverages, such as collision or comprehensive, after the damage occurred.</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>How long after an accident can you file a health insurance claim for injuries?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It’s a good idea to file a health insurance claim for injuries from an accident as soon as possible after you receive medical care. If you have medical payments coverage or personal injury protection on your car insurance policy, these coverages may help you pay for hospital and other medical expenses. They may also help pay your health insurance deductible, if you have one.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-long-after-an-accident-can-you-file-a-claim-5221339\">click here.</a></p>\n<!-- /wp:paragraph -->','How Long After an Accident Can You File a Claim?','','inherit','closed','closed','','2587-revision-v1','','','2022-06-18 20:03:24','2022-06-18 20:03:24','',2587,'http://smartinsurance.tips/?p=2589',0,'revision','',0),(2590,1,'2022-06-20 17:31:40','2022-06-20 17:31:40','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">CR offers ways to pay less for fuel</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":2553,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Money-1-1024x536.png\" alt=\"\" class=\"wp-image-2553\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Update, June 17, 2022:&nbsp;</strong>The&nbsp;national average price for a gallon of regular gasoline is now $5.00, a decrease of 1 cent from the $5.01 cited below.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">At $5.01 for a gallon of regular unleaded, the national average price for regular gasoline is at an all-time high and has climbed $1.94 per gallon from a year ago. Prices at the pump vary by region, trending higher in the West and Northeast, and lower in the Midwest and Southeast.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Patrick De Haan, senior petroleum analyst at&nbsp;GasBuddy, a website and smartphone app that helps drivers find the best deals, said in early March 2022 that the No.&nbsp;1 cause of the current spike is the Russian invasion of Ukraine, and the economic sanctions many countries have levied against Russia. Russia, he says, produces about 10&nbsp;percent of the 10&nbsp;million barrels of crude oil the world uses every day, making it a significant player in the oil supply game.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">“This is when Americans need to band together to cut our fuel consumption,” De Haan said in a Facebook Live post on March 7, 2022. “That is really the only thing we can do at this moment.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">De Haan cautioned that fuel price forecasting tends to be less precise longer than a few weeks out, and that decisions made by OPEC are the big wild card in figuring out which way prices will swing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">“You never know when OPEC is going to cut production and raise prices,” he says.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount you’ll pay depends, of course, on the gas station where you fill up. The highest average price is in California, at $6.44 per gallon, and the lowest is in Georgia, at $4.50 per gallon.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But there can also be significant price disparities among prices at filling stations in the same town. For example, according to GasBuddy’s gas price map, the Speedway Express station at 4069 State Street in Santa Barbara, Calif., is charging $6.09 per gallon for regular right now, while only a few miles away, the Chevron station at 1085 Coast Village Road is charging $6.79 per gallon.&nbsp;(Prices as of June 15, 2022.)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">That means that choosing where you buy gasoline can make a big difference in how much you’re spending to fuel your vehicle. Putting 15&nbsp;gallons of regular gasoline into a small SUV would cost $10.50 more at the Chevron than at the Speedway Express. That difference can really pile up—to the tune of $546 a year with a weekly fill-up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are also drivers who buy higher-cost premium gasoline unnecessarily for cars designed for regular fuel. Based on current national average gasoline prices, midgrade gasoline ($5.40) costs 39 cents per gallon more than what you’d pay for regular, and premium gas ($5.69) costs 68 cents more than regular on average. For a 15-gallon fill-up, that’s $5.85 more for midgrade and $10.20 more for premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to Spend Less on Gas?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">“If you’re just looking at the price from the street, you’re leaving money on the table,” De Haan says. There are things you can do to keep your gas expenses down. Among them:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Use a gas station app or website.</strong>&nbsp;Smartphone apps, such as those from&nbsp;GasBuddy, and&nbsp;Gas Guru, are particularly convenient when you’re traveling and away from your computer. They’re available for Apple and Android devices. Many are free. You can filter results by fuel grade and sort by distance and price, as well as get GPS-guided directions to the station you choose.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">GasBuddy and Fuel Finder also let you check stations for amenities such as ATMs, restaurants, and car washes. GasBuddy has station reviews, which might tell you, for instance, which restrooms to avoid. And Gas Guru lets you save your favorite stations, so you can remember where to stop on your way back.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The Google Maps and Waze apps, which many people use for real-time traffic alerts and driving directions, also offer gas-price info.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You’re likely to find that you may be able to get a better deal at stations that are not located on major highways, says Michael Calkins. Of course, making a big detour to pay less might not make sense.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Calkins also says to make sure that when you compare prices you consider buying only&nbsp;Top-Tier detergent gasoline, which is better for your car.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Check the prices in the different states you’ll visit.&nbsp;</strong>Prices can vary significantly among states, often because of differences in state gas taxes. On Interstate 90, for example, De Haan found gas prices to be around significantly cheaper on the Ohio side of the border with Pennsylvania.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Think about how best to pay.&nbsp;</strong>Some stations offer a lower price if you pay with cash instead of a credit card. The difference between the cash and credit price usually ranges from around 10&nbsp;to 15&nbsp;cents per gallon, De Haan says, though he adds that it can be as much as a dollar.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Another option is to pay with a cash-back credit card. While the credit card price may be higher than the cash price, the reward you receive could make using the credit card a better deal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It’s worth noting that a rewards credit card could even provide greater savings than a gas credit card from a&nbsp;big oil company&nbsp;(such as Texaco or Chevron), De Haan says. Some cards offer introductory cash or points bonuses for signing up, and others offer discounts at the pump. The Bank of America Customized Cash Rewards credit card, for example, offers a $200 bonus to people who spend $1,000 on purchases during the first nine days of card ownership. The ExxonMobile Smart Card, by contrast, gives a 6-cent discount per gallon of fuel purchased.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you plan to pay by debit card, don’t assume that you are getting the cash price. Some stations could charge you the credit card rate instead. Check the posted prices at the pump. Selecting the debit option and entering a pin when you pump your gas is often a good indication that your transaction will be handled as cash, says Lyle Beckwith, senior vice president of the National Association of Convenience Stores, based in Alexandria, Va.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Slow down.</strong>&nbsp;De Haan says it may sound silly, but with prices being as high as they are, it’s a good idea to keep your foot out of the accelerator pedal. Around town, that means reducing your rate of acceleration, and on the highway, keeping your speed below 75 mph, above which he says wind resistance eats into your fuel economy. “Reducing your speed to 65 on the highway can increase fuel economy by as much as 15 to 20 percent,” he says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Check your tire pressure.</strong>&nbsp;Making sure your car’s tires are properly inflated to the pressure indicated on the sticker inside the driver’s door will make it run more efficiently.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Reduce the number of car trips.</strong>&nbsp;If you can avoid traveling by car, either by walking, taking public transportation, or staying home, you’ll save money at the pump. If you do have to drive somewhere, try to bundle errands and appointments so you don’t have to make multiple trips and use more fuel.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.consumerreports.org/saving-money/how-to-save-money-at-the-gas-pump-a8520505361/\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Save Money at the Gas Pump?','','inherit','closed','closed','','2552-revision-v1','','','2022-06-20 17:31:40','2022-06-20 17:31:40','',2552,'http://smartinsurance.tips/?p=2590',0,'revision','',0),(2649,1,'2022-08-12 12:40:25','2022-08-12 12:40:25','<!