(2008,1,'2021-11-30 02:35:08','2021-11-30 02:35:08','<!-- wp:image {\"id\":2007,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/11/My-Post-13-1024x536.png\" alt=\"\" class=\"wp-image-2007\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>We all love cash value, so it seems like a no-brainer to have cash value life insurance. Well, let\'s talk through it. Even though getting life insurance is important, a cash value policy may not be what you expect. It’s likely a lot more expensive than you thought, too.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In this article, we\'ll go over what cash value life insurance is, how it works, and the different types. Our goal is to help you understand it so you can make the best life insurance decision for yourself!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-what-is-cash-value-life-insurance\">What is cash value life insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Cash value life insurance is more than insurance. It’s life insurance with a savings account attached to it. A portion of your premium covers the death benefit (the amount your loved ones receive if you die), and the other part goes into the savings vehicle. Most cash value insurance policies are permanent policies, which means that they last for your lifetime or as long as you pay the premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-how-cash-value-life-insurance-works\">How cash value life insurance works</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Most cash value policies have a premium payment. This is the amount you pay to cover the death benefit. If you pay these premiums on time, your loved ones receive the death benefit when you die. The cash value portion is the savings vehicle. Any money beyond the level of premium payment is invested in the cash value. Depending on the policy type, it earns interest, or you may invest it in particular assets e.g. stock market funds.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Either way, the value grows over time, or that’s the intent. The cash value decreases the insurance company’s risk because they use the money to offset the death benefit when they pay it out. But, you may use the cash value for other purposes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-types-of-cash-value-life-insurance\">Types of cash value life insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>You have a few options when choosing a cash value life insurance policy. Knowing the features of each can help you decide.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-whole-life-insurance\">Whole life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A whole life policy lasts for your entire life. It has the same premium and death benefit for the policy’s life, and the insurance company sets a set rate of return on the cash value. Most policyholders earn around 2% on their cash value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-universal-life-insurance\">Universal life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A universal life insurance policy is more complicated because you have flexibility with the premiums and coverage amounts.&nbsp;As long as you cover the minimum premium for the death benefit, you can pay more or just the minimum amount each month. If you have extra money, you can pay it toward your universal policy and invest it in the cash value. You can also have your premiums deducted from the cash value when your cash value reaches a certain point.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-variable-life-insurance\">Variable life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you want more than a ‘savings account’ for your life insurance’s cash portion, variable life offers investment options, such as stocks and bonds. It’s riskier because there’s no guarantee your cash value will appreciate (it may decrease). But the reward is often much more significant.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-cash-value-vs-term-life-insurance\">Cash value vs. term life insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Cash value life insurance is not the same as term life insurance. They have the same premise - a death benefit that pays your loved ones when you die, but that’s it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Term life insurance doesn’t have a cash value. It’s also only applicable for a specified period. For example, a 10-year term policy expires after ten years. If you’re alive (that’s a good thing), the policy expires. Some insurance companies allow you to convert it to a permanent policy or renew the term. You may need to qualify, a.k.a. have a medical exam and undergo underwriting, which will likely increase your rates for your older age if nothing else.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-pros-vs-cons-of-cash-value-life-insurance\">Pros vs. cons of cash value life insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Every life insurance policy has many benefits and downsides. Understanding both sides helps you choose the right policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-pros\">Pros</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li>It lasts for your lifetime. As long as you pay your premiums, your beneficiaries will receive what’s left of your death benefit.</li><li>You may use the cash value to cover your premiums after years of paying premiums.</li><li>You can borrow from the cash value and/or withdraw funds from it to use while you’re alive.</li><li>The money grows tax-deferred. You don’t incur a&nbsp;<a href=\"https://www.irs.gov/faqs/interest-dividends-other-types-of-income/life-insurance-disability-insurance-proceeds/life-insurance-disability-insurance-proceeds\" target=\"_blank\" rel=\"noreferrer noopener\">tax liability</a>&nbsp;until you withdraw the earnings.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-cons\">Cons</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li>The premiums on a cash value life insurance policy are much higher than term life insurance policies.</li><li>The fees are excessive. You may find less costly ways to invest the extra money you pay toward your life insurance.</li><li>Cash value policies are often hard to understand. Some people buy them without fully understanding what they’re buying or investing in.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"h-who-should-and-shouldn-t-apply-for-cash-value-life-insurance\">Who should and shouldn’t apply for cash value life insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Like any financial decision, whether cash value life insurance is right for you or not depends on your situation. Young families usually stick with term life insurance policies. They are predictable and cover families when they have the least money available for a crisis, such as death. A term policy can cover events such as a mortgage, children going to college, or providing a surviving spouse with income.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Cash value policies are more expensive, but they provide another outlet for investing. If you’ve maxed out your retirement contributions in your 401K and/or IRA, a cash value policy may make sense. You should also make sure you’re secure in all other areas of your life. Do you have an emergency fund? Have you paid off all consumer debt? If you have disposable income you’re looking to invest, then a cash value policy may make sense.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-5-ways-to-access-your-cash-value-life-insurance\">5 ways to access your cash value life insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>You can’t walk up to an ATM and withdraw the cash value of your life insurance policy. You may only access the cash in one of these five ways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-1-take-out-a-loan-against-the-cash-value\">1. Take out a loan against the cash value</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Once you accumulate a cash value, you can take out a loan. The insurance company determines the terms, and yes, you’ll pay interest. Even though you pay this interest to yourself, it’s still a cost.&nbsp;If you don’t pay the loan back, the insurance company decreases the death benefit dollar-for-dollar when you die.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-2-make-a-partial-withdrawal\">2. Make a partial withdrawal</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>While you can’t get the money from an ATM, you can partially withdraw some of your policy’s cash value. This leaves your policy intact but decreases the total death benefit dollar-for-dollar. For example, if you have a $100,000 policy and withdraw $10,000 from your cash value, your loved ones get $90,000 rather than $100,000 when you die.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-3-surrender-the-policy\">3. Surrender the policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you’ve decided you no longer want the policy, you can surrender it. You receive the cash value, minus fees and taxes, and the policy ends. Your loved ones no longer have a death benefit, but you also don’t have to pay premiums any longer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-4-sell-your-policy-for-a-life-insurance-settlement\">4. Sell your policy for a life insurance settlement</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Some brokers offer a life insurance settlement, which means they offer to settle your life insurance for a lesser amount. If your policy is worth $100,000, they’ll offer a payoff that’s less than $100,000. Settling may provide you with more than surrendering the policy, but if you settle for more than the total premiums paid, you’ll owe taxes on the&nbsp;<a href=\"https://www.investopedia.com/terms/c/capital_gains_tax.asp\" target=\"_blank\" rel=\"noreferrer noopener\">capital gains</a>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-5-pay-the-premium-with-the-cash-value\">5. Pay the premium with the cash value</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If your cash value is high enough, you may use the cash to pay your premiums on your permanent life insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-what-can-you-do-with-the-cash\">What can you do with the cash?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The cash is yours to do what you want. The life insurance company doesn’t tell you how to use it or approve your intended use. Remember, when you take the cash, you decrease or surrender the death benefit. If you intended to leave your loved ones with a legacy, support a loved one financially, or want to help your family with your estate costs, invest the cash somewhere. They’ll be able to access it when you die.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-is-a-cash-value-life-insurance-policy-a-good-choice\">Is a cash value life insurance policy a good choice?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>A cash value life insurance policy has its benefits, but only in certain situations. If you haven\'t maxed out your tax-advantaged retirement or you still have debts, investing your money in those areas may provide a greater return on your investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.clevergirlfinance.com/blog/cash-value-life-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','How Does Cash Value Life Insurance Work?','','inherit','closed','closed','','2006-revision-v1','','','2021-11-30 02:35:08','2021-11-30 02:35:08','',2006,'http://smartinsurance.tips/?p=2008',0,'revision','',0),(2010,1,'2021-11-30 02:39:38','2021-11-30 02:39:38','<!-- wp:image {\"id\":2011,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/11/My-Post-14-1024x536.png\" alt=\"\" class=\"wp-image-2011\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Homeowners insurance covers damage to your home and its contents. In most cases, it also reimburses you for losses due to theft and pays out if visitors to your property are injured. Your policy may also pay for living expenses, such as a hotel stay, if your home becomes uninhabitable.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Learn how to choose the best home insurance for your needs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-6\">How Do You Find the Right Home Insurance Policy?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-8\">Being prepared when you speak with an insurance agent can help you make the best choice for your home insurance policy. You might begin by making a home inventory list of your possessions. Be sure to include information such as serial number, cost at the time of purchase, and current cost to replace.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Shopping for insurance through an independent agent may be your best option. These agents aren\'t tied to one insurer; they can compare policies from various companies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-14\">Insurers look at many factors when determining whether they will offer you a policy and its cost. They will consider:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-17\"><li>The size of your home.</li><li>Your neighborhood\'s crime rate.</li><li>The prevalence of certain natural disasters where you live.</li><li>Your credit history.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-20\">Those factors are also taken into account when it\'s time to renew your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-22\">What Does Your Policy Cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-24\">When buying insurance, it\'s crucial to get covered for the perils you want to be protected against. You\'ll also want coverage for the items you want to be compensated for if they are destroyed or stolen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-27\">Forms of Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-29\">In most states, there are a few standard levels of home insurance to choose from. These levels are called \"forms.\" The HO-3 is the most common form homeowners choose. It covers all perils that might harm your home except for those that are specifically excluded.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-32\">An HO-3 policy also reimburses you for the loss of certain possessions. And it offers personal liability coverage if a visitor sues you because they were harmed on your property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-35\">The HO-5 is another common form. It differs from the less expensive HO-3; it covers all personal property except for those items that are specifically excluded.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-38\">Endorsements, Special Limits, and More</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>To make changes to an insurance contract, you can include endorsements. These are also sometimes known as \"riders.\" For instance, let\'s say you own a valuable piece of art. You might want to add an endorsement that you will be reimbursed in full for it. That\'s because home insurance policies often set special limits on the amount of reimbursement you can receive in certain categories. These may include artwork, jewelry, appliances, tools, electronics, clothing, cash, firearms, and securities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-43\">If you want coverage for a flood, you will likely have to buy a separate policy. If you want to be reimbursed for losses that result from an earthquake or a sewer backup, you may be able to attach a rider to your homeowners policy. Or, you may have to buy a separate policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-46\">Perils That Are Not Covered</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-48\">Homeowners policies will generally not cover damage caused by:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-51\"><li>Nuclear disaster</li><li>Failure to do routine maintenance or make repairs</li><li>Animals, including termites</li><li>Mold</li><li>War</li><li>Government action</li><li>Loss of power</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-54\">They will also not cover corrosion, rust, rot, deterioration, or anything that could be seen as normal wear and tear.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-56\">How Do Claims Get Paid?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-58\">In most cases, you will have to pay a deductible before your insurer will begin paying on your claim. You will also have to provide proof that you incurred the losses you are claiming.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>There are a few different ways a claim might get paid. The basis of claim you have chosen will be spelled out in your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-64\">Actual Cash Value (ACV)</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-66\">This basis takes depreciation into consideration when finding the current cash value. Depreciation is the decline in the value of an item over time. For instance, let\'s say your five-year-old TV was stolen. You wouldn\'t get reimbursed for the cost of a brand-new one.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-69\">Replacement Cost</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-71\">This is the most common type of claims process. You will first be given partial reimbursement; in most cases, it\'s either the ACV or 50% of your declared replacement cost. Once you have replaced the items or rebuilt your home, your insurer will review your receipts. It may then pay you the balance of the replacement cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-74\">Extended or Guaranteed Replacement Cost</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-76\">These options are to prevent you from being reimbursed too little to cover your actual costs. For instance, if the price of building materials has risen, you might be on the hook for the amount of the increase.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-79\">If you chose to pay extra for the extended replacement cost option, you would be covered for an increase in replacement cost of 20% to 25%. What if you opt to pay even more for guaranteed replacement cost? You would be covered for the actual replacement cost, no matter the increase.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-82\">Cash Out</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-84\">This final option is only for those with high-value homes; it\'s also for those who are willing to pay very high premiums. When you make a claim, the insurance company will write you a check for your verified losses. Then, you are under no obligation to rebuild your home or replace your items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-86\">Why Should You Update Your Coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-88\">Before you renew your coverage, you should list any significant new purchases. Also, be sure to make note of any home improvements you\'ve made. Let\'s say you decide you want a higher level of coverage, but you\'re leery of the higher premiums. Ask your agent how much you would have to increase your deductible to get the extra coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you are thinking about changing your insurance company and have a history of not making claims or making only minimal claims, ask your current insurer for a letter of claims experience. It might help you lower your premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-93\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-95\">Your insurance is only as good as what\'s in the final policy. Work with your agent to get the coverage you want, and nothing more. Also, make sure what you\'ve agreed to actually ends up in the policy. That way, if you have to make a claim because of a loss, you won\'t be in store for any surprises.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-to-choose-best-home-insurance-coverage-4016846\">click here.</a></p>\n<!-- /wp:paragraph -->','Everything You Need to Know About Homeowners Insurance','','publish','open','open','','everything-you-need-to-know-about-homeowners-insurance','','','2021-11-30 02:39:40','2021-11-30 02:39:40','',0,'http://smartinsurance.tips/?p=2010',0,'post','',0),(2011,1,'2021-11-30 02:37:27','2021-11-30 02:37:27','','My-Post-14','','inherit','open','closed','','my-post-14-4','','','2021-11-30 02:37:27','2021-11-30 02:37:27','',2010,'http://smartinsurance.tips/wp-content/uploads/2021/11/My-Post-14.png',0,'attachment','image/png',0),(2012,1,'2021-11-30 02:39:38','2021-11-30 02:39:38','<!-- wp:image {\"id\":2011,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/11/My-Post-14-1024x536.png\" alt=\"\" class=\"wp-image-2011\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Homeowners insurance covers damage to your home and its contents. In most cases, it also reimburses you for losses due to theft and pays out if visitors to your property are injured. Your policy may also pay for living expenses, such as a hotel stay, if your home becomes uninhabitable.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Learn how to choose the best home insurance for your needs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-6\">How Do You Find the Right Home Insurance Policy?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-8\">Being prepared when you speak with an insurance agent can help you make the best choice for your home insurance policy. You might begin by making a home inventory list of your possessions. Be sure to include information such as serial number, cost at the time of purchase, and current cost to replace.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Shopping for insurance through an independent agent may be your best option. These agents aren\'t tied to one insurer; they can compare policies from various companies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-14\">Insurers look at many factors when determining whether they will offer you a policy and its cost. They will consider:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-17\"><li>The size of your home.</li><li>Your neighborhood\'s crime rate.</li><li>The prevalence of certain natural disasters where you live.</li><li>Your credit history.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-20\">Those factors are also taken into account when it\'s time to renew your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-22\">What Does Your Policy Cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-24\">When buying insurance, it\'s crucial to get covered for the perils you want to be protected against. You\'ll also want coverage for the items you want to be compensated for if they are destroyed or stolen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-27\">Forms of Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-29\">In most states, there are a few standard levels of home insurance to choose from. These levels are called \"forms.\" The HO-3 is the most common form homeowners choose. It covers all perils that might harm your home except for those that are specifically excluded.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-32\">An HO-3 policy also reimburses you for the loss of certain possessions. And it offers personal liability coverage if a visitor sues you because they were harmed on your property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-35\">The HO-5 is another common form. It differs from the less expensive HO-3; it covers all personal property except for those items that are specifically excluded.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-38\">Endorsements, Special Limits, and More</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>To make changes to an insurance contract, you can include endorsements. These are also sometimes known as \"riders.\" For instance, let\'s say you own a valuable piece of art. You might want to add an endorsement that you will be reimbursed in full for it. That\'s because home insurance policies often set special limits on the amount of reimbursement you can receive in certain categories. These may include artwork, jewelry, appliances, tools, electronics, clothing, cash, firearms, and securities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-43\">If you want coverage for a flood, you will likely have to buy a separate policy. If you want to be reimbursed for losses that result from an earthquake or a sewer backup, you may be able to attach a rider to your homeowners policy. Or, you may have to buy a separate policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-46\">Perils That Are Not Covered</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-48\">Homeowners policies will generally not cover damage caused by:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-51\"><li>Nuclear disaster</li><li>Failure to do routine maintenance or make repairs</li><li>Animals, including termites</li><li>Mold</li><li>War</li><li>Government action</li><li>Loss of power</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-54\">They will also not cover corrosion, rust, rot, deterioration, or anything that could be seen as normal wear and tear.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-56\">How Do Claims Get Paid?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-58\">In most cases, you will have to pay a deductible before your insurer will begin paying on your claim. You will also have to provide proof that you incurred the losses you are claiming.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>There are a few different ways a claim might get paid. The basis of claim you have chosen will be spelled out in your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-64\">Actual Cash Value (ACV)</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-66\">This basis takes depreciation into consideration when finding the current cash value. Depreciation is the decline in the value of an item over time. For instance, let\'s say your five-year-old TV was stolen. You wouldn\'t get reimbursed for the cost of a brand-new one.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-69\">Replacement Cost</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-71\">This is the most common type of claims process. You will first be given partial reimbursement; in most cases, it\'s either the ACV or 50% of your declared replacement cost. Once you have replaced the items or rebuilt your home, your insurer will review your receipts. It may then pay you the balance of the replacement cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-74\">Extended or Guaranteed Replacement Cost</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-76\">These options are to prevent you from being reimbursed too little to cover your actual costs. For instance, if the price of building materials has risen, you might be on the hook for the amount of the increase.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-79\">If you chose to pay extra for the extended replacement cost option, you would be covered for an increase in replacement cost of 20% to 25%. What if you opt to pay even more for guaranteed replacement cost? You would be covered for the actual replacement cost, no matter the increase.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-82\">Cash Out</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-84\">This final option is only for those with high-value homes; it\'s also for those who are willing to pay very high premiums. When you make a claim, the insurance company will write you a check for your verified losses. Then, you are under no obligation to rebuild your home or replace your items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-86\">Why Should You Update Your Coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-88\">Before you renew your coverage, you should list any significant new purchases. Also, be sure to make note of any home improvements you\'ve made. Let\'s say you decide you want a higher level of coverage, but you\'re leery of the higher premiums. Ask your agent how much you would have to increase your deductible to get the extra coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you are thinking about changing your insurance company and have a history of not making claims or making only minimal claims, ask your current insurer for a letter of claims experience. It might help you lower your premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-93\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-95\">Your insurance is only as good as what\'s in the final policy. Work with your agent to get the coverage you want, and nothing more. Also, make sure what you\'ve agreed to actually ends up in the policy. That way, if you have to make a claim because of a loss, you won\'t be in store for any surprises.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-to-choose-best-home-insurance-coverage-4016846\">click here.</a></p>\n<!-- /wp:paragraph -->','Everything You Need to Know About Homeowners Insurance','','inherit','closed','closed','','2010-revision-v1','','','2021-11-30 02:39:38','2021-11-30 02:39:38','',2010,'http://smartinsurance.tips/?p=2012',0,'revision','',0),(2013,1,'2021-11-30 02:50:46','2021-11-30 02:50:46','<!-- wp:image {\"id\":2014,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/11/My-Post-15-1024x536.png\" alt=\"\" class=\"wp-image-2014\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Dwelling coverage in your homeowners insurance policy is the coverage that will pay to replace the actual structure of your home. How much dwelling coverage you need is determined by how much it will cost to rebuild your home and any attached structures such as a garage, front porch or back deck according to current construction and materials costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>KEY TAKEAWAYS:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Dwelling coverage should be enough to cover the cost of rebuilding your home.</li><li>You should periodically reevaluate your dwelling coverage limit to reflect the current value to rebuild your home.</li><li>Dwelling coverage refers only to the amount needed to rebuild your home, not personal property like electronics, clothing and other belongings.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>What Is Dwelling Coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Most likely the highest coverage limit in your homeowners insurance policy, dwelling coverage pays to rebuild your home if it burns down, is destroyed by a tornado, is crushed by falling trees or otherwise damaged by covered hazards. The dwelling limit is the maximum amount your homeowners insurance company will pay to rebuild your home using current construction, materials and labor costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What Does Dwelling Coverage Protect in Your Home?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Dwelling coverage protects all structural elements, plus any structure considered to be “attached” to the home. These include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Foundation</li><li>Frame, flooring and windows</li><li>Roofing</li><li>Fireplace chimneys</li><li>Plumbing, electrical and HVAC systems</li><li>Built-in fixtures (cabinetry, bathroom sinks, tubs, showers, etc.)</li><li>Built-in appliances (water heater, furnace, water filtration system, etc.)</li><li>Attached garage</li><li>Front or side porches</li><li>Back deck</li><li>In-ground swimming pool</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>What Does Dwelling Coverage Not Cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Although they may be covered under other elements in your homeowners insurance policy such as personal property coverage, dwelling coverage does not cover these items:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Detached garage</li><li>Above-ground swimming pool</li><li>Fencing</li><li>Playsets or trampolines</li><li>Tool sheds or tiny homes</li><li>Treehouses</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>What Hazards Are Covered by Dwelling Coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>When people think of damage to their homes, they often think of fire or storm damage, such as a tornado or hurricane. However, these are just some of the many hazards covered by dwelling coverage. Dwelling coverage actually covers damage from the following hazards:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Fire and smoke</li><li>Wind, including hurricanes</li><li>Hail</li><li>Lightning</li><li>Heavy snow, sleet or ice</li><li>Tornadoes</li><li>Sudden, unexpected water damage such as burst pipes</li><li>Explosions</li><li>Falling objects, which includes aircraft</li><li>Car collision</li><li>Theft</li><li>Vandalism, including riot or protest damage</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>HO-2 Policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Some homeowners insurance policies limit the hazards they will cover. Known as an HO-2 policy, this dwelling coverage covers what it refers to as “named perils,” meaning it must be one of the specific hazards listed on the policy to qualify for coverage. These named perils include the items listed above, as well as volcanic eruptions, freezing of household systems, damage from sudden power surges and the sudden or accidental cracking, burning or bulging of specific household systems.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>HO-3 Policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>An HO-3 policy expands dwelling coverage to cover damage due to hazards beyond those found in an HO2 policy. Offering coverage for what is known as “open perils,” an HO-3 policy covers any damage to your home except for those items specifically pinpointed as not covered on your homeowners policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What Hazards Are Not Covered</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Even with the best homeowners insurance policies, there are always hazards not covered by your dwelling coverage. These often include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Flooding</li><li>Earthquakes</li><li>Sinkholes</li><li>Sewer backups</li><li>Routine wear and tear</li><li>Damage from falling trees with pest infestations</li><li>Mudslides</li><li>Damage by pests, such as termites</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>However, it often is possible to purchase separate insurance policies that cover these particular hazards.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>How Much Dwelling Coverage Do You Need to Protect Your Home?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>To determine how much dwelling coverage you should purchase, you need to find out how much it would cost to rebuild your home. This is not the same amount as your mortgage or home appraisal. Instead, you need to find out the current costs for construction, materials and labor.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>How to Estimate Your Rebuild or Replacement Cost</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>To calculate a quick estimate, call a local home construction company or real estate agent to find out the current rebuilding costs and multiply that number by the square footage of your home. Even with the best estimate, your dwelling coverage limit may still fall short if you file a claim to rebuild your home. To protect you in this instance, consider adding extended replacement cost coverage or an inflation endorsement that will pay you an additional amount — usually 25% or 50% of your dwelling limit — toward rebuilding costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Most homeowners insurance policies also allow you to choose between replacement cost value and actual cash value policies. With a replacement cost value policy, your dwelling coverage is for the full replacement amount without any depreciation. Actual cash value coverage looks at the cost to rebuild your home and then reduces the amount based on depreciation according to the home’s age and wear and tear. While the premium for an actual cash value policy is low, you may be left with a hefty balance to pay after your home is rebuilt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you prefer not to worry about having enough coverage to rebuild your home, you can purchase guaranteed replacement cost coverage, which will pay to rebuild your home regardless of the cost. Of course, this coverage comes with a much higher premium than most dwelling coverage policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What Factors Impact Replacement Cost?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Many specific factors could affect the cost of rebuilding your home, including the materials found in your home, such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Exterior facade: wood, brick or veneer</li><li>Number of bathrooms</li><li>Type of roof and roof materials</li><li>Interior features, including fireplaces, crown molding and custom cabinetry</li><li>The current costs for new built-in appliances and household systems</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Also, ask about current building codes that could increase the cost to rebuild your home from its original construction. In addition, if you have an older or custom home with special features that could be difficult to replace or replicate, this will increase the amount of dwelling coverage you will need.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>How Much Dwelling Coverage Do You Need if You Own a Condo?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you live in a condominium, you won’t need traditional homeowners insurance, but you still need coverage for your property. Your homeowner association should have one of two types of dwelling coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>With a “bare walls in” policy, your HOA provides coverage for the building that houses your condo, meaning it will rebuild or repair the framework of your unit in the event of damage. You should have dwelling coverage known as an HO6 policy that pays to rebuild or repair the condo’s interior — including floors, walls, cabinetry and bathroom fixtures such as a tub or shower — as well as your personal property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>With an “all in” policy, your HOA covers all aspects of your condo structure, including the interior and attached fixtures like cabinets and bathroom sinks. In this instance, you would need insurance just for your personal property, such as clothing, furnishings, dishes and electronics.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>How Much Dwelling Coverage Do You Need if You Own a Rental Property?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Because most homeowners insurance companies will not cover a loss if you have rented out your home to someone else, it’s important to obtain dwelling coverage specifically for landlords. Unlike regular homeowners insurance, this coverage will not protect your renters’ belongings. For that, they will need to get their own renters insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>When shopping for dwelling coverage for landlords, look for policies with the following:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Coverage for damage to the structure caused by the same hazards as regular dwelling coverage.</li><li>Coverage for your own personal property used in the course of maintenance or for tenant use, such as appliances or lawn equipment.</li><li>Liability coverage in the event a tenant or their guest is hurt on the property.</li><li>Coverage to cover the loss of rental income if the property cannot be rented during repairs or reconstruction.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.moneygeek.com/insurance/homeowners/what-is-dwelling-coverage/\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Dwelling Coverage and How Much Do You Need to Protect Your Home?','','publish','open','open','','what-is-dwelling-coverage-and-how-much-do-you-need-to-protect-your-home','','','2021-11-30 02:50:48','2021-11-30 02:50:48','',0,'http://smartinsurance.tips/?p=2013',0,'post','',0),(2014,1,'2021-11-30 02:47:38','2021-11-30 02:47:38','','My-Post-15','','inherit','open','closed','','my-post-15-5','','','2021-11-30 02:47:38','2021-11-30 02:47:38','',2013,'http://smartinsurance.tips/wp-content/uploads/2021/11/My-Post-15.png',0,'attachment','image/png',0),(2015,1,'2021-11-30 02:50:46','2021-11-30 02:50:46','<!-- wp:image {\"id\":2014,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/11/My-Post-15-1024x536.png\" alt=\"\" class=\"wp-image-2014\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Dwelling coverage in your homeowners insurance policy is the coverage that will pay to replace the actual structure of your home. How much dwelling coverage you need is determined by how much it will cost to rebuild your home and any attached structures such as a garage, front porch or back deck according to current construction and materials costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>KEY TAKEAWAYS:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Dwelling coverage should be enough to cover the cost of rebuilding your home.</li><li>You should periodically reevaluate your dwelling coverage limit to reflect the current value to rebuild your home.</li><li>Dwelling coverage refers only to the amount needed to rebuild your home, not personal property like electronics, clothing and other belongings.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>What Is Dwelling Coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Most likely the highest coverage limit in your homeowners insurance policy, dwelling coverage pays to rebuild your home if it burns down, is destroyed by a tornado, is crushed by falling trees or otherwise damaged by covered hazards. The dwelling limit is the maximum amount your homeowners insurance company will pay to rebuild your home using current construction, materials and labor costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What Does Dwelling Coverage Protect in Your Home?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Dwelling coverage protects all structural elements, plus any structure considered to be “attached” to the home. These include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Foundation</li><li>Frame, flooring and windows</li><li>Roofing</li><li>Fireplace chimneys</li><li>Plumbing, electrical and HVAC systems</li><li>Built-in fixtures (cabinetry, bathroom sinks, tubs, showers, etc.)</li><li>Built-in appliances (water heater, furnace, water filtration system, etc.)</li><li>Attached garage</li><li>Front or side porches</li><li>Back deck</li><li>In-ground swimming pool</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>What Does Dwelling Coverage Not Cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Although they may be covered under other elements in your homeowners insurance policy such as personal property coverage, dwelling coverage does not cover these items:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Detached garage</li><li>Above-ground swimming pool</li><li>Fencing</li><li>Playsets or trampolines</li><li>Tool sheds or tiny homes</li><li>Treehouses</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>What Hazards Are Covered by Dwelling Coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>When people think of damage to their homes, they often think of fire or storm damage, such as a tornado or hurricane. However, these are just some of the many hazards covered by dwelling coverage. Dwelling coverage actually covers damage from the following hazards:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Fire and smoke</li><li>Wind, including hurricanes</li><li>Hail</li><li>Lightning</li><li>Heavy snow, sleet or ice</li><li>Tornadoes</li><li>Sudden, unexpected water damage such as burst pipes</li><li>Explosions</li><li>Falling objects, which includes aircraft</li><li>Car collision</li><li>Theft</li><li>Vandalism, including riot or protest damage</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>HO-2 Policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Some homeowners insurance policies limit the hazards they will cover. Known as an HO-2 policy, this dwelling coverage covers what it refers to as “named perils,” meaning it must be one of the specific hazards listed on the policy to qualify for coverage. These named perils include the items listed above, as well as volcanic eruptions, freezing of household systems, damage from sudden power surges and the sudden or accidental cracking, burning or bulging of specific household systems.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>HO-3 Policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>An HO-3 policy expands dwelling coverage to cover damage due to hazards beyond those found in an HO2 policy. Offering coverage for what is known as “open perils,” an HO-3 policy covers any damage to your home except for those items specifically pinpointed as not covered on your homeowners policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What Hazards Are Not Covered</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Even with the best homeowners insurance policies, there are always hazards not covered by your dwelling coverage. These often include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Flooding</li><li>Earthquakes</li><li>Sinkholes</li><li>Sewer backups</li><li>Routine wear and tear</li><li>Damage from falling trees with pest infestations</li><li>Mudslides</li><li>Damage by pests, such as termites</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>However, it often is possible to purchase separate insurance policies that cover these particular hazards.