(2534,1,'2022-05-02 02:18:23','2022-05-02 02:18:23','<!-- wp:image {\"id\":2533,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-9-1024x536.png\" alt=\"\" class=\"wp-image-2533\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A swimming pool is considered a staple part of summer by many American families. When the sun is beating down upon you, nothing seems more fun or comforting than the poolside, whether you are hosting a barbecue or an evening soiree. According to the U.S. Consumer Product Safety Commission, an average of 390 deaths a year are attributed to swimming pool accidents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Regardless of the type of pool you own, there is a risk of accidents resulting in injuries or damage to your property. Whether you already have a pool on your premises or are considering adding one, you should learn in advance if your home insurance will cover these risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Bankrate Insight</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Not all property insurers will insure a home with a pool.</li><li>The type of pool determines how it’s covered, whether through personal property coverage or other structures coverage.</li><li>Your liability coverage may not be enough to cover pool-related injuries.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Will your homeowners insurance cover damage to your pool?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Whether your homeowners insurance policy will cover your pool largely depends on your property insurance company. Some insurers will not issue a policy if there is a pool on the property. Other insurers may have specific criteria that must be met before your policy goes into effect.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Once you have homeowners coverage secured, liability coverage would extend to your pool, and damage to the pool itself would be protected under a different coverage type on your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If it is an above-ground pool, your insurance company will most likely consider it part of your personal property if there are no permanent structures, like decks, attached to it. This is because, if you wanted, you could take it with you when you move. However, personal property coverage may have both a policy limit and a category limit for your pool. Even though you may have $125,000 in personal property coverage, you may not get the entire amount for your pool if it is damaged or destroyed. Talk with your insurer about any coverage limitations your homeowners policy has toward an above-ground pool.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If the pool is below ground, covered claims will most likely apply under your other structures coverage on your homeowners policy. This coverage is usually set at 10% of your dwelling coverage. However, you may be able to purchase extra coverage to increase your level of protection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Will your homeowners insurance cover pool-related injuries?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pools are what insurance companies call an ‘attractive nuisance’— meaning both children and strangers may be tempted to get in your pool whether they have your permission or not. Even if they are uninvited, and they hurt themselves, you could still be held liable.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If someone were injured while using your pool, generally, the personal liability coverage on your homeowners policy would cover the associated costs. However, it is imperative that you implement safety features to reduce the risk of injuries. Many property insurers will ask if you have a fence around your pool with a locking gate or if you are able to remove the pool’s ladder to help restrict access.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Choosing the right liability coverage is important to protect your financial well-being. Even if your liability coverage extends to pool-related injuries, speak with an insurance agent to understand the right coverage limit for you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do you need a personal umbrella policy?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Getting a personal umbrella policy is not required but is worth considering if you have a swimming pool on your property as it provides you with much more financial protection than a standard homeowners policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An umbrella policy adds additional liability protection beyond your existing homeowners insurance policy and generally applies once your homeowners liability limits have been exhausted.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With an umbrella policy, homeowners typically have $1 million or more in additional liability protection. Should someone die or become seriously injured while using your pool, an umbrella policy would help pay for their funeral or medical costs, as well as any of your legal fees from the incident. These costs could easily exceed even the highest liability limit coverage option on your standard homeowners policy. If you do not have an umbrella policy and your standard homeowners policy is maxed out, any additional costs would have to be paid by you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Are there other pool requirements to consider?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Though your swimming pool will most likely be covered under personal property or other structures, you should consider following these additional steps to reduce the risk of injury or damage to your pool. They will not only protect you, but protect others as well:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ol class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Install a fence around your pool with a lockable gate.</strong><br>Pools are alluring to everyone and a sturdy fence is a great first line of defense to prevent trespassers or young ones from getting hurt. Make sure the gate is lockable to help keep people away from your pool. Many insurers will ask if your gate locks, and some insurers may ask for the height of your fence and require that it is a minimum of 6 feet tall.</li><li><strong>Install an alarm on your gate.</strong><br>Any door that leads to your pool should have an alarm that sounds whenever it is opened. The alarm should be loud enough that you can hear it anywhere in your house and should ring long enough that you clearly notice it. This way you’ll be alerted if someone is near your pool without your permission or knowledge.</li><li><strong>Never swim alone.</strong><br>Perhaps the best thing you can do for both yourself and others is to mandate that no one ever swims alone. Doing this is absolutely essential if you have children, but it is also a great rule for adults. Accidents happen, and you do not want to be alone when they do.</li><li><strong>Get CPR training.</strong><br>CPR takes very little time to learn and you can likely find free classes in your area. No matter how close you are to a rescue squad, CPR training is imperative if you have a swimming pool.</li><li><strong>Keep the area around the pool free of obstacles.</strong><br>Whether you have lounge chairs or toys, everything should be moved back to help protect both you and your guests from falls.</li><li><strong>Remove or raise ladders if possible.</strong><br>If your pool is above ground, consider removing or raising the ladder when your pool is not in use. This will help prevent people from getting into the pool without your permission.</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Frequently asked questions</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>What type of swimming pool requires insurance?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">All swimming pools should be insured to help cover the costs of pool-related injuries or damage to the pool. Both above-ground and built-in pools call for adequate property insurance coverage for financial security.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Where can I purchase insurance for swimming pools?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Many standard homeowners policies have an option to insure your swimming pool as an endorsement to your policy. Accidents and injuries to people that happen at the pool fall under your home insurance’s liability coverage. Damage to an above-ground pool is typically covered by personal property coverage, while an in-ground pool is generally covered under other structures coverage. Consult your insurance agent to understand if your insurer offers homeowners coverage for pool owners and for more information on how to insure your pool.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Is insuring a swimming pool expensive?</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Insuring a swimming pool can increase your homeowners premiums due to the risk they create, but most home insurers offer discounts to help offset the cost of premiums. Consider bundling your auto and homeowners policies with the same insurance company or asking about safety feature discounts like door alarms and dead-bolt locks that may earn you a premium discount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bankrate.com/insurance/homeowners-insurance/pools-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','Does homeowners insurance cover your swimming pool?','','inherit','closed','closed','','2532-revision-v1','','','2022-05-02 02:18:23','2022-05-02 02:18:23','',2532,'http://smartinsurance.tips/?p=2534',0,'revision','',0),(2535,1,'2022-05-02 02:26:22','2022-05-02 02:26:22','<!-- wp:image {\"id\":2536,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-10-1024x536.png\" alt=\"\" class=\"wp-image-2536\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0\">Homeowners insurance and mortgage insurance are both types of insurance that can add to the cost of owning property, and you’re likely to encounter both during the mortgage process. However, that’s where the similarity between them ends.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-2\">Here’s the basic difference.&nbsp;Homeowners insurance&nbsp;protects your home and its contents. Mortgage insurance (also called&nbsp;private mortgage insurance&nbsp;or PMI for short), protects your mortgage lender in case you can’t meet your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Homeowners insurance and mortgage insurance are very different types of insurance.</li><li>Homeowners insurance protects your home, its contents, and you in the case of lawsuits.</li><li>Mortgage insurance, also called PMI, protects your lender (the bank, for instance) in the event that you can’t meet your mortgage payments.</li><li>Most homeowners have homeowners insurance because it can make good financial sense to protect yourself from unexpected costs.&nbsp;</li><li>You will be required to purchase PMI on top of your mortgage if your down payment is less than 20%, or if you take out an FHA mortgage.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-6\">Homeowners Insurance vs. Mortgage Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">Though homeowners insurance and mortgage insurance sound similar, in reality they are very different. Here’s a brief description of each.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-9\">What Is Homeowners Insurance?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Homeowners insurance is a form of&nbsp;property insurance&nbsp;designed to protect your home and its contents from damage caused by unforeseen events. In addition, most homeowners insurance shields you from lawsuits if someone gets hurt on your property. It also insures your home and property from damage- or loss-related expenses. This insurance is best for someone wanting to protect their house and belongings.