-- wp:image {\"id\":3468,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-39-1024x536.png\" alt=\"\" class=\"wp-image-3468\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">We love Halloween. What other night can you dress like a hot dog and eat all your favorite childhood sweets without having someone judge you? The problem is that we may love it a little&nbsp;<em>too&nbsp;</em>much.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">According to a the National Retail Federation, Americans plan to spend somewhere in the neighborhood of $10.14&nbsp;billion—that’s “billion” with a “b”—on Halloween this year.<sup>&nbsp;</sup>That means the average American will drop about $102&nbsp;on the holiday.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re tight on cash, that amount might sound scary. But the good news is: It doesn’t have to be. You don’t have to spend a zombie arm and a leg to have a memorable time. Try these seven tricks to&nbsp;stick like Laffy Taffy to your Halloween budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"wp-block-heading has-black-color has-text-color has-extra-large-font-size\"><strong>1. Costumes</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The best part of Halloween (other than candy) is the costumes, hands down—from adorable babies dressed as koalas to the entire family decked out as the Addams Family. Costumes are all fun and games . . . until you realize what a money suck they are. Instead of buying a $40 Ninja Turtles costume for each of your four boys or sewing some rough-looking versions from scratch, turn hunting for your costume into a family game.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here’s how it works: Head to the consignment shop or thrift store with your brood and&nbsp;give each child an envelope with five or 10 bucks inside<strong>.</strong>&nbsp;Split into teams to pick out a costume or find materials to make a custom creation. When time’s up and purchases are made, head home and have the kids dig into their closets for the rest of their getups. There’s nothing like a happy homemade Halloween!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Don’t forget, just like kids grow out of clothes, they also grow out of their Halloween costumes. Check with your friends and neighbors to see if they’ll let you borrow a costume this year. Don’t drop big money for a brand-new Hulk outfit when little Timmy down the street has one your kid can wear for the night.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"wp-block-heading has-black-color has-text-color has-extra-large-font-size\"><strong>2. Decorations</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For some people, Halloween is a&nbsp;<em>really</em>&nbsp;big deal (you know who you are). And for those guys, a single pumpkin on the front stoop just isn’t going to cut it. But if you’re not careful, buying Halloween décor year after year can really take a bite out of your budget. Pro tip: If you need your buck to stretch further, hit up your local&nbsp;dollar store&nbsp;for decorations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">And if you really do go all out for Halloween, start saving and reusing your decorations. Since Halloween is almost as big of a deal as Christmas at your house, then prep for it the same way. Instead of trashing your decorations at the end of the season, start collecting items to reuse each year. Store all your ghouls and goblins in a reusable tub once the season is over. Now figuring out where to keep the giant headless horseman—that’s on you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"wp-block-heading has-black-color has-text-color has-extra-large-font-size\"><strong>3. Candy</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Just because you live in a neighborhood that gets carloads of kids every year doesn’t mean you have to buy barrels of candy. It’s no secret that candy is pricey stuff. If you already know you’ll be visited by 50–100 princesses and superheroes, skip the gourmet chocolate bars and&nbsp;grab a bulk bag of assorted candy instead. Be on the lookout for coupons and any two-for-one deals, but don’t feel like you have to get the brand-name stuff either. Just buy what you can afford (even if that’s knock-offs of Dum Dums and Smarties).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">And when the candy is gone, it’s gone. You know those kids are getting&nbsp;<em>a lot</em>&nbsp;of sugar, so you’re not really cheating the latecomers. They’ll be fine, really. Early birds get the gummy worms! Oh, and once you run out of candy, turn the lights off. There’s no need to get egged!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">One last tip when it comes to candy—keep track of how many trick-or-treaters actually visit your house so you can plan for next year. There’s no need to overbuy and get stuck eating all the leftovers (unless that’s what you were hoping for).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"wp-block-heading has-black-color has-text-color has-extra-large-font-size\"><strong>4. Pumpkins</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For something that turns into a pile of moldy mush a few weeks after you buy it, a pumpkin sure costs a pretty penny. And it’s kind of like potato chips: You can’t have just one. Oh, no. Because of Instagram and Pinterest, we now think we need no less than a variety of twenty pumpkins spread across our porches, decks and tables.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Don’t get us wrong—pumpkins are fun. But it’s way too easy to overspend on these soon-to-be rotting gourds. So, what’s a pumpkin lover to do? Easy. Give yourself a pumpkin budget. We’re serious. Let the kids each pick one or cap yourself at $15—whatever you need to do to keep the spending in check.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Going to the pumpkin patch is a blast, but don’t buy your pumpkins there if you’re looking to save some money. Instead, just go get pumpkins from the grocery store and be on the lookout for two-for-one deals that pop up. Because when it all boils down to it, a pumpkin is a pumpkin.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"wp-block-heading has-black-color has-text-color has-extra-large-font-size\"><strong>5. Greeting Cards</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Wait. Does anyone really send out Halloween greeting cards? When was the last time&nbsp;<em>you&nbsp;</em>got a “Have a Batty Halloween” card in your mailbox? Nearly 45% of those surveyed by NRF this year said they planned on buying Halloween greeting cards, so there—somebody’s doing it.<a href=\"https://nrf.com/topics/holiday-and-seasonal-trends/halloween/halloween-data-center\" target=\"_blank\" rel=\"noreferrer noopener\"><sup>2</sup></a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It goes without saying that you can make a boo-tiful greeting card without having to drop $6 on a glitter-bomb skeleton card for your favorite niece. Use some cardstock and get creative by drawing all kinds of spooky characters. Don’t forget to tape on a little something sweet too! If you have your heart set on a store-bought card, stroll the aisle looking for the two-for-a-dollar kind. But remember, you don’t&nbsp;<em>have&nbsp;</em>to send a card either.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"wp-block-heading has-black-color has-text-color has-extra-large-font-size\"><strong>6. Fall Activities</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are heaps of harvest and Halloween festivals this time of year—and they’re usually free!&nbsp;Plus, there are plenty of other budget-friendly activities sure to please everyone in the family. Spend the day walking around a farm or enjoying a hayride. Take a drive out of town to look at the changing colors of the leaves. Go apple picking or enjoy a fall festival. Take advantage of what’s already going on in your church or community, and budget a little extra for any special food or rides. Festive fall food can really add up if you’re not careful, so save some cash by packing a picnic and a comfy quilt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"wp-block-heading has-black-color has-text-color has-extra-large-font-size\"><strong>7. Family Traditions</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Carve out a weekend or two for some quality time together this fall—you don’t even have to leave your house! If you’re tired of carving pumpkins or dressing up, why not start some new, budget-friendly traditions?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">How about a fall-themed cooking day?&nbsp;Try caramel apples, pumpkin pie and jack-o’-lantern pizzas (use the pepperonis and veggies to make the face). Or have everyone vote for their favorite fall movies, then hunker down on the couch to get cozy and eat all those tasty treats you cooked up. And if you’d rather be outside enjoying the leaves, head over to the park for a scavenger hunt and enjoy the scenery while you search.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.ramseysolutions.com/budgeting/5-money-saving-tricks-for-happier-halloween\">click here.</a></p>\n<!