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>How Much Dwelling Coverage Do You Need to Protect Your Home?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>To determine how much dwelling coverage you should purchase, you need to find out how much it would cost to rebuild your home. This is not the same amount as your mortgage or home appraisal. Instead, you need to find out the current costs for construction, materials and labor.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>How to Estimate Your Rebuild or Replacement Cost</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>To calculate a quick estimate, call a local home construction company or real estate agent to find out the current rebuilding costs and multiply that number by the square footage of your home. Even with the best estimate, your dwelling coverage limit may still fall short if you file a claim to rebuild your home. To protect you in this instance, consider adding extended replacement cost coverage or an inflation endorsement that will pay you an additional amount — usually 25% or 50% of your dwelling limit — toward rebuilding costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Most homeowners insurance policies also allow you to choose between replacement cost value and actual cash value policies. With a replacement cost value policy, your dwelling coverage is for the full replacement amount without any depreciation. Actual cash value coverage looks at the cost to rebuild your home and then reduces the amount based on depreciation according to the home’s age and wear and tear. While the premium for an actual cash value policy is low, you may be left with a hefty balance to pay after your home is rebuilt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you prefer not to worry about having enough coverage to rebuild your home, you can purchase guaranteed replacement cost coverage, which will pay to rebuild your home regardless of the cost. Of course, this coverage comes with a much higher premium than most dwelling coverage policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What Factors Impact Replacement Cost?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Many specific factors could affect the cost of rebuilding your home, including the materials found in your home, such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Exterior facade: wood, brick or veneer</li><li>Number of bathrooms</li><li>Type of roof and roof materials</li><li>Interior features, including fireplaces, crown molding and custom cabinetry</li><li>The current costs for new built-in appliances and household systems</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Also, ask about current building codes that could increase the cost to rebuild your home from its original construction. In addition, if you have an older or custom home with special features that could be difficult to replace or replicate, this will increase the amount of dwelling coverage you will need.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>How Much Dwelling Coverage Do You Need if You Own a Condo?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you live in a condominium, you won’t need traditional homeowners insurance, but you still need coverage for your property. Your homeowner association should have one of two types of dwelling coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>With a “bare walls in” policy, your HOA provides coverage for the building that houses your condo, meaning it will rebuild or repair the framework of your unit in the event of damage. You should have dwelling coverage known as an HO6 policy that pays to rebuild or repair the condo’s interior — including floors, walls, cabinetry and bathroom fixtures such as a tub or shower — as well as your personal property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>With an “all in” policy, your HOA covers all aspects of your condo structure, including the interior and attached fixtures like cabinets and bathroom sinks. In this instance, you would need insurance just for your personal property, such as clothing, furnishings, dishes and electronics.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>How Much Dwelling Coverage Do You Need if You Own a Rental Property?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Because most homeowners insurance companies will not cover a loss if you have rented out your home to someone else, it’s important to obtain dwelling coverage specifically for landlords. Unlike regular homeowners insurance, this coverage will not protect your renters’ belongings. For that, they will need to get their own renters insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>When shopping for dwelling coverage for landlords, look for policies with the following:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Coverage for damage to the structure caused by the same hazards as regular dwelling coverage.</li><li>Coverage for your own personal property used in the course of maintenance or for tenant use, such as appliances or lawn equipment.</li><li>Liability coverage in the event a tenant or their guest is hurt on the property.</li><li>Coverage to cover the loss of rental income if the property cannot be rented during repairs or reconstruction.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.moneygeek.com/insurance/homeowners/what-is-dwelling-coverage/\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Dwelling Coverage and How Much Do You Need to Protect Your Home?','','inherit','closed','closed','','2013-revision-v1','','','2021-11-30 02:50:46','2021-11-30 02:50:46','',2013,'http://smartinsurance.tips/?p=2015',0,'revision','',0),(2017,1,'2021-12-03 01:46:10','2021-12-03 01:46:10','<!-- wp:image {\"id\":2018,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-16-1024x536.png\" alt=\"\" class=\"wp-image-2018\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0\">What Is Personal Injury Protection (PIP)?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-1\">Personal injury protection (PIP), also known as “no-fault insurance,” is a component of an automobile insurance plan that covers the healthcare expenses associated with a car accident. PIP covers medical expenses for both injured policyholders and passengers, even if some don’t have health insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If the cost of necessary medical care exceeds the auto insurance policy’s PIP limits, health insurance sometimes covers further expenses. Policies have a per-person maximum, meaning that coverage is limited to a certain amount per person if multiple people are injured in an accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key Takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Personal injury protection (PIP) covers the healthcare costs related to injuries sustained in an automobile accident.</li><li>PIP covers both the policyholders and their passengers, regardless of whether they have health insurance.</li><li>PIP policies have a minimum coverage amount and a per-person maximum coverage limit.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-7\">Understanding Personal Injury Protection (PIP)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-8\">Auto insurance requirements and features differ from state to state, and PIP coverage is available primarily in no-fault states. In a no-fault state, if a policyholder is injured in a car crash, that person\'s policy pays for the holder’s medical care regardless of who caused the accident. Policyholders with PIP coverage can receive benefits even if the other driver doesn’t have insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: PIP pays for medical expenses even if the policyholder causes the accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>PIP coverage, in addition to making medical care affordable, often provides payments for lost income, child care, and funeral expenses related to the accident. Some no-fault states offer medical payments coverage, but it typically has low limits and does not pay for these other costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-16\">What States Require Personal Injury Protection (PIP)?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-17\">PIP auto insurance is required in Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, Utah, and Puerto Rico. It is a compulsory add-on to auto insurance in Arkansas, Delaware, Maryland, Oregon, and Texas and an optional add-on in New Hampshire, South Dakota, Virginia, Washington, Wisconsin, and Washington, D.C. That’s a grand total of 22 states, one territory, and one federal city.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-19\">Minimum coverage requirements are set by the above entities’ governments and can vary.&nbsp;Maximums are set by insurance companies and can also vary, but they are usually no more than $25,000.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-21\">Do I Need Personal Injury Protection (PIP)?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-22\">If you live in a state that requires PIP, then yes, you need to have PIP coverage. The question then becomes how much you should get. If your health insurance provides coverage for injuries and rehabilitation related to a car accident, you may only need to purchase the minimum amount of PIP required by your state. Similarly, if PIP coverage is optional in your state, you\'ll want to look at your health insurance to see how it covers expenses related to car crashes, as well as your deductible and out of pocket maximums, to help you decide.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-24\">Personal Injury Protection (PIP) vs. Liability Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>PIP is not a substitute for liability insurance, which is required by every state (plus Puerto Rico and Washington, D.C.), except for New Hampshire and Virginia. Liability insurance pays for injuries caused to another party, such as a pedestrian or the driver and occupants of another vehicle. There\'s also professional liability insurance; such policies are generally taken out by financial advisors, business owners, landlords, doctors, lawyers—anyone at risk of being sued for damages and/or injuries.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/p/personal-injury-protection-pip.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Personal Injury Protection','','publish','open','open','','personal-injury-protection','','','2021-12-03 01:46:12','2021-12-03 01:46:12','',0,'http://smartinsurance.tips/?p=2017',0,'post','',0),(2018,1,'2021-12-03 01:44:09','2021-12-03 01:44:09','','My-Post-16','','inherit','open','closed','','my-post-16-6','','','2021-12-03 01:44:09','2021-12-03 01:44:09','',2017,'http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-16.png',0,'attachment','image/png',0),(2019,1,'2021-12-03 01:46:10','2021-12-03 01:46:10','<!-- wp:image {\"id\":2018,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-16-1024x536.png\" alt=\"\" class=\"wp-image-2018\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0\">What Is Personal Injury Protection (PIP)?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-1\">Personal injury protection (PIP), also known as “no-fault insurance,” is a component of an automobile insurance plan that covers the healthcare expenses associated with a car accident. PIP covers medical expenses for both injured policyholders and passengers, even if some don’t have health insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If the cost of necessary medical care exceeds the auto insurance policy’s PIP limits, health insurance sometimes covers further expenses. Policies have a per-person maximum, meaning that coverage is limited to a certain amount per person if multiple people are injured in an accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key Takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Personal injury protection (PIP) covers the healthcare costs related to injuries sustained in an automobile accident.</li><li>PIP covers both the policyholders and their passengers, regardless of whether they have health insurance.</li><li>PIP policies have a minimum coverage amount and a per-person maximum coverage limit.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-7\">Understanding Personal Injury Protection (PIP)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-8\">Auto insurance requirements and features differ from state to state, and PIP coverage is available primarily in no-fault states. In a no-fault state, if a policyholder is injured in a car crash, that person\'s policy pays for the holder’s medical care regardless of who caused the accident. Policyholders with PIP coverage can receive benefits even if the other driver doesn’t have insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: PIP pays for medical expenses even if the policyholder causes the accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>PIP coverage, in addition to making medical care affordable, often provides payments for lost income, child care, and funeral expenses related to the accident. Some no-fault states offer medical payments coverage, but it typically has low limits and does not pay for these other costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-16\">What States Require Personal Injury Protection (PIP)?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-17\">PIP auto insurance is required in Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, Utah, and Puerto Rico. It is a compulsory add-on to auto insurance in Arkansas, Delaware, Maryland, Oregon, and Texas and an optional add-on in New Hampshire, South Dakota, Virginia, Washington, Wisconsin, and Washington, D.C. That’s a grand total of 22 states, one territory, and one federal city.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-19\">Minimum coverage requirements are set by the above entities’ governments and can vary.&nbsp;Maximums are set by insurance companies and can also vary, but they are usually no more than $25,000.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-21\">Do I Need Personal Injury Protection (PIP)?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-22\">If you live in a state that requires PIP, then yes, you need to have PIP coverage. The question then becomes how much you should get. If your health insurance provides coverage for injuries and rehabilitation related to a car accident, you may only need to purchase the minimum amount of PIP required by your state. Similarly, if PIP coverage is optional in your state, you\'ll want to look at your health insurance to see how it covers expenses related to car crashes, as well as your deductible and out of pocket maximums, to help you decide.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-24\">Personal Injury Protection (PIP) vs. Liability Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>PIP is not a substitute for liability insurance, which is required by every state (plus Puerto Rico and Washington, D.C.), except for New Hampshire and Virginia. Liability insurance pays for injuries caused to another party, such as a pedestrian or the driver and occupants of another vehicle. There\'s also professional liability insurance; such policies are generally taken out by financial advisors, business owners, landlords, doctors, lawyers—anyone at risk of being sued for damages and/or injuries.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/p/personal-injury-protection-pip.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Personal Injury Protection','','inherit','closed','closed','','2017-revision-v1','','','2021-12-03 01:46:10','2021-12-03 01:46:10','',2017,'http://smartinsurance.tips/?p=2019',0,'revision','',0),(2045,1,'2022-01-04 21:22:34','2022-01-04 21:22:34','','My-project','','inherit','open','closed','','my-project','','','2022-01-04 21:22:34','2022-01-04 21:22:34','',2044,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project.png',0,'attachment','image/png',0),(2021,1,'2021-12-03 01:50:24','2021-12-03 01:50:24','<!-- wp:image {\"id\":2022,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-17-1024x536.png\" alt=\"\" class=\"wp-image-2022\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>No doubt you’re a responsible homeowner. You always make sure to maintain your home, but accidents happen. Luckily, if a guest gets injured in your home, your homeowners or renters insurance may cover certain medical expenses. It’s called guest medical coverage and is included in most plans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What is guest medical protection insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Also known as goodwill coverage, guest medical coverage is usually part of your homeowners or renters insurance. It helps to cover any necessary medical expenses when an incident occurs in your home, no matter who is at fault.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The policy is meant to cover basic medical expenses so that it could prevent any legal complications between you and the guest. These can include things like ambulance rides, x-rays, hospital stays, and even surgical procedures.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>For example, say you decide to invite a few friends over for a summer BBQ. One of your friends accidentally leans into the grill and burns her arm. It’s a pretty major burn, so you rush your friend to the emergency room to have the wound taken care of. The policy will cover the doctor’s visit up to your policy’s limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Keep in mind that guest medical coverage isn’t applicable to anyone who is a member of your family. Your health insurance policy would need to cover that.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What if I’m responsible for the injury?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>There are two types of coverage if something happens to anyone in your home, one of which is family liability coverage (also known as personal liability coverage).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This type of coverage kicks in if you or someone you live with accidentally injures a guest and is legally responsible. You’re technically liable for the damages, which can include their medical bills that your liability coverage will pay for (up to your policy’s limit).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Family liability protection may help you even if the accident happens outside of your home, although it doesn’t cover damages related to car accidents. For example, if your child throws a ball into a neighbor’s yard and hits someone, your insurance will help pay for their medical expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>How much does guest medical actually cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>It depends on your actual policy, but most companies cover anywhere from $1,000 up to $5,000. If the medical expenses go over this limit, you’ll be responsible for covering the remaining amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you think you need a higher limit, you may be able to purchase it as an add-on. Alternatively, you can consider purchasing a higher limit by getting an umbrella insurance policy to make sure you’re sufficiently covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Some things an umbrella will cover:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Personal liability protection</li><li>Worldwide coverage</li><li>Up to $10 in liability coverage</li><li>Coverage for multiple properties</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>What if I’m a renter and it’s my landlord’s fault?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>There is landlord insurance, which can help cover medical expenses if the injury is due to negligence.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Maybe your landlord didn’t maintain the property or make repairs after repeated requests. If your guest suffers an accident as a result, their insurance policy will kick in.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>For example, let’s say your rented apartment has a wobbly railing outside and your landlord didn’t make repairs after repeated requests. Your friend uses it when walking to your apartment and falls. The landlord would be responsible in this case.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Get the coverage you need</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Don’t get caught without the right type of coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Of course, you’ll take every precaution to ensure everyone under your roof – including your guests – are safe. However, accidents do happen and you don’t want to deal with hefty medical expenses because of it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you know you’ll be entertaining a lot or might need special coverage for other reasons, do your homework now and make sure you have the proper coverage before it’s too late.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>By doing so, you’ll have peace of mind knowing that your guests will get the help they need while under your roof.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.supermoney.com/what-is-guest-medical-coverage/\">click here.</a></p>\n<!-- /wp:paragraph -->','What is Guest Medical Coverage?','','publish','open','open','','what-is-guest-medical-coverage','','','2021-12-03 01:50:26','2021-12-03 01:50:26','',0,'http://smartinsurance.tips/?p=2021',0,'post','',0),(2022,1,'2021-12-03 01:48:12','2021-12-03 01:48:12','','My-Post-17','','inherit','open','closed','','my-post-17-4','','','2021-12-03 01:48:12','2021-12-03 01:48:12','',2021,'http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-17.png',0,'attachment','image/png',0),(2023,1,'2021-12-03 01:50:24','2021-12-03 01:50:24','<!-- wp:image {\"id\":2022,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-17-1024x536.png\" alt=\"\" class=\"wp-image-2022\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>No doubt you’re a responsible homeowner. You always make sure to maintain your home, but accidents happen. Luckily, if a guest gets injured in your home, your homeowners or renters insurance may cover certain medical expenses. It’s called guest medical coverage and is included in most plans.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What is guest medical protection insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Also known as goodwill coverage, guest medical coverage is usually part of your homeowners or renters insurance. It helps to cover any necessary medical expenses when an incident occurs in your home, no matter who is at fault.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The policy is meant to cover basic medical expenses so that it could prevent any legal complications between you and the guest. These can include things like ambulance rides, x-rays, hospital stays, and even surgical procedures.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>For example, say you decide to invite a few friends over for a summer BBQ. One of your friends accidentally leans into the grill and burns her arm. It’s a pretty major burn, so you rush your friend to the emergency room to have the wound taken care of. The policy will cover the doctor’s visit up to your policy’s limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Keep in mind that guest medical coverage isn’t applicable to anyone who is a member of your family. Your health insurance policy would need to cover that.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What if I’m responsible for the injury?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>There are two types of coverage if something happens to anyone in your home, one of which is family liability coverage (also known as personal liability coverage).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This type of coverage kicks in if you or someone you live with accidentally injures a guest and is legally responsible. You’re technically liable for the damages, which can include their medical bills that your liability coverage will pay for (up to your policy’s limit).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Family liability protection may help you even if the accident happens outside of your home, although it doesn’t cover damages related to car accidents. For example, if your child throws a ball into a neighbor’s yard and hits someone, your insurance will help pay for their medical expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>How much does guest medical actually cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>It depends on your actual policy, but most companies cover anywhere from $1,000 up to $5,000. If the medical expenses go over this limit, you’ll be responsible for covering the remaining amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you think you need a higher limit, you may be able to purchase it as an add-on. Alternatively, you can consider purchasing a higher limit by getting an umbrella insurance policy to make sure you’re sufficiently covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Some things an umbrella will cover:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Personal liability protection</li><li>Worldwide coverage</li><li>Up to $10 in liability coverage</li><li>Coverage for multiple properties</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>What if I’m a renter and it’s my landlord’s fault?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>There is landlord insurance, which can help cover medical expenses if the injury is due to negligence.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Maybe your landlord didn’t maintain the property or make repairs after repeated requests. If your guest suffers an accident as a result, their insurance policy will kick in.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>For example, let’s say your rented apartment has a wobbly railing outside and your landlord didn’t make repairs after repeated requests. Your friend uses it when walking to your apartment and falls. The landlord would be responsible in this case.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Get the coverage you need</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Don’t get caught without the right type of coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Of course, you’ll take every precaution to ensure everyone under your roof – including your guests – are safe. However, accidents do happen and you don’t want to deal with hefty medical expenses because of it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you know you’ll be entertaining a lot or might need special coverage for other reasons, do your homework now and make sure you have the proper coverage before it’s too late.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>By doing so, you’ll have peace of mind knowing that your guests will get the help they need while under your roof.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.supermoney.com/what-is-guest-medical-coverage/\">click here.</a></p>\n<!-- /wp:paragraph -->','What is Guest Medical Coverage?','','inherit','closed','closed','','2021-revision-v1','','','2021-12-03 01:50:24','2021-12-03 01:50:24','',2021,'http://smartinsurance.tips/?p=2023',0,'revision','',0),(2025,1,'2021-12-03 01:54:04','2021-12-03 01:54:04','<!-- wp:image {\"id\":2026,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/pHOTO.jpg\" alt=\"\" class=\"wp-image-2026\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>You want to protect everything that’s important to you, and that includes where you live, what you own and your hard-earned money. That’s true whether your home was built where it is or delivered. Mobile home insurance provides coverage for your home and your personal possessions, and also includes personal liability protection. Here we’ll explain how that works, how much coverage you need and what you can expect to pay.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What Mobile Home Insurance Covers</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Mobile home insurance pays to repair or replace your home and belongings. It also pays for the medical bills of injured guests and your legal fees. Here’s how the different portions of a comprehensive mobile home insurance policy work to safeguard you if the unexpected happens.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Dwelling coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>This pays to fix or replace your home. Dwelling coverage pays up to your policy limits if your mobile home is damaged by fire, smoke, wind, hail, heavy rainfall, weight of ice and snow, falling objects, burst pipes, lightning, explosions or vandalism. In addition to the structure of your home, dwelling coverage for mobile homes usually covers:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Attached structures</li><li>Steps</li><li>Oil and gas drums</li><li>Tanks</li><li>Materials and supplies used in construction or repair of the mobile home</li><li>Wall-to-wall carpeting</li><li>Other structures separated from the mobile home such as a fence</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Personal property coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>This coverage pays out if your personal items are damaged or stolen. There are limits to personal property coverage, so you may need to buy extra coverage if you have high-value items you want to insure.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Personal liability coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Liability mobile home insurance can pay for lawsuit claims filed against you for accidental injuries or property damage you do to other people. It also pays for the medical expenses of guests’ injured in your home. For instance, If your friend slips on your wet kitchen floor and hits his head on your counter, your liability coverage could help pay the hospital bills. If your friend sues you, it would also pay for your legal defense and any settlements or court judgments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Medical payments coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>This coverage pays the smaller medical bills of people who are accidentally hurt on your property, regardless of fault. It’s usually capped at $5,000 so it can be used for minor injuries that result in small medical bills. This way guests are less likely to sue you for minor incidents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>How Much Mobile Home Insurance Do I Need?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Dwelling amount</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>You want to get dwelling coverage in the amount equal to what it would cost to rebuild or replace your mobile home with comparable materials. Or, at least you should get as much as you can afford.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you file a claim, your insurer will reimburse you only up to the limits in your policy. Depending on your policy, you will either be paid the actual cash value, replacement cost or an agreed upon value of your mobile home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Replacement cost coverage is better than actual cash value. With replacement cost you get the amount of money needed to rebuild your home with equitable materials without deductions for depreciation. Note that not all insurance companies offer replacement value for mobile homes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Actual cash value takes into account your mobile home’s depreciation and thus would pay out less if your home is destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>An agreed lost settlement amount is the amount of coverage you and your insurer agree to when your policy is drafted. You’re guaranteed to get that amount in the event of a total loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Personal property amount</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The coverage amount for your belongings is usually set between 50% to 70% of your dwelling coverage amount. For example, if your mobile home is insured for $90,000, and your personal property coverage is set at 50%, you’ll have $45,000 in contents coverage. You can buy extra protection for high-value possessions if you want.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Liability amount</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Generally you want a liability insurance amount that matches what you could lose in a lawsuit. In a worst case scenario, if you face a big lawsuit, you don’t want to have inadequate liability coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Other Types of Mobile Home Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p><strong>Additional living expenses coverage</strong>&nbsp;will pay for your living expenses when you are unable to live in your mobile home while it’s being repaired.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Emergency removal expense coverage</strong>&nbsp;pays for the cost of removing damaged property from your mobile home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Trip/transportation coverage</strong>&nbsp;provides your mobile home with collision coverage when it’s being transported to another location.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Breakdown protection is coverage</strong>&nbsp;that includes the repair or replacement of major appliances and electronics in your mobile home when the breakdown of these items is due to mechanical or electrical failures.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Identity theft recovery insurance</strong>&nbsp;provides help if you are a victim of identity theft including expense reimbursement, such as $15,000.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Damage Not Covered by Mobile Home Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Insurance coverage is designed to protect you from accidents and the unexpected. But no insurance policy covers everything, and mobile home insurance is no exception.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The following types of damage are not generally covered in mobile home insurance policies:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Water damage from sewers and drain back ups</li><li>Wear and tear</li><li>Scratching</li><li>Deterioration</li><li>Rust</li><li>Mold</li><li>Wet or dry rot</li><li>Contamination</li><li>Smog</li><li>Vermin</li><li>Rodents</li><li>Insects</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>Flood and Earthquake Insurance for Mobile Homes</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Mobile home insurance also typically does not cover damage from earthquakes and flooding. You can buy additional coverage for earthquakes as an add-on benefit to a mobile home insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Flood damage also needs a separate flood insurance policy. If your community is part of the National Flood Insurance Program (NFIP), you are eligible to buy federally sponsored flood insurance. Check with your home insurance agent for details.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Tie-down Requirements</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Unless your mobile home is secured to the ground with a permanent foundation, your insurance company may require your mobile home be secured with approved tie-downs and ground anchors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Tie-down requirements can vary among insurance companies. If you are shopping for new mobile home insurance, you will want to find out the specific tie downs required. Determine if your old tie downs will suffice or if you will need to buy new ones.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Named Peril Mobile Home Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>There are also “named peril” policies for mobile homes that provide limited coverage just for damage from lightning, explosions, fire, wind and riots. A named peril policy might be tempting because it costs less than a broader policy. The drawback is that you’ll have to spend your own money to repair your home or replace your belongings if they’re damaged by anything not listed in the policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What’s the Difference Between Mobile Homes and Manufactured Homes?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Mobile homes are typically built in a factory and are taken to the owner’s property to be set up. A mobile home may be built on a metal frame and some mobile homes have tie downs instead of a permanent foundation. Manufactured homes have all these same characteristics.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The difference between the two is the manufacture date. The Housing and Urban Development (HUD) determined that a factory-built home built prior to June 15, 1976, is considered a mobile home and a factory built home completed after that date is a manufactured home. Mobile homes and manufactured homes are both regulated by HUD.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Mobile Home Insurance Costs</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>There are several factors that can affect the price of mobile home insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Location</li><li>Size of the mobile home</li><li>Value of your personal property</li><li>Other insured structures</li><li>Age of the mobile home</li><li>Insurance coverages you choose</li><li>Your credit history</li><li>If you own the land underneath the mobile home</li><li>Materials used to build the home</li><li>Discounts, such as discounts for safety and security features</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>Tips for Buying Mobile Home Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li>Review your mobile home insurance policy regularly That way you can be sure your coverage limits still match your needs and keep pace with rising building material costs and inflation. The amount you insure your mobile home for today might not be the amount you need in a few years.</li><li>Make a list of your mobile home’s contents and update it each year. Having a home inventory helps expedite claims. It will also help ensure that you have enough coverage for what’s inside your home as you add to your possessions.</li><li>Equip your mobile home with smoke detectors and find out if you can get an insurance discount for them.</li><li>Make sure additions to such as sheds and extra rooms are reflected in your insurance policy.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.forbes.com/advisor/homeowners-insurance/mobile-home-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','Mobile Home Insurance Explained','','publish','open','open','','mobile-home-insurance-explained','','','2021-12-03 01:54:07','2021-12-03 01:54:07','',0,'http://smartinsurance.tips/?p=2025',0,'post','',0),(2026,1,'2021-12-03 01:51:40','2021-12-03 01:51:40','','pHOTO','','inherit','open','closed','','photo','','','2021-12-03 01:51:40','2021-12-03 01:51:40','',2025,'http://smartinsurance.tips/wp-content/uploads/2021/12/pHOTO.jpg',0,'attachment','image/jpeg',0),(2027,1,'2021-12-03 01:54:04','2021-12-03 01:54:04','<!-- wp:image {\"id\":2026,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/pHOTO.jpg\" alt=\"\" class=\"wp-image-2026\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>You want to protect everything that’s important to you, and that includes where you live, what you own and your hard-earned money. That’s true whether your home was built where it is or delivered. Mobile home insurance provides coverage for your home and your personal possessions, and also includes personal liability protection. Here we’ll explain how that works, how much coverage you need and what you can expect to pay.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What Mobile Home Insurance Covers</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Mobile home insurance pays to repair or replace your home and belongings. It also pays for the medical bills of injured guests and your legal fees. Here’s how the different portions of a comprehensive mobile home insurance policy work to safeguard you if the unexpected happens.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Dwelling coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>This pays to fix or replace your home. Dwelling coverage pays up to your policy limits if your mobile home is damaged by fire, smoke, wind, hail, heavy rainfall, weight of ice and snow, falling objects, burst pipes, lightning, explosions or vandalism. In addition to the structure of your home, dwelling coverage for mobile homes usually covers:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Attached structures</li><li>Steps</li><li>Oil and gas drums</li><li>Tanks</li><li>Materials and supplies used in construction or repair of the mobile home</li><li>Wall-to-wall carpeting</li><li>Other structures separated from the mobile home such as a fence</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Personal property coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>This coverage pays out if your personal items are damaged or stolen. There are limits to personal property coverage, so you may need to buy extra coverage if you have high-value items you want to insure.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Personal liability coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Liability mobile home insurance can pay for lawsuit claims filed against you for accidental injuries or property damage you do to other people. It also pays for the medical expenses of guests’ injured in your home. For instance, If your friend slips on your wet kitchen floor and hits his head on your counter, your liability coverage could help pay the hospital bills. If your friend sues you, it would also pay for your legal defense and any settlements or court judgments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Medical payments coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>This coverage pays the smaller medical bills of people who are accidentally hurt on your property, regardless of fault. It’s usually capped at $5,000 so it can be used for minor injuries that result in small medical bills. This way guests are less likely to sue you for minor incidents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>How Much Mobile Home Insurance Do I Need?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Dwelling amount</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>You want to get dwelling coverage in the amount equal to what it would cost to rebuild or replace your mobile home with comparable materials. Or, at least you should get as much as you can afford.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you file a claim, your insurer will reimburse you only up to the limits in your policy. Depending on your policy, you will either be paid the actual cash value, replacement cost or an agreed upon value of your mobile home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Replacement cost coverage is better than actual cash value. With replacement cost you get the amount of money needed to rebuild your home with equitable materials without deductions for depreciation. Note that not all insurance companies offer replacement value for mobile homes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Actual cash value takes into account your mobile home’s depreciation and thus would pay out less if your home is destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>An agreed lost settlement amount is the amount of coverage you and your insurer agree to when your policy is drafted. You’re guaranteed to get that amount in the event of a total loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Personal property amount</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The coverage amount for your belongings is usually set between 50% to 70% of your dwelling coverage amount. For example, if your mobile home is insured for $90,000, and your personal property coverage is set at 50%, you’ll have $45,000 in contents coverage. You can buy extra protection for high-value possessions if you want.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Liability amount</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Generally you want a liability insurance amount that matches what you could lose in a lawsuit. In a worst case scenario, if you face a big lawsuit, you don’t want to have inadequate liability coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Other Types of Mobile Home Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p><strong>Additional living expenses coverage</strong>&nbsp;will pay for your living expenses when you are unable to live in your mobile home while it’s being repaired.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Emergency removal expense coverage</strong>&nbsp;pays for the cost of removing damaged property from your mobile home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Trip/transportation coverage</strong>&nbsp;provides your mobile home with collision coverage when it’s being transported to another location.