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-12\" class=\"has-black-color has-text-color has-large-font-size\"><li>A homeowners insurance policy may include coverage for your:</li><li>Home’s structure</li><li>Personal belongings</li><li>Liability in lawsuits for injuries that you, your family members, and pets cause to other people</li><li>Medical expenses if someone is hurt in your home</li><li>Extra living expenses while your home is uninhabitable&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\">There are limits, though. Standard homeowners insurance policies&nbsp;typically exclude damage&nbsp;caused by natural events like floods, mold, earth movements such as earthquakes and landslides, and sewer or drain backups or overflow.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">What Is Mortgage Insurance?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Mortgage insurance (also known as PMI) is very different. This is an insurance policy designed to protect the lender—a bank, for instance—in case you can’t meet your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">With PMI, the homeowner normally pays a percentage of their total mortgage cost each year. Then, if they are unable to make mortgage payments, the insurance company will pay the lender on their behalf. Adding PMI to your monthly bills can raise the cost of owning a house.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Mortgage insurance provides protection for the lender, not the homeowner.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-23\">Key Differences</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\">The key differences between these two types of insurance can be summarized as follows:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>&nbsp;Homeowners Insurance</td><td>Mortgage Insurance</td></tr><tr><td>Covers</td><td>Homeowner directly and mortgage lender indirectly</td><td>Mortgage lender</td></tr><tr><td>Does not cover</td><td>A standard homeowners insurance policy typically excludes coverage for property damage caused by losses such as arson, flooding, sinkholes, mudslides and earthquakes</td><td>&nbsp;Mortgage Lender</td></tr><tr><td>Required for</td><td>A borrower financing their home purchase</td><td>A borrower making a lower down payment, usually less than 20% of the home’s purchase price</td></tr><tr><td>Payment form</td><td>Generally, the policyholder pays the premium directly to the insurance company or to the mortgage company, which then pays the homeowners insurance from the escrow account managed by the lender</td><td>Borrower pays monthly payments and/or a portion of closing costs of a home purchase to the mortgage insurer set by the lender</td></tr><tr><td>Average annual cost</td><td>Average of $1,251 per year</td><td>The cost depends on three factors: the loan amount, your credit score, and your loan-to-value (LTV) ratio. For property worth $250,000, the cost ranges from $1,091 to $1,747 per month</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-28\">Do I Need Homeowners Insurance or Mortgage Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-29\">Which type of insurance you need depends on what kind of mortgage you have, the size of your down payment, and how close you are to paying off your mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-31\">Do I Need Homeowners Insurance?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">Most homeowners have some kind of homeowners insurance. That’s partially because lenders often require them to take out homeowners insurance in order to get a mortgage. Plenty of people have homeowners insurance for its own benefits, however, and continue to pay for it even after their mortgage finishes.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-34\">Homeowners insurance can make good financial sense because of the high replacement cost of homes and costly lawsuits. Monthly premiums can be much less than what you would ever have to pay to rebuild your home or replace all your possessions in the event of a covered disaster, or if you’re sued because a visitor got hurt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-36\">Do I Need Mortgage Insurance?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">The answer depends on your lender.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">Borrowers are normally required to take out mortgage insurance when they supply a&nbsp;down payment of less than 20%&nbsp;of the home’s purchase price. This applies if you are taking out a conventional loan, or if you’re refinancing your home and the equity is less than 20% of its value. For&nbsp;Federal Housing Association&nbsp;(FHA) mortgage loans, a&nbsp;mortgage insurance premium&nbsp;(MIP)—the equivalent of PMI—is always required.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-41\">This is because lenders regard mortgages backed by less than a 20% down payment as risky, and want protection in case you can’t meet your payments.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-43\">You can, however, cancel your PMI once you’ve paid off a good percentage of your mortgage. The rules in this regard vary, so check with your lender about their rules. In general, the earliest you can cancel your PMI is when your principal balance falls to 80% of your home’s original value. This is defined by its contract sales price or&nbsp;appraised value&nbsp;at purchase (whichever is lower). You must have a history of on-time payments and be up-to-date with your bill when requesting cancellation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">FHA loans have their own rules. Depending on your&nbsp;loan-to-value ratio&nbsp;(LTV) when you took out your FHA loan, your loan terms may require you to maintain your MIP for 11 years, or the length of your mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Are Mortgage and Homeowners Insurance Interchangeable?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">No. Homeowners insurance protects your home and its contents. Mortgage insurance (also called private mortgage insurance or PMI for short), protects your mortgage lender in case you can’t meet your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do You Always Need Mortgage Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Typically, borrowers making a down payment of less than 20% of the purchase price of the home will need to pay for mortgage insurance. Mortgage insurance also is typically required on FHA and USDA loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How can I avoid PMI?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">One way to avoid paying PMI is to make a down payment that is equal to 20% of the purchase price of the home. Don’t try and avoid buying PMI if you are obligated to. In that case, your lender can buy it for you and then charge you, which may be more expensive than getting it yourself.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-53\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-54\">You will encounter both homeowners insurance and mortgage insurance as you work through the mortgage process, but they are very different types of insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-56\">Homeowners insurance protects your home, its contents, and you, in case of lawsuits. Mortgage insurance, also called PMI, protects your lender (the bank, for instance) in the event that you can’t meet your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-58\">Most homeowners have homeowners insurance, because it can make good financial sense to protect yourself from unexpected costs. You will be required to purchase PMI—on top of your mortgage—if your down payment is less than 20%, or if you take out an FHA mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/homeowners-insurance-vs-mortgage-insurance-5221665\">click here.</a></p>\n<!-- /wp:paragraph -->','Homeowners Insurance vs. Mortgage Insurance - What\'s the difference?','','publish','open','open','','homeowners-insurance-vs-mortgage-insurance-whats-the-difference','','','2022-05-05 21:01:39','2022-05-05 21:01:39','',0,'http://smartinsurance.tips/?p=2535',0,'post','',0),(2536,1,'2022-05-02 02:19:56','2022-05-02 02:19:56','','Insurance-10','','inherit','open','closed','','insurance-10-2','','','2022-05-02 02:19:56','2022-05-02 02:19:56','',2535,'http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-10.png',0,'attachment','image/png',0),(2537,1,'2022-05-02 02:26:22','2022-05-02 02:26:22','<!-- wp:image {\"id\":2536,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-10-1024x536.png\" alt=\"\" class=\"wp-image-2536\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0\">Homeowners insurance and mortgage insurance are both types of insurance that can add to the cost of owning property, and you’re likely to encounter both during the mortgage process. However, that’s where the similarity between them ends.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-2\">Here’s the basic difference. Homeowners insurance protects your home and its contents. Mortgage insurance (also called private mortgage insurance or PMI for short), protects your mortgage lender in case you can’t meet your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Homeowners insurance and mortgage insurance are very different types of insurance.</li><li>Homeowners insurance protects your home, its contents, and you in the case of lawsuits.</li><li>Mortgage insurance, also called PMI, protects your lender (the bank, for instance) in the event that you can’t meet your mortgage payments.</li><li>Most homeowners have homeowners insurance because it can make good financial sense to protect yourself from unexpected costs.&nbsp;</li><li>You will be required to purchase PMI on top of your mortgage if your down payment is less than 20%, or if you take out an FHA mortgage.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-6\">Homeowners Insurance vs. Mortgage Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">Though homeowners insurance and mortgage insurance sound similar, in reality they are very different. Here’s a brief description of each.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-9\">What Is Homeowners Insurance?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Homeowners insurance is a form of property insurance designed to protect your home and its contents from damage caused by unforeseen events. In addition, most homeowners insurance shields you from lawsuits if someone gets hurt on your property. It also insures your home and property from damage- or loss-related expenses. This insurance is best for someone wanting to protect their house and belongings. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-12\" class=\"has-black-color has-text-color has-large-font-size\"><li>A homeowners insurance policy may include coverage for your:</li><li>Home’s structure</li><li>Personal belongings</li><li>Liability in lawsuits for injuries that you, your family members, and pets cause to other people</li><li>Medical expenses if someone is hurt in your home</li><li>Extra living expenses while your home is uninhabitable&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\">There are limits, though. Standard homeowners insurance policies typically exclude damage caused by natural events like floods, mold, earth movements such as earthquakes and landslides, and sewer or drain backups or overflow.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">What Is Mortgage Insurance?