-- /wp:paragraph -->','Have a Happy Halloween Without Scaring Your Budget','','publish','closed','closed','','have-a-happy-halloween-without-scaring-your-budget','','','2023-09-26 23:46:49','2023-09-26 23:46:49','',0,'http://smartinsurance.tips/?p=2649',0,'post','',0),(2593,1,'2022-07-18 03:24:52','2022-07-18 03:24:52','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This simple rule can help you decide whether to refinance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2594,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/07/Money-1.png\" alt=\"\" class=\"wp-image-2594\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Homeowners are often encouraged to refinance their mortgages when interest rates are low. In fact, many mortgage-based commercials recommend refinancing to save money by taking advantage of historically low rates. The rule of thumb is that it’s best to refinance when interest rates are at least 1% lower than your current rate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\">But that’s not the only factor you should consider. We’ll cover the pros and cons of the 1% rule of thumb for refinancing, provide several examples, and explain another mortgage rule of thumb to help you weigh your 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\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>Key Takeaways</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>The 1% rule of thumb for refinancing is only a general guideline.</li><li>The greater the rate decrease, the greater the potential savings. </li><li>Refinancing when the rate difference is less than 1% can sometimes be a good option.</li><li>Interest rates aren’t the only reason to refinance.</li><li>The break-even point is as important as the rate.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-8\">How Does the Refinancing Rule of Thumb Work?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">The 1% refinancing rule of thumb says that you should consider refinancing your home when you can get an interest rate that is at least one percentage point lower than your current rate. The lower the new rate, the better.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-13\">“If you have a $500,000 loan amount, the monthly savings with a [1 percentage point] decrease in rate is about $280 a month, or $3,360 a year,” Melissa Cohn, executive mortgage banker at William Raveis Mortgage, told The Balance by email.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-15\">Why the 1% Rule for Refinancing Generally Works</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Using 1% as a rule of thumb for deciding when to refinance makes sense because you could save several thousand dollars each year. To continue with the example above, “If you have a conforming loan, assuming closing costs are around $6,000, then it [will take] just under two years to break even and truly take advantage of the savings with the refinancing,” Cohn said.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> When interest rates drop even a tiny bit, some homeowners get excited about the potential to refinance. But your savings won\'t be as substantial if the rate is less than one percentage point below your current rate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">Let’s say you’re thinking about refinancing a $200,000 loan that’s currently at 6.0% with a monthly payment of $1,199. Here’s what you’d save based on refinancing to rates that are 0.5 and 1 percentage points lower.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><thead><tr><th></th><th>Refinance to 5.5%</th><th>Refinance to 5%</th></tr></thead><tbody><tr><td>Monthly payment</td><td>$1,136</td><td>$1,074</td></tr><tr><td>Monthly savings (pre-tax)</td><td>$63</td><td>$125</td></tr><tr><td>Annual savings (pre-tax)</td><td>$756</td><td>$1,500</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But those savings won’t all end up in your pocket. You’d have to subtract refinancing fees, closing costs, and prepayment penalties. Closing costs average about $5,000, according to Freddie Mac. The potential savings of refinancing at a rate less than one percentage point under your current rate might not be worth it when you factor in these costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-30\">Other Factors to Consider</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">The 1% rule of thumb doesn’t consider every aspect of a mortgage. It can be worth refinancing a jumbo loan even if the new rate is less than one percentage point under your current rate, said Cohn. Jumbo loans, or non-conforming loans, were loans over $548,250 in 2021, increasing to $647,200 in 2022, and refinancing a larger loan after a 0.5% rate drop could save you a significant amount of money.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-35\">Other reasons to refinance may not result in immediate savings. “If you have an adjustable rate, you may want to refinance to a fixed rate to benefit from locking the rate in permanently,” suggested Cohn. Otherwise, the amount you pay each month will increase or decrease along with the current interest rate, and some mortgages even have a limit on how low your interest rate can go.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-38\">Cohn also noted that some people choose to refinance to a shorter term so they can pay the mortgage off faster. You might refinance from a 30-year to a 15-year mortgage. “Refinancing can also work if you have a HELOC (home equity line of credit) and want to consolidate the first and second [loans] into a new first mortgage,” she explained.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-41\">When it comes to deciding whether to refinance, Cohn said, “It’s really a question of how long you think you\'ll remain in your home and how long will it take to actually benefit from the refinancing.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-43\">1% Refinancing Rule vs. Break-Even Point Rule</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-45\">The 1% refinancing rule of thumb is a good guide, but you should weigh it against the break-even point rule of thumb. “This rule of thumb is based on how long it will take you to break even on the refinancing, based upon the closing costs and savings,” Cohn explained. It’s the point at which you’ll actually start saving money after paying off your refinancing fees. That’s why you should consider how long you plan to stay in the home as part of your refinancing decision.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-48\">Let’s go back to our example above about refinancing a $200,000 mortgage from 6% to 5%. You’d save $125 a month, which works out to $90 after taxes. But let’s say the fees and closing costs for your new mortgage amount to $2,500. It would take you 28 months to break even if you divide your costs ($2,500) by the monthly savings ($91). It may not be worth it to refinance your mortgage if you don\'t plan on staying in the house that long.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/when-should-you-refinance-your-mortgage-5176297\">click here.</a></p>\n<!-- /wp:paragraph -->','Rule of Thumb: When Should You Refinance Your Mortgage?','','publish','closed','closed','','rule-of-thumb-when-should-you-refinance-your-mortgage','','','2022-07-18 03:24:52','2022-07-18 03:24:52','',0,'http://smartinsurance.tips/?p=2593',0,'post','',0),(2594,1,'2022-07-18 03:17:05','2022-07-18 03:17:05','','Money-1','','inherit','closed','closed','','money-1-5','','','2022-07-18 03:17:05','2022-07-18 03:17:05','',2593,'http://smartinsurance.tips/wp-content/uploads/2022/07/Money-1.png',0,'attachment','image/png',0),(2595,1,'2022-07-18 03:24:52','2022-07-18 03:24:52','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This simple rule can help you decide whether to refinance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2594,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/07/Money-1.png\" alt=\"\" class=\"wp-image-2594\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Homeowners are often encouraged to refinance their mortgages when interest rates are low. In fact, many mortgage-based commercials recommend refinancing to save money by taking advantage of historically low rates. The rule of thumb is that it’s best to refinance when interest rates are at least 1% lower than your current rate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\">But that’s not the only factor you should consider. We’ll cover the pros and cons of the 1% rule of thumb for refinancing, provide several examples, and explain another mortgage rule of thumb to help you weigh your 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\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>Key Takeaways</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>The 1% rule of thumb for refinancing is only a general guideline.</li><li>The greater the rate decrease, the greater the potential savings. </li><li>Refinancing when the rate difference is less than 1% can sometimes be a good option.</li><li>Interest rates aren’t the only reason to refinance.</li><li>The break-even point is as important as the rate.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-8\">How Does the Refinancing Rule of Thumb Work?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">The 1% refinancing rule of thumb says that you should consider refinancing your home when you can get an interest rate that is at least one percentage point lower than your current rate. The lower the new rate, the better.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-13\">“If you have a $500,000 loan amount, the monthly savings with a [1 percentage point] decrease in rate is about $280 a month, or $3,360 a year,” Melissa Cohn, executive mortgage banker at William Raveis Mortgage, told The Balance by email.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-15\">Why the 1% Rule for Refinancing Generally Works</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Using 1% as a rule of thumb for deciding when to refinance makes sense because you could save several thousand dollars each year. To continue with the example above, “If you have a conforming loan, assuming closing costs are around $6,000, then it [will take] just under two years to break even and truly take advantage of the savings with the refinancing,” Cohn said.