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Breakdown protection is coverage</strong>&nbsp;that includes the repair or replacement of major appliances and electronics in your mobile home when the breakdown of these items is due to mechanical or electrical failures.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Identity theft recovery insurance</strong>&nbsp;provides help if you are a victim of identity theft including expense reimbursement, such as $15,000.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Damage Not Covered by Mobile Home Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Insurance coverage is designed to protect you from accidents and the unexpected. But no insurance policy covers everything, and mobile home insurance is no exception.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The following types of damage are not generally covered in mobile home insurance policies:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Water damage from sewers and drain back ups</li><li>Wear and tear</li><li>Scratching</li><li>Deterioration</li><li>Rust</li><li>Mold</li><li>Wet or dry rot</li><li>Contamination</li><li>Smog</li><li>Vermin</li><li>Rodents</li><li>Insects</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>Flood and Earthquake Insurance for Mobile Homes</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Mobile home insurance also typically does not cover damage from earthquakes and flooding. You can buy additional coverage for earthquakes as an add-on benefit to a mobile home insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Flood damage also needs a separate flood insurance policy. If your community is part of the National Flood Insurance Program (NFIP), you are eligible to buy federally sponsored flood insurance. Check with your home insurance agent for details.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Tie-down Requirements</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Unless your mobile home is secured to the ground with a permanent foundation, your insurance company may require your mobile home be secured with approved tie-downs and ground anchors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Tie-down requirements can vary among insurance companies. If you are shopping for new mobile home insurance, you will want to find out the specific tie downs required. Determine if your old tie downs will suffice or if you will need to buy new ones.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Named Peril Mobile Home Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>There are also “named peril” policies for mobile homes that provide limited coverage just for damage from lightning, explosions, fire, wind and riots. A named peril policy might be tempting because it costs less than a broader policy. The drawback is that you’ll have to spend your own money to repair your home or replace your belongings if they’re damaged by anything not listed in the policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What’s the Difference Between Mobile Homes and Manufactured Homes?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Mobile homes are typically built in a factory and are taken to the owner’s property to be set up. A mobile home may be built on a metal frame and some mobile homes have tie downs instead of a permanent foundation. Manufactured homes have all these same characteristics.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The difference between the two is the manufacture date. The Housing and Urban Development (HUD) determined that a factory-built home built prior to June 15, 1976, is considered a mobile home and a factory built home completed after that date is a manufactured home. Mobile homes and manufactured homes are both regulated by HUD.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Mobile Home Insurance Costs</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>There are several factors that can affect the price of mobile home insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Location</li><li>Size of the mobile home</li><li>Value of your personal property</li><li>Other insured structures</li><li>Age of the mobile home</li><li>Insurance coverages you choose</li><li>Your credit history</li><li>If you own the land underneath the mobile home</li><li>Materials used to build the home</li><li>Discounts, such as discounts for safety and security features</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>Tips for Buying Mobile Home Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li>Review your mobile home insurance policy regularly That way you can be sure your coverage limits still match your needs and keep pace with rising building material costs and inflation. The amount you insure your mobile home for today might not be the amount you need in a few years.</li><li>Make a list of your mobile home’s contents and update it each year. Having a home inventory helps expedite claims. It will also help ensure that you have enough coverage for what’s inside your home as you add to your possessions.</li><li>Equip your mobile home with smoke detectors and find out if you can get an insurance discount for them.</li><li>Make sure additions to such as sheds and extra rooms are reflected in your insurance policy.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.forbes.com/advisor/homeowners-insurance/mobile-home-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','Mobile Home Insurance Explained','','inherit','closed','closed','','2025-revision-v1','','','2021-12-03 01:54:04','2021-12-03 01:54:04','',2025,'http://smartinsurance.tips/?p=2027',0,'revision','',0),(2028,1,'2021-12-03 02:01:49','2021-12-03 02:01:49','<!-- wp:image {\"id\":2029,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-19-1024x536.png\" alt=\"\" class=\"wp-image-2029\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0\">What Is Against All Risks (AAR)?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-1\">The term \"against all risks\", also known as all-risk insurance, refers to an insurance policy that provides coverage against all types of loss or damage. Exclusions can still be included in an against all risks policy, but the insured is covered against any risks that are not specifically named.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key Takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Against all risks is an insurance policy that provides coverage against all types of loss or damage. </li><li>An against all risks policy is generally found in the property-casualty market and provides coverage against anything that can do damage to your home or personal property.</li><li>Exclusions can be included in an against all risks policy, but the insured is covered against any risks not specifically named. </li><li>An against all risks insurance policy is the opposite of a named perils policy, which protects against specific losses named in the policy.</li><li>Against all risks policies are also referred to as open perils policies, all perils, or comprehensive insurance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-5\">Understanding Against All Risks (AAR)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-6\">Insurance protects people and companies against loss as a result of damage. There are various types of insurance and almost anything can be insured against loss including property. There are two different kinds of property insurance: Named perils—which we\'ll look at a little later—and against all risks. The latter is also referred to as open perils policies, all perils, or comprehensive insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-8\">An against all risks policy is generally found in the property-casualty market and provides coverage against anything that can do damage to your home or personal property. That is, of course, unless the policy comes with any exclusions. This means the policy doesn\'t pay for damages if it explicitly names a specific peril. But if there is no specific exclusion written into the policy for something like&nbsp;<a href=\"https://www.investopedia.com/terms/h/hurricane-deductible.asp\">hurricane-force winds</a>, the policy automatically covers any and all damages sustained by these kinds of winds.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-10\">Some of the most common exclusions included in against all&nbsp;<a href=\"https://www.investopedia.com/terms/r/risk.asp\">risks</a>&nbsp;policies are floods, earthquakes, rodents and pests, pollution, damage as a result of mechanical breakdown, nuclear-related accidents, sewer damage, and normal wear and tear. There are some insurance companies, though, that limit the number of exclusions on all-risk policies, while others may charge more to cover certain perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-12\">Against all risks policies are usually more expensive than other policies. That\'s because they provide more comprehensive coverage than their counterparts.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-14\">Special Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Each form of insurance provides protection against a different type of loss. They can also have different exclusions and different riders and deductibles, so it is important for a policyholder to verify what their policy covers. If a policyholder needs additional riders or coverages, the policyholder will need to negotiate those coverages with providers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Common exclusions included in against all risks policies are floods, earthquakes, rodents and pests, pollution, damage as a result of mechanical breakdown, nuclear-related accidents, sewer damage, and normal wear and tear. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Provisions under most policies stipulate that the property owner is responsible to prove damages before the insurance company assumes liability before paying out a claim. Once the insurer picks up the claim, it makes an assessment. During this time, the company must decide whether an exclusion applies, or whether it will advance the insured party a payout.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-21\">Against All Risks vs. Named Peril Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>An against all risks insurance policy is the opposite of a named perils policy, which protects against specific losses named in the policy. An example of a named peril policy would be a flood insurance policy, which specifically insures against damages incurred by floodwaters.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Named perils policies are generally better for homeowners who live in certain areas. For example, a property owner may consider taking out this kind of policy to cover against damage from events like fire and theft, leaving off events like earthquakes and floods, as they may not be prone to these disasters. Doing so decreases premium costs, saving the homeowner money.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/a/against-all-risks.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Against All Risks (AAR)','','publish','open','open','','against-all-risks-aar','','','2021-12-03 02:01:51','2021-12-03 02:01:51','',0,'http://smartinsurance.tips/?p=2028',0,'post','',0),(2029,1,'2021-12-03 02:00:07','2021-12-03 02:00:07','','My-Post-19','','inherit','open','closed','','my-post-19-3','','','2021-12-03 02:00:07','2021-12-03 02:00:07','',2028,'http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-19.png',0,'attachment','image/png',0),(2030,1,'2021-12-03 02:01:49','2021-12-03 02:01:49','<!-- wp:image {\"id\":2029,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-19-1024x536.png\" alt=\"\" class=\"wp-image-2029\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0\">What Is Against All Risks (AAR)?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-1\">The term \"against all risks\", also known as all-risk insurance, refers to an insurance policy that provides coverage against all types of loss or damage. Exclusions can still be included in an against all risks policy, but the insured is covered against any risks that are not specifically named.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key Takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Against all risks is an insurance policy that provides coverage against all types of loss or damage. </li><li>An against all risks policy is generally found in the property-casualty market and provides coverage against anything that can do damage to your home or personal property.</li><li>Exclusions can be included in an against all risks policy, but the insured is covered against any risks not specifically named. </li><li>An against all risks insurance policy is the opposite of a named perils policy, which protects against specific losses named in the policy.</li><li>Against all risks policies are also referred to as open perils policies, all perils, or comprehensive insurance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-5\">Understanding Against All Risks (AAR)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-6\">Insurance protects people and companies against loss as a result of damage. There are various types of insurance and almost anything can be insured against loss including property. There are two different kinds of property insurance: Named perils—which we\'ll look at a little later—and against all risks. The latter is also referred to as open perils policies, all perils, or comprehensive insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-8\">An against all risks policy is generally found in the property-casualty market and provides coverage against anything that can do damage to your home or personal property. That is, of course, unless the policy comes with any exclusions. This means the policy doesn\'t pay for damages if it explicitly names a specific peril. But if there is no specific exclusion written into the policy for something like&nbsp;<a href=\"https://www.investopedia.com/terms/h/hurricane-deductible.asp\">hurricane-force winds</a>, the policy automatically covers any and all damages sustained by these kinds of winds.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-10\">Some of the most common exclusions included in against all&nbsp;<a href=\"https://www.investopedia.com/terms/r/risk.asp\">risks</a>&nbsp;policies are floods, earthquakes, rodents and pests, pollution, damage as a result of mechanical breakdown, nuclear-related accidents, sewer damage, and normal wear and tear. There are some insurance companies, though, that limit the number of exclusions on all-risk policies, while others may charge more to cover certain perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-12\">Against all risks policies are usually more expensive than other policies. That\'s because they provide more comprehensive coverage than their counterparts.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-14\">Special Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Each form of insurance provides protection against a different type of loss. They can also have different exclusions and different riders and deductibles, so it is important for a policyholder to verify what their policy covers. If a policyholder needs additional riders or coverages, the policyholder will need to negotiate those coverages with providers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Common exclusions included in against all risks policies are floods, earthquakes, rodents and pests, pollution, damage as a result of mechanical breakdown, nuclear-related accidents, sewer damage, and normal wear and tear. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Provisions under most policies stipulate that the property owner is responsible to prove damages before the insurance company assumes liability before paying out a claim. Once the insurer picks up the claim, it makes an assessment. During this time, the company must decide whether an exclusion applies, or whether it will advance the insured party a payout.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-21\">Against All Risks vs. Named Peril Policy</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>An against all risks insurance policy is the opposite of a named perils policy, which protects against specific losses named in the policy. An example of a named peril policy would be a flood insurance policy, which specifically insures against damages incurred by floodwaters.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Named perils policies are generally better for homeowners who live in certain areas. For example, a property owner may consider taking out this kind of policy to cover against damage from events like fire and theft, leaving off events like earthquakes and floods, as they may not be prone to these disasters. Doing so decreases premium costs, saving the homeowner money.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/a/against-all-risks.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Against All Risks (AAR)','','inherit','closed','closed','','2028-revision-v1','','','2021-12-03 02:01:49','2021-12-03 02:01:49','',2028,'http://smartinsurance.tips/?p=2030',0,'revision','',0),(2032,1,'2021-12-07 02:49:30','2021-12-07 02:49:30','<!-- wp:image {\"id\":2033,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-20-1024x536.png\" alt=\"\" class=\"wp-image-2033\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Here’s what you need to know about hail damage insurance claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-1\">The sound of hail pounding on your roof is enough to wake you from a sound sleep. And when the storm clouds clear, you may find what homeowners dread: roof damage. Hailstorms can strike almost anywhere, but they are most prevalent in certain parts of the country.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-4\">Most homeowners policies cover roof damage caused by hail along with related water damage to your home’s structure or contents. But you can’t take your coverage for granted. Before disaster strikes, you need to know if your home insurance policy will cover a hail-damaged roof, under what circumstances it won’t provide coverage, and your policy\'s coverage limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key Takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Hail damage is created when hail dents cracks, splits, or makes holes in a roof. </li><li>Most homeowners policies cover hail damage up to a certain dollar limit. </li><li>Hail damage may not be covered if the roof required repairs before the hail event. </li><li>Notify your insurer as soon as you realize your roof has suffered damage from hail. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-8\">What Is Hail Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-10\">Hail damage to your roof can take several different forms depending on the type of roof your home has.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-13\"><li><strong>Asphalt shingle or composite shingle</strong>: Round, dark impact marks may appear with few granules. The damaged shingles may feel soft, and you may notice exposed felt.</li><li><strong>Wood shingles</strong>: You may see dents and splits in the wood, with noticeable brown or orange spots inside the splits.</li><li><strong>Metal</strong>: Roof panels, gutters, and vents may display dents.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-17\">What Are the Hazards of Hail Damage to Roofs?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-19\">A damaged roof can allow water to leak into underlying materials affecting roofing plywood and insulation. Water can seep into ceilings and walls, damaging paint and sheetrock. Unchecked leaks can lead to mold and mildew, which can spread beyond structural materials to clothing and furniture. Water-damaged structural elements, such as ceiling joists and wall studs, may rot, causing a ceiling to collapse.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-22\">Water can also seep into your home’s electrical components, like ceiling fans, lights, and wall sockets, causing electrical damage that may create a fire hazard.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Tip: Inspect your roof regularly, particularly following a hailstorm. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Sudden, unexpected hailstorms can occur almost anywhere, but they’re most prevalent in Great Plains and Midwest states</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-27\">How To Prevent Hail Damage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-29\"><li>Install a new roof when recommended. Replacing a roof that\'s too far gone can create a hazard for workers, which could lead to a lawsuit. Before hiring a contractor, make sure your home insurance policy, has sufficient liability coverage.</li><li>Install storm shutters on doors and windows.</li><li>Replace your roof with hail-resistant materials such as Class 4 shingles, coated metals, or synthetic slate.</li><li>Replace old roof fixtures such as skylights and vents, which can easily sustain hail damage and lead to leaks. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-31\">Is Hail Damage to Your Roof Covered by Homeowners Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-33\">The most common type of home insurance for owner-occupied houses is called an HO-3. Typically, HO-3 policies cover damage caused by hail. Usually, homeowners policies pay replacement costs for dwelling losses. For example, if your roof is destroyed in a hailstorm and costs $20,000 to replace, your policy will pay up to $20,000, minus your deductible, for the repair.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Some home insurance policies may limit roof replacement claims. For instance, if your policy places limits on cosmetic damages, it may only pay to replace damaged roof shingles, which may not match the rest of the roof. In states prone to hailstorms, homeowners policies may also feature a separate deductible for hazards such as hail or wind.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-39\">For homes with older roofs, insurers sometimes limit roof coverage to actual cash value, which will apply a depreciated value paid for damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-42\">When Is Hail Damaged Not Covered?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-44\">While a roof may appear hail damaged, another culprit may be to blame, particularly neglect. Sunlight and harsh weather can make shingles brittle, making them appear damaged. Or the shingles may begin to blister, crack, or show signs of granule loss due to age. These types of damages are considered normal wear and tear, which insurers typically don’t cover. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Note: If hail damages an old roof that should have already been replaced, an insurance adjuster may deny a claim. However, if hail damages your roof and causes water damage inside your home, your policy may cover interior structural and contents losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-49\">Insurance companies usually deny claims on houses that have been vacant for more than 60 days. Some carriers may discontinue coverage of a vacant home, while others may continue limited coverage for specific perils. However, some insurers offer vacant home insurance, which may cover hail and wind damage.<sup>2</sup></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-52\">You can’t file a roof claim if the damage is less than your policy’s deductible. For example, if your policy has a $1,000 deductible, you can’t file a $500 roof claim. Homes in high-risk areas may have a separate hail deductible. So if your hail damage deductible is $2,000, you can only file a claim when damages exceed $2,000.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-54\">How To File a Hail Damage Insurance Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The claims filing process can vary by insurance provider. But in all cases, you need to file a claim promptly and supply sufficient documentation to verify the damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-59\">Review Your Homeowners Insurance Policy&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-61\">It’s best to know what your home insurance policy does and doesn’t cover before you need to file a claim. When a hailstorm strikes, review the fine print of your policy’s coverages and exclusions. Coverages A and B cover losses to your home’s main structure and attached structures—like a garage—and coverage C covers personal property such as furniture and clothing.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-64\">Be Prompt</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-66\">The fine print of your homeowners policy may instruct you to contact the insurer or its agent promptly after damage occurs. If you’re unsure how quickly you must file, ask a company representative if a time limit applies. You should also file a claim promptly to avoid undue additional damage. Damaged roof materials can degrade further, so it’s important for an adjuster to examine the damage when it is fresh.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-69\">Assess the Damage&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-71\">If you are unsure if your roof has sustained enough damage to file a claim, you might need to hire a contractor to assess the losses. Depending on your policy’s deductible, excessive granule loss on shingles, dents to metal roof panels and gutters, and cracked or dented skylights and vents often indicate a valid claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-74\">Take pictures or videos of all damages. Oftentimes, roof damage can cause leaks that ruin interior floors and furnishings. In your claim, include all damages to your home’s structure and its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-77\">You may need to take immediate steps to prevent further damage. For example, cover a damaged section of roof to prevent rainwater from entering your home. Also, throw away soaked items such as carpeting, which can cause a mold hazard. Always take these preventative steps before an adjuster arrives to inspect the damages.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-80\">Get an Estimate&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-82\">Some insurers assign a claims handler or insurance adjuster to home insurance claims. Typically, the representative will assess the damages and give you an estimate of repair costs. If the insurer requires you to get an estimate, you may need to choose a contractor from the company’s approved vendor list. Always choose a licensed contractor to assess damages.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-85\">Keep Track of the Claim</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-87\">After filing a claim, you need to stay involved until it’s paid and your home is restored. Maintain regular contact with the insurance adjuster and contractor. Take notes every time you speak with an insurance representative. If you don’t understand something about the process, get answers from the insurance company. Save receipts for damage-related expenses, for which the insurer may offer reimbursement. Continue to inspect your home for subsequent damage, such as leaks or mold caused by the initial hail damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-89\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-91\">Is hail damage to the roof covered by homeowners insurance?&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-93\">Most home insurance policies cover hail damage. If you have an older roof, the insurer may only pay actual cash value, which applies depreciation, to a repair or replacement payout.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-96\">Do all homeowners insurance policies cover hail damage?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-98\">HO-3 home insurance policies are the most common on the market. HO-3 policies cover all perils unless those perils are specifically excluded. However, insurers will not cover damages caused by normal wear and tear. And if your roof needed replacing before the hail damage occurred, your carrier may refuse to repair or replace it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-101\">How do I start the hail damage insurance claims process?&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-103\">Each insurance provider has its own claims filing process. Before filing a claim, assess the damage, looking for patterned granule loss on asphalt or composite shingles, or dents on metal roofs, gutters, skylights, and roof vents. If the roof has sustained enough damage to warrant a claim, file it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-106\">Is there a time limit to make a hail damage insurance claim?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-108\">Claims filing time limits can vary by insurer. Your policy’s fine print may instruct you to file promptly or specify a specific time limit. It’s best to contact your insurer immediately and get the claims process started because roof hail damage can lead to leaks that can destroy your home’s structure and, in some cases, its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/is-hail-damage-to-your-roof-covered-by-homeowners-insurance-5193673\">click here.</a></p>\n<!-- /wp:paragraph -->','Is Hail Damage to Your Roof Covered by Homeowners Insurance?','','publish','open','open','','is-hail-damage-to-your-roof-covered-by-homeowners-insurance','','','2021-12-07 02:49:33','2021-12-07 02:49:33','',0,'http://smartinsurance.tips/?p=2032',0,'post','',0),(2033,1,'2021-12-07 02:41:48','2021-12-07 02:41:48','','My-Post-20','','inherit','open','closed','','my-post-20-4','','','2021-12-07 02:41:48','2021-12-07 02:41:48','',2032,'http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-20.png',0,'attachment','image/png',0),(2034,1,'2021-12-07 02:49:30','2021-12-07 02:49:30','<!-- wp:image {\"id\":2033,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-20-1024x536.png\" alt=\"\" class=\"wp-image-2033\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Here’s what you need to know about hail damage insurance claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-1\">The sound of hail pounding on your roof is enough to wake you from a sound sleep. And when the storm clouds clear, you may find what homeowners dread: roof damage. Hailstorms can strike almost anywhere, but they are most prevalent in certain parts of the country.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-4\">Most homeowners policies cover roof damage caused by hail along with related water damage to your home’s structure or contents. But you can’t take your coverage for granted. Before disaster strikes, you need to know if your home insurance policy will cover a hail-damaged roof, under what circumstances it won’t provide coverage, and your policy\'s coverage limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key Takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Hail damage is created when hail dents cracks, splits, or makes holes in a roof. </li><li>Most homeowners policies cover hail damage up to a certain dollar limit. </li><li>Hail damage may not be covered if the roof required repairs before the hail event. </li><li>Notify your insurer as soon as you realize your roof has suffered damage from hail. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-8\">What Is Hail Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-10\">Hail damage to your roof can take several different forms depending on the type of roof your home has.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-13\"><li><strong>Asphalt shingle or composite shingle</strong>: Round, dark impact marks may appear with few granules. The damaged shingles may feel soft, and you may notice exposed felt.</li><li><strong>Wood shingles</strong>: You may see dents and splits in the wood, with noticeable brown or orange spots inside the splits.</li><li><strong>Metal</strong>: Roof panels, gutters, and vents may display dents.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-17\">What Are the Hazards of Hail Damage to Roofs?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-19\">A damaged roof can allow water to leak into underlying materials affecting roofing plywood and insulation. Water can seep into ceilings and walls, damaging paint and sheetrock. Unchecked leaks can lead to mold and mildew, which can spread beyond structural materials to clothing and furniture. Water-damaged structural elements, such as ceiling joists and wall studs, may rot, causing a ceiling to collapse.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-22\">Water can also seep into your home’s electrical components, like ceiling fans, lights, and wall sockets, causing electrical damage that may create a fire hazard.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Tip: Inspect your roof regularly, particularly following a hailstorm. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Sudden, unexpected hailstorms can occur almost anywhere, but they’re most prevalent in Great Plains and Midwest states</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-27\">How To Prevent Hail Damage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-29\"><li>Install a new roof when recommended. Replacing a roof that\'s too far gone can create a hazard for workers, which could lead to a lawsuit. Before hiring a contractor, make sure your home insurance policy, has sufficient liability coverage.</li><li>Install storm shutters on doors and windows.</li><li>Replace your roof with hail-resistant materials such as Class 4 shingles, coated metals, or synthetic slate.</li><li>Replace old roof fixtures such as skylights and vents, which can easily sustain hail damage and lead to leaks. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-31\">Is Hail Damage to Your Roof Covered by Homeowners Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-33\">The most common type of home insurance for owner-occupied houses is called an HO-3. Typically, HO-3 policies cover damage caused by hail. Usually, homeowners policies pay replacement costs for dwelling losses. For example, if your roof is destroyed in a hailstorm and costs $20,000 to replace, your policy will pay up to $20,000, minus your deductible, for the repair.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Some home insurance policies may limit roof replacement claims. For instance, if your policy places limits on cosmetic damages, it may only pay to replace damaged roof shingles, which may not match the rest of the roof. In states prone to hailstorms, homeowners policies may also feature a separate deductible for hazards such as hail or wind.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-39\">For homes with older roofs, insurers sometimes limit roof coverage to actual cash value, which will apply a depreciated value paid for damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-42\">When Is Hail Damaged Not Covered?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-44\">While a roof may appear hail damaged, another culprit may be to blame, particularly neglect. Sunlight and harsh weather can make shingles brittle, making them appear damaged. Or the shingles may begin to blister, crack, or show signs of granule loss due to age. These types of damages are considered normal wear and tear, which insurers typically don’t cover. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Note: If hail damages an old roof that should have already been replaced, an insurance adjuster may deny a claim. However, if hail damages your roof and causes water damage inside your home, your policy may cover interior structural and contents losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-49\">Insurance companies usually deny claims on houses that have been vacant for more than 60 days. Some carriers may discontinue coverage of a vacant home, while others may continue limited coverage for specific perils. However, some insurers offer vacant home insurance, which may cover hail and wind damage.<sup>2</sup></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-52\">You can’t file a roof claim if the damage is less than your policy’s deductible. For example, if your policy has a $1,000 deductible, you can’t file a $500 roof claim. Homes in high-risk areas may have a separate hail deductible. So if your hail damage deductible is $2,000, you can only file a claim when damages exceed $2,000.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-54\">How To File a Hail Damage Insurance Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The claims filing process can vary by insurance provider. But in all cases, you need to file a claim promptly and supply sufficient documentation to verify the damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-59\">Review Your Homeowners Insurance Policy&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-61\">It’s best to know what your home insurance policy does and doesn’t cover before you need to file a claim. When a hailstorm strikes, review the fine print of your policy’s coverages and exclusions. Coverages A and B cover losses to your home’s main structure and attached structures—like a garage—and coverage C covers personal property such as furniture and clothing.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-64\">Be Prompt</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-66\">The fine print of your homeowners policy may instruct you to contact the insurer or its agent promptly after damage occurs. If you’re unsure how quickly you must file, ask a company representative if a time limit applies. You should also file a claim promptly to avoid undue additional damage. Damaged roof materials can degrade further, so it’s important for an adjuster to examine the damage when it is fresh.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-69\">Assess the Damage&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-71\">If you are unsure if your roof has sustained enough damage to file a claim, you might need to hire a contractor to assess the losses. Depending on your policy’s deductible, excessive granule loss on shingles, dents to metal roof panels and gutters, and cracked or dented skylights and vents often indicate a valid claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-74\">Take pictures or videos of all damages. Oftentimes, roof damage can cause leaks that ruin interior floors and furnishings. In your claim, include all damages to your home’s structure and its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-77\">You may need to take immediate steps to prevent further damage. For example, cover a damaged section of roof to prevent rainwater from entering your home. Also, throw away soaked items such as carpeting, which can cause a mold hazard. Always take these preventative steps before an adjuster arrives to inspect the damages.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-80\">Get an Estimate&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-82\">Some insurers assign a claims handler or insurance adjuster to home insurance claims. Typically, the representative will assess the damages and give you an estimate of repair costs. If the insurer requires you to get an estimate, you may need to choose a contractor from the company’s approved vendor list. Always choose a licensed contractor to assess damages.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-85\">Keep Track of the Claim</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-87\">After filing a claim, you need to stay involved until it’s paid and your home is restored. Maintain regular contact with the insurance adjuster and contractor. Take notes every time you speak with an insurance representative. If you don’t understand something about the process, get answers from the insurance company. Save receipts for damage-related expenses, for which the insurer may offer reimbursement. Continue to inspect your home for subsequent damage, such as leaks or mold caused by the initial hail damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-89\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-91\">Is hail damage to the roof covered by homeowners insurance?&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-93\">Most home insurance policies cover hail damage. If you have an older roof, the insurer may only pay actual cash value, which applies depreciation, to a repair or replacement payout.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-96\">Do all homeowners insurance policies cover hail damage?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-98\">HO-3 home insurance policies are the most common on the market. HO-3 policies cover all perils unless those perils are specifically excluded. However, insurers will not cover damages caused by normal wear and tear. And if your roof needed replacing before the hail damage occurred, your carrier may refuse to repair or replace it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-101\">How do I start the hail damage insurance claims process?&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-103\">Each insurance provider has its own claims filing process. Before filing a claim, assess the damage, looking for patterned granule loss on asphalt or composite shingles, or dents on metal roofs, gutters, skylights, and roof vents. If the roof has sustained enough damage to warrant a claim, file it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-106\">Is there a time limit to make a hail damage insurance claim?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-108\">Claims filing time limits can vary by insurer. Your policy’s fine print may instruct you to file promptly or specify a specific time limit. It’s best to contact your insurer immediately and get the claims process started because roof hail damage can lead to leaks that can destroy your home’s structure and, in some cases, its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/is-hail-damage-to-your-roof-covered-by-homeowners-insurance-5193673\">click here.</a></p>\n<!-- /wp:paragraph -->','Is Hail Damage to Your Roof Covered by Homeowners Insurance?','','inherit','closed','closed','','2032-revision-v1','','','2021-12-07 02:49:30','2021-12-07 02:49:30','',2032,'http://smartinsurance.tips/?p=2034',0,'revision','',0),(2044,1,'2022-01-04 21:29:14','2022-01-04 21:29:14','<!-- wp:gallery {\"ids\":[2045],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1024x536.png\" alt=\"\" data-id=\"2045\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2045\" class=\"wp-image-2045\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">No one ever wishes to find themselves in a position of financial hardship but unfortunately, sometimes it happens. And contrary to some popular opinions, financial difficulties aren\'t always a result of financial irresponsibility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a matter of fact, many people experience financial hardship that puts them in a position where they can\'t pay their bills for reasons other than this.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\" id=\"h-examples-of-financial-hardship\">Examples of financial hardship</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are many life transitions that could impact someone financially. Some examples of financial hardship are:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Personal or family health issues or injury.</li><li>Long-term reduction or loss of income.</li><li>Exiting a bad relationship&nbsp;or escaping domestic violence.</li><li>Death of a spouse or partner.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It could also be that someone experiencing difficulty right now may have just started their financial wellness journey before getting hit by a life-changing situation that derailed their plans. Facing financial difficulties can be extremely stressful. It can even impact your physical and mental health and accelerate aging as a result.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Are you suffering from one or more of these examples of financial hardship? If so, this article is here to guide you through dealing with those difficult situations so you can get ahead as soon as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-warning-signs-of-financial-hardship\">Warning signs of financial hardship</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">One way you can get a head start on working through your financial hardship is if you can identify the root cause early. Some warning signs that you are facing financial difficulties could include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Relying on credit to pay for your day-to-day essentials.</li><li>High or&nbsp;maxed out credit card balances.</li><li>Resorting to high-interest debt like payday loans or cash advances.</li><li>No&nbsp;emergency savings&nbsp;or&nbsp;sinking funds.</li><li>Constantly paying late and/or overdraft fees.</li><li>Poor credit scores&nbsp;due to late payments and a&nbsp;high debt to income ratio.</li><li>Not being able to meet your minimum payment obligations.