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Mortgage insurance (also known as PMI) is very different. This is an insurance policy designed to protect the lender—a bank, for instance—in case you can’t meet your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">With PMI, the homeowner normally pays a percentage of their total mortgage cost each year. Then, if they are unable to make mortgage payments, the insurance company will pay the lender on their behalf. Adding PMI to your monthly bills can raise the cost of owning a house.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Mortgage insurance provides protection for the lender, not the homeowner.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-23\">Key Differences</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\">The key differences between these two types of insurance can be summarized as follows:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>&nbsp;Homeowners Insurance</td><td>Mortgage Insurance</td></tr><tr><td>Covers</td><td>Homeowner directly and mortgage lender indirectly</td><td>Mortgage lender</td></tr><tr><td>Does not cover</td><td>A standard homeowners insurance policy typically excludes coverage for property damage caused by losses such as arson, flooding, sinkholes, mudslides and earthquakes</td><td>&nbsp;Mortgage Lender</td></tr><tr><td>Required for</td><td>A borrower financing their home purchase</td><td>A borrower making a lower down payment, usually less than 20% of the home’s purchase price</td></tr><tr><td>Payment form</td><td>Generally, the policyholder pays the premium directly to the insurance company or to the mortgage company, which then pays the homeowners insurance from the escrow account managed by the lender</td><td>Borrower pays monthly payments and/or a portion of closing costs of a home purchase to the mortgage insurer set by the lender</td></tr><tr><td>Average annual cost</td><td>Nationwide average of $1,251 per year</td><td>The cost depends on three factors: the loan amount, your credit score, and your loan-to-value (LTV) ratio. For property worth $250,000, the cost ranges from $1,091 to $1,747 per month</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-28\">Do I Need Homeowners Insurance or Mortgage Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-29\">Which type of insurance you need depends on what kind of mortgage you have, the size of your down payment, and how close you are to paying off your mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-31\">Do I Need Homeowners Insurance?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">Most homeowners have some kind of homeowners insurance. That’s partially because lenders often require them to take out homeowners insurance in order to get a mortgage. Plenty of people have homeowners insurance for its own benefits, however, and continue to pay for it even after their mortgage finishes.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-34\">Homeowners insurance can make good financial sense because of the high replacement cost of homes and costly lawsuits. Monthly premiums can be much less than what you would ever have to pay to rebuild your home or replace all your possessions in the event of a covered disaster, or if you’re sued because a visitor got hurt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-36\">Do I Need Mortgage Insurance?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">The answer depends on your lender.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">Borrowers are normally required to take out mortgage insurance when they supply a down payment of less than 20% of the home’s purchase price. This applies if you are taking out a conventional loan, or if you’re refinancing your home and the equity is less than 20% of its value. For Federal Housing Association (FHA) mortgage loans, a mortgage insurance premium (MIP)—the equivalent of PMI—is always required. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-41\">This is because lenders regard mortgages backed by less than a 20% down payment as risky, and want protection in case you can’t meet your payments.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-43\">You can, however, cancel your PMI once you’ve paid off a good percentage of your mortgage. The rules in this regard vary, so check with your lender about their rules. In general, the earliest you can cancel your PMI is when your principal balance falls to 80% of your home’s original value. This is defined by its contract sales price or appraised value at purchase (whichever is lower). You must have a history of on-time payments and be up-to-date with your bill when requesting cancellation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">FHA loans have their own rules. Depending on your loan-to-value ratio (LTV) when you took out your FHA loan, your loan terms may require you to maintain your MIP for 11 years, or the length of your mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Are Mortgage and Homeowners Insurance Interchangeable?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">No. Homeowners insurance protects your home and its contents. Mortgage insurance (also called private mortgage insurance or PMI for short), protects your mortgage lender in case you can’t meet your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do You Always Need Mortgage Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Typically, borrowers making a down payment of less than 20% of the purchase price of the home will need to pay for mortgage insurance. Mortgage insurance also is typically required on FHA and USDA loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How can I avoid PMI?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">One way to avoid paying PMI is to make a down payment that is equal to 20% of the purchase price of the home. Don’t try and avoid buying PMI if you are obligated to. In that case, your lender can buy it for you and then charge you, which may be more expensive than getting it yourself.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-53\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-54\">You will encounter both homeowners insurance and mortgage insurance as you work through the mortgage process, but they are very different types of insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-56\">Homeowners insurance protects your home, its contents, and you, in case of lawsuits. Mortgage insurance, also called PMI, protects your lender (the bank, for instance) in the event that you can’t meet your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-58\">Most homeowners have homeowners insurance, because it can make good financial sense to protect yourself from unexpected costs. You will be required to purchase PMI—on top of your mortgage—if your down payment is less than 20%, or if you take out an FHA mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/homeowners-insurance-vs-mortgage-insurance-5221665\">click here.</a></p>\n<!-- /wp:paragraph -->','Homeowners Insurance vs. Mortgage Insurance - What\'s the difference?','','inherit','closed','closed','','2535-revision-v1','','','2022-05-02 02:26:22','2022-05-02 02:26:22','',2535,'http://smartinsurance.tips/?p=2537',0,'revision','',0),(2541,1,'2022-05-04 22:30:18','2022-05-04 22:30:18','','My-project-2022-05-05T062656.144','','inherit','open','closed','','my-project-2022-05-05t062656-144','','','2022-05-04 22:30:18','2022-05-04 22:30:18','',2529,'http://smartinsurance.tips/wp-content/uploads/2022/05/My-project-2022-05-05T062656.144.png',0,'attachment','image/png',0),(2542,1,'2022-05-04 22:30:30','2022-05-04 22:30:30','<!-- wp:image {\"id\":2541,\"width\":609,\"height\":319,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large is-resized\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/My-project-2022-05-05T062656.144-1024x536.png\" alt=\"\" class=\"wp-image-2541\" width=\"609\" height=\"319\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you are planning on purchasing a powerboat or a sailboat in the coming months, there’s a good chance that you are looking into boat insurance as well. If this is the case, you likely have some questions about boat insurance companies and whether you need additional coverage. Well, you came to the right place! In this article, you will find answers the top 9 most frequently asked questions about boat insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Do I Need Boat Insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Legally, only two states require some type of boat insurance coverage (and for one of these states, only boats with engines that produce more than 50 horsepower). There are additional insurance requirements in some states for boaters that meet specific criteria; ensure that you verify boat insurance requirements with your individual state marine board or other governing body.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It is more commonplace that your bank or marina will place insurance requirements on your boat. If you have a boat loan that uses the boat as collateral, then the bank will almost certainly require boat insurance coverage. According to the&nbsp;Global Marine Insurance Agency, some lenders may even “force place” a marine insurance policy onto your boat if proof of insurance is not furnished. Many marinas will also require that you maintain current boat insurance in order to keep the boat at their facility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Past any binding contracts or legislation, your tolerance for risk may be the determining factor in whether you decide to insure your boat. As with any potentially hazardous activity, having an insurance policy can help offset the risks associated with operating a boat on the water. Typically, boats are a serious investment and can be a significant cost in the event of an unexpected repair or accident. Ensure that you are educated and aware of the risks at play before deciding either way.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>What states require boat insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As of right now, only two states have boat insurance laws—Arkansas and Utah. In Arkansas, all motorboats powered by engines of more than 50 horsepower, and all PWC, must be covered by a liability insurance policy. The policy must provide at least $50,000 of liability coverage, and it is illegal to operate the PWC without the required insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In Utah, all motorboats and PWC are required to carry owner’s or operator’s liability insurance when operated on Utah waters. Motorboats equipped with engines less than 50 horsepower and airboats are exempt. It is illegal to operate a PWC on Utah waters without the required insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Utah’s boat insurance policy requires the following minimum coverage limits per occurrence:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>$25,000 for bodily injury per person.</li><li>$50,000 for total bodily injury if multiple people are hurt in the accident.</li><li>$15,000 for property damage.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are some instances of states requiring insurance for boats used in some state parks or kept in some state-operated marinas—check with your state marine board or alternative governing agency to see if you are impacted.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>What kind of boat insurance do I need?