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> When interest rates drop even a tiny bit, some homeowners get excited about the potential to refinance. But your savings won\'t be as substantial if the rate is less than one percentage point below your current rate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">Let’s say you’re thinking about refinancing a $200,000 loan that’s currently at 6.0% with a monthly payment of $1,199. Here’s what you’d save based on refinancing to rates that are 0.5 and 1 percentage points lower.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><thead><tr><th></th><th>Refinance to 5.5%</th><th>Refinance to 5%</th></tr></thead><tbody><tr><td>Monthly payment</td><td>$1,136</td><td>$1,074</td></tr><tr><td>Monthly savings (pre-tax)</td><td>$63</td><td>$125</td></tr><tr><td>Annual savings (pre-tax)</td><td>$756</td><td>$1,500</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But those savings won’t all end up in your pocket. You’d have to subtract refinancing fees, closing costs, and prepayment penalties. Closing costs average about $5,000, according to Freddie Mac. The potential savings of refinancing at a rate less than one percentage point under your current rate might not be worth it when you factor in these costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-30\">Other Factors to Consider</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">The 1% rule of thumb doesn’t consider every aspect of a mortgage. It can be worth refinancing a jumbo loan even if the new rate is less than one percentage point under your current rate, said Cohn. Jumbo loans, or non-conforming loans, were loans over $548,250 in 2021, increasing to $647,200 in 2022, and refinancing a larger loan after a 0.5% rate drop could save you a significant amount of money.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-35\">Other reasons to refinance may not result in immediate savings. “If you have an adjustable rate, you may want to refinance to a fixed rate to benefit from locking the rate in permanently,” suggested Cohn. Otherwise, the amount you pay each month will increase or decrease along with the current interest rate, and some mortgages even have a limit on how low your interest rate can go.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-38\">Cohn also noted that some people choose to refinance to a shorter term so they can pay the mortgage off faster. You might refinance from a 30-year to a 15-year mortgage. “Refinancing can also work if you have a HELOC (home equity line of credit) and want to consolidate the first and second [loans] into a new first mortgage,” she explained.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-41\">When it comes to deciding whether to refinance, Cohn said, “It’s really a question of how long you think you\'ll remain in your home and how long will it take to actually benefit from the refinancing.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-43\">1% Refinancing Rule vs. Break-Even Point Rule</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-45\">The 1% refinancing rule of thumb is a good guide, but you should weigh it against the break-even point rule of thumb. “This rule of thumb is based on how long it will take you to break even on the refinancing, based upon the closing costs and savings,” Cohn explained. It’s the point at which you’ll actually start saving money after paying off your refinancing fees. That’s why you should consider how long you plan to stay in the home as part of your refinancing decision.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-48\">Let’s go back to our example above about refinancing a $200,000 mortgage from 6% to 5%. You’d save $125 a month, which works out to $90 after taxes. But let’s say the fees and closing costs for your new mortgage amount to $2,500. It would take you 28 months to break even if you divide your costs ($2,500) by the monthly savings ($91). It may not be worth it to refinance your mortgage if you don\'t plan on staying in the house that long.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/when-should-you-refinance-your-mortgage-5176297\">click here.</a></p>\n<!-- /wp:paragraph -->','Rule of Thumb: When Should You Refinance Your Mortgage?','','inherit','closed','closed','','2593-revision-v1','','','2022-07-18 03:24:52','2022-07-18 03:24:52','',2593,'http://smartinsurance.tips/?p=2595',0,'revision','',0),(2596,1,'2022-07-18 03:42:43','2022-07-18 03:42:43','<!-- wp:image {\"id\":2597,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/07/Money-2.png\" alt=\"\" class=\"wp-image-2597\"/></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\">How often have you logged on to your bank account only to find less money available than you anticipated? You\'re not alone. Digital payment methods like direct deposit, debit cards, credit cards, electronic money transfers, and virtual wallet apps (think ApplePay and GooglePay) have distanced us from our money. Digital transactions make it easy to spend a few dollars here and there without thinking about how those purchases add up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Creating a plan to manage your money is the best way to finally take control of your finances and eliminate mindless spending and overspending. Whether you\'re new to budgeting or simply hoping to develop healthy spending habits, I\'ll walk you through how to budget and everything you should do to gain control of your personal finances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"get-your-budget-under-control-in-3-easy-steps\">Get your budget under control in 3 easy steps</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Managing your money doesn\'t have to be complicated. In fact, this process can be as simple or detailed as you\'d like. While some people prefer to check in on their accounts weekly, others might want to monitor every transaction. Whatever your preferred approach, follow these three steps to get started on your way to success.</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=\"step-1-figure-out-your-net-income\"><strong>Step 1: Figure out your net income</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Before analyzing your bank account or seeking out popular budgeting techniques, you first need to understand how much money you have coming in. I recommend calculating your net monthly income (monthly income after taxes) rather than your yearly income. Here\'s a quick cheat sheet to help you calculate the correct figures depending on when you get paid.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Paid twice a month.</strong>&nbsp;Simply add up the two paycheck amounts (post-tax) you receive during the month to calculate your net income.</li><li><strong>Paid every other week.</strong>&nbsp;Multiply your paycheck amount (post-tax) by two to get your net income. Keep in mind, you\'ll be paid three times in one month twice a year. Figure out which months this will happen in and multiply your paycheck amount these months by three instead of two.</li><li><strong>Paid weekly.</strong>&nbsp;Multiply your paycheck amount (post-tax) by four.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Keep in mind, some months will have five weeks in them, during which you\'ll be paid five times. Figure out which months this will happen in and multiply your paycheck amount for these months by five instead of four.</p>\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 self-employed or own your own business, your income will likely fluctuate. If possible, calculate the average you were paid per month over the past year or few months. Make sure you account for taxes and remove them from this figure.</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=\"step-2-determine-your-monthly-expenses\"><strong>Step 2: Determine your monthly expenses</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Next, you\'ll want to figure out how much you need to pay in bills and other fixed expenses each month and add them up. You\'ll want to include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Rent or mortgage payment</li><li>Utilities</li><li>Cell phone and internet bills</li><li>Insurance</li><li>Medical bills</li><li>Student loans</li><li>Other loans</li><li>Credit card payments (minimums)</li><li>Groceries</li><li>Gas/transportation costs</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This will give you a baseline for what you should see coming out of your bank account each month. For instance, if you make $3,000 a month after taxes and have $1,500 in monthly expenses, you should still have $1,500 left over to spend on non-essential items and move into savings.</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=\"step-3-track-your-spending\"><strong>Step 3: Track your spending</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Most people find they\'re spending much more than what their living expenses actually cost. The only way to get to the bottom of your spending habits is by reviewing your transactions. You can do this manually by reviewing bank statements or by exporting your bank activity to a spreadsheet.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Want to make this step even easier? I recommend using a budgeting app to help, like Mint or You Need a Budget (YNB). These apps will not only track your spending but help categorize your transactions into categories, so you can quickly see where your money is going. You can even set your budget up overall or by category so you get notified when you\'re close to going over it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Having an alert sent to your phone is a great way to stop you from ordering GrubHub again when you know you have plenty of food in your kitchen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Not interested in tracking digitally? No problem. Save your receipts from all purchases and track everything you spend the old-fashioned way to balance your checkbook.