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Recognizing these warning signs is one of the first steps towards&nbsp;creating a financial plan&nbsp;so you can turn things around.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-how-to-get-through-financial-hardships\">How to get through financial hardships</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">That being said, here are some key steps to help you establish plans to improve your financial situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-1-adjust-your-budget-to-get-through-financial-hardship\">1. Adjust your budget to get through financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are experiencing financial difficulties, it\'s important to adjust your budget to accommodate any changes in your income. For instance, if you have lost your job or experienced a significant reduction in your income, you might need to start&nbsp;budgeting for a variable income.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">No income coming in? Having to leverage debt to get by? In this scenario, it\'s even more important to budget your spending so you can minimize how much debt you take on. Next, you can&nbsp;create a debt repayment plan&nbsp;that you keep handy for when your income situation improves. This way, you can hit the ground running when it does.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You also want to&nbsp;adjust your budget&nbsp;to accommodate any major bills that have come up. While you may not be able to pay off your debts in their entirety right now, understanding your current spending is important.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your main goal should be to focus on your core essentials first which are food, medicines, safe housing, core utilities, and transportation. By adjusting your budget, you may find you are spending in a category that you can do without&nbsp;or can cut back on. This realization can help you move the funds over towards more pressing bills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-2-communicate-with-your-service-providers-if-facing-severe-financial-hardship\">2. Communicate with your service providers if facing severe financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The last thing you want is to lose access to water, electricity, internet service (since so&nbsp;many people work from home), or another core utility. To avoid this, you want to make sure you contact your service providers as soon as possible to let them know you are experiencing financial difficulties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Many providers are willing to work with you, and you can come to an agreement well in advance of any shut-off actions going into effect. You\'ll also be able to&nbsp;save yourself from the stress<a rel=\"noreferrer noopener\" href=\"https://www.clevergirlfinance.com/blog/how-to-manage-debt-stress/\" target=\"_blank\">&nbsp;</a>of your accounts assessing excessive late fees or going into collections simply by communicating your situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-3-determine-what-financial-hardship-programs-your-lenders-are-offering\">3. Determine what financial hardship programs your lenders are offering</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you have debt obligations, your&nbsp;lender might offer some sort of financial hardship program&nbsp;that can help while you work on getting back on your feet. From car loans to credit cards to student loans, lenders typically have a variety of hardship programs.&nbsp;Rent and mortgage assistance&nbsp;may also be an option for you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">These programs might include interest waivers, reduced payments, or payment deferrals. You, however, want to make sure you fully understand the details of any program you commit to. Specifically:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Any fees that will be assessed as part of the hardship program agreement.</li><li>The details of how payments will be made during the program.</li><li>Whether or not a lump sum is expected anytime during or at the end of the program.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You may also need to show proof of severe financial hardship&nbsp;in the form of a hardship letter.&nbsp;This letter is essentially a detailed explanation of your hardship and the impact it\'s having on your finances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-4-negotiate-bills-in-collections\">4. Negotiate bills in collections</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So many people&nbsp;with bills in collections&nbsp;are terrified of having to deal with them. Some people, on the other hand, think that debt in collections is not something they can do anything about.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To set the record straight, there\'s nothing and no one to be afraid of when it comes to dealing with your bills in collections. The worst thing that can happen is that you get a \"no\" when you attempt to negotiate. In addition, not dealing with bills in collections can have a negative&nbsp;long-term impact on your credit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It is still worth trying to negotiate bills that are in collections. If you come to a payment agreement, they may even remove the negative remarks on your credit report. And in some instances, they may forgive part of the balance or even dismiss it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Just make sure you ask questions so you understand the specifics of any agreement, including any reporting that will be sent to the credit bureaus.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-5-find-a-side-gig-for-extra-income\">5. Find a side gig for extra income</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Earning extra cash from a side gig&nbsp;or part-time job can help in a major way during severe financial hardship if you have the hours to spare. A side gig or part-time job doesn\'t have to be a permanent situation, but getting one temporarily can really help you get ahead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Keep in mind that it\'s ok to work odd jobs to bring in that extra cash.&nbsp;You could freelance, get a&nbsp;work-from-home gig&nbsp;or work part-time in retail, customer service, or delivery service.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You\'ll want to take extra care to make sure the money you earn is going towards your financial obligations and&nbsp;getting caught up with your bills. The last thing you want is to work all those extra hours and have the money slip away.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">6. Stay away from payday loans</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are facing severe financial hardship, then a payday loan<a rel=\"noreferrer noopener\" href=\"https://www.clevergirlfinance.com/blog/payday-loan/\" target=\"_blank\">&nbsp;</a>may seem like the answer, but you should do your utmost to avoid them. These loans come with a high price of excessive interest and can cause you to spiral even further down into debt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are still employed, you can find out if your employer offers a salary advance loan&nbsp;that could help you out in the short term. This would be a better alternative to a payday loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-7-don-t-give-up-if-you-are-facing-severe-financial-hardship\">7. Don\'t give up if you are facing severe financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As mentioned earlier, financial hardship can arise for different reasons. The good news is that you can recover from it and thrive. So don\'t be discouraged and don\'t give up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It might be difficult in the interim, and you might go through a&nbsp;wave of emotions as it relates to your finances,&nbsp;but you can totally get through this. Focus on setting aside self-judgment, don\'t allow other people to judge you, learn from your mistakes, and move forward.</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\">You can navigate severe financial hardship!</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Use these steps to help you navigate through your financial difficulties. It will help you get back on track and possibly spare your credit to some extent. You can also set goals to work on your self-improvement&nbsp;in addition to improving your finances. Whatever your situation might be right now, remember that daybreak always comes, even after the darkest night. You\'ve got this!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"normal\"} -->\n<p class=\"has-normal-font-size\">To read the full article,&nbsp;<a href=\"https://www.clevergirlfinance.com/blog/financial-hardship/\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','7 Essential Tips To Get Through Financial Hardship','','publish','open','open','','7-essential-tips-to-get-through-financial-hardship','','','2022-01-10 19:56:42','2022-01-10 19:56:42','',0,'http://smartinsurance.tips/?p=2044',0,'post','',0),(2036,1,'2021-12-07 02:58:44','2021-12-07 02:58:44','<!-- wp:image {\"id\":2037,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-21-1024x536.png\" alt=\"\" class=\"wp-image-2037\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Nearly half of all homeowners are confused by the concept of replacement cost and what it means for their home insurance coverage.﻿ Many people think the limits that appear on the \"dec\" page of their insurance policy are a good indicator of how much they\'ll be paid when they have a claim. But this isn\'t the case.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The limits on the dec page are the maximum you could be ​paid, not necessarily how much money you\'ll receive.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Here\'s what you need to know about how much you will get paid in a claim, and how replacement cost or actual cash value coverage make a difference.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-9\">How Much Will You Be Paid for Your Claim?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-11\">How much you can expect to be paid for your insurance claim depends on three key factors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-14\">Accuracy of Lost Value</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>How accurately can you describe, document, and show the lost value of your property? Keeping a home inventory of items can really help. The more details and proof you provide, the less likely you are to be at the mercy of the insurance company\'s estimates.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-19\">Type of Policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-21\">What type of policy do you have? </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Different insurance policies provide different coverages. You might have a homeowner\'s or condo policy, but the type of policy you\'ve taken out will dictate the risks covered. It will also cite any exclusions or special limits for certain items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Special limits aren\'t standard across all insurance companies. Those specializing in attracting consumers with high-value homes might have higher special limits in the areas of jewelry, fine arts, or even wine collections.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-27\">Basis of Claims Settlement</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-29\">What is the basis of claims settlement? Will the insurer pay \"actual cash value\" or \"replacement cost\"? This is a critical distinction.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You can usually find this basis of claims settlement in the fine print of your policy. Very often, a homeowner is upset about how much they were paid, because they didn\'t understand the terms of making a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-34\">Actual Cash Value and Replacement Cost</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-36\">Actual cash value (ACV) is the depreciated value of an item of property at the time of the loss. This type of settlement does not allow you to replace what you\'ve lost, at least not without some of the money to replace it coming out of your own pocket. Rather, it compensates you for the value of the item in its most recent condition before the loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Replacing your personal contents—or even worse, your home—on an actual cash value or depreciated basis leaves you at a loss, compared to replacement-cost settlements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Replacement cost, on the other hand, provides you with the money needed to replace the lost items. It\'s far better than ACV, because it allows you to put yourself in the same financial position you were in prior to the loss.4﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>One common misconception about replacement cost is how it will be paid. You must first replace the items before you\'re able to collect the payment. But there are some exceptions. For example, in many high-value home policies, the terms may be different.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Depending on the size of the loss and the type of claim, you\'ll likely be asked to provide a list of items and their values. Allow time for the insurance company to review the list and determine how and what they are going to pay you. Then, you will be able to review the company\'s offer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Note: If your basis of loss settlement was ACV, reimbursement may look different. You might be asked to sign off on the amount—agreeing that it\'s a final payment—before you receive a check.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-51\">What Information Do You Need to Provide?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-53\">When you\'re expecting full compensation to replace your items or personal contents that were insured in your home, you should expect to provide a list of:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-56\"><li>Descriptions of the items, with makes and models (if applicable)</li><li>When you purchased each item</li><li>The price you paid for each</li><li>The item\'s replacement value today</li><li>Any photos showing the condition of the items</li><li>The original receipts, if possible</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>While you might not have a receipt for every pair of socks you owned, you might have kept the receipt for your big screen TV. Each insurance company has its own criteria. You can ask the insurance adjuster for a form or guidelines that will help you fill out your proof-of-loss items list.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-62\">You can expect to receive two payments before being fully compensated when your loss settlement is on a replacement-cost basis. The first payment will be for the actual cash value of the items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-65\">Then, you must prove that you\'ve replaced the items. At that point, you will typically receive the second and final payment. In most cases, you can submit your expenses along the way if you replace items over time. You can also talk to your adjuster about when you can expect payments. The timeframe often depends on the size of the loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Tip: Staying in contact with the adjuster on your claim will help you know exactly what to expect, and it will help you get paid for your actual loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-69\">Replacement Value vs. Replacement Cost</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-71\">Some high-end policies might offer you the option to receive the full replacement value of your items—without being obligated to replace them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-74\">These types of policies are generally more expensive. You can ask your insurance agent whether you qualify for one. They\'re often based on higher home values, or condo or tenant policies with higher contents limit requirements, as well as other criteria.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-77\">This is very different from replacement cost, where you might only be offered the depreciated ACV as an option if you choose not to replace the item or not to rebuild your home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Note: The insurance company often retains the right to repair or replace the items. It will review your list and let you know. If an item can be reasonably restored to its condition prior to the claim, you may be offered the option to repair it instead. If not, the company will offer you replacement cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-81\">Can You Negotiate?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-83\">You may have some room to negotiate replacement cost values. For example, the item might have been replaced in the market by a better model since the time when you first bought it. You may have had a three-year-old smartphone that can\'t be replaced by the same make and model today.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-86\">You might find an equivalent product and list that as the \"replacement equivalent,\" along with its value. Always try your best to find the most similar item possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-89\">If you give a fair replacement cost price and do your research, you\'ll likely get what you\'re asking for. If you don\'t do the extra work, the adjuster will come up with their best solution, and you might lose out.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Note: Some insurers are more lenient than others. It often depends on the circumstances and the company\'s own requirements. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-93\">What If Items Can\'t Be Replaced?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-95\">You might find yourself in a situation where you\'ll only be offered ACV if an item is determined to be obsolete, or by its \"inherent nature, cannot be replaced.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-98\">A similar clause can apply to sets or pairs of items when only one part of a set or pair is lost, and the other was not damaged.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-101\">Special items that cannot be replaced, such as collectibles, antiques, and fine arts, should always be discussed with your insurance representative—before a claim occurs. This will allow you to get the proper advice about how to protect the value with the right type of insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It will also give you the opportunity to get appraisals, and possibly schedule the items on a separate floater or rider to ensure a settlement to value. You might be very upset with what you receive if items of this nature are lost in a claim, and the proper insurance was not obtained.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-106\">Does Replacement Cost Include Ordinance Coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-108\">Ordinance—or law—coverage is insurance for the costs to repair a damaged home if certain building codes came into play after your home was built. Even if your home is insured for replacement cost, some policies don\'t cover the increased cost of construction due to by-laws or city ordinances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Endorsements are available to add by-law coverage to your policy. Some high-end policies will also include by-law coverage as a matter of course, but it could be a major problem in determining the actual cost of rebuilding if your policy does not include this coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Many policies include a \"guaranteed replacement cost clause.\" This allows some wiggle room around the total insured value of the home when it\'s been determined that the cost was a little off. It depends on the type of policy you have and its wording.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>For example, some policies might state that you\'ll still be eligible for replacement cost if you were insured to at least 80% of the value of the actual reconstruction cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-119\">Do Insurance Companies Ever&nbsp;Pay the Full Limit?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-121\">Some insurers might </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>pay out the full value for the home and its contents when the home and its contents are a total loss. This might be the case after a major disaster such as a fire—but the situation must make sense to the adjuster. It\'s up to the discretion of the insurance company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>An insurance company always has a right to ask for proof of loss, but the adjuster might come to a settlement without making you list every single item up to your policy limits in these types of major claims and total losses. Ask your insurance representative how your insurance company settles a total loss, to get an idea of how things would work.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Always be prepared with records of larger purchases stored in the cloud or a safe deposit box off the premises. Regularly document your home with photos. They could come in handy in a total-loss situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-129\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading -->\n<h2>How does replacement cost insurance work if the value of my personal property goes up?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Replacement cost insurance covers the cost of replacing an item, even if the value of that item increases or the price goes up. So, if your insurance policy includes replacement cost coverage for personal property, it should pay to replace your item—even at increased cost. However, it\'s important to review your policy for coverage limits and deductibles.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What is the difference between fair market value and replacement cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Fair market value is how much a buyer would pay to purchase your home. It\'s affected by factors like the neighborhood, school district, and local housing market. Replacement cost is how much you would have to pay to repair or rebuild your home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.forbes.com/advisor/homeowners-insurance/mobile-home-insurance/\">click here</a><a href=\"https://www.thebalance.com/replacement-cost-insurance-vs-actual-cash-value-4154015\">.</a></p>\n<!-- /wp:paragraph -->','Replacement Cost vs. Actual Cash Value in Insurance','','publish','open','open','','replacement-cost-vs-actual-cash-value-in-insurance','','','2021-12-07 02:58:46','2021-12-07 02:58:46','',0,'http://smartinsurance.tips/?p=2036',0,'post','',0),(2037,1,'2021-12-07 02:52:04','2021-12-07 02:52:04','','My-Post-21','','inherit','open','closed','','my-post-21-2','','','2021-12-07 02:52:04','2021-12-07 02:52:04','',2036,'http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-21.png',0,'attachment','image/png',0),(2038,1,'2021-12-07 02:58:44','2021-12-07 02:58:44','<!-- wp:image {\"id\":2037,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-21-1024x536.png\" alt=\"\" class=\"wp-image-2037\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Nearly half of all homeowners are confused by the concept of replacement cost and what it means for their home insurance coverage.﻿ Many people think the limits that appear on the \"dec\" page of their insurance policy are a good indicator of how much they\'ll be paid when they have a claim. But this isn\'t the case.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The limits on the dec page are the maximum you could be ​paid, not necessarily how much money you\'ll receive.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Here\'s what you need to know about how much you will get paid in a claim, and how replacement cost or actual cash value coverage make a difference.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-9\">How Much Will You Be Paid for Your Claim?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-11\">How much you can expect to be paid for your insurance claim depends on three key factors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-14\">Accuracy of Lost Value</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>How accurately can you describe, document, and show the lost value of your property? Keeping a home inventory of items can really help. The more details and proof you provide, the less likely you are to be at the mercy of the insurance company\'s estimates.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-19\">Type of Policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-21\">What type of policy do you have? </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Different insurance policies provide different coverages. You might have a homeowner\'s or condo policy, but the type of policy you\'ve taken out will dictate the risks covered. It will also cite any exclusions or special limits for certain items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Special limits aren\'t standard across all insurance companies. Those specializing in attracting consumers with high-value homes might have higher special limits in the areas of jewelry, fine arts, or even wine collections.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-27\">Basis of Claims Settlement</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-29\">What is the basis of claims settlement? Will the insurer pay \"actual cash value\" or \"replacement cost\"? This is a critical distinction.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You can usually find this basis of claims settlement in the fine print of your policy. Very often, a homeowner is upset about how much they were paid, because they didn\'t understand the terms of making a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-34\">Actual Cash Value and Replacement Cost</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-36\">Actual cash value (ACV) is the depreciated value of an item of property at the time of the loss. This type of settlement does not allow you to replace what you\'ve lost, at least not without some of the money to replace it coming out of your own pocket. Rather, it compensates you for the value of the item in its most recent condition before the loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Replacing your personal contents—or even worse, your home—on an actual cash value or depreciated basis leaves you at a loss, compared to replacement-cost settlements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Replacement cost, on the other hand, provides you with the money needed to replace the lost items. It\'s far better than ACV, because it allows you to put yourself in the same financial position you were in prior to the loss.4﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>One common misconception about replacement cost is how it will be paid. You must first replace the items before you\'re able to collect the payment. But there are some exceptions. For example, in many high-value home policies, the terms may be different.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Depending on the size of the loss and the type of claim, you\'ll likely be asked to provide a list of items and their values. Allow time for the insurance company to review the list and determine how and what they are going to pay you. Then, you will be able to review the company\'s offer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Note: If your basis of loss settlement was ACV, reimbursement may look different. You might be asked to sign off on the amount—agreeing that it\'s a final payment—before you receive a check.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-51\">What Information Do You Need to Provide?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-53\">When you\'re expecting full compensation to replace your items or personal contents that were insured in your home, you should expect to provide a list of:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-56\"><li>Descriptions of the items, with makes and models (if applicable)</li><li>When you purchased each item</li><li>The price you paid for each</li><li>The item\'s replacement value today</li><li>Any photos showing the condition of the items</li><li>The original receipts, if possible</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>While you might not have a receipt for every pair of socks you owned, you might have kept the receipt for your big screen TV. Each insurance company has its own criteria. You can ask the insurance adjuster for a form or guidelines that will help you fill out your proof-of-loss items list.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-62\">You can expect to receive two payments before being fully compensated when your loss settlement is on a replacement-cost basis. The first payment will be for the actual cash value of the items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-65\">Then, you must prove that you\'ve replaced the items. At that point, you will typically receive the second and final payment. In most cases, you can submit your expenses along the way if you replace items over time. You can also talk to your adjuster about when you can expect payments. The timeframe often depends on the size of the loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Tip: Staying in contact with the adjuster on your claim will help you know exactly what to expect, and it will help you get paid for your actual loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-69\">Replacement Value vs. Replacement Cost</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-71\">Some high-end policies might offer you the option to receive the full replacement value of your items—without being obligated to replace them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-74\">These types of policies are generally more expensive. You can ask your insurance agent whether you qualify for one. They\'re often based on higher home values, or condo or tenant policies with higher contents limit requirements, as well as other criteria.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-77\">This is very different from replacement cost, where you might only be offered the depreciated ACV as an option if you choose not to replace the item or not to rebuild your home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Note: The insurance company often retains the right to repair or replace the items. It will review your list and let you know. If an item can be reasonably restored to its condition prior to the claim, you may be offered the option to repair it instead. If not, the company will offer you replacement cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-81\">Can You Negotiate?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-83\">You may have some room to negotiate replacement cost values. For example, the item might have been replaced in the market by a better model since the time when you first bought it. You may have had a three-year-old smartphone that can\'t be replaced by the same make and model today.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-86\">You might find an equivalent product and list that as the \"replacement equivalent,\" along with its value. Always try your best to find the most similar item possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-89\">If you give a fair replacement cost price and do your research, you\'ll likely get what you\'re asking for. If you don\'t do the extra work, the adjuster will come up with their best solution, and you might lose out.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Note: Some insurers are more lenient than others. It often depends on the circumstances and the company\'s own requirements. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-93\">What If Items Can\'t Be Replaced?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-95\">You might find yourself in a situation where you\'ll only be offered ACV if an item is determined to be obsolete, or by its \"inherent nature, cannot be replaced.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-98\">A similar clause can apply to sets or pairs of items when only one part of a set or pair is lost, and the other was not damaged.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-101\">Special items that cannot be replaced, such as collectibles, antiques, and fine arts, should always be discussed with your insurance representative—before a claim occurs. This will allow you to get the proper advice about how to protect the value with the right type of insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It will also give you the opportunity to get appraisals, and possibly schedule the items on a separate floater or rider to ensure a settlement to value. You might be very upset with what you receive if items of this nature are lost in a claim, and the proper insurance was not obtained.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-106\">Does Replacement Cost Include Ordinance Coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-108\">Ordinance—or law—coverage is insurance for the costs to repair a damaged home if certain building codes came into play after your home was built. Even if your home is insured for replacement cost, some policies don\'t cover the increased cost of construction due to by-laws or city ordinances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Endorsements are available to add by-law coverage to your policy. Some high-end policies will also include by-law coverage as a matter of course, but it could be a major problem in determining the actual cost of rebuilding if your policy does not include this coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Many policies include a \"guaranteed replacement cost clause.\" This allows some wiggle room around the total insured value of the home when it\'s been determined that the cost was a little off. It depends on the type of policy you have and its wording.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>For example, some policies might state that you\'ll still be eligible for replacement cost if you were insured to at least 80% of the value of the actual reconstruction cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-119\">Do Insurance Companies Ever&nbsp;Pay the Full Limit?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-121\">Some insurers might </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>pay out the full value for the home and its contents when the home and its contents are a total loss. This might be the case after a major disaster such as a fire—but the situation must make sense to the adjuster. It\'s up to the discretion of the insurance company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>An insurance company always has a right to ask for proof of loss, but the adjuster might come to a settlement without making you list every single item up to your policy limits in these types of major claims and total losses. Ask your insurance representative how your insurance company settles a total loss, to get an idea of how things would work.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Always be prepared with records of larger purchases stored in the cloud or a safe deposit box off the premises. Regularly document your home with photos. They could come in handy in a total-loss situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-129\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading -->\n<h2>How does replacement cost insurance work if the value of my personal property goes up?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Replacement cost insurance covers the cost of replacing an item, even if the value of that item increases or the price goes up. So, if your insurance policy includes replacement cost coverage for personal property, it should pay to replace your item—even at increased cost. However, it\'s important to review your policy for coverage limits and deductibles.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What is the difference between fair market value and replacement cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Fair market value is how much a buyer would pay to purchase your home. It\'s affected by factors like the neighborhood, school district, and local housing market. Replacement cost is how much you would have to pay to repair or rebuild your home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.forbes.com/advisor/homeowners-insurance/mobile-home-insurance/\">click here</a><a href=\"https://www.thebalance.com/replacement-cost-insurance-vs-actual-cash-value-4154015\">.</a></p>\n<!-- /wp:paragraph -->','Replacement Cost vs. Actual Cash Value in Insurance','','inherit','closed','closed','','2036-revision-v1','','','2021-12-07 02:58:44','2021-12-07 02:58:44','',2036,'http://smartinsurance.tips/?p=2038',0,'revision','',0),(2040,1,'2021-12-07 03:08:58','2021-12-07 03:08:58','<!-- wp:image {\"id\":2041,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-22-1024x536.png\" alt=\"\" class=\"wp-image-2041\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-1\">Hazard insurance is the part of your homeowners policy that covers the structure of your dwelling if it takes damage from specific disasters, such as fires, hail, storms, and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-4\">Here’s what you should know about hazard insurance, including how it works, what it covers, and when you might need it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-6\">Definition of Hazard Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Hazard insurance is one of the coverages that your homeowners insurance policy provides. It covers the structure of your dwelling if it sustains losses or damage from certain natural disasters, sometimes known as hazards or perils. It’s the same as your policy’s dwelling coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You’ll often see damage from storms, fires, and vehicle crashes listed as covered risks. However, flooding and earthquakes are usually not included.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>People sometimes use the term hazard insurance interchangeably with homeowners insurance, but technically, they’re not the same. Hazard insurance is a subset of the coverage from a homeowners policy, while homeowners insurance includes a variety of coverages (other structures on your property, personal property, certain liabilities, and more).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>That said, if a mortgage lender asks you to get hazard insurance, they’re talking about buying homeowners insurance. You generally can’t purchase hazard coverage on its own.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Alternate names</strong>: Dwelling insurance; peril insurance</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Note: Depending on whether your policy covers your dwelling’s actual cash value (ACV) or replacement cost, you’ll get more or less money for your claim. Replacement cost policies cover the entire cost to repair the property with something of like kind and quality, usually up to its current price. ACV policies adjust that number down to account for depreciation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>For example, say you have an ACV homeowners policy with hazard insurance and a $1,000 deductible. You come home one day after a storm to find that the wind knocked a tree over into your house, crushing part of your roof. The repairs will cost $12,000, but since you last replaced your roof, it’s depreciated by $3,000. If your claim is successful, you’d net $8,000 in insurance proceeds ($12,000 minus depreciation and your deductible).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: New building codes can significantly drive up the cost to rebuild or upgrade a damaged home to meet your city’s current codes. Standard homeowners insurance policies don’t cover these additional costs unless you have a special rider on your policy called ordinance or law coverage, also known as building codes coverage. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-39\">What Does Hazard Insurance Cover?&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-41\">Hazard insurance covers damage to the structure of your residence from certain perils. The exact perils covered depend on your policy, but often include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-44\"><li>Fire</li><li>Hail</li><li>Lightning</li><li>Theft</li><li>Vandalism</li><li>Fallen trees</li><li>Vehicles that run into your home</li><li>Explosions</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Note: Don’t assume that your policy covers water damage from storms just because it covers the trees they blow over. Hazard insurance typically does not include damage from flooding or earthquakes. You’ll usually have to buy separate policies to cover those forms of damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-48\">Do I Need Hazard Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-50\">Hazard insurance is a part of your broader homeowners insurance policy, so any situation where you might need to insure a property that you own generally requires you to get hazard insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-53\">Most often, that happens when you’re trying to close on a mortgage. Your lender will typically tell you to buy a homeowners policy with sufficient hazard insurance before you can close. The home is the lender’s collateral, after all.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-56\">Keep in mind that even if you own your property outright, you should still get hazard insurance to protect your investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you’re renting your residence, hazard insurance probably isn’t going to be relevant. Instead, your landlord or whoever owns the building would have this policy, since it covers the building itself. However, a renters insurance policy often covers damage to your belongings from similar perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key Takeaways: </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Hazard insurance is the part of your homeowners policy that covers damage to your property’s structure from disasters (dwelling coverage).</li><li>Hazard insurance usually includes coverage for various forms of damage from storms, fires, vehicle crashes, and other perils, but not flooding or earthquakes.</li><li>If you own land or buildings, also known as real property, you should consider having hazard insurance as part of your homeowners policy. It’s too risky to go without, and if you use a mortgage to buy a home, your lender will require it.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Hazard Insurance?','','publish','open','open','','what-is-hazard-insurance','','','2021-12-07 03:09:00','2021-12-07 03:09:00','',0,'http://smartinsurance.tips/?p=2040',0,'post','',0),(2041,1,'2021-12-07 03:06:50','2021-12-07 03:06:50','','My-Post-22','','inherit','open','closed','','my-post-22-3','','','2021-12-07 03:06:50','2021-12-07 03:06:50','',2040,'http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-22.png',0,'attachment','image/png',0),(2042,1,'2021-12-07 03:08:58','2021-12-07 03:08:58','<!-- wp:image {\"id\":2041,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/12/My-Post-22-1024x536.png\" alt=\"\" class=\"wp-image-2041\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-1\">Hazard insurance is the part of your homeowners policy that covers the structure of your dwelling if it takes damage from specific disasters, such as fires, hail, storms, and more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-4\">Here’s what you should know about hazard insurance, including how it works, what it covers, and when you might need it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-6\">Definition of Hazard Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Hazard insurance is one of the coverages that your homeowners insurance policy provides. It covers the structure of your dwelling if it sustains losses or damage from certain natural disasters, sometimes known as hazards or perils. It’s the same as your policy’s dwelling coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You’ll often see damage from storms, fires, and vehicle crashes listed as covered risks. However, flooding and earthquakes are usually not included.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>People sometimes use the term hazard insurance interchangeably with homeowners insurance, but technically, they’re not the same. Hazard insurance is a subset of the coverage from a homeowners policy, while homeowners insurance includes a variety of coverages (other structures on your property, personal property, certain liabilities, and more).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>That said, if a mortgage lender asks you to get hazard insurance, they’re talking about buying homeowners insurance. You generally can’t purchase hazard coverage on its own.