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Like many other insurance policies, boat insurance can typically be separated into a few types: liability, uninsured motorist, and collision/comprehensive coverages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/boat-close-smiles.jpg\" alt=\"Boating on the lake with family and friends\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Liability insurance is the minimum standard required by most states, banks, and marinas. The boat insurance professionals at&nbsp;trustedchoice.com&nbsp;recommend buying at least $1,000,000 in liability insurance. The recommended amount of liability coverage can be even higher if you have a fast, powerful boat that is both riskier and can cause more damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With uninsured/underinsured motorist coverage, the standard minimum is $10,000. Ensure that you take into account any potential injuries and damages you may need to cover if you or one of your passengers is injured or your vessel is badly damaged.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The last type of boat insurance we will cover is collision coverage and comprehensive coverage. These types of coverages should be based specifically on the value of your boat. Check with your lender (if you lease or finance your boat) or your marina (if you rent a boat slip) to see if there are insurance policies in place.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>How much boat insurance do I need?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Beyond any state legislation or binding agreements with your lender or marina, the answer to this question may come down to your individual tolerance for risk. As discussed in earlier questions, some states do have minimum requirements for liability insurance coverage. Check with your state government to see whether you are required to meet a coverage threshold. The amount of boat insurance you may need depends on a number of factors, including the boat’s value, motor size, and age. Like other vehicles, high-performance boats will likely command a higher level of coverage to compensate for the amount of damage they are able to inflict.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>What does boat insurance cover?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Common boat insurance coverages include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Property damage liability</strong>—Property damage liability insurance covers the cost of damages to someone else\'s property after an accident you cause. In most cases, your property damage will pay out when you are at fault for an accident that causes damage to someone else\'s boat or PWC.</li><li><strong>Collision damage</strong>—When your boat or PWC is damaged in an accident, collision insurance is an optional coverage that pays the cost of repairing or replacing it, minus the amount of your deductible.</li><li><strong>Bodily injury liability</strong>—Bodily injury liability coverage is the part of your insurance policy that pays for the costs associated with injuries to other people involved, if you are found legally responsible for a boating accident.</li><li><strong>Hull coverage</strong>—Hull insurance covers any physical damages that occur to your boat and generally includes trailers, equipment, motors, and accessories. Typical claims include fire and windstorm damage.</li><li><strong>Fuel spill liability</strong>—A separate policy that separates out fuel spill liability and provides coverage for any fines that may occur from an accident involving a fuel spill.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>What is the best type of boat insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.boat-ed.com/blog/media/posts/50/boaters-relaxed-side-closeup-300x200.jpg\" alt=\"Relaxed Boaters\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The best type of boat insurance is insurance coverage that adequately meets your legal and contractual obligations and allows you to feel comfortable about your exposure to risk. Because each individual situation is different, it is important that you determine what coverage factors matter most to you and your family. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Is boat insurance expensive?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As is the case with almost anything you purchase, the more research and price comparison you do—the higher likelihood that you will find the boat insurance quote that is right for you. Here are some tips to ensure that you are getting your money’s worth and keeping your costs down:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Only buy what you need</strong>: There are lots of options out there for marine insurance and many of these policies are custom-written. Ensure that you know what you need so you can avoid paying for features that you don’t require.</li><li><strong>Agreed value vs. Cash value</strong>: In an agreed value policy, you are paid a pre-determined value for the vessel in the event of a total covered loss. With agreed value, the insured and insurer agree on the value of the boat upfront. Most agents would recommend this option for a new or late-model boat. As the boat continues to age, look to potentially switch to a cash value option to save on premiums.</li><li><strong>Take a boater safety course</strong>: Almost all insurers offer a discount for boaters that have recently completed an approved boater safety course. Take an in-person class or&nbsp;get your boat safety certification online.&nbsp;Check with your insurance agent to see if a discount is offered for your specific policy.</li><li><strong>Spend on safety gear:</strong>&nbsp;Insurance companies may cut you an additional discount for having extra safety features onboard your vessel. Check with your insurance agent to see if you qualify for any additional savings.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>How much does boat insurance cost?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">According to&nbsp;trustedchoice.com, the cost of boat insurance generally ranges from $300 to $500 per year, on average. Depending on the type of boat and your personal profile, your insurance costs may be significantly higher. “The type of boat, its length, and the expected use of the boat will largely dictate your boat insurance rates. Whether you have a speed boat, a small fishing boat, or a yacht will make a big difference in what you pay.”&nbsp;Another insurance comparison resource&nbsp;tells us that a good approximation for your annual premiums is 1.5% the current market value of your boat.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.boat-ed.com/blog/do-i-need-boat-insurance-answers-to-the-top-9-questions/\">click here.</a></p>\n<!-- /wp:paragraph -->','Do I Need Boat Insurance?','','inherit','closed','closed','','2529-revision-v1','','','2022-05-04 22:30:30','2022-05-04 22:30:30','',2529,'http://smartinsurance.tips/?p=2542',0,'revision','',0),(2544,1,'2022-05-04 22:44:21','2022-05-04 22:44:21','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Both Coverages and Limits Are Important</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2523,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-6-1024x536.png\" alt=\"\" class=\"wp-image-2523\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Whether you\'re starting a new venture or running a long-established company, you have a myriad of responsibilities as a business owner. One of these is to ensure your company has adequate&nbsp;business insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-3\">Like many small business owners, you may be an expert in your industry but know little about insurance.&nbsp;Buying the right coverage requires some skill, and mistakes are easy to make. Some errors may be minor, but others can have serious consequences. Here are some pitfalls to avoid when&nbsp;buying insurance for your company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>1. Always Choosing the Cheapest Policy</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-5\">When buying business insurance, it makes sense to shop around since some insurers provide better value than others. This does&nbsp;<em>not&nbsp;</em>mean you should always choose the cheapest policy. The policy that costs the least won\'t be a bargain if it leaves you vulnerable to costly claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-6\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Warning: </strong>Before you buy a policy, be sure you know what&nbsp;exclusions&nbsp;it contains.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>2. Buying Too Little Liability Insurance</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Virtually any small business can be hit with a lawsuit, which can cost anywhere between $3,000 and $150,000. A legal action can threaten your company\'s financial stability and harm its reputation. One large claim can even put your company out of business. To protect your business against lawsuits, don\'t skimp on limits when buying&nbsp;general liability&nbsp;or&nbsp;auto liability insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Does your company perform work or services for other businesses under a contract? Those businesses may prohibit you from starting work until you provide proof of liability insurance. The amount of insurance you must purchase is typically stated in the contract. Similarly, a landlord may refuse to lease property to you unless your business has purchased liability insurance.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>3. Automatically Choosing a Low Deductible</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-12\">A&nbsp;deductible&nbsp;can help you save money on insurance premiums as it enables you to pay for small losses out of pocket. It\'s a form of&nbsp;self-insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-13\">When buying commercial property or&nbsp;auto physical damage insurance, don\'t automatically select the lowest deductible. Instead, consider how much premium you will save by raising the deductible from, say, $100 to $250, or from $250 to $500. As a general rule, you should choose the largest deductible your firm can comfortably absorb.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> In addition to reducing your premium, a larger deductible will give you an incentive to practice some risk management and protect your property from damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>4. Failure to Adjust Your Coverage as Your Business Changes</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-16\">Most businesses change over time. Small companies may grow, adding locations and hiring additional employees. Some businesses may change the mix of products or services they offer. When businesses change, their insurance needs change as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">If you have made a major change to your business, like acquiring a new company or location, notify your agent or insurer right away. All other changes should be reported before your policies renew. Try to communicate with your&nbsp;agent or broker&nbsp;several weeks or months in advance so he or she has time to gather information and forward it to your insurers. Your agent can help you decide whether your insurance coverages or limits should be adjusted.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>5. Failing to Read Your Policies</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">Reading your insurance&nbsp;policies&nbsp;may not be enjoyable but it\'s an essential task. It\'s the only way to know what risks are covered and which are excluded. Don\'t wait until a loss occurs to look at your policies. You can\'t buy coverage for a loss that has already taken place.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-20\">While many insurance policies are written in simplified language, they still contain some \"legalese.\" If you have trouble comprehending the wording, ask your insurance agent or attorney to explain it to you in layman\'s terms.