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"types-of-budgets-you-can-follow-to-get-your-spending-under-control\">Types of budgets you can follow to get your spending under control</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Now that you know the basics for balancing your budget, you may want to jump into a more strict or comprehensive budgeting method. There are many popular budgeting options to try, and I\'ll run you through a few of the most popular below.</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=\"the-503020-budgeting-strategy\"><strong>The 50/30/20 budgeting strategy</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This popular budget developed by Elizabeth Warren and her daughter is a flexible method ideal for beginners or more hands-off budgeters. The way this method works is pretty straightforward — 50% of your post-tax income should go to essential expenses, 30% to non-essential spending, and 20% to savings. It\'s an easy way to begin to build up an emergency fund or additional savings account while practicing good money habits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Keep in mind, your essential spending should not include subscriptions, memberships, dining out expenses, or anything else that\'s optional. This will fall in your 30% spending bucket. You can also be flexible with the categories and save 30% and only spend 20% on non-essentials.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, if you make $3,000 a month after taxes, you should be spending around $1,500 a month on essential expenses, $$900 a month on non-essential purchases, and $600 a month should go into savings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You might find you\'re spending less on expenses, which means you can move that excess into your savings account. If your essential spending is over half of your take-home income, see if you can find ways to decrease your expenses by negotiating bills, finding a more affordable place to live, or switching providers. If you can\'t reduce your expenses right now, adjust the other two categories as needed, but strive towards lowering your costs down the line.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An easy way to ensure you save money while using this method is by automatically transferring savings from your checking account to a savings account each time you get paid.</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=\"zero-based-budget\"><strong>Zero-based budget</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The next budget you could consider is the zero-based budgeting method. This strategy requires you to assign all of your money to a category. The exact categories can range depending on your needs, but the goal is to zero out your income vs. expenses at the end of the month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If your monthly take-home salary is $3,000, here\'s an example of what a zero-based budget might look like.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><thead><tr><th>Category</th><th>Cost</th></tr></thead><tbody><tr><td>Rent</td><td>$800</td></tr><tr><td>Utilities (gas, electric, and water)</td><td>$240</td></tr><tr><td>Groceries</td><td>$400</td></tr><tr><td>Gas</td><td>$100</td></tr><tr><td>Insurance</td><td>$80</td></tr><tr><td>Credit Card Debt</td><td>$120</td></tr><tr><td>Takeout</td><td>$200</td></tr><tr><td>Clothing</td><td>$150</td></tr><tr><td>Student loans</td><td>$200</td></tr><tr><td>Streaming apps</td><td>$50</td></tr><tr><td>Internet</td><td>$60</td></tr><tr><td>Emergency fund</td><td>$400</td></tr><tr><td>Retirement savings</td><td>$200</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">I love this method because it gives you a comprehensive view of where your money is going and can help you make smarter money decisions and reduce non-essential expenses with clarity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On the downside, while this budgeting method is easy to start, it can be extremely time-consuming to maintain, particularly when you have variable expenses that weren\'t accounted for. Some people enjoy knowing where every dollar is going, while others might be overwhelmed by the amount of tracking this method requires. If you\'re highly detail-oriented, you\'ll probably enjoy this method.</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=\"separate-bank-accounts\"><strong>Separate bank accounts</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While not entirely a budgeting method, this strategy allows you better transparency and insight into your spending habits. With this method, you\'ll open separate bank accounts to match your spending and savings categories. You\'ll have a primary bank account that money comes into, and then you\'ll transfer money out to your separate savings and checking accounts.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For instance, you\'ll open a separate bank account for paying monthly bills, where you\'ll transfer a set amount of money each time you get paid. I recommend having this amount auto-transferred from your checking account, if possible. I also suggest keeping a small cushion, just in case your gas bill, for instance, is a bit higher one month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Next, you can set up savings (emergency fund, short-term, long-term, goal-oriented, or retirement savings) and even savings accounts to help fund any investments you\'re interested in.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">After that, you can set up one account for discretionary spending or multiple, depending on your spending categories and habits. This allows you access to one account for non-essential purchases, making it easier to ensure your bills and debts are paid on time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You could efficiently utilize the 50/30/20 or zero-based budgeting methods along with this strategy.</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=\"envelope-method\"><strong>Envelope method</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The last popular budgeting method I\'ll run you through is the envelope method. This budgeting strategy gained popularity in the past decade and has helped many curb their spending and take better control of their finances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The envelope method was initially developed by Dave Ramsey and is a cash-only form of budgeting (with some flexibility that I\'ll touch on later). The premise is similar to the zero-based budget but with physical money.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">To start, you\'ll divide your expenses (and savings goals) into categories that you\'ll divide using separate envelopes (color-coded works best). You can separate by bill type and even keep an envelope for spending money (for non-essential purchases). The goal is only to pay these expenses using the money you\'ve placed inside the envelopes. If you run out of money, you\'re not supposed to pull from any other envelope — you should wait until you\'re paid again to replenish the envelope.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This works well for anyone who finds it easy to spend money digitally and harder to part with cash. It\'s also a great way to see where your money is going visually.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On the downside, putting your savings in a physical envelope prevents you from taking advantage of savings account interest rates that allow you to grow your money. I recommend following this method with a few tweaks, including automatically pulling cash into a high-yield savings account. Like the no-spend method, this budgeting option also doesn\'t allow room for one-off or unexpected expenses, which can become an issue. Likewise, if a bill is higher one month, I\'d advocate pulling from your non-essential spending envelope or savings to avoid a late fee.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The other glaring downside to this strategy, particularly during the pandemic, is that cash is not always accepted everywhere. With many of us quarantining and working from home, this isn\'t the most convenient or realistic budgeting method.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"budgeting-apps-to-help-you-stay-on-track\">Budgeting apps to help you stay on track</h2>\n<!-- /wp:heading -->\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=\"mint-best-overall\"><strong>Mint - best overall</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This budgeting app has been around for nearly fifteen years and is an entirely free way to help you manage your money. Mint connects to all of your banking accounts and tracks your purchases. You can set up a budget within the app or even budgets per category, and Mint will notify you if you\'re close to going over budget. You\'ll also receive payment due date reminders and be able to track all of your expenses in one dashboard. I also love that Mint offers free credit monitoring services so you can keep an eye on your credit progression.</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=\"you-need-a-budget-best-for-zero-based-budgeting\"><strong>You Need a Budget - best for zero-based budgeting</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Another top app to consider is You Need a Budget or YNAB. This tool is a great digital platform for anyone interested in zero-based budgeting. This paid platform allows you to connect to your bank accounts, set up financial goals, create customized categories, and add money to savings automatically. I also love that YNAB offers financial literacy resources, including access to free workshops and budgeting guides.