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Alternate names</strong>: Dwelling insurance; peril insurance</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Note: Depending on whether your policy covers your dwelling’s actual cash value (ACV) or replacement cost, you’ll get more or less money for your claim. Replacement cost policies cover the entire cost to repair the property with something of like kind and quality, usually up to its current price. ACV policies adjust that number down to account for depreciation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>For example, say you have an ACV homeowners policy with hazard insurance and a $1,000 deductible. You come home one day after a storm to find that the wind knocked a tree over into your house, crushing part of your roof. The repairs will cost $12,000, but since you last replaced your roof, it’s depreciated by $3,000. If your claim is successful, you’d net $8,000 in insurance proceeds ($12,000 minus depreciation and your deductible).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: New building codes can significantly drive up the cost to rebuild or upgrade a damaged home to meet your city’s current codes. Standard homeowners insurance policies don’t cover these additional costs unless you have a special rider on your policy called ordinance or law coverage, also known as building codes coverage. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-39\">What Does Hazard Insurance Cover?&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-41\">Hazard insurance covers damage to the structure of your residence from certain perils. The exact perils covered depend on your policy, but often include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-44\"><li>Fire</li><li>Hail</li><li>Lightning</li><li>Theft</li><li>Vandalism</li><li>Fallen trees</li><li>Vehicles that run into your home</li><li>Explosions</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Note: Don’t assume that your policy covers water damage from storms just because it covers the trees they blow over. Hazard insurance typically does not include damage from flooding or earthquakes. You’ll usually have to buy separate policies to cover those forms of damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-48\">Do I Need Hazard Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-50\">Hazard insurance is a part of your broader homeowners insurance policy, so any situation where you might need to insure a property that you own generally requires you to get hazard insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-53\">Most often, that happens when you’re trying to close on a mortgage. Your lender will typically tell you to buy a homeowners policy with sufficient hazard insurance before you can close. The home is the lender’s collateral, after all.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-56\">Keep in mind that even if you own your property outright, you should still get hazard insurance to protect your investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you’re renting your residence, hazard insurance probably isn’t going to be relevant. Instead, your landlord or whoever owns the building would have this policy, since it covers the building itself. However, a renters insurance policy often covers damage to your belongings from similar perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key Takeaways: </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Hazard insurance is the part of your homeowners policy that covers damage to your property’s structure from disasters (dwelling coverage).</li><li>Hazard insurance usually includes coverage for various forms of damage from storms, fires, vehicle crashes, and other perils, but not flooding or earthquakes.</li><li>If you own land or buildings, also known as real property, you should consider having hazard insurance as part of your homeowners policy. It’s too risky to go without, and if you use a mortgage to buy a home, your lender will require it.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">click here.</a></p>\n<!-- /wp:paragraph -->','What Is Hazard Insurance?','','inherit','closed','closed','','2040-revision-v1','','','2021-12-07 03:08:58','2021-12-07 03:08:58','',2040,'http://smartinsurance.tips/?p=2042',0,'revision','',0),(2046,1,'2022-01-04 21:29:14','2022-01-04 21:29:14','<!-- wp:gallery {\"ids\":[2045],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1024x536.png\" alt=\"\" data-id=\"2045\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2045\" class=\"wp-image-2045\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p>No one ever wishes to find themselves in a position of financial hardship but unfortunately, sometimes it happens. And contrary to some popular opinions, financial difficulties aren\'t always a result of financial irresponsibility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>As a matter of fact, many people experience financial hardship that puts them in a position where they can\'t pay their bills for reasons other than this.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-examples-of-financial-hardship\">Examples of financial hardship</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>There are many life transitions that could impact someone financially. Some examples of financial hardship are:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Personal or family health issues or injury.</li><li>Long-term reduction or loss of income.</li><li>Exiting a bad relationship or escaping domestic violence.</li><li>Death of a spouse or partner.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>It could also be that someone experiencing difficulty right now may have just started their financial wellness journey before getting hit by a life-changing situation that derailed their plans. Facing financial difficulties can be extremely stressful. It can even impact your physical and mental health and accelerate aging as a result.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Are you suffering from one or more of these examples of financial hardship? If so, this article is here to guide you through dealing with those difficult situations so you can get ahead as soon as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-warning-signs-of-financial-hardship\">Warning signs of financial hardship</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>One way you can get a head start on working through your financial hardship is if you can identify the root cause early. Some warning signs that you are facing financial difficulties could include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Relying on credit to pay for your day-to-day essentials.</li><li>High or maxed out credit card balances.</li><li>Resorting to high-interest debt like payday loans or cash advances.</li><li>No emergency savings or sinking funds.</li><li>Constantly paying late and/or overdraft fees.</li><li>Poor credit scores due to late payments and a high debt to income ratio.</li><li>Not being able to meet your minimum payment obligations.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Recognizing these warning signs is one of the first steps towards creating a financial plan so you can turn things around.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-how-to-get-through-financial-hardships\">How to get through financial hardships</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>That being said, here are some key steps to help you establish plans to improve your financial situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-1-adjust-your-budget-to-get-through-financial-hardship\">1. Adjust your budget to get through financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you are experiencing financial difficulties, it\'s important to adjust your budget to accommodate any changes in your income. For instance, if you have lost your job or experienced a significant reduction in your income, you might need to start budgeting for a variable income.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>No income coming in? Having to leverage debt to get by? In this scenario, it\'s even more important to budget your spending so you can minimize how much debt you take on. Next, you can create a debt repayment plan that you keep handy for when your income situation improves. This way, you can hit the ground running when it does.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You also want to adjust your budget to accommodate any major bills that have come up. While you may not be able to pay off your debts in their entirety right now, understanding your current spending is important.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Your main goal should be to focus on your core essentials first which are food, medicines, safe housing, core utilities, and transportation. By adjusting your budget, you may find you are spending in a category that you can do without or can cut back on. This realization can help you move the funds over towards more pressing bills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-2-communicate-with-your-service-providers-if-facing-severe-financial-hardship\">2. Communicate with your service providers if facing severe financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The last thing you want is to lose access to water, electricity, internet service (since so many people work from home), or another core utility. To avoid this, you want to make sure you contact your service providers as soon as possible to let them know you are experiencing financial difficulties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Many providers are willing to work with you, and you can come to an agreement well in advance of any shut-off actions going into effect. You\'ll also be able to save yourself from the stress<a rel=\"noreferrer noopener\" href=\"https://www.clevergirlfinance.com/blog/how-to-manage-debt-stress/\" target=\"_blank\"> </a>of your accounts assessing excessive late fees or going into collections simply by communicating your situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-3-determine-what-financial-hardship-programs-your-lenders-are-offering\">3. Determine what financial hardship programs your lenders are offering</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you have debt obligations, your lender might offer some sort of financial hardship program that can help while you work on getting back on your feet. From car loans to credit cards to student loans, lenders typically have a variety of hardship programs. Rent and mortgage assistance may also be an option for you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>These programs might include interest waivers, reduced payments, or payment deferrals. You, however, want to make sure you fully understand the details of any program you commit to. Specifically:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Any fees that will be assessed as part of the hardship program agreement.</li><li>The details of how payments will be made during the program.</li><li>Whether or not a lump sum is expected anytime during or at the end of the program.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>You may also need to show proof of severe financial hardship in the form of a hardship letter. This letter is essentially a detailed explanation of your hardship and the impact it\'s having on your finances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-4-negotiate-bills-in-collections\">4. Negotiate bills in collections</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>So many people with bills in collections are terrified of having to deal with them. Some people, on the other hand, think that debt in collections is not something they can do anything about.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To set the record straight, there\'s nothing and no one to be afraid of when it comes to dealing with your bills in collections. The worst thing that can happen is that you get a \"no\" when you attempt to negotiate. In addition, not dealing with bills in collections can have a negative long-term impact on your credit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It is still worth trying to negotiate bills that are in collections. If you come to a payment agreement, they may even remove the negative remarks on your credit report. And in some instances, they may forgive part of the balance or even dismiss it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Just make sure you ask questions so you understand the specifics of any agreement, including any reporting that will be sent to the credit bureaus.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-5-find-a-side-gig-for-extra-income\">5. Find a side gig for extra income</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Earning extra cash from a side gig or part-time job can help in a major way during severe financial hardship if you have the hours to spare. A side gig or part-time job doesn\'t have to be a permanent situation, but getting one temporarily can really help you get ahead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Keep in mind that it\'s ok to work odd jobs to bring in that extra cash. You could freelance, get a work-from-home gig or work part-time in retail, customer service, or delivery service.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You\'ll want to take extra care to make sure the money you earn is going towards your financial obligations and getting caught up with your bills. The last thing you want is to work all those extra hours and have the money slip away.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>6. Stay away from payday loans</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you are facing severe financial hardship, then a payday loan<a rel=\"noreferrer noopener\" href=\"https://www.clevergirlfinance.com/blog/payday-loan/\" target=\"_blank\"> </a>may seem like the answer, but you should do your utmost to avoid them. These loans come with a high price of excessive interest and can cause you to spiral even further down into debt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you are still employed, you can find out if your employer offers a salary advance loan that could help you out in the short term. This would be a better alternative to a payday loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-7-don-t-give-up-if-you-are-facing-severe-financial-hardship\">7. Don\'t give up if you are facing severe financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>As mentioned earlier, financial hardship can arise for different reasons. The good news is that you can recover from it and thrive. So don\'t be discouraged and don\'t give up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It might be difficult in the interim, and you might go through a wave of emotions as it relates to your finances, but you can totally get through this. Focus on setting aside self-judgment, don\'t allow other people to judge you, learn from your mistakes, and move forward.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>You can navigate severe financial hardship!</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Use these steps to help you navigate through your financial difficulties. It will help you get back on track and possibly spare your credit to some extent. You can also set goals to work on your self-improvement in addition to improving your finances. Whatever your situation might be right now, remember that daybreak always comes, even after the darkest night. You\'ve got this!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.clevergirlfinance.com/blog/financial-hardship/\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','7 Essential Tips To Get Through Financial Hardship','','inherit','closed','closed','','2044-revision-v1','','','2022-01-04 21:29:14','2022-01-04 21:29:14','',2044,'http://smartinsurance.tips/?p=2046',0,'revision','',0),(2047,1,'2022-01-04 22:33:01','2022-01-04 22:33:01','<!-- wp:gallery {\"ids\":[2049],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-13-1024x536.png\" alt=\"\" data-id=\"2049\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-13.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2049\" class=\"wp-image-2049\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Car theft is an awful experience, leaving victims anxious and worried. Finding out your car insurance covers theft may be one bright spot in this otherwise trying experience. Though many types of car insurance cover vehicle theft, whether your policy does depends on the exact terms and conditions of the coverage you\'ve chosen to purchase. And remember that even with a policy that covers vehicle theft, personal property in the stolen vehicle isn’t included. For that, claims are filed with your homeowners or renters insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Several types of car insurance exist—liability insurance won’t cover theft of the vehicle.</li><li>Comprehensive auto insurance generally covers theft as well as vandalism.</li><li>Car insurance typically doesn’t cover theft of personal property inside the car—homeowners or renters policies take care of those items.</li><li>File a police report and an insurance claim as soon as possible after a theft happens.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h2 class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-4\">Liability vs. Comprehensive Car Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-5\">Car insurance comes in a&nbsp;few different varieties.&nbsp;Liability is the most basic and is mandatory in all states except New Hampshire and Vermont. Collision insurance helps pay for additional damages in case of an accident. Neither liability nor collision coverage protects against vehicle theft.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-7\">If you’re looking for insurance that covers stolen vehicles, you need a comprehensive policy. Comprehensive vehicle insurance is often bundled with collision and other types of coverage, or you can just buy a comprehensive policy that provides coverage if your car is broken into or stolen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-9\">Other Types of Insurance May Help</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-10\">Though comprehensive generally covers vehicle theft, it covers only the car itself and not personal property left inside.&nbsp;For that, you’ll need to file a claim with your homeowners or renters insurance provider.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-12\">Most homeowners or renters policies cover theft of your personal property, even items stolen from your car. Check the exact terms and conditions of your policy so that you know what is and isn’t covered. So, be prepared to make two different insurance claims, one to your car insurance for the car itself, and another to your homeowners or renters insurance for the personal property that was inside the car.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-14\">Be aware that some homeowners insurance policies have a lower limit for property stolen when you’re not at home.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-16\">What to Do If Your Car Is Stolen</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-17\">If your car or truck is stolen, call the police and file a report immediately. The police will want basic information such as the make and model, plate number, and maybe the vehicle identification number. Then contact your insurance company to see if you\'re covered. Call your homeowners or renters insurance carrier if you think personal items were left inside the car.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-19\">Do these things without delay. Your claim will be processed quicker, and the odds that your car is found will improve.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-21\">If your claim is successful, many insurance carriers use the actual cash value (ACV)&nbsp;of your vehicle to determine your payout. The total will also depend on the terms of your policy. An adjuster from the insurance company determines the vehicle’s value based on its age, make, model, and normal wear and tear. This will also account for upgrades you have made, such as premium seats or wheels, but not accessories you can remove, such as a premium stereo or music player. When the adjuster has come up with a value for the car, you\'ll usually receive a check for that amount minus any deductible that you have on your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-24\">With a variety of car insurance policies available, remember that only some will protect you if your car is broken into or stolen. You won’t be protected with only liability or collision insurance. Only comprehensive insurance covers your car if it\'s stolen, and it won\'t cover personal property left inside. For that, you\'ll need to file a claim with the issuer of your homeowners or renters policy. Make sure to file a police report and insurance claim as soon as possible—that will expedite the process and allow you to replace your car as soon as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"normal\"} -->\n<p class=\"has-normal-font-size\"><span class=\"has-inline-color has-black-color\">To read the full article,</span>&nbsp;<a href=\"https://www.investopedia.com/does-car-insurance-cover-theft-5187222\">click here.</a></p>\n<!-- /wp:paragraph -->','Does Car Insurance Cover Theft?','','publish','open','open','','does-car-insurance-cover-theft','','','2022-01-10 20:01:36','2022-01-10 20:01:36','',0,'http://smartinsurance.tips/?p=2047',0,'post','',0),(2048,1,'2022-01-04 21:36:59','2022-01-04 21:36:59','','My-project-1','','inherit','open','closed','','my-project-1','','','2022-01-04 21:36:59','2022-01-04 21:36:59','',2047,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1.png',0,'attachment','image/png',0),(2049,1,'2022-01-04 22:31:42','2022-01-04 22:31:42','','My-project-13','','inherit','open','closed','','my-project-13','','','2022-01-04 22:31:42','2022-01-04 22:31:42','',2047,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-13.png',0,'attachment','image/png',0),(2050,1,'2022-01-04 22:33:01','2022-01-04 22:33:01','<!-- wp:gallery {\"ids\":[2049],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-13-1024x536.png\" alt=\"\" data-id=\"2049\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-13.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2049\" class=\"wp-image-2049\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p>Car theft is an awful experience, leaving victims anxious and worried. Finding out your car insurance covers theft may be one bright spot in this otherwise trying experience. Though many types of car insurance cover vehicle theft, whether your policy does depends on the exact terms and conditions of the coverage you\'ve chosen to purchase. And remember that even with a policy that covers vehicle theft, personal property in the stolen vehicle isn’t included. For that, claims are filed with your homeowners or renters insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Several types of car insurance exist—liability insurance won’t cover theft of the vehicle.</li><li>Comprehensive auto insurance generally covers theft as well as vandalism.</li><li>Car insurance typically doesn’t cover theft of personal property inside the car—homeowners or renters policies take care of those items.</li><li>File a police report and an insurance claim as soon as possible after a theft happens.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-4\">Liability vs. Comprehensive Car Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-5\">Car insurance comes in a few different varieties. Liability is the most basic and is mandatory in all states except New Hampshire and Vermont. Collision insurance helps pay for additional damages in case of an accident. Neither liability nor collision coverage protects against vehicle theft.<sup>1</sup></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-7\">If you’re looking for insurance that covers stolen vehicles, you need a comprehensive policy. Comprehensive vehicle insurance is often bundled with collision and other types of coverage, or you can just buy a comprehensive policy that provides coverage if your car is broken into or stolen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-9\">Other Types of Insurance May Help</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-10\">Though comprehensive generally covers vehicle theft, it covers only the car itself and not personal property left inside. For that, you’ll need to file a claim with your homeowners or renters insurance provider. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-12\">Most homeowners or renters policies cover theft of your personal property, even items stolen from your car. Check the exact terms and conditions of your policy so that you know what is and isn’t covered. So, be prepared to make two different insurance claims, one to your car insurance for the car itself, and another to your homeowners or renters insurance for the personal property that was inside the car.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-14\">Be aware that some homeowners insurance policies have a lower limit for property stolen when you’re not at home.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-16\">What to Do If Your Car Is Stolen</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-17\">If your car or truck is stolen, call the police and file a report immediately. The police will want basic information such as the make and model, plate number, and maybe the vehicle identification number. Then contact your insurance company to see if you\'re covered. Call your homeowners or renters insurance carrier if you think personal items were left inside the car.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-19\">Do these things without delay. Your claim will be processed quicker, and the odds that your car is found will improve.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-21\">If your claim is successful, many insurance carriers use the actual cash value (ACV) of your vehicle to determine your payout. The total will also depend on the terms of your policy. An adjuster from the insurance company determines the vehicle’s value based on its age, make, model, and normal wear and tear. This will also account for upgrades you have made, such as premium seats or wheels, but not accessories you can remove, such as a premium stereo or music player. When the adjuster has come up with a value for the car, you\'ll usually receive a check for that amount minus any deductible that you have on your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-23\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-24\">With a variety of car insurance policies available, remember that only some will protect you if your car is broken into or stolen. You won’t be protected with only liability or collision insurance. Only comprehensive insurance covers your car if it\'s stolen, and it won\'t cover personal property left inside. For that, you\'ll need to file a claim with the issuer of your homeowners or renters policy. Make sure to file a police report and insurance claim as soon as possible—that will expedite the process and allow you to replace your car as soon as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/does-car-insurance-cover-theft-5187222\">click here.</a></p>\n<!-- /wp:paragraph -->','Does Car Insurance Cover Theft?','','inherit','closed','closed','','2047-revision-v1','','','2022-01-04 22:33:01','2022-01-04 22:33:01','',2047,'http://smartinsurance.tips/?p=2050',0,'revision','',0),(2051,1,'2022-01-04 22:40:53','2022-01-04 22:40:53','<!-- wp:gallery {\"ids\":[2052],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-14-1024x536.png\" alt=\"\" data-id=\"2052\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-14.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2052\" class=\"wp-image-2052\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">This type of auto insurance can cover your medical bills after an accident. No-fault insurance is designed to cover your medical expenses and/or loss of income when you\'re involved in a car accident, regardless of who was at fault. Some states require drivers to carry no-fault auto insurance, while others make this coverage optional.&nbsp;No-fault insurance is sometimes referred to as&nbsp;personal injury protection, or PIP.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Key takeways:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">No-fault car insurance, sometimes referred to as personal injury protection (PIP), can pay your and your passengers\' medical expenses if you\'re involved in an accident.&nbsp;</span></li><li><span class=\"has-inline-color has-black-color\">With a no-fault policy, you submit your claim to your own insurance company, not the other driver\'s.</span></li><li><span class=\"has-inline-color has-black-color\">No-fault insurance is mandatory in some states and optional in others.&nbsp;</span></li><li><span class=\"has-inline-color has-black-color\">Even if you aren\'t required to have no-fault insurance, you must still have bodily injury and property damage liability coverage in virtually every state.&nbsp;</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\"><span class=\"has-inline-color has-black-color\">What Is No-Fault</span> <span class=\"has-inline-color has-black-color\">Insurance?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-5\">In most states, when a car accident occurs, the drivers\' insurance companies attempt to determine who was at fault for causing it. So if you\'re in an accident and it\'s determined that the other driver caused it, you could file a claim against their insurance for any injuries or damages you sustained.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-7\"><span class=\"has-inline-color has-black-color\">No-fault insurance doesn\'t consider who\'s at fault in a car accident when paying medical claims. Instead of filing a claim with the other driver\'s insurance company, you\'d file it with your own insurer. It will then evaluate your claim and pay out damages to you, based on the extent of your financial losses.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-9\"><span class=\"has-inline-color has-black-color\">Which States Have No-Fault Insurance?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-10\"><span class=\"has-inline-color has-black-color\">Currently, 12 states—Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, and Utah—plus Puerto Rico have some form of mandatory no-fault insurance law, according to the Insurance Information Institute.&nbsp;It is also available on an optional basis in some other states.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-12\"><span class=\"has-inline-color has-black-color\">While the laws vary from state to state, the industry divides them into three basic types: \"pure\" or \"true\" no-fault, choice no-fault, and add-on no-fault.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\"><span class=\"has-inline-color has-black-color\">\"Pure\" or \"True\" No-Fault States</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-15\"><span class=\"has-inline-color has-black-color\">\"Pure\" (or \"true\") no-fault refers to policies where the driver\'s insurance will pay first-party benefits to the driver and their passengers and where drivers are restricted in their right to sue. First-party benefits means that the driver\'s insurance company will cover their medical and other expenses regardless of who is responsible in an accident. The following states (plus the territory of Puerto Rico) have pure no-fault laws:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-17\" class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">Florida</span></li><li><span class=\"has-inline-color has-black-color\">Hawaii</span></li><li><span class=\"has-inline-color has-black-color\">Kansas</span></li><li><span class=\"has-inline-color has-black-color\">Kentucky</span></li><li><span class=\"has-inline-color has-black-color\">Massachusetts</span></li><li><span class=\"has-inline-color has-black-color\">Michigan</span></li><li><span class=\"has-inline-color has-black-color\">Minnesota</span></li><li><span class=\"has-inline-color has-black-color\">New Jersey</span></li><li><span class=\"has-inline-color has-black-color\">New York</span></li><li><span class=\"has-inline-color has-black-color\">North Dakota</span></li><li><span class=\"has-inline-color has-black-color\">Pennsylvania</span></li><li><span class=\"has-inline-color has-black-color\">Puerto Rico</span></li><li><span class=\"has-inline-color has-black-color\">Utah</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\"><span class=\"has-inline-color has-black-color\">Choice No-Fault States</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-20\"><span class=\"has-inline-color has-black-color\">Choice no-fault refers to states that offer residents a choice of pure no-fault and a traditional automobile insurance policy that doesn\'t restrict their right to sue. These states (which also appear on the list above for offering pure no-fault) allow drivers that choice:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-22\" class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">Kentucky</span></li><li><span class=\"has-inline-color has-black-color\">New Jersey</span></li><li><span class=\"has-inline-color has-black-color\">Pennsylvania</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\"><span class=\"has-inline-color has-black-color\">Add-on No-Fault States</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-25\"><span class=\"has-inline-color has-black-color\">Add-on no-fault policies are a sort of hybrid. Like a traditional auto policy, drivers are free to sue, but first-party coverage can be added on to the policy, meaning that their own insurance company will pay their medical and other expenses. The following states (and the District of Columbia) have add-on no-fault laws:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-27\" class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">Arkansas</span></li><li><span class=\"has-inline-color has-black-color\">Delaware</span></li><li><span class=\"has-inline-color has-black-color\">District of Columbia</span></li><li><span class=\"has-inline-color has-black-color\">Maryland</span></li><li><span class=\"has-inline-color has-black-color\">New Hampshire</span></li><li><span class=\"has-inline-color has-black-color\">Oregon</span></li><li><span class=\"has-inline-color has-black-color\">South Dakota</span></li><li><span class=\"has-inline-color has-black-color\">Texas</span></li><li><span class=\"has-inline-color has-black-color\">Virginia</span></li><li><span class=\"has-inline-color has-black-color\">Washington</span></li><li><span class=\"has-inline-color has-black-color\">Wisconsin</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-29\"><span class=\"has-inline-color has-black-color\">It\'s also worth noting that these laws are subject to legislative change. Colorado and Connecticut, for example, passed no-fault laws in the 1970s, only to repeal them several decades later. Pennsylvania also passed a no-fault law in the 1970s, repealed it in the 1980s, and then restored it in 1990.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\"><span class=\"has-inline-color has-black-color\">How No-Fault Insurance Works?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-32\"><span class=\"has-inline-color has-black-color\">No-fault insurance is intended to reduce the demands on the court system associated with car accident-related lawsuits.&nbsp;States with no-fault laws generally allow you to sue for severe injuries or pain and suffering only when damages meet certain thresholds.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-34\"><span class=\"has-inline-color has-black-color\">A typical no-fault car insurance policy will consist of:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-36\" class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">Bodily injury liability (BI) coverage</span></li><li><span class=\"has-inline-color has-black-color\">Property damage liability (PD) coverage</span></li><li><span class=\"has-inline-color has-black-color\">Personal injury protection (PIP) coverage</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-38\"><span class=\"has-inline-color has-black-color\">Liability coverage&nbsp;is mandatory in all 50 states except New Hampshire. In that state, drivers still have to furnish proof of financial responsibility in order to drive without liability insurance.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-40\"><span class=\"has-inline-color has-black-color\">The liability portion of a no-fault insurance policy covers two distinct things: property damage and injuries caused to others. Property damage liability pays for damages to someone else\'s vehicle or other property in an accident you cause. Bodily injury liability coverage pays for medical expenses and related costs if you injure someone in an accident where you\'re found to be at fault. Your policy can have both a per-person bodily injury liability limit and a per-accident bodily injury liability limit.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-42\">Neither of those coverages pays for your own medical expenses or those of your passengers if you\'re involved in an accident. That\'s where the personal injury protection (PIP) component of a no-fault policy comes in.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-44\"><span class=\"has-inline-color has-black-color\">Personal injury protection insurance allows you to file a claim for medical expenses or other costs resulting from a car accident, regardless of who was at fault. Depending on your policy, PIP coverage may also pay for lost wages or reimburse you if you have to hire someone to handle routine household chores for you while you\'re recovering from an injury.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-46\"><span class=\"has-inline-color has-black-color\">Each state specifies a minimum amount of personal injury protection coverage that you\'re required to have as part of a no-fault policy. For example, you may need to have $10,000, $20,000, or up to $50,000 in PIP coverage. Minimum coverage amounts also apply to bodily injury liability and property damage liability insurance.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-48\"><span class=\"has-inline-color has-black-color\">States also have different rules on what no-fault policies will pay for. In Michigan, for example, PIP insurance will cover all reasonably necessary medical expenses, with no maximum limit. It also pays up to 85% of lost wages if you\'re unable to work because of an accident-related injury.&nbsp;In New York, PIP coverage is capped at $50,000 per person and the lost wages payout is 80% of income, up to a maximum payout of $2,000 per month.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Important: Some states also make other types of insurance mandatory, including underinsured/uninsured motorist coverage and/or&nbsp;collision&nbsp;and&nbsp;comprehensive&nbsp;coverage.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-52\"><span class=\"has-inline-color has-black-color\">Filing a No-Fault Insurance Claim</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-53\"><span class=\"has-inline-color has-black-color\">If you\'re involved in a car accident and you have no-fault insurance, the first thing you\'ll need to decide is whether to file a claim at all. Filing a claim may be necessary if you or a passenger in your vehicle were injured.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-55\"><span class=\"has-inline-color has-black-color\">Since this is no-fault insurance, you\'d contact your insurance company to file any injury-related claim. You would need to provide details about the accident and the extent of your injuries, as well as documentation of your medical expenses or lost wages.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-57\"><span class=\"has-inline-color has-black-color\">The insurance company would then process your claim and pay for your expenses, according to the coverage limits established by your policy. An advantage of no-fault insurance is that since there\'s no need to prove fault, claims can be paid much faster.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-59\"><span class=\"has-inline-color has-black-color\">But it\'s important to remember that no-fault insurance policies have their limitations. In particular, no-fault insurance typically doesn\'t pay damages for&nbsp;pain and suffering. As mentioned earlier, some no-fault states do allow you to sue a negligent driver for pain and suffering, but you may only be able to do so in cases involving severe injuries.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Important: Some states impose a set time frame for how long you have to file a no-fault claim following an accident.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-63\"><span class=\"has-inline-color has-black-color\">How to Buy No-Fault Insurance?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-64\"><span class=\"has-inline-color has-black-color\">If you live in a state that requires no-fault insurance, there are a few things to know about purchasing it.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-66\"><span class=\"has-inline-color has-black-color\">First, you\'ll need to know the minimum coverage amounts your state requires for PIP insurance as well as liability insurance. Then, consider whether those minimums are sufficient. You can always choose to purchase more PIP coverage or liability coverage if needed. Just bear in mind that more coverage will mean higher premiums.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-68\"><span class=\"has-inline-color has-black-color\">Next, check to see whether there\'s a cap on medical expenses, what (if anything) the policy will pay for lost wages, and whether it covers other expenses, such as in-home help.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-70\"><span class=\"has-inline-color has-black-color\">Also, consider who the policy will cover. In Michigan, for example, a no-fault insurance policy can cover your entire family. So if your teenage son is injured in an accident while riding as a passenger in a friend\'s car, your PIP coverage would still pay for his medical expenses.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-72\"><span class=\"has-inline-color has-black-color\">Finally, ask about discounts that could help make your coverage more affordable. Safe driving discounts or&nbsp;bundling&nbsp;your car insurance with your homeowners insurance at the same company, for example, can help lower your costs.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"normal\"} -->\n<p class=\"has-black-color has-text-color has-normal-font-size\"><span class=\"has-inline-color has-black-color\">To read the full article,</span>&nbsp;<a href=\"https://www.investopedia.com/what-is-no-fault-insurance-and-do-you-need-it-5089251\">click here.</a></p>\n<!-- /wp:paragraph -->','No-Fault Insurance','','publish','closed','closed','','no-fault-insurance','','','2022-01-10 20:02:04','2022-01-10 20:02:04','',0,'http://smartinsurance.tips/?page_id=2051',0,'page','',0),(2052,1,'2022-01-04 22:35:20','2022-01-04 22:35:20','','My-project-14','','inherit','open','closed','','my-project-14','','','2022-01-04 22:35:20','2022-01-04 22:35:20','',2051,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-14.png',0,'attachment','image/png',0),(2053,1,'2022-01-04 22:40:53','2022-01-04 22:40:53','<!-- wp:gallery {\"ids\":[2052],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-14-1024x536.png\" alt=\"\" data-id=\"2052\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-14.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2052\" class=\"wp-image-2052\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p>This type of auto insurance can cover your medical bills after an accident. No-fault insurance is designed to cover your medical expenses and/or loss of income when you\'re involved in a car accident, regardless of who was at fault. Some states require drivers to carry no-fault auto insurance, while others make this coverage optional. No-fault insurance is sometimes referred to as personal injury protection, or PIP.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key takeways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>No-fault car insurance, sometimes referred to as personal injury protection (PIP), can pay your and your passengers\' medical expenses if you\'re involved in an accident. </li><li>With a no-fault policy, you submit your claim to your own insurance company, not the other driver\'s.</li><li>No-fault insurance is mandatory in some states and optional in others. </li><li>Even if you aren\'t required to have no-fault insurance, you must still have bodily injury and property damage liability coverage in virtually every state. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-4\">What Is No-Fault Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-5\">In most states, when a car accident occurs, the drivers\' insurance companies attempt to determine who was at fault for causing it. So if you\'re in an accident and it\'s determined that the other driver caused it, you could file a claim against their insurance for any injuries or damages you sustained.