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>6. Buying Too Little Property Insurance</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">If you are insuring your buildings and personal property under a&nbsp;commercial property policy,&nbsp;make sure you buy adequate limits. This is essential even if your policy includes replacement cost coverage. While the latter will automatically cover the cost to repair or replace your damaged property, it won\'t pay more than the limit of insurance. If the cost to repair or replace your property exceeds the limit, your policy won\'t cover the entire loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">Watch out for&nbsp;coinsurance clauses&nbsp;and&nbsp;agreed value provisions,&nbsp;which are often found in property policies. Both impose a penalty for underinsuring your property. If a loss occurs and you have failed to maintain a minimum amount of insurance, your insurer will not pay the full amount of the loss. Deliberately underinsuring your property is&nbsp;<em>not&nbsp;</em>a good way to save money on property premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>7. Failing to Insure Potential Income Losses</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-25\">Many business owners are careful to insure their company\'s physical assets but fail to consider a common consequence of physical losses, namely a loss of income. A company will lose income if its premises suffer a physical loss and the business cannot operate until the damage is repaired.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">You can help ensure your company survives an interruption by purchasing&nbsp;business income coverage. Also called business interruption insurance, this coverage reimburses your company for the income it would have earned if the loss had not occurred. It also covers expenses you must continue to pay (like rent or electricity) whether or not your business is operating.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Tip:</strong> Your business may also need&nbsp;extra expense insurance,&nbsp;which covers expenses you incur to avoid or minimize a shutdown when property has been damaged by a covered peril.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>8. Failing to Accurately List Entities or Locations</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Under most liability policies, only the people or entities shown in the declarations qualify as&nbsp;named insureds. Those not listed on the policy generally aren\'t covered. Failing to list a business entity on a general liability,&nbsp;commercial auto,&nbsp;umbrella,&nbsp;or other liability policy can have disastrous consequences.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-30\">For example, suppose you own a company called ABC Inc. For tax reasons, you transfer ownership of all your business property to a newly-created subsidiary called XYZ Inc. Your liability policy that lists only ABC as the named insured. An accident occurs on your property, and XYZ Inc. is sued. Because XYZ is not listed on your policy, your insurer refuses to cover the claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">Similar problems can occur if business locations are omitted from a commercial property policy. Most property policies cover physical loss or damage to covered property&nbsp;<em>at the premises described in the declarations</em>. If damaged property is situated at premises not shown on the policy, the damage may not be covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>9. Sticking With the Same Insurer or Policy for Too Long</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">While a long-term relationship with an insurer can be a valuable asset, you shouldn\'t stick with an insurance company that\'s no longer meeting your needs. An insurer (or insurance policy) that was suitable for your business in the past may no longer be appropriate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-34\">Insurers can change over time. Some grow and expand their product offerings while others retreat. Some improve the quality of their service while others allow theirs to decline. You can determine whether your insurer is still competitive in the marketplace by shopping around every few years. You can ask your agent or broker to obtain quotes from other insurers or try&nbsp;shopping for insurance online.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalancesmb.com/pitfalls-to-avoid-when-buying-business-insurance-4155164\">click here.</a></p>\n<!-- /wp:paragraph -->','Pitfalls to Avoid When Buying Business Insurance','','inherit','closed','closed','','2522-autosave-v1','','','2022-05-04 22:44:21','2022-05-04 22:44:21','',2522,'http://smartinsurance.tips/?p=2544',0,'revision','',0),(2548,1,'2022-05-05 20:56:27','2022-05-05 20:56:27','<!-- wp:image {\"id\":2526,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-7-1024x536.png\" alt=\"\" class=\"wp-image-2526\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you\'re in an accident, and&nbsp;it is your fault, your&nbsp;insurance rate&nbsp;will increase. But even if the accident was not your fault, your insurance rate may still increase. Your insurance premium could increase, depending on the situation of an accident, your history of making claims, and the type of insurance coverage you have.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>Key Takeaways</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>If you are in a car accident, your car insurance rates may rise—even if the accident wasn\'t your fault.</li><li>In most states, the at-fault driver\'s insurance will be expected to cover the cost, but your rates may still rise.</li><li>If you file a not-at-fault claim, and your insurance carrier raises your rate, it might be time to shop around for a new insurance company.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">Hypothetical Example</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">Suppose you’re driving home from work one day, paying close attention to the road ahead, and the drivers around you when suddenly another driver runs a stop sign and rams into the side of your vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Thankfully, no one is hurt, but your vehicle certainly is. You have good car insurance and know that you’re not at fault, so you carefully document the damage, exchange information with the other driver, and file a police report.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-13\">Then, you tell a friend about the accident, and that friend cautions you to think twice about filing a claim with your car insurance company because the company could jack up your insurance rate. Yes, it is true, even though the other driver\'s insurance should cover the costs of repairing your vehicle. Some insurers will not increase your rate in that type of scenario.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-21\">The Good News About Not-at-Fault Claims</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">In almost all U.S. states, not-at-fault claims are filed against the at-fault vehicle owner\'s insurance policy. If you are able to file against the at-fault party, you are less likely to see an increase in your insurance bill.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Even if you do need to file against your own policy, some insurance carriers still will not raise your rate for a not-at-fault claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-28\">The Bad News About Not-at-Fault Claims</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-30\">Suppose that in the above scenario, the other driver fled the scene instead of calmly exchanging information with you. Unfortunately, some insurance carriers will raise your rates if you file a not-at-fault claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">At least a not-at-fault claim might come with a smaller surcharge than an at-fault claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">You might be amazed at the number of factors that can&nbsp;affect your car insurance rate. Filing an at-fault claim is all but a surefire way to raise your rates, though you might be able to avoid that through your insurance company\'s accident-forgiveness program if it offers one. However, filing a not-at-fault claim can, in some scenarios, be used to raise your rate as well. This is one of them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-38\">What You Can Do About It?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-40\">If you file a not-at-fault claim, and your insurance carrier raises your rate, it would probably be in your best interest to start shopping for a new carrier. New charges are applied on your insurance renewal date, so you should have some time between filing and actually paying for the surcharge.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-43\">Asking a prospective insurance company whether they surcharge for a not-at-fault accident is a great question when you’re calling around for quotes. It might even make you choose a slightly higher quote over a cheaper one from a company that could slap a surcharge on you down the road.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-46\">Think about it. Otherwise, if you have an accident and it’s not your fault, your first question will still be “How much&nbsp;is my insurance going to go up?”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Types of Cars Have the Lowest Insurance Rates?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Some of the&nbsp;cheapest cars to insure&nbsp;include the Mazda CX-3 Sport, Honda CR-V LX, and Jeep Wrangler Sport S.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Who Has the Cheapest Auto Insurance Rates?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">USAA, State Farm, and Geico are among the cheapest auto insurance companies. However, rates will vary based on the details of your situation, so you must compare rates from as many companies as possible to learn which is truly the cheapest for you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Type of Accidents Will Raise My Insurance Rates?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re found to be at fault for an accident, your insurer will likely raise your premiums, especially if it\'s not your first accident. An insurer may also deem you a high-risk driver if you also make several claims for which you were not at fault. Tickets for infractions such as speeding that earn you points on your license can also often increase your insurance costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/can-a-not-at-fault-claim-raise-my-insurance-rates-527469\">click here.</a></p>\n<!-- /wp:paragraph -->','When a Not-at-Fault Claim Can Raise Your Insurance Costs?','','inherit','closed','closed','','2525-autosave-v1','','','2022-05-05 20:56:27','2022-05-05 20:56:27','',2525,'http://smartinsurance.tips/?p=2548',0,'revision','',0),(2550,1,'2022-05-05 21:01:39','2022-05-05 21:01:39','<!-- wp:image {\"id\":2536,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/05/Insurance-10-1024x536.png\" alt=\"\" class=\"wp-image-2536\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0\">Homeowners insurance and mortgage insurance are both types of insurance that can add to the cost of owning property, and you’re likely to encounter both during the mortgage process. However, that’s where the similarity between them ends.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-2\">Here’s the basic difference.&nbsp;Homeowners insurance&nbsp;protects your home and its contents. Mortgage insurance (also called&nbsp;private mortgage insurance&nbsp;or PMI for short), protects your mortgage lender in case you can’t meet your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Homeowners insurance and mortgage insurance are very different types of insurance.