</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=\"pocketguard-best-for-overspenders\"><strong>PocketGuard - best for overspenders</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If overspending is your main hurdle, you might want to look into PocketGuard. This app has a free and paid version — if you typically have a high number of transactions per month, I\'d recommend the paid version (a one-time payment of $34.99). The free version requires you to track transactions manually, while the paid will integrate with your bank account. This app allows you to set an overall spending limit or spending limits per category or \"pockets.\" Once you\'ve established these categories, it will automatically calculate a budget on your behalf and allow you to track your progress throughout the month easily.</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=\"mvelopes-best-for-envelope-system-fans\"><strong>mvelopes - best for envelope system fans</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you love the envelope system but need to transition back into making transactions digitally, Mvelopes might feel the most familiar to you. This e-envelope system allows you to set specific limits on your digital envelopes so you can manage your money the same way you would using the cash-only method. This app is free to try for over a month, then offers monthly plans between $5.97 and $19.97.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"pros-and-cons-of-budgeting\">Pros and cons of budgeting</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"> <strong>Pros</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Insight into where your money is going.</strong> Gaining control of your wallet starts with identifying where you’re spending your money. Budgeting can help you take control of your bank account and increase your awareness of your spending habits.</li><li><strong>Ability to maintain savings</strong>. I love that most of the popular budgeting methods focus on building a savings account, no matter how little you can afford to add to it. Whether it’s 20% of your paycheck or $10 here and there, budgeting will teach you to grow your savings accounts.</li><li><strong>Visual progress.</strong> When budgeting and managing your finances, you’re able to see how much you’ve grown as the master of your own finances. Whether it’s paying down that credit card that’s been looming over your shoulder for years or growing an emergency fund for the first time in your life, developing financial health allows you to easily chart and witness your progress.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"> <strong>Cons</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Time investment.</strong> On the downside, budgeting does require time in order to figure out your net income, determine how much you should be spending on different categories, and tracking your progress. While there are some methods that require a lot less time than others, you’ll still need to spend time in order to see healthy financial development.</li><li><strong>Might encourage overspending.</strong> Although budgeting strategies are designed to stop spending more than is necessary, in some cases they can backfire. Take the 50/30/20 method, for example. If you find you are only spending 15% of your paycheck on discretionary purchases, that might encourage you to spend another 15% on items or services you don’t need, in order to fit this plan’s profile. The same thing can happen with extra money when using zero-based budgeting or the envelope method.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"the-bottom-line\">The bottom line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Budgeting is essential if you hope to take control of your finances this year. Although budgeting can feel complicated and cumbersome, the good news is, there are many budgeting approaches to choose from. The 50/30/20 method offers great flexibility and little oversight, while the zero-spend method grants you better insight into your finances if you\'re willing to put the effort in. I also recommend keeping it simple and just paying attention to your expenses out and money coming in if you\'re not ready to commit to a budgeting method.</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://joywallet.com/article/how-to-budget/\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Budget - Easy Ways to Get Your Finances Under Control','','publish','closed','closed','','how-to-budget-easy-ways-to-get-your-finances-under-control','','','2022-07-18 03:42:43','2022-07-18 03:42:43','',0,'http://smartinsurance.tips/?p=2596',0,'post','',0),(2597,1,'2022-07-18 03:27:06','2022-07-18 03:27:06','','Money-2','','inherit','closed','closed','','money-2-5','','','2022-07-18 03:27:06','2022-07-18 03:27:06','',2596,'http://smartinsurance.tips/wp-content/uploads/2022/07/Money-2.png',0,'attachment','image/png',0),(2598,1,'2022-07-18 03:42:43','2022-07-18 03:42:43','<!-- wp:image {\"id\":2597,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/07/Money-2.png\" alt=\"\" class=\"wp-image-2597\"/></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\">How often have you logged on to your bank account only to find less money available than you anticipated? You\'re not alone. Digital payment methods like direct deposit, debit cards, credit cards, electronic money transfers, and virtual wallet apps (think ApplePay and GooglePay) have distanced us from our money. Digital transactions make it easy to spend a few dollars here and there without thinking about how those purchases add up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Creating a plan to manage your money is the best way to finally take control of your finances and eliminate mindless spending and overspending. Whether you\'re new to budgeting or simply hoping to develop healthy spending habits, I\'ll walk you through how to budget and everything you should do to gain control of your personal finances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"get-your-budget-under-control-in-3-easy-steps\">Get your budget under control in 3 easy steps</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Managing your money doesn\'t have to be complicated. In fact, this process can be as simple or detailed as you\'d like. While some people prefer to check in on their accounts weekly, others might want to monitor every transaction. Whatever your preferred approach, follow these three steps to get started on your way to success.</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=\"step-1-figure-out-your-net-income\"><strong>Step 1: Figure out your net income</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Before analyzing your bank account or seeking out popular budgeting techniques, you first need to understand how much money you have coming in. I recommend calculating your net monthly income (monthly income after taxes) rather than your yearly income. Here\'s a quick cheat sheet to help you calculate the correct figures depending on when you get paid.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Paid twice a month.</strong>&nbsp;Simply add up the two paycheck amounts (post-tax) you receive during the month to calculate your net income.</li><li><strong>Paid every other week.</strong>&nbsp;Multiply your paycheck amount (post-tax) by two to get your net income. Keep in mind, you\'ll be paid three times in one month twice a year. Figure out which months this will happen in and multiply your paycheck amount these months by three instead of two.</li><li><strong>Paid weekly.</strong>&nbsp;Multiply your paycheck amount (post-tax) by four.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Keep in mind, some months will have five weeks in them, during which you\'ll be paid five times. Figure out which months this will happen in and multiply your paycheck amount for these months by five instead of four.</p>\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 self-employed or own your own business, your income will likely fluctuate. If possible, calculate the average you were paid per month over the past year or few months. Make sure you account for taxes and remove them from this figure.</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=\"step-2-determine-your-monthly-expenses\"><strong>Step 2: Determine your monthly expenses</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Next, you\'ll want to figure out how much you need to pay in bills and other fixed expenses each month and add them up. You\'ll want to include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Rent or mortgage payment</li><li>Utilities</li><li>Cell phone and internet bills</li><li>Insurance</li><li>Medical bills</li><li>Student loans</li><li>Other loans</li><li>Credit card payments (minimums)</li><li>Groceries</li><li>Gas/transportation costs</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This will give you a baseline for what you should see coming out of your bank account each month. For instance, if you make $3,000 a month after taxes and have $1,500 in monthly expenses, you should still have $1,500 left over to spend on non-essential items and move into savings.</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=\"step-3-track-your-spending\"><strong>Step 3: Track your spending</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Most people find they\'re spending much more than what their living expenses actually cost. The only way to get to the bottom of your spending habits is by reviewing your transactions. You can do this manually by reviewing bank statements or by exporting your bank activity to a spreadsheet.