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-7\">No-fault insurance doesn\'t consider who\'s at fault in a car accident when paying medical claims. Instead of filing a claim with the other driver\'s insurance company, you\'d file it with your own insurer. It will then evaluate your claim and pay out damages to you, based on the extent of your financial losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-9\">Which States Have No-Fault Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-10\">Currently, 12 states—Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, and Utah—plus Puerto Rico have some form of mandatory no-fault insurance law, according to the Insurance Information Institute. It is also available on an optional basis in some other states.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-12\">While the laws vary from state to state, the industry divides them into three basic types: \"pure\" or \"true\" no-fault, choice no-fault, and add-on no-fault.https://378f0cb6e46793ab1b143f3f125298e3.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-14\">\"Pure\" or \"True\" No-Fault States</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-15\">\"Pure\" (or \"true\") no-fault refers to policies where the driver\'s insurance will pay first-party benefits to the driver and their passengers and where drivers are restricted in their right to sue. First-party benefits means that the driver\'s insurance company will cover their medical and other expenses regardless of who is responsible in an accident. The following states (plus the territory of Puerto Rico) have pure no-fault laws:<sup>3</sup></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-17\"><li>Florida</li><li>Hawaii</li><li>Kansas</li><li>Kentucky</li><li>Massachusetts</li><li>Michigan</li><li>Minnesota</li><li>New Jersey</li><li>New York</li><li>North Dakota</li><li>Pennsylvania</li><li>Puerto Rico</li><li>Utah</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-19\">Choice No-Fault States</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-20\">Choice no-fault refers to states that offer residents a choice of pure no-fault and a traditional automobile insurance policy that doesn\'t restrict their right to sue. These states (which also appear on the list above for offering pure no-fault) allow drivers that choice:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-22\"><li>Kentucky</li><li>New Jersey</li><li>Pennsylvania</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-24\">Add-on No-Fault States</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-25\">Add-on no-fault policies are a sort of hybrid. Like a traditional auto policy, drivers are free to sue, but first-party coverage can be added on to the policy, meaning that their own insurance company will pay their medical and other expenses. The following states (and the District of Columbia) have add-on no-fault laws:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-27\"><li>Arkansas</li><li>Delaware</li><li>District of Columbia</li><li>Maryland</li><li>New Hampshire</li><li>Oregon</li><li>South Dakota</li><li>Texas</li><li>Virginia</li><li>Washington</li><li>Wisconsin</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-29\">It\'s also worth noting that these laws are subject to legislative change. Colorado and Connecticut, for example, passed no-fault laws in the 1970s, only to repeal them several decades later. Pennsylvania also passed a no-fault law in the 1970s, repealed it in the 1980s, and then restored it in 1990.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-31\">How No-Fault Insurance Works?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-32\">No-fault insurance is intended to reduce the demands on the court system associated with car accident-related lawsuits.&nbsp;States with no-fault laws generally allow you to sue for severe injuries or pain and suffering only when damages meet certain thresholds.<sup>1</sup></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-34\">A typical no-fault car insurance policy will consist of:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-36\"><li>Bodily injury liability (BI) coverage</li><li>Property damage liability (PD) coverage</li><li>Personal injury protection (PIP) coverage</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-38\">Liability coverage is mandatory in all 50 states except New Hampshire. In that state, drivers still have to furnish proof of financial responsibility in order to drive without liability insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-40\">The liability portion of a no-fault insurance policy covers two distinct things: property damage and injuries caused to others. Property damage liability pays for damages to someone else\'s vehicle or other property in an accident you cause. Bodily injury liability coverage pays for medical expenses and related costs if you injure someone in an accident where you\'re found to be at fault. Your policy can have both a per-person bodily injury liability limit and a per-accident bodily injury liability limit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-42\">Neither of those coverages pays for your own medical expenses or those of your passengers if you\'re involved in an accident. That\'s where the personal injury protection (PIP) component of a no-fault policy comes in.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-44\">Personal injury protection insurance allows you to file a claim for medical expenses or other costs resulting from a car accident, regardless of who was at fault. Depending on your policy, PIP coverage may also pay for lost wages or reimburse you if you have to hire someone to handle routine household chores for you while you\'re recovering from an injury.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-46\">Each state specifies a minimum amount of personal injury protection coverage that you\'re required to have as part of a no-fault policy. For example, you may need to have $10,000, $20,000, or up to $50,000 in PIP coverage. Minimum coverage amounts also apply to bodily injury liability and property damage liability insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-48\">States also have different rules on what no-fault policies will pay for. In Michigan, for example, PIP insurance will cover all reasonably necessary medical expenses, with no maximum limit. It also pays up to 85% of lost wages if you\'re unable to work because of an accident-related injury. In New York, PIP coverage is capped at $50,000 per person and the lost wages payout is 80% of income, up to a maximum payout of $2,000 per month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Some states also make other types of insurance mandatory, including underinsured/uninsured motorist coverage and/or collision and comprehensive coverage. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-52\">Filing a No-Fault Insurance Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-53\">If you\'re involved in a car accident and you have no-fault insurance, the first thing you\'ll need to decide is whether to file a claim at all. Filing a claim may be necessary if you or a passenger in your vehicle were injured.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-55\">Since this is no-fault insurance, you\'d contact your insurance company to file any injury-related claim. You would need to provide details about the accident and the extent of your injuries, as well as documentation of your medical expenses or lost wages.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-57\">The insurance company would then process your claim and pay for your expenses, according to the coverage limits established by your policy. An advantage of no-fault insurance is that since there\'s no need to prove fault, claims can be paid much faster.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-59\">But it\'s important to remember that no-fault insurance policies have their limitations. In particular, no-fault insurance typically doesn\'t pay damages for pain and suffering. As mentioned earlier, some no-fault states do allow you to sue a negligent driver for pain and suffering, but you may only be able to do so in cases involving severe injuries.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Some states impose a set time frame for how long you have to file a no-fault claim following an accident. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-63\">How to Buy No-Fault Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-64\">If you live in a state that requires no-fault insurance, there are a few things to know about purchasing it.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-66\">First, you\'ll need to know the minimum coverage amounts your state requires for PIP insurance as well as liability insurance. Then, consider whether those minimums are sufficient. You can always choose to purchase more PIP coverage or liability coverage if needed. Just bear in mind that more coverage will mean higher premiums.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-68\">Next, check to see whether there\'s a cap on medical expenses, what (if anything) the policy will pay for lost wages, and whether it covers other expenses, such as in-home help.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-70\">Also, consider who the policy will cover. In Michigan, for example, a no-fault insurance policy can cover your entire family. So if your teenage son is injured in an accident while riding as a passenger in a friend\'s car, your PIP coverage would still pay for his medical expenses.<sup>5</sup>﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-72\">Finally, ask about discounts that could help make your coverage more affordable. Safe driving discounts or bundling your car insurance with your homeowners insurance at the same company, for example, can help lower your costs. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/what-is-no-fault-insurance-and-do-you-need-it-5089251\">click here.</a></p>\n<!-- /wp:paragraph -->','No-Fault Insurance','','inherit','closed','closed','','2051-revision-v1','','','2022-01-04 22:40:53','2022-01-04 22:40:53','',2051,'http://smartinsurance.tips/?p=2053',0,'revision','',0),(2054,1,'2022-01-06 23:46:21','2022-01-06 23:46:21','<!-- wp:image {\"id\":2055,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-27-1024x536.png\" alt=\"\" class=\"wp-image-2055\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whether you lost your job or made the switch to remote work over the past year, you\'ve likely thought about your finances more than ever during the pandemic. The past year may have made you reevaluate how much you\'re spending and whether you\'re prepared for the worst.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Fortunately, experts say that even amid a time of financial uncertainty, there are easy ways you can begin to build your own&nbsp;emergency fund&nbsp;to use in the future. Having this pot of money at the ready for a worst-case scenario can help you weather any financial storm in the future, even if you\'re already facing some money troubles now.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">What you can do right now?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Being stuck at home for months in 2020 probably had its perks, spending-wise. You may have spent less at restaurants, your gym membership was on pause, and you didn\'t go to the movies.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Now, experts say, it\'s time to save that money as the starter cash for your future emergency savings fund.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Kumiko Love, creator of&nbsp;The Budget Mom,&nbsp;suggests holding off on paying off your debt, as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Look at your discretionary income. You can always make an extra debt payment later. Reduce your eating out expenses. Use the money you would typically use for entertainment or gas money and set that aside for your emergency savings,\" she says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">And before you rush to the grocery store with the cash you normally set aside for weekly purchases, see what you have at home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Do a fridge, pantry, and freezer inventory to access what your family needs and then make your grocery list,\" Love says. \"You\'d be amazed at how many meals you have ready to make in your fridge and pantry. This will help reduce one of your necessary expenses.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Start a budget</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Once you\'ve come up for air, spend some time getting down to the nitty gritty of number crunching. If you don\'t already have a budget in place for your household, now\'s the time to start one. Begin by assessing your current income and allocating it to your needs first.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Brian Walsh, a certified financial planner with&nbsp;SoFi,&nbsp;suggests using the 50-30-20 method of budgeting. That means delegating 50 percent of your income for needs such as housing, utilities, and food, 30 percent for discretionary spending, and 20 percent for your goals such as paying off debt or saving for the future.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Building a budget is not only looking at what you\'re spending but really asking yourself if it\'s essential discretionary and just flat out waste,\" he says. \"Waste is easy to get rid of; discretionary is where it gets painful.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Think about the difference between canceling a gym membership you haven\'t used in months and deciding to forgo your monthly beauty subscription service. One is easier to give up than the other, but both should be on the chopping block for consideration according to the 50-30-20 philosophy, particularly if loss of income has you holding tight to every dollar.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you\'re a college grad still tackling student loan debt, you may still qualify for student loan deferment during the pandemic. If that\'s the case, Walsh suggests setting that money aside as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Treat it like you still have the payment, put it toward your emergency account, and use it to build that up,\" he says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Typically, experts recommend building an emergency fund with enough money for three to six months of living expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"We say three months if you\'re single with a steady job or you\'re in a relationship and both of you are employed,\" Walsh says. \"We say six months if you\'re single and your job is less steady or if you\'re in a relationship and only one partner is earning an income.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But something is better than nothing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Even if putting three to six months of expenses into emergency savings sounds daunting, you can at least try for $500,\" Palmer says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">If you\'re in a serious bind</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you\'re one of the tens of millions of Americans who received one of the&nbsp;coronavirus relief checks,&nbsp;Ted Rossman, an industry analyst at&nbsp;CreditCards.com,&nbsp;suggests putting it toward an emergency fund if possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Those payments-$1,200 for most adults and $500 for children-will be extremely important for many households,\" Rossman says. \"You can also ask your lenders for breaks-most banks are offering relief on credit cards, mortgages, car loans, and more.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you\'ve already filed your 2020 taxes and are expecting a refund, aim to put that money into your emergency fund, too.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whatever you do, try not to rely on your credit card for emergency purchases.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"That can be expensive, plus many banks cut credit lines and cancelled cards without warning during the Great Recession, and that could happen again,\" Rossman says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you\'re still wondering how you\'re going to make ends meet, Equitable Advisor&nbsp;Tammy Butts&nbsp;says you need to take stock of your liquid assets and your retirement savings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Butts suggests consulting with a financial expert before making major decisions about tapping into any investments you have during an emergency, as some will come with and without taxes, and others could come with penalties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"I strongly recommend that you consult a financial professional, financial advisor, or CPA as they can direct you with this depending on your particular situation [and] age, how they are invested, tax status, etc.,\" she says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.realsimple.com/work-life/money/saving/emergency-fund-coronavirus\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Save Money for an Emergency Fund? (Yes, Even Now)','','publish','open','open','','how-to-save-money-for-an-emergency-fund-yes-even-now','','','2022-01-10 19:59:55','2022-01-10 19:59:55','',0,'http://smartinsurance.tips/?p=2054',0,'post','',0),(2055,1,'2022-01-06 23:39:48','2022-01-06 23:39:48','','My-project-27','','inherit','open','closed','','my-project-27','','','2022-01-06 23:39:48','2022-01-06 23:39:48','',2054,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-27.png',0,'attachment','image/png',0),(2056,1,'2022-01-06 23:46:21','2022-01-06 23:46:21','<!-- wp:image {\"id\":2055,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-27-1024x536.png\" alt=\"\" class=\"wp-image-2055\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Whether you lost your job or made the switch to remote work over the past year, you\'ve likely thought about your finances more than ever during the pandemic. The past year may have made you reevaluate how much you\'re spending and whether you\'re prepared for the worst.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Fortunately, experts say that even amid a time of financial uncertainty, there are easy ways you can begin to build your own emergency fund to use in the future. Having this pot of money at the ready for a worst-case scenario can help you weather any financial storm in the future, even if you\'re already facing some money troubles now.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What you can do right now</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Being stuck at home for months in 2020 probably had its perks, spending-wise. You may have spent less at restaurants, your gym membership was on pause, and you didn\'t go to the movies.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Now, experts say, it\'s time to save that money as the starter cash for your future emergency savings fund.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Kumiko Love, creator of The Budget Mom, suggests holding off on paying off your debt, as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Look at your discretionary income. You can always make an extra debt payment later. Reduce your eating out expenses. Use the money you would typically use for entertainment or gas money and set that aside for your emergency savings,\" she says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>And before you rush to the grocery store with the cash you normally set aside for weekly purchases, see what you have at home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Do a fridge, pantry, and freezer inventory to access what your family needs and then make your grocery list,\" Love says. \"You\'d be amazed at how many meals you have ready to make in your fridge and pantry. This will help reduce one of your necessary expenses.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Start a budget</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Once you\'ve come up for air, spend some time getting down to the nitty gritty of number crunching. If you don\'t already have a budget in place for your household, now\'s the time to start one. Begin by assessing your current income and allocating it to your needs first.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Brian Walsh, a certified financial planner with SoFi, suggests using the 50-30-20 method of budgeting. That means delegating 50 percent of your income for needs such as housing, utilities, and food, 30 percent for discretionary spending, and 20 percent for your goals such as paying off debt or saving for the future.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Building a budget is not only looking at what you\'re spending but really asking yourself if it\'s essential discretionary and just flat out waste,\" he says. \"Waste is easy to get rid of; discretionary is where it gets painful.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Think about the difference between canceling a gym membership you haven\'t used in months and deciding to forgo your monthly beauty subscription service. One is easier to give up than the other, but both should be on the chopping block for consideration according to the 50-30-20 philosophy, particularly if loss of income has you holding tight to every dollar.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you\'re a college grad still tackling student loan debt, you may still qualify for student loan deferment during the pandemic. If that\'s the case, Walsh suggests setting that money aside as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Treat it like you still have the payment, put it toward your emergency account, and use it to build that up,\" he says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Typically, experts recommend building an emergency fund with enough money for three to six months of living expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"We say three months if you\'re single with a steady job or you\'re in a relationship and both of you are employed,\" Walsh says. \"We say six months if you\'re single and your job is less steady or if you\'re in a relationship and only one partner is earning an income.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>But something is better than nothing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Even if putting three to six months of expenses into emergency savings sounds daunting, you can at least try for $500,\" Palmer says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>If you\'re in a serious bind</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you\'re one of the tens of millions of Americans who received one of the coronavirus relief checks, Ted Rossman, an industry analyst at CreditCards.com, suggests putting it toward an emergency fund if possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Those payments-$1,200 for most adults and $500 for children-will be extremely important for many households,\" Rossman says. \"You can also ask your lenders for breaks-most banks are offering relief on credit cards, mortgages, car loans, and more.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you\'ve already filed your 2020 taxes and are expecting a refund, aim to put that money into your emergency fund, too.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Whatever you do, try not to rely on your credit card for emergency purchases.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"That can be expensive, plus many banks cut credit lines and cancelled cards without warning during the Great Recession, and that could happen again,\" Rossman says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you\'re still wondering how you\'re going to make ends meet, Equitable Advisor Tammy Butts says you need to take stock of your liquid assets and your retirement savings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Butts suggests consulting with a financial expert before making major decisions about tapping into any investments you have during an emergency, as some will come with and without taxes, and others could come with penalties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"I strongly recommend that you consult a financial professional, financial advisor, or CPA as they can direct you with this depending on your particular situation [and] age, how they are invested, tax status, etc.,\" she says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.realsimple.com/work-life/money/saving/emergency-fund-coronavirus\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Save Money for an Emergency Fund (Yes, Even Now)','','inherit','closed','closed','','2054-revision-v1','','','2022-01-06 23:46:21','2022-01-06 23:46:21','',2054,'http://smartinsurance.tips/?p=2056',0,'revision','',0),(2057,1,'2022-01-06 23:53:45','2022-01-06 23:53:45','<!-- wp:gallery {\"ids\":[2058],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-2-1024x536.png\" alt=\"\" data-id=\"2058\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-2.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2058\" class=\"wp-image-2058\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Saving for one is hard enough, but family savings multiply the challenge. You have short-term desires versus long-term goals, plus unexpected expenses that can pop up regularly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This all may sound complicated, but with a little planning and setting financial goals, you can come up with a plan that covers your family’s needs, while allowing for saving and even vacations and other fun stuff.</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\">Priority 1: Prepare for the unexpected</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Start an emergency fund.&nbsp;</strong>You never know what will happen: an illness, an accident, an unexpected layoff. That’s why it’s important to&nbsp;set aside money for emergencies. Experts recommend that emergency funds for families cover six to nine months’ worth of expenses. If, however, you or your spouse are self-employed or income is unpredictable, consider saving even more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h2 class=\"has-black-color has-text-color has-medium-font-size\">Priority 2: Get long-term goals in order</h2>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Retirement comes first.&nbsp;</strong>When setting financial goals, planners recommend saving for retirement over saving for your kids’ educations. Remember: Students have access to a wide variety of loans, but there are no loans for their retiring parents. Also keep in mind that federal financial aid formulas don’t factor in parents’ retirement savings. So consider contributing&nbsp;as much as you can to retirement funds, and take advantage of your full company match if your employer offers one.</li><li><strong>Education savings come second.&nbsp;</strong>Then&nbsp;save for your kids’ college tuition. Consider taking advantage of 529 plans, which allow contributions to grow federal income tax-deferred. You can then make tax-free withdrawals to pay for qualified higher education expenses such as tuition and room and board.</li><li><strong>Now you can consider other long-term goals,&nbsp;</strong>if your family has them. One common family financial concern is caring for aging parents. If this responsibility falls on you, think about ways you can reduce costs, such as sharing your home with your parents, in addition to saving.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Priority 3: Your family’s five-year goals</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">What would you and your family like to achieve in the short term? Your list might include things like a theme-park vacation, upgrading a car or remodeling your home. Now find the right savings strategy. You could open a savings account dedicated to each big-ticket item. Or see if your bank allows you to open sub-accounts under your primary savings account. Doing this helps you focus on meeting each goal. Make weekly or monthly contributions after you take care of your long-term savings.&nbsp;<em>Make a plan</em>&nbsp;<em>for working toward your short-term goals by using the Bank of America&nbsp;Short-Term Savings Calculator.</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You never know what might happen or what new family savings goals might arise. Planning for the long term and saving for the short term ensures you’re prepared for whatever comes your way.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/manage-family-savings-goals\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','How to balance your family’s savings priorities?','','publish','open','open','','how-to-balance-your-familys-savings-priorities','','','2022-01-10 20:01:06','2022-01-10 20:01:06','',0,'http://smartinsurance.tips/?p=2057',0,'post','',0),(2058,1,'2022-01-06 23:51:06','2022-01-06 23:51:06','','My-project-2','','inherit','open','closed','','my-project-2','','','2022-01-06 23:51:06','2022-01-06 23:51:06','',2057,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-2.png',0,'attachment','image/png',0),(2059,1,'2022-01-06 23:53:45','2022-01-06 23:53:45','<!-- wp:gallery {\"ids\":[2058],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-2-1024x536.png\" alt=\"\" data-id=\"2058\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-2.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2058\" class=\"wp-image-2058\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p>Saving for one is hard enough, but family savings multiply the challenge. You have short-term desires versus long-term goals, plus unexpected expenses that can pop up regularly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This all may sound complicated, but with a little planning and setting financial goals, you can come up with a plan that covers your family’s needs, while allowing for saving and even vacations and other fun stuff.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Priority 1: Prepare for the unexpected</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p><strong>Start an emergency fund. </strong>You never know what will happen: an illness, an accident, an unexpected layoff. That’s why it’s important to set aside money for emergencies. Experts recommend that emergency funds for families cover six to nine months’ worth of expenses. If, however, you or your spouse are self-employed or income is unpredictable, consider saving even more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Priority 2: Get long-term goals in order</h2>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li><strong>Retirement comes first. </strong>When setting financial goals, planners recommend saving for retirement over saving for your kids’ educations. Remember: Students have access to a wide variety of loans, but there are no loans for their retiring parents. Also keep in mind that federal financial aid formulas don’t factor in parents’ retirement savings. So consider contributing as much as you can to retirement funds, and take advantage of your full company match if your employer offers one.</li><li><strong>Education savings come second. </strong>Then save for your kids’ college tuition. Consider taking advantage of 529 plans, which allow contributions to grow federal income tax-deferred. You can then make tax-free withdrawals to pay for qualified higher education expenses such as tuition and room and board.</li><li><strong>Now you can consider other long-term goals, </strong>if your family has them. One common family financial concern is caring for aging parents. If this responsibility falls on you, think about ways you can reduce costs, such as sharing your home with your parents, in addition to saving.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>Priority 3: Your family’s five-year goals</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>What would you and your family like to achieve in the short term? Your list might include things like a theme-park vacation, upgrading a car or remodeling your home. Now find the right savings strategy. You could open a savings account dedicated to each big-ticket item. Or see if your bank allows you to open sub-accounts under your primary savings account. Doing this helps you focus on meeting each goal. Make weekly or monthly contributions after you take care of your long-term savings. <em>Make a plan</em> <em>for working toward your short-term goals by using the Bank of America Short-Term Savings Calculator.</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You never know what might happen or what new family savings goals might arise. Planning for the long term and saving for the short term ensures you’re prepared for whatever comes your way.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/manage-family-savings-goals\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','How to balance your family’s savings priorities?','','inherit','closed','closed','','2057-revision-v1','','','2022-01-06 23:53:45','2022-01-06 23:53:45','',2057,'http://smartinsurance.tips/?p=2059',0,'revision','',0),(2061,1,'2022-01-07 00:17:54','2022-01-07 00:17:54','<!-- wp:gallery {\"ids\":[2064],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-20-1024x536.png\" alt=\"\" data-id=\"2064\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-20.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2064\" class=\"wp-image-2064\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Renters insurance is a good option for any renter. Before you sign-up, you should know a few things about what insurance does cover, like items stolen from your car, and what it doesn\'t, such as costly art.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let’s be honest, reading the fine print of your&nbsp;renters&nbsp;insurance&nbsp;policy&nbsp;isn’t exactly&nbsp;<em>fun</em>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">After all, your&nbsp;insurance&nbsp;company&nbsp;doesn’t exactly hire John Green to write it, and trying to wrap your head around a bunch of legalese can be, well, exhausting.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But if you are one of the lucky ones that do read the policy, you may find that your&nbsp;renters&nbsp;insurance&nbsp;policy&nbsp;covers (and doesn’t cover) more than you originally thought.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Surprising things that&nbsp;<em>are</em>&nbsp;covered by renters insurance</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\">Items stolen from your car</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Many renters insurance policies include off-premises&nbsp;renters&nbsp;insurance&nbsp;coverage. This typically covers belongings that are&nbsp;<em>outside</em>&nbsp;of your home and provides the same coverage as your inside possessions.&nbsp;For instance, if your car is broken into and your laptop is stolen, you’ll be covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, it’s important to note that your&nbsp;renters&nbsp;insurance&nbsp;will&nbsp;<em>not</em>&nbsp;protect&nbsp;<em>your car</em>&nbsp;against damage or theft (that’s a&nbsp;car&nbsp;insurance&nbsp;thing), it only covers the&nbsp;<em>stuff</em>&nbsp;inside the vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Items stolen while traveling</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your off-premise coverage may also cover you in the event that you are traveling and your&nbsp;personal possessions are stolen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This means that if your laptop, or iPad, is stolen from your hotel room while you’re on vacation, it’s likely covered by your renters insurance. This is because the stolen item is considered “insured property” and it will be covered whether it’s in your rental or not.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To ensure that your personal belongings are covered, it’s a good idea to contact your insurance provider before you leave on your vacation. Your insurer can help you determine if&nbsp;the&nbsp;personal property&nbsp;that you plan is&nbsp;protected under your policy or better left at home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Living expenses</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your home is destroyed by an insured disaster and you can no longer live there, temporary living expenses like a hotel room, rent, meals, and the costs associated with storing your stuff may be covered by your additional living expenses (ALE) coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Basically, ALE (not the beer) covers all of the expenses that you wouldn’t have had to pay for if you were still able to live in your home.&nbsp;However, if your home is destroyed by an uninsured disaster, let’s say water damage due to a flood, then you will not receive ALE coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Other people’s injuries</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If someone has an accident in your home, your renters insurance can help to cover that person’s medical expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For you, this means that your clumsy best friend can finally come over for a visit without the worry of becoming a liability. After all, if she trips over a rug (or let’s face it, thin air) and takes a nasty fall, your renters insurance will have your back when it comes to medical bills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This perk alone, which is typically covered under&nbsp;bodily injury&nbsp;insurance, is a great reason to&nbsp;get&nbsp;renters&nbsp;insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Other people’s property</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your renters insurance may also cover damage to other people’s property and prevent you from having to pay for broken items out of pocket.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let’s say your child throws a baseball through your neighbor’s window. Your&nbsp;renters&nbsp;insurance, thanks to&nbsp;personal&nbsp;liability&nbsp;coverage, may help to cover some of the costs associated with repairing or replacing the damaged property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Your family</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You may be surprised to learn that many of the top renters’ insurance companies&nbsp;can cover anyone living under your roof that is&nbsp;related to you by blood, marriage, or adoption.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This means that if your mom comes to live with you for a few months, she will be automatically covered by your policy, as long as you have enough coverage!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, if your house gets broken into and your roommate’s things are stolen, your insurance won’t cover their personal property. That is unless your roommate is also your sister.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Your pets</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you go to your friend’s house and your dog destroys&nbsp;<em>her</em>&nbsp;beautiful new couch, your&nbsp;renters’ insurance will cover it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, if your cute little pup destroys<em>&nbsp;your</em>&nbsp;new couch, your rental insurance will not cover the expense of replacing it (more on this below).</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\">Surprising things that&nbsp;<em>aren’t</em>&nbsp;covered by renters insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">Certain disasters</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Most renters insurance will not cover&nbsp;disasters like floods and earthquakes. You may be able to purchase additional flood insurance coverage from a private provider.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Similarly, you may be able to add earthquake coverage to your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your personal property is destroyed due to a&nbsp;volcanic eruption, wildfire, or tornado,&nbsp;you are likely already covered under your renters insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">Replacement costs</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your rental was robbed and the expensive sound system you bought five years before was stolen, you may be surprised to learn that you won’t get back enough money to fully cover the&nbsp;replacement cost, even though&nbsp;personal property&nbsp;coverage&nbsp;comes standard in most&nbsp;renters&nbsp;insurance&nbsp;policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This is because unless you have purchased&nbsp;replacement cost&nbsp;coverage, regular&nbsp;renters&nbsp;insurance&nbsp;will cover your&nbsp;personal belongings&nbsp;at their&nbsp;actual cash value&nbsp;(ACV).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, if your sound system cost you $2,500 five years ago, the&nbsp;insurance&nbsp;company&nbsp;might only offer you $1,000 to cover what it is worth today.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">Expensive jewelry, art, or antiques</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you have expensive valuables like jewelry, art, or antiques, be aware that your renters policy might not cover these items. You may be required to purchase a “floater” policy to provide additional coverage for expensive possessions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Most insurance policies will come with&nbsp;maximum limits for each type of coverage. So, let’s say you have a ring that costs $5,000, but your policy has a maximum coverage limit of $2,500 for jewelry, then it would be up to you to cover the difference.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">Property damage from pests</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In the unfortunate event that your personal belongings are damaged by rats, bed bugs, or other rodents, bugs, or vermin, most renters insurance policies won’t cover the damage. This is true even if your infestation is so bad that you are required to leave your rental and find temporary housing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some&nbsp;renters&nbsp;insurance&nbsp;policies may offer bed bug&nbsp;insurance, but it is not usually considered part of a&nbsp;standard&nbsp;renters&nbsp;insurance&nbsp;plan and would come at an additional cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Summary</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you rent and assume that your landlord’s insurance policy will cover you in every situation, you may want to think again.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Renters insurance is the best way to ensure that your finances aren’t set back by a clumsy friend or major damage to your rental. While it’s an additional living expense, it’s often well worth the (low) cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.moneyunder30.com/surprising-things-renters-insurance-does-and-does-not-cover\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Surprising Things Renters Insurance Does And Does Not Cover','','publish','open','open','','surprising-things-renters-insurance-does-and-does-not-cover','','','2022-01-10 20:21:18','2022-01-10 20:21:18','',0,'http://smartinsurance.tips/?p=2061',0,'post','',0),(2062,1,'2022-01-07 00:01:17','2022-01-07 00:01:17','<!-- wp:image {\"id\":2055,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-27-1024x536.png\" alt=\"\" class=\"wp-image-2055\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>Whether you lost your job or made the switch to remote work over the past year, you\'ve likely thought about your finances more than ever during the pandemic. The past year may have made you reevaluate how much you\'re spending and whether you\'re prepared for the worst.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Fortunately, experts say that even amid a time of financial uncertainty, there are easy ways you can begin to build your own&nbsp;emergency fund&nbsp;to use in the future. Having this pot of money at the ready for a worst-case scenario can help you weather any financial storm in the future, even if you\'re already facing some money troubles now.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>What you can do right now?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Being stuck at home for months in 2020 probably had its perks, spending-wise. You may have spent less at restaurants, your gym membership was on pause, and you didn\'t go to the movies.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Now, experts say, it\'s time to save that money as the starter cash for your future emergency savings fund.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Kumiko Love, creator of&nbsp;The Budget Mom,&nbsp;suggests holding off on paying off your debt, as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Look at your discretionary income. You can always make an extra debt payment later. Reduce your eating out expenses. Use the money you would typically use for entertainment or gas money and set that aside for your emergency savings,\" she says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>And before you rush to the grocery store with the cash you normally set aside for weekly purchases, see what you have at home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Do a fridge, pantry, and freezer inventory to access what your family needs and then make your grocery list,\" Love says. \"You\'d be amazed at how many meals you have ready to make in your fridge and pantry. This will help reduce one of your necessary expenses.