</li><li>Homeowners insurance protects your home, its contents, and you in the case of lawsuits.</li><li>Mortgage insurance, also called PMI, protects your lender (the bank, for instance) in the event that you can’t meet your mortgage payments.</li><li>Most homeowners have homeowners insurance because it can make good financial sense to protect yourself from unexpected costs.&nbsp;</li><li>You will be required to purchase PMI on top of your mortgage if your down payment is less than 20%, or if you take out an FHA mortgage.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-6\">Homeowners Insurance vs. Mortgage Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">Though homeowners insurance and mortgage insurance sound similar, in reality they are very different. Here’s a brief description of each.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-9\">What Is Homeowners Insurance?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Homeowners insurance is a form of&nbsp;property insurance&nbsp;designed to protect your home and its contents from damage caused by unforeseen events. In addition, most homeowners insurance shields you from lawsuits if someone gets hurt on your property. It also insures your home and property from damage- or loss-related expenses. This insurance is best for someone wanting to protect their house and belongings.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-12\" class=\"has-black-color has-text-color has-large-font-size\"><li>A homeowners insurance policy may include coverage for your:</li><li>Home’s structure</li><li>Personal belongings</li><li>Liability in lawsuits for injuries that you, your family members, and pets cause to other people</li><li>Medical expenses if someone is hurt in your home</li><li>Extra living expenses while your home is uninhabitable&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\">There are limits, though. Standard homeowners insurance policies&nbsp;typically exclude damage&nbsp;caused by natural events like floods, mold, earth movements such as earthquakes and landslides, and sewer or drain backups or overflow.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">What Is Mortgage Insurance?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Mortgage insurance (also known as PMI) is very different. This is an insurance policy designed to protect the lender—a bank, for instance—in case you can’t meet your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">With PMI, the homeowner normally pays a percentage of their total mortgage cost each year. Then, if they are unable to make mortgage payments, the insurance company will pay the lender on their behalf. Adding PMI to your monthly bills can raise the cost of owning a house.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Mortgage insurance provides protection for the lender, not the homeowner.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-23\">Key Differences</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\">The key differences between these two types of insurance can be summarized as follows:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>&nbsp;Homeowners Insurance</td><td>Mortgage Insurance</td></tr><tr><td>Covers</td><td>Homeowner directly and mortgage lender indirectly</td><td>Mortgage lender</td></tr><tr><td>Does not cover</td><td>A standard homeowners insurance policy typically excludes coverage for property damage caused by losses such as arson, flooding, sinkholes, mudslides and earthquakes</td><td>&nbsp;Mortgage Lender</td></tr><tr><td>Required for</td><td>A borrower financing their home purchase</td><td>A borrower making a lower down payment, usually less than 20% of the home’s purchase price</td></tr><tr><td>Payment form</td><td>Generally, the policyholder pays the premium directly to the insurance company or to the mortgage company, which then pays the homeowners insurance from the escrow account managed by the lender</td><td>Borrower pays monthly payments and/or a portion of closing costs of a home purchase to the mortgage insurer set by the lender</td></tr><tr><td>Average annual cost</td><td>Average of $1,251 per year</td><td>The cost depends on three factors: the loan amount, your credit score, and your loan-to-value (LTV) ratio. For property worth $250,000, the cost ranges from $1,091 to $1,747 per month</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-28\">Do I Need Homeowners Insurance or Mortgage Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-29\">Which type of insurance you need depends on what kind of mortgage you have, the size of your down payment, and how close you are to paying off your mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-31\">Do I Need Homeowners Insurance?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">Most homeowners have some kind of homeowners insurance. That’s partially because lenders often require them to take out homeowners insurance in order to get a mortgage. Plenty of people have homeowners insurance for its own benefits, however, and continue to pay for it even after their mortgage finishes.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-34\">Homeowners insurance can make good financial sense because of the high replacement cost of homes and costly lawsuits. Monthly premiums can be much less than what you would ever have to pay to rebuild your home or replace all your possessions in the event of a covered disaster, or if you’re sued because a visitor got hurt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-36\">Do I Need Mortgage Insurance?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">The answer depends on your lender.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-39\">Borrowers are normally required to take out mortgage insurance when they supply a&nbsp;down payment of less than 20%&nbsp;of the home’s purchase price. This applies if you are taking out a conventional loan, or if you’re refinancing your home and the equity is less than 20% of its value. For&nbsp;Federal Housing Association&nbsp;(FHA) mortgage loans, a&nbsp;mortgage insurance premium&nbsp;(MIP)—the equivalent of PMI—is always required.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-41\">This is because lenders regard mortgages backed by less than a 20% down payment as risky, and want protection in case you can’t meet your payments.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-43\">You can, however, cancel your PMI once you’ve paid off a good percentage of your mortgage. The rules in this regard vary, so check with your lender about their rules. In general, the earliest you can cancel your PMI is when your principal balance falls to 80% of your home’s original value. This is defined by its contract sales price or&nbsp;appraised value&nbsp;at purchase (whichever is lower). You must have a history of on-time payments and be up-to-date with your bill when requesting cancellation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">FHA loans have their own rules. Depending on your&nbsp;loan-to-value ratio&nbsp;(LTV) when you took out your FHA loan, your loan terms may require you to maintain your MIP for 11 years, or the length of your mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Are Mortgage and Homeowners Insurance Interchangeable?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">No. Homeowners insurance protects your home and its contents. Mortgage insurance (also called private mortgage insurance or PMI for short), protects your mortgage lender in case you can’t meet your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do You Always Need Mortgage Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Typically, borrowers making a down payment of less than 20% of the purchase price of the home will need to pay for mortgage insurance. Mortgage insurance also is typically required on FHA and USDA loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How can I avoid PMI?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">One way to avoid paying PMI is to make a down payment that is equal to 20% of the purchase price of the home. Don’t try and avoid buying PMI if you are obligated to. In that case, your lender can buy it for you and then charge you, which may be more expensive than getting it yourself.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-53\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-54\">You will encounter both homeowners insurance and mortgage insurance as you work through the mortgage process, but they are very different types of insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-56\">Homeowners insurance protects your home, its contents, and you, in case of lawsuits. Mortgage insurance, also called PMI, protects your lender (the bank, for instance) in the event that you can’t meet your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-58\">Most homeowners have homeowners insurance, because it can make good financial sense to protect yourself from unexpected costs. You will be required to purchase PMI—on top of your mortgage—if your down payment is less than 20%, or if you take out an FHA mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/homeowners-insurance-vs-mortgage-insurance-5221665\">click here.</a></p>\n<!-- /wp:paragraph -->','Homeowners Insurance vs. Mortgage Insurance - What\'s the difference?','','inherit','closed','closed','','2535-revision-v1','','','2022-05-05 21:01:39','2022-05-05 21:01:39','',2535,'http://smartinsurance.tips/?p=2550',0,'revision','',0),(2554,1,'2022-06-18 14:47:29','2022-06-18 14:47:29','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">CR offers ways to pay less for fuel</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":2553,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Money-1-1024x536.png\" alt=\"\" class=\"wp-image-2553\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Update, June 17, 2022: </strong>The national average price for a gallon of regular gasoline is now $5.00, a decrease of 1 cent from the $5.01 cited below.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">At $5.01 for a gallon of regular unleaded, the national average price for regular gasoline is at an all-time high and has climbed $1.94 per gallon from a year ago. Prices at the pump vary by region, trending higher in the West and Northeast, and lower in the Midwest and Southeast. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Patrick De Haan, senior petroleum analyst at GasBuddy, a website and smartphone app that helps drivers find the best deals, said in early March 2022 that the No. 1 cause of the current spike is the Russian invasion of Ukraine, and the economic sanctions many countries have levied against Russia. Russia, he says, produces about 10 percent of the 10 million barrels of crude oil the world uses every day, making it a significant player in the oil supply game.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">“This is when Americans need to band together to cut our fuel consumption,” De Haan said in a Facebook Live post on March 7, 2022. “That is really the only thing we can do at this moment.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">De Haan cautioned that fuel price forecasting tends to be less precise longer than a few weeks out, and that decisions made by OPEC are the big wild card in figuring out which way prices will swing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">“You never know when OPEC is going to cut production and raise prices,” he says.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount you’ll pay depends, of course, on the gas station where you fill up. The highest average price is in California, at $6.44 per gallon, and the lowest is in Georgia, at $4.50 per gallon.