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Want to make this step even easier? I recommend using a budgeting app to help, like Mint or You Need a Budget (YNB). These apps will not only track your spending but help categorize your transactions into categories, so you can quickly see where your money is going. You can even set your budget up overall or by category so you get notified when you\'re close to going over it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Having an alert sent to your phone is a great way to stop you from ordering GrubHub again when you know you have plenty of food in your kitchen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Not interested in tracking digitally? No problem. Save your receipts from all purchases and track everything you spend the old-fashioned way to balance your checkbook.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"types-of-budgets-you-can-follow-to-get-your-spending-under-control\">Types of budgets you can follow to get your spending under control</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Now that you know the basics for balancing your budget, you may want to jump into a more strict or comprehensive budgeting method. There are many popular budgeting options to try, and I\'ll run you through a few of the most popular below.</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=\"the-503020-budgeting-strategy\"><strong>The 50/30/20 budgeting strategy</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This popular budget developed by Elizabeth Warren and her daughter is a flexible method ideal for beginners or more hands-off budgeters. The way this method works is pretty straightforward — 50% of your post-tax income should go to essential expenses, 30% to non-essential spending, and 20% to savings. It\'s an easy way to begin to build up an emergency fund or additional savings account while practicing good money habits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Keep in mind, your essential spending should not include subscriptions, memberships, dining out expenses, or anything else that\'s optional. This will fall in your 30% spending bucket. You can also be flexible with the categories and save 30% and only spend 20% on non-essentials.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, if you make $3,000 a month after taxes, you should be spending around $1,500 a month on essential expenses, $$900 a month on non-essential purchases, and $600 a month should go into savings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You might find you\'re spending less on expenses, which means you can move that excess into your savings account. If your essential spending is over half of your take-home income, see if you can find ways to decrease your expenses by negotiating bills, finding a more affordable place to live, or switching providers. If you can\'t reduce your expenses right now, adjust the other two categories as needed, but strive towards lowering your costs down the line.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An easy way to ensure you save money while using this method is by automatically transferring savings from your checking account to a savings account each time you get paid.</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=\"zero-based-budget\"><strong>Zero-based budget</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The next budget you could consider is the zero-based budgeting method. This strategy requires you to assign all of your money to a category. The exact categories can range depending on your needs, but the goal is to zero out your income vs. expenses at the end of the month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If your monthly take-home salary is $3,000, here\'s an example of what a zero-based budget might look like.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><thead><tr><th>Category</th><th>Cost</th></tr></thead><tbody><tr><td>Rent</td><td>$800</td></tr><tr><td>Utilities (gas, electric, and water)</td><td>$240</td></tr><tr><td>Groceries</td><td>$400</td></tr><tr><td>Gas</td><td>$100</td></tr><tr><td>Insurance</td><td>$80</td></tr><tr><td>Credit Card Debt</td><td>$120</td></tr><tr><td>Takeout</td><td>$200</td></tr><tr><td>Clothing</td><td>$150</td></tr><tr><td>Student loans</td><td>$200</td></tr><tr><td>Streaming apps</td><td>$50</td></tr><tr><td>Internet</td><td>$60</td></tr><tr><td>Emergency fund</td><td>$400</td></tr><tr><td>Retirement savings</td><td>$200</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">I love this method because it gives you a comprehensive view of where your money is going and can help you make smarter money decisions and reduce non-essential expenses with clarity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On the downside, while this budgeting method is easy to start, it can be extremely time-consuming to maintain, particularly when you have variable expenses that weren\'t accounted for. Some people enjoy knowing where every dollar is going, while others might be overwhelmed by the amount of tracking this method requires. If you\'re highly detail-oriented, you\'ll probably enjoy this method.</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=\"separate-bank-accounts\"><strong>Separate bank accounts</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While not entirely a budgeting method, this strategy allows you better transparency and insight into your spending habits. With this method, you\'ll open separate bank accounts to match your spending and savings categories. You\'ll have a primary bank account that money comes into, and then you\'ll transfer money out to your separate savings and checking accounts.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For instance, you\'ll open a separate bank account for paying monthly bills, where you\'ll transfer a set amount of money each time you get paid. I recommend having this amount auto-transferred from your checking account, if possible. I also suggest keeping a small cushion, just in case your gas bill, for instance, is a bit higher one month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Next, you can set up savings (emergency fund, short-term, long-term, goal-oriented, or retirement savings) and even savings accounts to help fund any investments you\'re interested in.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">After that, you can set up one account for discretionary spending or multiple, depending on your spending categories and habits. This allows you access to one account for non-essential purchases, making it easier to ensure your bills and debts are paid on time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You could efficiently utilize the 50/30/20 or zero-based budgeting methods along with this strategy.</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=\"envelope-method\"><strong>Envelope method</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The last popular budgeting method I\'ll run you through is the envelope method. This budgeting strategy gained popularity in the past decade and has helped many curb their spending and take better control of their finances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The envelope method was initially developed by Dave Ramsey and is a cash-only form of budgeting (with some flexibility that I\'ll touch on later). The premise is similar to the zero-based budget but with physical money.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">To start, you\'ll divide your expenses (and savings goals) into categories that you\'ll divide using separate envelopes (color-coded works best). You can separate by bill type and even keep an envelope for spending money (for non-essential purchases). The goal is only to pay these expenses using the money you\'ve placed inside the envelopes. If you run out of money, you\'re not supposed to pull from any other envelope — you should wait until you\'re paid again to replenish the envelope.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This works well for anyone who finds it easy to spend money digitally and harder to part with cash. It\'s also a great way to see where your money is going visually.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">On the downside, putting your savings in a physical envelope prevents you from taking advantage of savings account interest rates that allow you to grow your money. I recommend following this method with a few tweaks, including automatically pulling cash into a high-yield savings account. Like the no-spend method, this budgeting option also doesn\'t allow room for one-off or unexpected expenses, which can become an issue. Likewise, if a bill is higher one month, I\'d advocate pulling from your non-essential spending envelope or savings to avoid a late fee.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The other glaring downside to this strategy, particularly during the pandemic, is that cash is not always accepted everywhere. With many of us quarantining and working from home, this isn\'t the most convenient or realistic budgeting method.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"budgeting-apps-to-help-you-stay-on-track\">Budgeting apps to help you stay on track</h2>\n<!-- /wp:heading -->\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=\"mint-best-overall\"><strong>Mint - best overall</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This budgeting app has been around for nearly fifteen years and is an entirely free way to help you manage your money. Mint connects to all of your banking accounts and tracks your purchases. You can set up a budget within the app or even budgets per category, and Mint will notify you if you\'re close to going over budget. You\'ll also receive payment due date reminders and be able to track all of your expenses in one dashboard. I also love that Mint offers free credit monitoring services so you can keep an eye on your credit progression.