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Start a budget</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Once you\'ve come up for air, spend some time getting down to the nitty gritty of number crunching. If you don\'t already have a budget in place for your household, now\'s the time to start one. Begin by assessing your current income and allocating it to your needs first.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Brian Walsh, a certified financial planner with&nbsp;SoFi,&nbsp;suggests using the 50-30-20 method of budgeting. That means delegating 50 percent of your income for needs such as housing, utilities, and food, 30 percent for discretionary spending, and 20 percent for your goals such as paying off debt or saving for the future.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Building a budget is not only looking at what you\'re spending but really asking yourself if it\'s essential discretionary and just flat out waste,\" he says. \"Waste is easy to get rid of; discretionary is where it gets painful.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Think about the difference between canceling a gym membership you haven\'t used in months and deciding to forgo your monthly beauty subscription service. One is easier to give up than the other, but both should be on the chopping block for consideration according to the 50-30-20 philosophy, particularly if loss of income has you holding tight to every dollar.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you\'re a college grad still tackling student loan debt, you may still qualify for student loan deferment during the pandemic. If that\'s the case, Walsh suggests setting that money aside as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Treat it like you still have the payment, put it toward your emergency account, and use it to build that up,\" he says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Typically, experts recommend building an emergency fund with enough money for three to six months of living expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"We say three months if you\'re single with a steady job or you\'re in a relationship and both of you are employed,\" Walsh says. \"We say six months if you\'re single and your job is less steady or if you\'re in a relationship and only one partner is earning an income.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>But something is better than nothing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Even if putting three to six months of expenses into emergency savings sounds daunting, you can at least try for $500,\" Palmer says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>If you\'re in a serious bind</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you\'re one of the tens of millions of Americans who received one of the&nbsp;coronavirus relief checks,&nbsp;Ted Rossman, an industry analyst at&nbsp;CreditCards.com,&nbsp;suggests putting it toward an emergency fund if possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Those payments-$1,200 for most adults and $500 for children-will be extremely important for many households,\" Rossman says. \"You can also ask your lenders for breaks-most banks are offering relief on credit cards, mortgages, car loans, and more.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you\'ve already filed your 2020 taxes and are expecting a refund, aim to put that money into your emergency fund, too.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Whatever you do, try not to rely on your credit card for emergency purchases.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"That can be expensive, plus many banks cut credit lines and cancelled cards without warning during the Great Recession, and that could happen again,\" Rossman says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you\'re still wondering how you\'re going to make ends meet, Equitable Advisor&nbsp;Tammy Butts&nbsp;says you need to take stock of your liquid assets and your retirement savings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Butts suggests consulting with a financial expert before making major decisions about tapping into any investments you have during an emergency, as some will come with and without taxes, and others could come with penalties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"I strongly recommend that you consult a financial professional, financial advisor, or CPA as they can direct you with this depending on your particular situation [and] age, how they are invested, tax status, etc.,\" she says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.realsimple.com/work-life/money/saving/emergency-fund-coronavirus\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Save Money for an Emergency Fund? (Yes, Even Now)','','inherit','closed','closed','','2054-revision-v1','','','2022-01-07 00:01:17','2022-01-07 00:01:17','',2054,'http://smartinsurance.tips/?p=2062',0,'revision','',0),(2063,1,'2022-01-07 00:01:43','2022-01-07 00:01:43','<!-- wp:gallery {\"ids\":[2058],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-2-1024x536.png\" alt=\"\" data-id=\"2058\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-2.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2058\" class=\"wp-image-2058\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p>Saving for one is hard enough, but family savings multiply the challenge. You have short-term desires versus long-term goals, plus unexpected expenses that can pop up regularly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This all may sound complicated, but with a little planning and setting financial goals, you can come up with a plan that covers your family’s needs, while allowing for saving and even vacations and other fun stuff.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Priority 1: Prepare for the unexpected</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p><strong>Start an emergency fund.&nbsp;</strong>You never know what will happen: an illness, an accident, an unexpected layoff. That’s why it’s important to&nbsp;set aside money for emergencies. Experts recommend that emergency funds for families cover six to nine months’ worth of expenses. If, however, you or your spouse are self-employed or income is unpredictable, consider saving even more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Priority 2: Get long-term goals in order</h2>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul><li><strong>Retirement comes first.&nbsp;</strong>When setting financial goals, planners recommend saving for retirement over saving for your kids’ educations. Remember: Students have access to a wide variety of loans, but there are no loans for their retiring parents. Also keep in mind that federal financial aid formulas don’t factor in parents’ retirement savings. So consider contributing&nbsp;as much as you can to retirement funds, and take advantage of your full company match if your employer offers one.</li><li><strong>Education savings come second.&nbsp;</strong>Then&nbsp;save for your kids’ college tuition. Consider taking advantage of 529 plans, which allow contributions to grow federal income tax-deferred. You can then make tax-free withdrawals to pay for qualified higher education expenses such as tuition and room and board.</li><li><strong>Now you can consider other long-term goals,&nbsp;</strong>if your family has them. One common family financial concern is caring for aging parents. If this responsibility falls on you, think about ways you can reduce costs, such as sharing your home with your parents, in addition to saving.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>Priority 3: Your family’s five-year goals</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>What would you and your family like to achieve in the short term? Your list might include things like a theme-park vacation, upgrading a car or remodeling your home. Now find the right savings strategy. You could open a savings account dedicated to each big-ticket item. Or see if your bank allows you to open sub-accounts under your primary savings account. Doing this helps you focus on meeting each goal. Make weekly or monthly contributions after you take care of your long-term savings.&nbsp;<em>Make a plan</em>&nbsp;<em>for working toward your short-term goals by using the Bank of America&nbsp;Short-Term Savings Calculator.</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You never know what might happen or what new family savings goals might arise. Planning for the long term and saving for the short term ensures you’re prepared for whatever comes your way.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/manage-family-savings-goals\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','How to balance your family’s savings priorities?','','inherit','closed','closed','','2057-revision-v1','','','2022-01-07 00:01:43','2022-01-07 00:01:43','',2057,'http://smartinsurance.tips/?p=2063',0,'revision','',0),(2064,1,'2022-01-07 00:13:49','2022-01-07 00:13:49','','My-project-20','','inherit','open','closed','','my-project-20','','','2022-01-07 00:13:49','2022-01-07 00:13:49','',2061,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-20.png',0,'attachment','image/png',0),(2065,1,'2022-01-07 00:17:54','2022-01-07 00:17:54','<!-- wp:gallery {\"ids\":[2064],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-20-1024x536.png\" alt=\"\" data-id=\"2064\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-20.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2064\" class=\"wp-image-2064\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p>Renters insurance is a good option for any renter. Before you sign-up, you should know a few things about what insurance does cover, like items stolen from your car, and what it doesn\'t, such as costly art.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Let’s be honest, reading the fine print of your&nbsp;renters&nbsp;insurance&nbsp;policy&nbsp;isn’t exactly&nbsp;<em>fun</em>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>After all, your&nbsp;insurance&nbsp;company&nbsp;doesn’t exactly hire John Green to write it, and trying to wrap your head around a bunch of legalese can be, well, exhausting.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>But if you are one of the lucky ones that do read the policy, you may find that your&nbsp;renters&nbsp;insurance&nbsp;policy&nbsp;covers (and doesn’t cover) more than you originally thought.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Surprising things that&nbsp;<em>are</em>&nbsp;covered by renters insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Items stolen from your car</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Many renters insurance policies include off-premises&nbsp;renters&nbsp;insurance&nbsp;coverage. This typically covers belongings that are&nbsp;<em>outside</em>&nbsp;of your home and provides the same coverage as your inside possessions.&nbsp;For instance, if your car is broken into and your laptop is stolen, you’ll be covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>However, it’s important to note that your renters insurance will <em>not</em> protect <em>your car</em> against damage or theft (that’s a car insurance thing), it only covers the <em>stuff</em> inside the vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Items stolen while traveling</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Your off-premise coverage may also cover you in the event that you are traveling and your&nbsp;personal possessions are stolen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This means that if your laptop, or iPad, is stolen from your hotel room while you’re on vacation, it’s likely covered by your renters insurance. This is because the stolen item is considered “insured property” and it will be covered whether it’s in your rental or not.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To ensure that your personal belongings are covered, it’s a good idea to contact your insurance provider before you leave on your vacation. Your insurer can help you determine if&nbsp;the&nbsp;personal property&nbsp;that you plan is&nbsp;protected under your policy or better left at home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Living expenses</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If your home is destroyed by an insured disaster and you can no longer live there, temporary living expenses like a hotel room, rent, meals, and the costs associated with storing your stuff may be covered by your additional living expenses (ALE) coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Basically, ALE (not the beer) covers all of the expenses that you wouldn’t have had to pay for if you were still able to live in your home.&nbsp;However, if your home is destroyed by an uninsured disaster, let’s say water damage due to a flood, then you will not receive ALE coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Other people’s injuries</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If someone has an accident in your home, your renters insurance can help to cover that person’s medical expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>For you, this means that your clumsy best friend can finally come over for a visit without the worry of becoming a liability. After all, if she trips over a rug (or let’s face it, thin air) and takes a nasty fall, your renters insurance will have your back when it comes to medical bills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This perk alone, which is typically covered under&nbsp;bodily injury&nbsp;insurance, is a great reason to&nbsp;get&nbsp;renters&nbsp;insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Other people’s property</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Your renters insurance may also cover damage to other people’s property and prevent you from having to pay for broken items out of pocket.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Let’s say your child throws a baseball through your neighbor’s window. Your&nbsp;renters&nbsp;insurance, thanks to&nbsp;personal&nbsp;liability&nbsp;coverage, may help to cover some of the costs associated with repairing or replacing the damaged property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Your family</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>You may be surprised to learn that many of the top renters’ insurance companies&nbsp;can cover anyone living under your roof that is&nbsp;related to you by blood, marriage, or adoption.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This means that if your mom comes to live with you for a few months, she will be automatically covered by your policy, as long as you have enough coverage!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>However, if your house gets broken into and your roommate’s things are stolen, your insurance won’t cover their personal property. That is unless your roommate is also your sister.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Your pets</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you go to your friend’s house and your dog destroys <em>her</em> beautiful new couch, your renters’ insurance will cover it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>However, if your cute little pup destroys<em>&nbsp;your</em>&nbsp;new couch, your rental insurance will not cover the expense of replacing it (more on this below).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Surprising things that&nbsp;<em>aren’t</em>&nbsp;covered by renters insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Certain disasters</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Most renters insurance will not cover disasters like floods and earthquakes. You may be able to purchase additional flood insurance coverage from a private provider. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Similarly, you may be able to add earthquake coverage to your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If your personal property is destroyed due to a&nbsp;volcanic eruption, wildfire, or tornado,&nbsp;you are likely already covered under your renters insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Replacement costs</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If your rental was robbed and the expensive sound system you bought five years before was stolen, you may be surprised to learn that you won’t get back enough money to fully cover the&nbsp;replacement cost, even though&nbsp;personal property&nbsp;coverage&nbsp;comes standard in most&nbsp;renters&nbsp;insurance&nbsp;policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This is because unless you have purchased&nbsp;replacement cost&nbsp;coverage, regular&nbsp;renters&nbsp;insurance&nbsp;will cover your&nbsp;personal belongings&nbsp;at their&nbsp;actual cash value&nbsp;(ACV).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>For example, if your sound system cost you $2,500 five years ago, the&nbsp;insurance&nbsp;company&nbsp;might only offer you $1,000 to cover what it is worth today.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Expensive jewelry, art, or antiques</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you have expensive valuables like jewelry, art, or antiques, be aware that your renters policy might not cover these items. You may be required to purchase a “floater” policy to provide additional coverage for expensive possessions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Most insurance policies will come with maximum limits for each type of coverage. So, let’s say you have a ring that costs $5,000, but your policy has a maximum coverage limit of $2,500 for jewelry, then it would be up to you to cover the difference.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Property damage from pests</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>In the unfortunate event that your personal belongings are damaged by rats, bed bugs, or other rodents, bugs, or vermin, most renters insurance policies won’t cover the damage. This is true even if your infestation is so bad that you are required to leave your rental and find temporary housing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Some&nbsp;renters&nbsp;insurance&nbsp;policies may offer bed bug&nbsp;insurance, but it is not usually considered part of a&nbsp;standard&nbsp;renters&nbsp;insurance&nbsp;plan and would come at an additional cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Summary</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you rent and assume that your landlord’s insurance policy will cover you in every situation, you may want to think again.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Renters insurance is the best way to ensure that your finances aren’t set back by a clumsy friend or major damage to your rental. While it’s an additional living expense, it’s often well worth the (low) cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.moneyunder30.com/surprising-things-renters-insurance-does-and-does-not-cover\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Surprising Things Renters Insurance Does And Does Not Cover','','inherit','closed','closed','','2061-revision-v1','','','2022-01-07 00:17:54','2022-01-07 00:17:54','',2061,'http://smartinsurance.tips/?p=2065',0,'revision','',0),(2066,1,'2022-01-07 00:23:40','2022-01-07 00:23:40','<!-- wp:gallery {\"ids\":[2067],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-19-1024x536.png\" alt=\"\" data-id=\"2067\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-19.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2067\" class=\"wp-image-2067\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When you think about the insurance that you need, disability insurance might not be at the top of your list. Here is why you should move it to the top.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">What would happen if you were hurt at work tomorrow and couldn’t go in for a few months?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">What about a car accident or illness that takes a year or two to recover?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are the primary income earner of your household, it could mean financial hardship, particularly if you don’t have disability insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What is disability insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Disability is a type of insurance that pays you a monthly benefit if you become disabled. Most people are wise to purchase both short-term and long-term disability insurance, as coverage for long-term disability may take six months to kick in. Short-term disability, as the name implies, starts faster than long-term coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">According to the nonprofit&nbsp;Council for Disability Awareness, the most common causes of short-term disability claims are:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Pregnancy.</li><li>Musculoskeletal disorders.</li><li>Digestive disorders.</li><li>Mental health issues, and injuries.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Long-term disability claims most commonly stem from musculoskeletal disorders, cancer, pregnancy, mental health issues, and injuries.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Disability is a common cause of&nbsp;bankruptcy. Social Security Disability Insurance (SSDI) and Workers’ Compensation may offer some benefits to someone with a disability, but they may not offer enough income to pay for everything you need. Disability insurance is an important backup plan if you can’t go to work and need to keep up your income while recovering.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Is it worth it?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Not everyone needs disability insurance. I recently spoke to an insurance broker who said I could probably avoid buying it, because as a freelance writer there is little chance I could become so disabled that I could not work at all. Even if I broke my arm, I could use voice dictation to type out my articles.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, disability insurance is a necessity for other people – especially those in manual labor or specialized positions like a surgeon or masseuse.&nbsp;<strong>If you work in an injury-prone profession, you should definitely invest in disability insurance</strong>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Disability insurance is like life insurance. If your family doesn’t rely on your income, then you probably don’t need to buy it. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Why is disability insurance so important?</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\">Disability insurance replaces your income if you get seriously ill</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some of those most common disability insurance claims relate to cancer, musculoskeletal disorders, and depression. While you hopefully never have to deal with any of these unfortunate situations, they are quite common.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In fact, one of them is affecting my family right now. My dad is receiving disability insurance payments related to prostate cancer. My family never expected my dad to get a stage four cancer diagnosis at any point, but here we are. I’m so glad for my parent’s finances that they had this critical insurance coverage. You just never know when a major illness could strike.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h3 class=\"has-black-color has-text-color has-medium-font-size\">Disability insurance replaces income if you are severely injured</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Many professions carry a high likelihood of injury. If you do any kind of manual labor, your body is essential in your ability to earn an income. Construction, factory, and other manual jobs could lead to injury at work. While your employer’s insurance should cover some of your bills, it may not be enough.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You could also fall victim to a surprise injury. A slip and fall on an icy sidewalk, a&nbsp;car accident&nbsp;that isn’t your fault, a fall off a ladder, and other surprises could put you on the sidelines. You don’t get hurt on purpose. That’s why it’s called an accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Disability insurance could provide enough income to cover bills while recovering</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Hopefully, if you do need disability insurance, it isn’t a permanent disability.&nbsp;Most disability insurance pays around 60% of your income. So if you normally make $4,000 per month, your disability insurance would pay $2,400 per month. That is a long-shot from what you made before but hopefully is enough to get by when factoring in&nbsp;emergency savings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The Social Security Administration says&nbsp;that about 25% of people who are 20 years old today will be disabled at some point before reaching age 67. That’s too high of a chance to ignore.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Disability insurance may kick in if you can still work but not in the same capacity</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Disability insurance generally comes with “any occupation” or “own occupation” rules. This determines what level of disability could qualify you for benefits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With “any occupation” coverage, which is probably going to be cheaper for you, your insurance only starts if you can’t reasonably do any job. That means you could have to work somewhere else, or perhaps in a lower-wage position, if you are still physically able to work.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">“Own occupation” means your insurance will pay if you are disabled and can’t do your own job, regardless of whether you can do something else. This is ideal, as you are probably best trained and have the&nbsp;best income prospects&nbsp;with your own job.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Disability insurance complements Social Security Disability Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Social Security Disability Insurance is disability insurance you already have as a US taxpayer, but qualifying and receiving benefits is not easy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you do qualify and receive SSDI, it likely won’t be enough to cover all of your monthly expenses. The non-blind disability benefit for 2020 is $1,260 per month, according to the&nbsp;Social Security Administration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you have your own disability insurance, you could get SSDI as well. The combination of both insurance plans may take you well above 60% of your regular income.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Disability insurance covers short-term and long-term needs</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The two main kinds of disability insurance you will come across are short-term and long-term. The names do a pretty good job of explaining how they work.&nbsp;Short-term disability&nbsp;usually works for a period of three to six months. After that, you’ll need a long-term disability policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Long-term disability insurance usually has a three or six-month waiting period before benefits begin. The length of the benefit period is a big factor in the policy price. These often come in periods of two, five, or 10 years, or until retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Disability insurance protects your household from a complete loss of income</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you think going down to 60% of your income sounds tough, imagine it dropping to $0. Unless you have significant savings or a spouse with a paycheck that can carry the household’s needs, a disability could be dire. Those with disabilities may have to give up their home and move in with relatives. It could lead to relying on others completely to get by.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With disability insurance, things are not necessarily easy. If disabled, however, getting disability insurance benefits is a lot better than not having the option.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Summary</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Insurance is there for those bad situations you can’t predict. Just as&nbsp;life insurance is an important protection&nbsp;for your family if you were to pass away, disability insurance is an important protection for a time when you may be unable to work.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">While disability insurance is arguably more important to people who are more likely to become injured or otherwise disabled, it’s a good idea for anyone who relies on their monthly income.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.moneyunder30.com/disability-insurance-is-it-worth-it\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Why Disability Insurance Is The Most Important Financial Product You Didn\'t Realize You Needed?','','publish','open','open','','why-disability-insurance-is-the-most-important-financial-product-you-didnt-realize-you-needed','','','2022-01-10 20:18:22','2022-01-10 20:18:22','',0,'http://smartinsurance.tips/?p=2066',0,'post','',0),(2067,1,'2022-01-07 00:18:44','2022-01-07 00:18:44','','My-project-19','','inherit','open','closed','','my-project-19','','','2022-01-07 00:18:44','2022-01-07 00:18:44','',2066,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-19.png',0,'attachment','image/png',0),(2068,1,'2022-01-07 00:23:40','2022-01-07 00:23:40','<!-- wp:gallery {\"ids\":[2067],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-19-1024x536.png\" alt=\"\" data-id=\"2067\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-19.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2067\" class=\"wp-image-2067\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p>When you think about the insurance that you need, disability insurance might not be at the top of your list. Here is why you should move it to the top.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>What would happen if you were hurt at work tomorrow and couldn’t go in for a few months?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>What about a car accident or illness that takes a year or two to recover?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you are the primary income earner of your household, it could mean financial hardship, particularly if you don’t have disability insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What is disability insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Disability is a type of insurance that pays you a monthly benefit if you become disabled. Most people are wise to purchase both short-term and long-term disability insurance, as coverage for long-term disability may take six months to kick in. Short-term disability, as the name implies, starts faster than long-term coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>According to the nonprofit Council for Disability Awareness, the most common causes of short-term disability claims are:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Pregnancy.</li><li>Musculoskeletal disorders.</li><li>Digestive disorders.</li><li>Mental health issues, and injuries.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Long-term disability claims most commonly stem from musculoskeletal disorders, cancer, pregnancy, mental health issues, and injuries.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Disability is a common cause of bankruptcy. Social Security Disability Insurance (SSDI) and Workers’ Compensation may offer some benefits to someone with a disability, but they may not offer enough income to pay for everything you need. Disability insurance is an important backup plan if you can’t go to work and need to keep up your income while recovering.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Is it worth it?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Not everyone needs disability insurance. I recently spoke to an insurance broker who said I could probably avoid buying it, because as a freelance writer there is little chance I could become so disabled that I could not work at all. Even if I broke my arm, I could use voice dictation to type out my articles.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>However, disability insurance is a necessity for other people – especially those in manual labor or specialized positions like a surgeon or masseuse.&nbsp;<strong>If you work in an injury-prone profession, you should definitely invest in disability insurance</strong>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Disability insurance is like life insurance. If your family doesn’t rely on your income, then you probably don’t need to buy it. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Why is disability insurance so important?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance replaces your income if you get seriously ill</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Some of those most common disability insurance claims relate to cancer, musculoskeletal disorders, and depression. While you hopefully never have to deal with any of these unfortunate situations, they are quite common.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In fact, one of them is affecting my family right now. My dad is receiving disability insurance payments related to prostate cancer. My family never expected my dad to get a stage four cancer diagnosis at any point, but here we are. I’m so glad for my parent’s finances that they had this critical insurance coverage. You just never know when a major illness could strike.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance replaces income if you are severely injured</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Many professions carry a high likelihood of injury. If you do any kind of manual labor, your body is essential in your ability to earn an income. Construction, factory, and other manual jobs could lead to injury at work. While your employer’s insurance should cover some of your bills, it may not be enough.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You could also fall victim to a surprise injury. A slip and fall on an icy sidewalk, a car accident that isn’t your fault, a fall off a ladder, and other surprises could put you on the sidelines. You don’t get hurt on purpose. That’s why it’s called an accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance could provide enough income to cover bills while recovering</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Hopefully, if you do need disability insurance, it isn’t a permanent disability. Most disability insurance pays around 60% of your income. So if you normally make $4,000 per month, your disability insurance would pay $2,400 per month. That is a long-shot from what you made before but hopefully is enough to get by when factoring in emergency savings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The Social Security Administration says that about 25% of people who are 20 years old today will be disabled at some point before reaching age 67. That’s too high of a chance to ignore.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance may kick in if you can still work but not in the same capacity</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Disability insurance generally comes with “any occupation” or “own occupation” rules. This determines what level of disability could qualify you for benefits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>With “any occupation” coverage, which is probably going to be cheaper for you, your insurance only starts if you can’t reasonably do any job. That means you could have to work somewhere else, or perhaps in a lower-wage position, if you are still physically able to work.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“Own occupation” means your insurance will pay if you are disabled and can’t do your own job, regardless of whether you can do something else. This is ideal, as you are probably best trained and have the best income prospects with your own job.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance complements Social Security Disability Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Social Security Disability Insurance is disability insurance you already have as a US taxpayer, but qualifying and receiving benefits is not easy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you do qualify and receive SSDI, it likely won’t be enough to cover all of your monthly expenses. The non-blind disability benefit for 2020 is $1,260 per month, according to the Social Security Administration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you have your own disability insurance, you could get SSDI as well. The combination of both insurance plans may take you well above 60% of your regular income.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance covers short-term and long-term needs</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The two main kinds of disability insurance you will come across are short-term and long-term. The names do a pretty good job of explaining how they work. Short-term disability usually works for a period of three to six months. After that, you’ll need a long-term disability policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Long-term disability insurance usually has a three or six-month waiting period before benefits begin. The length of the benefit period is a big factor in the policy price. These often come in periods of two, five, or 10 years, or until retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance protects your household from a complete loss of income</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you think going down to 60% of your income sounds tough, imagine it dropping to $0. Unless you have significant savings or a spouse with a paycheck that can carry the household’s needs, a disability could be dire. Those with disabilities may have to give up their home and move in with relatives. It could lead to relying on others completely to get by.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>With disability insurance, things are not necessarily easy. If disabled, however, getting disability insurance benefits is a lot better than not having the option.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Summary</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Insurance is there for those bad situations you can’t predict. Just as life insurance is an important protection for your family if you were to pass away, disability insurance is an important protection for a time when you may be unable to work.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>While disability insurance is arguably more important to people who are more likely to become injured or otherwise disabled, it’s a good idea for anyone who relies on their monthly income. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.moneyunder30.com/disability-insurance-is-it-worth-it\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Why Disability Insurance Is The Most Important Financial Product You Didn\'t Realize You Needed?','','inherit','closed','closed','','2066-revision-v1','','','2022-01-07 00:23:40','2022-01-07 00:23:40','',2066,'http://smartinsurance.tips/?p=2068',0,'revision','',0),(2070,1,'2022-01-07 00:28:17','2022-01-07 00:28:17','<!-- wp:gallery {\"ids\":[2071],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-29-1024x536.png\" alt=\"\" data-id=\"2071\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-29.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2071\" class=\"wp-image-2071\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">You\'d be surprised how many people brush off roadside assistance as too expensive or unnecessary. Maybe it\'s because they feel they have the tools and knowledge to&nbsp;jumpstart a car or change a flat tire on their own. However, roadside assistance is actually much more than just that—and is likely not nearly as expensive as you </span>might think.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">I vividly remember the first time I used roadside assistance for something other than a dead battery. My Ford Escape was stuck in a huge pile of snow. Do you know what that\'s like? You park your car between a few piles of snow, thinking it won\'t be that hard to get it out—but then the plow truck drives by, piling more snow around your car. Then it happens again and again and again.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">By the time you get to the car, it\'s impossible to get it out. To make it worse, it warmed up slightly during the day and then refroze at night, turning the piles of snow that surrounded my car into solid ice. Since I was used to driving a Subaru, I thought that the Ford could easily make it over the pile—and inevitably I became stuck on top of a giant mountain of snow.&nbsp;Roadside assistance came to my rescue, lifting my car out of the snow-turned-ice and onto the pavement. And that\'s exactly the point.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\">What\'s included in roadside assistance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Most policies cover:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Installing a flat tire</li><li>Jumpstarting your car</li><li>Installing a new battery&nbsp;</li><li>Towing to a repair facility (distance depends on your coverage)</li><li>Key retrieval if you lock your keys in the car</li><li>Fuel delivery in the event that you run out</li><li>Winching if stuck in snow, mud, water, or sand (usually on-road or within a short distance)</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additional benefits some roadside assistance plans include, but not limited to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Tow to an EV charging station</li><li>Mechanical labor on scene may be covered to a certain extent</li><li>Bike towing</li><li>Trip interruption coverage</li><li>Motorcycle / RV coverage</li><li>Roadside assistance coverage in cars that aren\'t your own, like rentals, friend\'s vehicles, etc.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">How much does it cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Most&nbsp;new cars&nbsp;come with some level of roadside assistance as part of the initial warranty. If you&nbsp;purchase an extended warranty, those typically also come with roadside assistance. But, if you have to buy it separately, one of the least expensive places to buy roadside assistance is your own&nbsp;car insurance company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"normal\"} -->\n<p class=\"has-normal-font-size\">To read the full article,&nbsp;<a href=\"https://www.realsimple.com/work-life/money/saving/roadside-assistance-can-save-you-thousands\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Roadside Assistance Will Cost You Less Than $1 per Month, but Can Save You Thousands','','publish','open','open','','roadside-assistance-will-cost-you-less-than-1-per-month-but-can-save-you-thousands','','','2022-01-10 20:15:14','2022-01-10 20:15:14','',0,'http://smartinsurance.tips/?p=2070',0,'post','',0),(2071,1,'2022-01-07 00:24:26','2022-01-07 00:24:26','','My-project-29','','inherit','open','closed','','my-project-29','','','2022-01-07 00:24:26','2022-01-07 00:24:26','',2070,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-29.png',0,'attachment','image/png',0),(2072,1,'2022-01-07 00:28:17','2022-01-07 00:28:17','<!-- wp:gallery {\"ids\":[2071],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-29-1024x536.png\" alt=\"\" data-id=\"2071\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-29.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2071\" class=\"wp-image-2071\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p>You\'d be surprised how many people brush off roadside assistance as too expensive or unnecessary. Maybe it\'s because they feel they have the tools and knowledge to jumpstart a car or change a flat tire on their own. However, roadside assistance is actually much more than just that—and is likely not nearly as expensive as you might think.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>I vividly remember the first time I used roadside assistance for something other than a dead battery. My Ford Escape was stuck in a huge pile of snow. Do you know what that\'s like? You park your car between a few piles of snow, thinking it won\'t be that hard to get it out—but then the plow truck drives by, piling more snow around your car. Then it happens again and again and again.