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But there can also be significant price disparities among prices at filling stations in the same town. For example, according to GasBuddy’s gas price map, the Speedway Express station at 4069 State Street in Santa Barbara, Calif., is charging $6.09 per gallon for regular right now, while only a few miles away, the Chevron station at 1085 Coast Village Road is charging $6.79 per gallon.&nbsp;(Prices as of June 15, 2022.)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">That means that choosing where you buy gasoline can make a big difference in how much you’re spending to fuel your vehicle. Putting 15&nbsp;gallons of regular gasoline into a small SUV would cost $10.50 more at the Chevron than at the Speedway Express. That difference can really pile up—to the tune of $546 a year with a weekly fill-up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are also drivers who buy higher-cost premium gasoline unnecessarily for cars designed for regular fuel, according to a study by AAA. Based on current national average gasoline prices, midgrade gasoline ($5.40) costs 39 cents per gallon more than what you’d pay for regular, and premium gas ($5.69) costs 68 cents more than regular on average. For a 15-gallon fill-up, that’s $5.85 more for midgrade and $10.20 more for premium.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to Spend Less on Gas?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">“If you’re just looking at the price from the street, you’re leaving money on the table,” De Haan says. There are things you can do to keep your gas expenses down. Among them:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Use a gas station app or website.</strong> Smartphone apps, such as those from GasBuddy, and Gas Guru, are particularly convenient when you’re traveling and away from your computer. They’re available for Apple and Android devices. Many are free. You can filter results by fuel grade and sort by distance and price, as well as get GPS-guided directions to the station you choose.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">GasBuddy and Fuel Finder also let you check stations for amenities such as ATMs, restaurants, and car washes. GasBuddy has station reviews, which might tell you, for instance, which restrooms to avoid. And Gas Guru lets you save your favorite stations, so you can remember where to stop on your way back.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The Google Maps and Waze apps, which many people use for real-time traffic alerts and driving directions, also offer gas-price info.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You’re likely to find that you may be able to get a better deal at stations that are not located on major highways, says Michael Calkins. Of course, making a big detour to pay less might not make sense.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Calkins also says to make sure that when you compare prices you consider buying only Top-Tier detergent gasoline, which is better for your car. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Check the prices in the different states you’ll visit.&nbsp;</strong>Prices can vary significantly among states, often because of differences in state gas taxes. On Interstate 90, for example, De Haan found gas prices to be around significantly cheaper on the Ohio side of the border with Pennsylvania.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Think about how best to pay.&nbsp;</strong>Some stations offer a lower price if you pay with cash instead of a credit card. The difference between the cash and credit price usually ranges from around 10&nbsp;to 15&nbsp;cents per gallon, De Haan says, though he adds that it can be as much as a dollar.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Another option is to pay with a cash-back credit card. While the credit card price may be higher than the cash price, the reward you receive could make using the credit card a better deal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It’s worth noting that a rewards credit card could even provide greater savings than a gas credit card from a big oil company (such as Texaco or Chevron), De Haan says. Some cards offer introductory cash or points bonuses for signing up, and others offer discounts at the pump. The Bank of America Customized Cash Rewards credit card, for example, offers a $200 bonus to people who spend $1,000 on purchases during the first nine days of card ownership. The ExxonMobile Smart Card, by contrast, gives a 6-cent discount per gallon of fuel purchased.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you plan to pay by debit card, don’t assume that you are getting the cash price. Some stations could charge you the credit card rate instead. Check the posted prices at the pump. Selecting the debit option and entering a pin when you pump your gas is often a good indication that your transaction will be handled as cash, says Lyle Beckwith, senior vice president of the National Association of Convenience Stores, based in Alexandria, Va.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Slow down.</strong>&nbsp;De Haan says it may sound silly, but with prices being as high as they are, it’s a good idea to keep your foot out of the accelerator pedal. Around town, that means reducing your rate of acceleration, and on the highway, keeping your speed below 75 mph, above which he says wind resistance eats into your fuel economy. “Reducing your speed to 65 on the highway can increase fuel economy by as much as 15 to 20 percent,” he says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Check your tire pressure.</strong>&nbsp;Making sure your car’s tires are properly inflated to the pressure indicated on the sticker inside the driver’s door will make it run more efficiently.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Reduce the number of car trips.</strong> If you can avoid traveling by car, either by walking, taking public transportation, or staying home, you’ll save money at the pump. If you do have to drive somewhere, try to bundle errands and appointments so you don’t have to make multiple trips and use more fuel.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.consumerreports.org/saving-money/how-to-save-money-at-the-gas-pump-a8520505361/\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Save Money at the Gas Pump?','','inherit','closed','closed','','2552-revision-v1','','','2022-06-18 14:47:29','2022-06-18 14:47:29','',2552,'http://smartinsurance.tips/?p=2554',0,'revision','',0),(2555,1,'2022-06-18 15:07:34','2022-06-18 15:07:34','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">How First-Time Homebuyer Loans Work</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":2556,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/06/Money-2-1024x536.png\" alt=\"\" class=\"wp-image-2556\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Buying your first home can be exhilarating and a tad intimidating. You\'re likely somewhat familiar with the steps in the homebuying process—shopping, negotiating, mortgage-underwriting evaluation, closing. However, before you can make it to the closing table, you\'ll have to get financing. Many first-time homebuyers aren\'t flush with cash, so any assistance is welcome.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\">Fortunately, there are several first-time home buyer loans that can get you one step closer to unlocking the door on your first home. Many loan options for first-time homebuyers have lenient down payment requirements, and some are aimed at low-income borrowers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>Key Takeaways</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Many first-time homebuyers may find the best loan options—some even offering 100% financing—through government-backed loan programs like the Federal Housing Administration (FHA), Department of Veterans Affairs (VA), or the U.S. Department of Agriculture (USDA).</li><li>A down payment as low as 3% may be enough to qualify for many first-time homebuyer loans.</li><li>While Fannie Mae and Freddie Mac back most conventional loans, their special homebuyer loans and those for first-timers may not be available with all lenders.</li><li>Some loan options are tailored specifically for low-income borrowers.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-8\">What Is a First-Time Homebuyer Loan?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">With the help of a first-time homebuyer loan, the dream of owning a home can become a reality. These loans make homebuying accessible for borrowers who may struggle with the process due to low credit scores, limited income, or little savings for a down payment. Some loans aren\'t specifically geared toward first-time homebuyers but still can offer an entry to homeownership all the same.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> While first-time homebuyer grants exist and are worth exploring, here we\'ll go in-depth on loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-14\">How To Qualify for First-Time Homebuyer Loans?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-16\">The exact definition of a first-time homebuyer can vary depending on the program, but generally speaking, if you\'ve never owned a home in any capacity, you probably classify as a first-time homebuyer. As such:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-19\" class=\"has-black-color has-text-color has-large-font-size\"><li>You must not have had any interest in any primary residence in the three years before purchasing a new property.</li><li>You\'re a single parent and only owned a home with your former spouse.</li><li>You\'re a displaced homemaker and only owned with a spouse.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-21\">FHA Loans</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">FHA loans, one of the most popular options for first-time homebuyers, are partially guaranteed by that agency. This guarantee gives lenders more flexibility to relax their criteria and offer better terms to first-time homebuyers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-26\">How the Loan Works?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\">FHA loans are available for one- to four-unit properties and require a down payment as low as 3.5% of the purchase price. Loan limits differ depending on where you\'re shopping for a home, so proactively checking them may be helpful.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Tip:</strong> FHA loans entail paying for FHA mortgage insurance, which adds 1.75% to the upfront costs plus annual premiums.<a rel=\"noreferrer noopener\" href=\"https://www.rocketmortgage.com/learn/fha-mortgage-insurance-premium\" target=\"_blank\"></a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">An FHA-approved lender can provide more information on loan terms and qualification requirements, which include a minimum credit score, debt-to-income (DTI) ratio guidelines, and time elapsed after any previous bankruptcy and foreclosure events.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-36\">How To Apply?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-38\">To apply for an FHA loan, you must find an FHA-approved lender, which may include banks, credit unions, and online lenders. A mortgage broker can also help you locate an FHA-approved lender that works with financial and credit profiles similar to yours.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Warning:</strong> FHA loans aren\'t ideal for every type of homebuyer. Borrowers with good credit and a 10% to 15% down payment may save money by opting for conventional loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-43\">Other HUD Loans</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-45\">Beyond the standard FHA loans it oversees, the U.S. Department of Housing and Urban Development (HUD) offers some other options. Find out more below.