</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=\"you-need-a-budget-best-for-zero-based-budgeting\"><strong>You Need a Budget - best for zero-based budgeting</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Another top app to consider is You Need a Budget or YNAB. This tool is a great digital platform for anyone interested in zero-based budgeting. This paid platform allows you to connect to your bank accounts, set up financial goals, create customized categories, and add money to savings automatically. I also love that YNAB offers financial literacy resources, including access to free workshops and budgeting guides.</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=\"pocketguard-best-for-overspenders\"><strong>PocketGuard - best for overspenders</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If overspending is your main hurdle, you might want to look into PocketGuard. This app has a free and paid version — if you typically have a high number of transactions per month, I\'d recommend the paid version (a one-time payment of $34.99). The free version requires you to track transactions manually, while the paid will integrate with your bank account. This app allows you to set an overall spending limit or spending limits per category or \"pockets.\" Once you\'ve established these categories, it will automatically calculate a budget on your behalf and allow you to track your progress throughout the month easily.</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=\"mvelopes-best-for-envelope-system-fans\"><strong>mvelopes - best for envelope system fans</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you love the envelope system but need to transition back into making transactions digitally, Mvelopes might feel the most familiar to you. This e-envelope system allows you to set specific limits on your digital envelopes so you can manage your money the same way you would using the cash-only method. This app is free to try for over a month, then offers monthly plans between $5.97 and $19.97.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"pros-and-cons-of-budgeting\">Pros and cons of budgeting</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"> <strong>Pros</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Insight into where your money is going.</strong> Gaining control of your wallet starts with identifying where you’re spending your money. Budgeting can help you take control of your bank account and increase your awareness of your spending habits.</li><li><strong>Ability to maintain savings</strong>. I love that most of the popular budgeting methods focus on building a savings account, no matter how little you can afford to add to it. Whether it’s 20% of your paycheck or $10 here and there, budgeting will teach you to grow your savings accounts.</li><li><strong>Visual progress.</strong> When budgeting and managing your finances, you’re able to see how much you’ve grown as the master of your own finances. Whether it’s paying down that credit card that’s been looming over your shoulder for years or growing an emergency fund for the first time in your life, developing financial health allows you to easily chart and witness your progress.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"> <strong>Cons</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Time investment.</strong> On the downside, budgeting does require time in order to figure out your net income, determine how much you should be spending on different categories, and tracking your progress. While there are some methods that require a lot less time than others, you’ll still need to spend time in order to see healthy financial development.</li><li><strong>Might encourage overspending.</strong> Although budgeting strategies are designed to stop spending more than is necessary, in some cases they can backfire. Take the 50/30/20 method, for example. If you find you are only spending 15% of your paycheck on discretionary purchases, that might encourage you to spend another 15% on items or services you don’t need, in order to fit this plan’s profile. The same thing can happen with extra money when using zero-based budgeting or the envelope method.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"the-bottom-line\">The bottom line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Budgeting is essential if you hope to take control of your finances this year. Although budgeting can feel complicated and cumbersome, the good news is, there are many budgeting approaches to choose from. The 50/30/20 method offers great flexibility and little oversight, while the zero-spend method grants you better insight into your finances if you\'re willing to put the effort in. I also recommend keeping it simple and just paying attention to your expenses out and money coming in if you\'re not ready to commit to a budgeting method.</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://joywallet.com/article/how-to-budget/\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Budget - Easy Ways to Get Your Finances Under Control','','inherit','closed','closed','','2596-revision-v1','','','2022-07-18 03:42:43','2022-07-18 03:42:43','',2596,'http://smartinsurance.tips/?p=2598',0,'revision','',0),(2724,1,'2022-10-12 15:49:56','2022-10-12 15:49:56','<!-- wp:image {\"id\":2725,\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/10/Money-2.png\" alt=\"\" class=\"wp-image-2725\"/></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\">Saving money is not as easy as it sounds, especially when running a business and there are expenses here and there. However, learning to save money as an entrepreneur is one of the essentials to running a business successfully.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You need to save money to grow money. So if you find your business going off track with finances, you should sit back and look for the best ways to save money.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Fortunately, there are different ways to save money as an entrepreneur, build your business and still bring in profits. Here are some money-saving ideas:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Ways to Save Money In Your Business</strong></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>1. Outsource </strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">We’ve all heard this word before. Deciding to take up an office space, employ staff, and pay salaries takes a massive chunk of your funds compared to outsourcing. Sometimes, it’s better financially to outsource and get external people that will do the same job for you like a staff.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>2. Financial planning</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">One way to take control of your finances is by writing down your plans. Make a plan of where you started and how much profit you plan to make and a backup plan. Writing your plans helps you stay accountable and make better financial decisions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>3. Low marketing budget</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Another way to learn how to save in your business is by reducing the amount of money you spend on paid ads, especially when you do not see the results you desire. Go for other forms of advertising with lower costs like social media content creation, blogging, local SEO, email marketing, referrals, etc.<br></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>4. Buy in bulk</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Bulk purchases will save you money on delivery and cost, especially on items that you buy frequently. It also means you might not need to purchase the product for a few more weeks or months, depending on the product.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>5. Cut down some expenses </strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Perks are great and are an important component of company culture. However, some perks might be costing you a lot as a business especially if you are not in a good place revenue-wise. Hence, you need to find a way to reduce the not-so-necessary perks and save the business money.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>6. Seek business advice</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Many successful businesses also struggled at some point, so be sure to leverage their success story. Seek financial advice and ideas from successful people in your field; you can learn something from them. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can save money through other ways like getting a sponsor, especially for events where you can exchange favours with each other, swapping a product or a service, and negotiating with vendors for lower prices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Bottom Line</strong>&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Make a plan of how much you want to save, then start by cutting down huge expenses, opting for fairly new equipment where useful rather than new ones, and adding old-fashioned marketing to the mix such as word of mouth, getting recommendations etc.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can also use free technology to your advantage. There are a lot of free software and applications to organize, plan and make your business operations seamless, hence saving you both money and time. </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://cowrywise.com/blog/save-money-in-business/\">click here.</a></p>\n<!-- /wp:paragraph -->','6 Ways to Save Money in Your Business','','publish','closed','closed','','6-ways-to-save-money-in-your-business','','','2022-10-12 15:49:56','2022-10-12 15:49:56','',0,'http://smartinsurance.tips/?p=2724',0,'post','',0),