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-48\">FHA Energy Efficient Mortgage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-50\">FHA\'s Energy Efficient Mortgage program (EEM) allows first-time homebuyers to borrow extra funds to make their homes more efficient without having to qualify for the additional money. You only have to qualify for the loan for purchasing the home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-53\">How It Works?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\">An EEM works like other FHA-insured mortgages. The bank approves and funds the mortgage, and the FHA insures the loan to protect the lender in case of default. You must have an assessment to confirm the improvements are cost-effective, such as showing that the money saved over time with the improvements is equal to or greater than the cost. The cost savings influence the maximum loan amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-58\">How To Apply?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-60\">Contact an FHA-approved lender to apply for an FHA Energy Efficient Mortgage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-63\">Manufactured Home Programs</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-65\">FHA offers financing for mobile and manufactured homes and factory-built housing. Homebuyers can opt for a loan for the mobile home only, if they already own the land, or can seek a loan for a mobile home that will be located in a mobile home park.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-68\">Because manufactured homes are less common than conventional homes or condominiums, homebuyers may need to work with a specialized lender.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-70\">USDA Loans</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-72\">The USDA guarantees home loans for low- and moderate-income households living in rural areas. There isn\'t a down payment requirement, which means first-time homebuyers can get up to 100% financing on a new home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-75\">How the Loan Works?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-77\">Borrowers must live in a USDA-eligible area, but they have the flexibility to purchase an attached or detached home, condo, or modular or manufactured home. Borrowers must make 115% or below of the median household income and must have difficulty getting a conventional mortgage without private mortgage insurance (PMI). There are no credit score requirements, but applicants are expected to demonstrate a willingness and ability to handle and manage debt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-80\">How To Apply?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-82\">First-time buyers who are purchasing a home in a USDA-eligible area must apply with a lender within the USDA\'s approved lender network. The UDSA provides a list of active lenders searchable by state.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> To receive a USDA loan, you cannot be suspended or disbarred from participation in federal programs.<a rel=\"noreferrer noopener\" href=\"https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program\" target=\"_blank\"></a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-86\">VA Loans</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-88\">Qualified members of the U.S. military, including active duty, veterans, and eligible surviving spouses, can take advantage of VA loans, which are backed by the U.S. Department of Veteran Affairs, to purchase a home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-91\">How the Loan Works?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-93\">VA home loans are provided by banks and mortgage companies. As the VA guarantees a portion of the loan, lenders can provide better terms, including 100% financing and lower interest rates. VA loans also have the advantage of limited closing costs and no private mortgage insurance (PMI).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-96\">Because the VA home loan is a lifetime benefit, you don\'t have to worry about using up your benefits within your first home purchase. You can use the guarantee multiple times.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> VA doesn\'t require a down payment, but some lenders may require down payments for some borrowers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-101\">How To Apply?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-103\">You can apply for a VA loan with the lender of your choice, but first, you\'ll need to obtain a Certificate of Eligibility (COE) either through the VA\'s eBenefits site or by mail. In some cases, your lender may be able to assist you.<br><br>After the COE, the lender will request a VA appraisal (assessment) of the house you\'re considering, then will decide whether to accept your application and move toward closing on the home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-106\">You may need to pay the VA funding fee. This one-time fee helps lower the cost of the loan for U.S. taxpayers because the VA home loan program doesn\'t require down payments or monthly mortgage insurance. Your lender will also charge interest on the loan in addition to closing fees.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-109\">Native American Direct Loans</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-111\">The NADL program helps Native American veterans and their spouses purchase a home on Native American trust lands. Your tribal organization must participate in the VA direct loan program, and you must have a valid Certificate of Eligibility.<br><br>Unlike VA loans, where the lender provides the funds, the VA is the lender for the NADL home loan program. There are credit and income requirements, but these loans don\'t require a down payment, there are limited closing costs, and there\'s no need for PMI.<br><br>The VA funding fee may be required for NADL loans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-113\">Fannie Mae and Freddie Mac</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-115\">Fannie Mae and Freddie Mac, federally backed mortgage companies, make it easier for homebuyers—both first-time and repeat—to finance their home purchases by guaranteeing mortgages. The loans guaranteed by these enterprises are conventional loans, meaning they\'re not part of a government program.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-118\">Both companies offer mortgage programs that may help first-time homebuyers find a path to homeownership.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-121\">HomeOne Mortgage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-123\">Freddie Mac\'s HomeOne Mortgage allows qualified first-time homebuyers to purchase a single-unit home with as little as 3% down on a fixed-rate conforming mortgage. There are no income or geographic restrictions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Note:</strong> A conforming mortgage has a maximum loan amount that\'s set by the government.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-128\">Home Possible Mortgage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-130\">Freddie Mac\'s Home Possible Mortgage aims to help low-income borrowers, those making 80% or less of their area\'s median income, to purchase a home. Borrowers can pay a minimum of 3% down and even apply with a co-borrower who doesn\'t plan to live in the home. The program offers flexibility in down-payment funding, allowing the payment to come from family, employer-assistance programs, secondary financing, and sweat equity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-133\">HomeReady Mortgage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-135\">FannieMae\'s HomeReady Mortgage allows low-income borrowers with stable credit to purchase a home with a minimal down payment. Borrowers can qualify with a credit score as low as 620 but may be offered better pricing with a score above 680. The minimum down payment of 3% can come from multiple sources, including gifts or grants. Borrowers aren\'t required to contribute personal funds toward the down payment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-138\">Both Freddie Mac and Fannie Mae\'s programs require first-time homebuyers to complete a homeownership education program unless they\'re purchasing with another borrower who isn\'t a first-time buyer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-141\">These programs are available with select lenders. Homebuyers will need to ask whether their preferred lender offers them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-143\">Alternative Financing Options</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-145\">Other financing options include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-148\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Conventional loans</strong>: Mortgage loans that aren\'t part of a government program, including those backed by Freddie Mac or Fannie Mae.</li><li><strong>Grants</strong>: Can be used for closing costs, down-payment assistance, and more.</li><li><strong>Seller financing</strong>: The home seller effectively provides the loan for purchasing the home.</li><li><strong>Borrowing from retirement</strong> <strong>savings</strong>: May be an option if you have enough put away, but this option might lead to early-withdrawal penalties if you\'re not eligible for an exception to the rules.</li><li><strong>State-based first-time homebuyer programs</strong>: May be available where you live.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-150\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-152\">There are a number of first-time homebuyer loan options catering to a variety of financial scenarios. Examining your income, credit score, military status, down-payment savings, and preferred location can help you narrow your options. Each program is different, and some may not be available in your area. Talking with your lender or mortgage broker can provide some insight into what\'s available and what may fit your situation best.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-154\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\"><strong>Can a first-time homebuyer buy a house without a down payment?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Yes, some mortgage loans allow first-time homebuyers to purchase a house with no money down or to make the down payment with funds from gifts, grants, or other down-payment assistance programs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\"><strong>How do I know how much house I can afford as a first-time homebuyer?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The amount of house you can afford depends on your income and expenses. Using a mortgage calculator is the best way to estimate the overall mortgage amount and monthly payment you can afford.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-first-time-home-buyer-loans-work-315674\">click here.</a></p>\n<!-- /wp:paragraph -->','How To Qualify for a First-Time Homebuyer Loan?','','publish','closed','closed','','how-to-qualify-for-a-first-time-homebuyer-loan','','','2022-06-18 15:07:34','2022-06-18 15:07:34','',0,'http://smartinsurance.tips/?p=2555',0,'post','',0),(2556,1,'2022-06-18 14:49:41','2022-06-18 14:49:41','','Money-2','','inherit','closed','closed','','money-2-4','','','2022-06-18 14:49:41','2022-06-18 14:49:41','',2555,'http://smartinsurance.tips/wp-content/uploads/2022/06/Money-2.png',0,'attachment','image/png',0),(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),