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>By the time you get to the car, it\'s impossible to get it out. To make it worse, it warmed up slightly during the day and then refroze at night, turning the piles of snow that surrounded my car into solid ice. Since I was used to driving a Subaru, I thought that the Ford could easily make it over the pile—and inevitably I became stuck on top of a giant mountain of snow.&nbsp;Roadside assistance came to my rescue, lifting my car out of the snow-turned-ice and onto the pavement. And that\'s exactly the point.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What\'s included in roadside assistance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Most policies cover:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Installing a flat tire</li><li>Jumpstarting your car</li><li>Installing a new battery&nbsp;</li><li>Towing to a repair facility (distance depends on your coverage)</li><li>Key retrieval if you lock your keys in the car</li><li>Fuel delivery in the event that you run out</li><li>Winching if stuck in snow, mud, water, or sand (usually on-road or within a short distance)</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Additional benefits some roadside assistance plans include, but not limited to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Tow to an EV charging station</li><li>Mechanical labor on scene may be covered to a certain extent</li><li>Bike towing</li><li>Trip interruption coverage</li><li>Motorcycle / RV coverage</li><li>Roadside assistance coverage in cars that aren\'t your own, like rentals, friend\'s vehicles, etc.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>How much does it cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Most new cars come with some level of roadside assistance as part of the initial warranty. If you purchase an extended warranty, those typically also come with roadside assistance. But, if you have to buy it separately, one of the least expensive places to buy roadside assistance is your own car insurance company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.realsimple.com/work-life/money/saving/roadside-assistance-can-save-you-thousands\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Roadside Assistance Will Cost You Less Than $1 per Month, but Can Save You Thousands','','inherit','closed','closed','','2070-revision-v1','','','2022-01-07 00:28:17','2022-01-07 00:28:17','',2070,'http://smartinsurance.tips/?p=2072',0,'revision','',0),(2074,1,'2022-01-07 00:33:56','2022-01-07 00:33:56','<!-- wp:gallery {\"ids\":[2075],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-17-1024x536.png\" alt=\"\" data-id=\"2075\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-17.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2075\" class=\"wp-image-2075\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Life insurance. It\'s one of those things that no one ever likes talking about, but it\'s essential to ensuring&nbsp;any wealth you\'ve built&nbsp;is preserved for your future generations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In a study by the Life Insurance and Market Research Association (LIMRA), it was determined that over&nbsp;100 million households (40%) are uninsured and underinsured.&nbsp;In addition,&nbsp;44% of households in the U.S. would face financial hardship&nbsp;if the primary wage earner died.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">These stats highlight why&nbsp;having life insurance is essential.&nbsp;No matter what type of life insurance you choose, it is a way to shield your investments and assets to make sure they\'re distributed properly to your designated beneficiaries if something happens to you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Even if you have no investments or assets at the time of your death, having life insurance can ensure that&nbsp;your loved ones are taken care of when you are no longer here.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So, the two types of life insurance are term life insurance and whole life insurance. But which should you get? Let\'s get into the difference between term vs whole life insurance so you can make a financially sound decision.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-term-vs-whole-life-insurance-what-s-the-difference\">Term vs whole life insurance: What\'s the difference?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let\'s take a look at each, along with the differences between them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-what-is-term-life-insurance\">What is term life insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Term life insurance&nbsp;is life insurance coverage that covers you for a specified number of years and has no cash value account associated with it. As a result of this, the premiums are often lower than a whole life policy. When you choose a term life policy, you\'ll choose a certain number of years to be covered; typically 10 or 20 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Term life insurance breaks down into two different types of term life insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-group-term-life-insurance\"><strong>Group term life insurance</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Group term life insurance&nbsp;is insurance that an employer offers to its employees as a benefit. It covers the employees of the company instead of a single individual.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, the coverage of this policy can run short of what your needs may be, so you may want to consider purchasing an individual policy. Or you could expand your existing coverage and pay the premium difference that your employer provides.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-individual-life-insurance\"><strong>Individual life insurance</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Individual life insurance&nbsp;is more expensive but provides more coverage that will fully protect your loved ones when needed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You also get to customize your coverage with this type of policy rather than settling for what your employer offers with their group plan. It\'s good to research and&nbsp;calculate how much life insurance you need for your unique situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-what-is-whole-life-insurance\">What is whole life insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whole life insurance, also called permanent insurance, is life insurance coverage that combines life insurance with investments. This&nbsp;addition of investments&nbsp;is called \"cash value\" and is placed in a cash-value account. It is also known as&nbsp;cash value life insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With a whole life insurance policy, you\'ll pay monthly premiums for coverage, but a portion of that amount will be put&nbsp;into an investment account.&nbsp;Your beneficiaries will receive any excess premiums at the time of your death.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With a policy like this, the premiums are often higher due to the additional benefit of the cash value account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-what-is-a-cash-value-account-and-how-does-it-work\">What is a cash value account and how does it work?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Well, when you pay your insurance premium, they will use part of it to actually pay for your insurance. But the other part goes into an investment account that&nbsp;accumulates wealth&nbsp;over the life of the policy, aka, your lifespan. This account is called a cash value account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With a cash-value account, you can withdraw money from your policy in the form of a loan plus interest. This is a great feature, yes, but one catch is that if the loan hasn\'t been paid back at the time of your death, the death benefit amount paid to your beneficiaries is decreased by the outstanding loan amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are a few ways you can use a cash account:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>To create supplemental&nbsp;income in retirement</li><li>For payments toward future policy premiums</li><li>To pay for you or your&nbsp;child\'s education</li><li>For a&nbsp;down payment towards a home</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Term vs whole life insurance pros and cons</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Term life versus whole life, how do you decide what is best for you? Well,&nbsp;just like any big financial decision, it comes down to the advantages and disadvantages. So let\'s dive into the term vs whole life insurance pros and cons.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-benefits-of-term-life-insurance\">Benefits of term life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It\'s always better to start with the good news first, right? So here are a few benefits of term life insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Specified coverage terms</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With a term life policy, coverage lasts for a specified number of years instead of for your entire life. For example, you can choose a policy term of 10 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So if you have a life insurance policy of $150,000 for a 10-year term and you passed away, then your family would receive the $150,000 from the policy. This makes term life insurance more affordable than a whole life policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Fixed payment premiums</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">One of the benefits of term life insurance is that your premium payments are a set amount for the specified coverage period. You can choose terms ranging from 10, 15, 20, and 30 years and the premium will be that price through the entire term.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-can-convert-to-a-whole-life-policy\">Can convert to a whole life policy</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you decide to, you can&nbsp;convert your term life insurance into a whole life policy. However, you will have to convert it before the deadline clause. Be sure to know the details of the conversion clause because it can save you from having to do it later if you need it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">More affordable policies</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Because there is no cash value accumulation like there is with a whole policy, the premiums are lower. This could be a good option if you are searching for a more affordable policy&nbsp;that fits into your budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-cons-of-term-life-insurance\">Cons of term life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Now that you know the benefits of term life insurance let\'s dig into the disadvantages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">You could potentially be denied</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When you renew your policy, your insurance company may require you to answer questions about your health and submit to a physical exam all over again.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you were to&nbsp;develop a health condition it could increase the cost of a new policy.&nbsp;Also, the insurance company may prevent you from renewing your policy due to your age.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Limited coverage due to age</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As you get older, the number of years your life insurance coverage may be renewed is limited.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, if you obtain insurance at 20, you can choose coverage for 10, 15, 20, and even 30-year terms. But at 60, providers may limit you to shorter terms of 10 or 15 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Premiums increase</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Premium costs for a term life policy can increase with each policy renewal. So if you choose a ten-year policy and then decide to buy another, the cost could increase significantly with each renewal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-benefits-of-whole-life-insurance\">Benefits of whole life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are many benefits of whole life insurance; here are a few of the biggest reasons you should consider a whole life insurance policy:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Lifetime coverage</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The biggest difference when comparing term vs whole life insurance is the type and length of coverage you get.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Remember with term life you will have coverage for a certain timeframe, but with whole life, it is lifetime coverage. That is a huge peace of mind to have&nbsp;when it comes to protecting your family financially.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Whole life policies have cash value</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Another one of the biggest benefits of whole life insurance is you have the benefit of cash value accumulation. Again, you can borrow from your cash value account&nbsp;to supplement retirement,&nbsp;future premium payments, or your child\'s education.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Earn dividends</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you&nbsp;invest in a dividend-paying whole life policy, you have the potential to earn annual dividends based on your policy amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This is when the company pays an annual amount to its policyholders if they perform well. Although the amount may vary, it\'s still one of the best benefits of whole life insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Cons of whole life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let\'s get down to the nitty-gritty of the cons of a whole life insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Premiums are higher</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Since you will have lifetime coverage and cash value with your policy you will pay a higher premium. So you will need to&nbsp;review your budget&nbsp;to see if you are able to afford the coverage you will need to invest in.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Benefits can reduce</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Again, if you borrow from your policy and there is an outstanding balance, the amount of benefits will reduce.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You will need to determine if it\'s worth risking that chance when borrowing from your policy fund. Assess your financial situation first before diving into your cash fund.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">You could earn more with better investments</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You are likely to&nbsp;get better returns investing in an index fund&nbsp;for example. Building generational wealth through strategic investments may earn you more return than what a whole life policy could offer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So now you know the term vs whole life insurance pros and cons, but do you even need life insurance? Let\'s discuss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-do-you-need-life-insurance\">Do you need life insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You probably have insurance on your home, rental property, car, cell phone, pet, jewelry, and even your vacations, right? So why not your life? After all, your life is your most valuable asset!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If making the&nbsp;decision to purchase life insurance&nbsp;is difficult, answer these questions first:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Does anyone rely on my income for their daily living?</li><li>If I pass away today, is there enough money to cover the mortgage and other bills and debts?</li><li>How would my income be replaced to provide for my family and support the education of my children or dependents?</li><li>Will my family have enough to cover my funeral expenses without causing&nbsp;financial hardship?</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-three-main-reasons-to-get-life-insurance\">Three main reasons to get life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Depending on how you answered the above questions, here are 3 main reasons why you may want to consider getting life insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li>For the cost of your burial and final expenses</li><li>To create generational wealth for your next generation</li><li>To replace lost wages from your passing</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h2 class=\"has-black-color has-text-color has-medium-font-size\" id=\"h-term-life-versus-whole-life-which-should-you-get\">Term life versus whole life: Which should you get?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When you compare term life versus whole life, it\'s important to come back to what your needs are.&nbsp;As stated earlier, life insurance&nbsp;is a way to shield your investments and assets&nbsp;and make sure they\'re distributed properly to your designated beneficiaries in the event of your passing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It is not designed&nbsp;to be a money-making scheme. And if you are leaning towards whole life insurance solely for that reason (cash value), you should seriously consider the high premiums sub-par returns on whole life insurance investments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Ideally, your goal should be to&nbsp;pay off your debt&nbsp;and&nbsp;bulk up your savings&nbsp;and investments. Once you are able to achieve this level of financial wellness, you are less likely to need insurance for your entire life. This is because you would have built up considerable assets if you follow a&nbsp;solid financial plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">And so term life insurance may be a better option and you can put the money you would otherwise be paying to higher premiums towards achieving the goals you have&nbsp;laid out in your financial plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are instances where whole life insurance may work for you. For instance, if you are a high-income earner with a need for life insurance. Or you have maxed out your 401k,&nbsp;traditional IRA and ROTH IRA, and&nbsp;529 savings options&nbsp;and are seeking additional diversification.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-term-vs-whole-life-insurance-pick-what-s-best-for-you\">Term vs whole life insurance: Pick what\'s best for you!</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The cost of insurance, especially term life insurance, is much lower than most people think. So it\'s a good idea to have a conversation with your family about life insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You don\'t want to put money into a life insurance policy if it is not necessary, but you also want your family to be taken care of in the event of your passing. Be sure to determine what works best for you when it comes to choosing term life versus whole life insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.clevergirlfinance.com/blog/term-vs-whole-life-insurance/\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Term Vs Whole Life Insurance? What’s Best For You?','','publish','open','open','','term-vs-whole-life-insurance-whats-best-for-you','','','2022-01-10 20:14:51','2022-01-10 20:14:51','',0,'http://smartinsurance.tips/?p=2074',0,'post','',0),(2075,1,'2022-01-07 00:29:18','2022-01-07 00:29:18','','My-project-17','','inherit','open','closed','','my-project-17','','','2022-01-07 00:29:18','2022-01-07 00:29:18','',2074,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-17.png',0,'attachment','image/png',0),(2076,1,'2022-01-07 00:33:56','2022-01-07 00:33:56','<!-- wp:gallery {\"ids\":[2075],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-17-1024x536.png\" alt=\"\" data-id=\"2075\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-17.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2075\" class=\"wp-image-2075\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p>Life insurance. It\'s one of those things that no one ever likes talking about, but it\'s essential to ensuring any wealth you\'ve built is preserved for your future generations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In a study by the Life Insurance and Market Research Association (LIMRA), it was determined that over 100 million households (40%) are uninsured and underinsured. In addition, 44% of households in the U.S. would face financial hardship if the primary wage earner died.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>These stats highlight why having life insurance is essential. No matter what type of life insurance you choose, it is a way to shield your investments and assets to make sure they\'re distributed properly to your designated beneficiaries if something happens to you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Even if you have no investments or assets at the time of your death, having life insurance can ensure that your loved ones are taken care of when you are no longer here.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>So, the two types of life insurance are term life insurance and whole life insurance. But which should you get? Let\'s get into the difference between term vs whole life insurance so you can make a financially sound decision.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-term-vs-whole-life-insurance-what-s-the-difference\">Term vs whole life insurance: What\'s the difference?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Let\'s take a look at each, along with the differences between them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-what-is-term-life-insurance\">What is term life insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Term life insurance is life insurance coverage that covers you for a specified number of years and has no cash value account associated with it. As a result of this, the premiums are often lower than a whole life policy. When you choose a term life policy, you\'ll choose a certain number of years to be covered; typically 10 or 20 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Term life insurance breaks down into two different types of term life insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-group-term-life-insurance\"><strong>Group term life insurance</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Group term life insurance is insurance that an employer offers to its employees as a benefit. It covers the employees of the company instead of a single individual.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>However, the coverage of this policy can run short of what your needs may be, so you may want to consider purchasing an individual policy. Or you could expand your existing coverage and pay the premium difference that your employer provides.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-individual-life-insurance\"><strong>Individual life insurance</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Individual life insurance is more expensive but provides more coverage that will fully protect your loved ones when needed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You also get to customize your coverage with this type of policy rather than settling for what your employer offers with their group plan. It\'s good to research and calculate how much life insurance you need for your unique situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-what-is-whole-life-insurance\">What is whole life insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Whole life insurance, also called permanent insurance, is life insurance coverage that combines life insurance with investments. This addition of investments is called \"cash value\" and is placed in a cash-value account. It is also known as cash value life insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>With a whole life insurance policy, you\'ll pay monthly premiums for coverage, but a portion of that amount will be put into an investment account. Your beneficiaries will receive any excess premiums at the time of your death.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>With a policy like this, the premiums are often higher due to the additional benefit of the cash value account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-what-is-a-cash-value-account-and-how-does-it-work\">What is a cash value account and how does it work?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Well, when you pay your insurance premium, they will use part of it to actually pay for your insurance. But the other part goes into an investment account that accumulates wealth over the life of the policy, aka, your lifespan. This account is called a cash value account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>With a cash-value account, you can withdraw money from your policy in the form of a loan plus interest. This is a great feature, yes, but one catch is that if the loan hasn\'t been paid back at the time of your death, the death benefit amount paid to your beneficiaries is decreased by the outstanding loan amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Here are a few ways you can use a cash account:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>To create supplemental income in retirement</li><li>For payments toward future policy premiums</li><li>To pay for you or your child\'s education</li><li>For a down payment towards a home</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>Term vs whole life insurance pros and cons</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Term life versus whole life, how do you decide what is best for you? Well, just like any big financial decision, it comes down to the advantages and disadvantages. So let\'s dive into the term vs whole life insurance pros and cons.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-benefits-of-term-life-insurance\">Benefits of term life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>It\'s always better to start with the good news first, right? So here are a few benefits of term life insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>Specified coverage terms</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>With a term life policy, coverage lasts for a specified number of years instead of for your entire life. For example, you can choose a policy term of 10 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>So if you have a life insurance policy of $150,000 for a 10-year term and you passed away, then your family would receive the $150,000 from the policy. This makes term life insurance more affordable than a whole life policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>Fixed payment premiums</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>One of the benefits of term life insurance is that your premium payments are a set amount for the specified coverage period. You can choose terms ranging from 10, 15, 20, and 30 years and the premium will be that price through the entire term.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4 id=\"h-can-convert-to-a-whole-life-policy\">Can convert to a whole life policy</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you decide to, you can convert your term life insurance into a whole life policy. However, you will have to convert it before the deadline clause. Be sure to know the details of the conversion clause because it can save you from having to do it later if you need it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>More affordable policies</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Because there is no cash value accumulation like there is with a whole policy, the premiums are lower. This could be a good option if you are searching for a more affordable policy that fits into your budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-cons-of-term-life-insurance\">Cons of term life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Now that you know the benefits of term life insurance let\'s dig into the disadvantages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>You could potentially be denied</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>When you renew your policy, your insurance company may require you to answer questions about your health and submit to a physical exam all over again.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you were to develop a health condition it could increase the cost of a new policy. Also, the insurance company may prevent you from renewing your policy due to your age.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>Limited coverage due to age</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>As you get older, the number of years your life insurance coverage may be renewed is limited.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>For example, if you obtain insurance at 20, you can choose coverage for 10, 15, 20, and even 30-year terms. But at 60, providers may limit you to shorter terms of 10 or 15 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>Premiums increase</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Premium costs for a term life policy can increase with each policy renewal. So if you choose a ten-year policy and then decide to buy another, the cost could increase significantly with each renewal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-benefits-of-whole-life-insurance\">Benefits of whole life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>There are many benefits of whole life insurance; here are a few of the biggest reasons you should consider a whole life insurance policy:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>Lifetime coverage</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The biggest difference when comparing term vs whole life insurance is the type and length of coverage you get.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Remember with term life you will have coverage for a certain timeframe, but with whole life, it is lifetime coverage. That is a huge peace of mind to have when it comes to protecting your family financially.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>Whole life policies have cash value</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Another one of the biggest benefits of whole life insurance is you have the benefit of cash value accumulation. Again, you can borrow from your cash value account to supplement retirement, future premium payments, or your child\'s education.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>Earn dividends</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you invest in a dividend-paying whole life policy, you have the potential to earn annual dividends based on your policy amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>This is when the company pays an annual amount to its policyholders if they perform well. Although the amount may vary, it\'s still one of the best benefits of whole life insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Cons of whole life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Let\'s get down to the nitty-gritty of the cons of a whole life insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>Premiums are higher</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Since you will have lifetime coverage and cash value with your policy you will pay a higher premium. So you will need to review your budget to see if you are able to afford the coverage you will need to invest in.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>Benefits can reduce</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Again, if you borrow from your policy and there is an outstanding balance, the amount of benefits will reduce.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You will need to determine if it\'s worth risking that chance when borrowing from your policy fund. Assess your financial situation first before diving into your cash fund.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>You could earn more with better investments</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>You are likely to get better returns investing in an index fund for example. Building generational wealth through strategic investments may earn you more return than what a whole life policy could offer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>So now you know the term vs whole life insurance pros and cons, but do you even need life insurance? Let\'s discuss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-do-you-need-life-insurance\">Do you need life insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>You probably have insurance on your home, rental property, car, cell phone, pet, jewelry, and even your vacations, right? So why not your life? After all, your life is your most valuable asset!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If making the decision to purchase life insurance is difficult, answer these questions first:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Does anyone rely on my income for their daily living?</li><li>If I pass away today, is there enough money to cover the mortgage and other bills and debts?</li><li>How would my income be replaced to provide for my family and support the education of my children or dependents?</li><li>Will my family have enough to cover my funeral expenses without causing financial hardship?</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"h-three-main-reasons-to-get-life-insurance\">Three main reasons to get life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Depending on how you answered the above questions, here are 3 main reasons why you may want to consider getting life insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true} -->\n<ol><li>For the cost of your burial and final expenses</li><li>To create generational wealth for your next generation</li><li>To replace lost wages from your passing</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"h-term-life-versus-whole-life-which-should-you-get\">Term life versus whole life: Which should you get?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>When you compare term life versus whole life, it\'s important to come back to what your needs are. As stated earlier, life insurance is a way to shield your investments and assets and make sure they\'re distributed properly to your designated beneficiaries in the event of your passing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It is not designed to be a money-making scheme. And if you are leaning towards whole life insurance solely for that reason (cash value), you should seriously consider the high premiums sub-par returns on whole life insurance investments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Ideally, your goal should be to pay off your debt and bulk up your savings and investments. Once you are able to achieve this level of financial wellness, you are less likely to need insurance for your entire life. This is because you would have built up considerable assets if you follow a solid financial plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>And so term life insurance may be a better option and you can put the money you would otherwise be paying to higher premiums towards achieving the goals you have laid out in your financial plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>There are instances where whole life insurance may work for you. For instance, if you are a high-income earner with a need for life insurance. Or you have maxed out your 401k, traditional IRA and ROTH IRA, and 529 savings options and are seeking additional diversification.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"h-term-vs-whole-life-insurance-pick-what-s-best-for-you\">Term vs whole life insurance: Pick what\'s best for you!</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The cost of insurance, especially term life insurance, is much lower than most people think. So it\'s a good idea to have a conversation with your family about life insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You don\'t want to put money into a life insurance policy if it is not necessary, but you also want your family to be taken care of in the event of your passing. Be sure to determine what works best for you when it comes to choosing term life versus whole life insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.clevergirlfinance.com/blog/term-vs-whole-life-insurance/\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Term Vs Whole Life Insurance? What’s Best For You?','','inherit','closed','closed','','2074-revision-v1','','','2022-01-07 00:33:56','2022-01-07 00:33:56','',2074,'http://smartinsurance.tips/?p=2076',0,'revision','',0),(2077,1,'2022-01-07 00:42:04','2022-01-07 00:42:04','<!-- wp:gallery {\"ids\":[2078],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-16-1024x536.png\" alt=\"\" data-id=\"2078\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-16.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2078\" class=\"wp-image-2078\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-1\">According to the National Oceanic and Atmospheric Administration, tornado events are drastically increasing. In 1950, the administration reported 197 tornadoes in the United States, and in 2019, almost 1,500.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-4\">The force of a tornado can level an entire town, leaving homes and businesses in piles of rubble. You can take certain steps to keep your family safe during a tornado, but the best way to protect your home is by buying a homeowners insurance policy with sufficient coverage. The second-best way is to understand what’s in your policy and how it works.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-7\">Standard home insurance provides good protection for tornadoes, but you may need to adjust certain coverage limits for maximum protection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Standard home insurance policies cover tornado damage.</li><li>Following tornado damage, most homeowners policies will help pay additional living expenses, such as hotel bills and restaurant meals.</li><li>Many home insurance policies include actual cash value personal property coverage, which only pays the depreciated value of personal items.</li><li>You’re responsible for the deductible amount in your home insurance policy.</li><li>Homeowners policies do not cover automobiles damaged by tornadoes.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-11\">Does Home Insurance Cover Tornado Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-13\">Most standard home insurance policies protect your dwelling, other structures, and personal property from damages that result from “covered perils.” A covered peril is another way of referring to what causes the damage (such as wind).&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-16\">Home insurance may also help pay if you lose the use of your home (if it’s uninhabitable, for example) and for your personal liability (if someone gets hurt on your property). Most policies cover losses caused by perils common during tornado events, such as falling objects,&nbsp;hail, lightning strikes, water damage, and wind. Some policies also cover damages caused by power surges, which can occur during tornadoes as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Warning: Heavy rainfall often accompanies tornadoes. Most standard homeowners policies&nbsp;<em>do not</em>&nbsp;cover flood damage to your home or its contents. However, major home insurance companies sell flood insurance provided by the&nbsp;National Flood Insurance Program.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-20\">What’s Covered?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-22\">A home insurance policy is a collection of coverages. Following a tornado, individual coverages will apply to different types of losses. Most types of coverage are subject to a deductible—this is the amount of money you’re responsible for paying toward losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-25\">Dwelling Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-27\">Dwelling coverage&nbsp;pays to repair or rebuild your home’s main structure and attached structures, like a garage. For instance, if a tornado destroys your house’s roof, your policy’s dwelling coverage would help pay to replace it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-30\">Your policy should include enough dwelling coverage to completely rebuild your house. Some insurers require policyholders to carry dwelling coverage equal to at least 80% of a home’s rebuild costs to cover the total replacement cost of damages—even if that amount is less than your coverage limit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Important: A tornado can completely destroy a home. Homeowners who live in tornado-prone areas should purchase dwelling coverage equal to 100% of replacement costs, if possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-35\">Other Structures Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-37\">Other structures coverage pays to repair or replace detached structures, like fences, garages, gazebos, or sheds. The amount of this coverage is usually determined by how much insurance you have on your main dwelling—most standard policies limit it to 10% of that amount.&nbsp;So, if your main dwelling is insured for $300,000, your insurance policy would cover up to $30,000 of damage to other structures.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-40\">Personal Property Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-42\">Tornados can leave a home in rubble, with personal items such as clothing and furniture ruined by water damage and toxins from destroyed building materials. Personal property coverage helps replace personal items, up to the policy’s limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-45\">Many standard home insurance policies only pay a depreciated value for personal property losses. For example, if you paid $600 for a television five years ago, an insurance company may assess its current value at $150.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-48\">But some homeowners policies feature personal property&nbsp;replacement cost coverage&nbsp;or offer the protection as an endorsement. Replacement cost coverage pays to replace your personal items at current market prices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Note: Homeowners policies typically limit personal property coverage to 50% to 70% of the amount of insurance you carry on your main dwelling.&nbsp;If, for example, your house is insured for $300,000, and personal property is covered up to 50%, you’d have up to $150,000 of personal property coverage.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-53\">Loss of Use Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-55\">If tornado damage leaves your home uninhabitable, loss of use coverage can help pay additional living expenses such as hotel bills, rent, and restaurant tabs. This coverage is also limited by the amount of insurance you have on your main dwelling—such as 20% to 30% of that amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-57\">Other Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-59\">A standard home insurance policy might not cover all tornado losses. Due to the destructive force of a tornado, trees and vehicles can become projectiles, damaging your home or the homes of neighbors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-62\">At times, you may not know which party’s insurance should cover damages or even what type of insurance should cover it. For this reason, it’s crucial to gather any evidence you have, such as pictures and eyewitness accounts, as soon as is reasonable once the damage has occurred.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-65\">Food Spoilage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-67\">Oftentimes, tornadoes damage electrical infrastructure, leaving homes without power for days, leading to food spoilage. Standard homeowners policies may cover spoiled food as long as the cause of spoilage is a covered peril under your policy. Even so, coverage for spoiled food may be limited (to $500, for example). Many insurers offer optional food spoilage coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Important: According to the&nbsp;Centers for Disease Control and Prevention&nbsp;refrigerated foods can remain safe for up to four hours during a power outage if you don’t open the refrigerator door. But you should throw away refrigerated foods after they reach a temperature above 40°F.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-72\">Fallen Trees</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-74\">Standard home insurance policies usually don’t pay to remove fallen trees that don’t cause damage to a home. However, if a tree falls on your house, your dwelling coverage should pay to repair your home and remove the tree, up to the policy’s limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-77\">If a tree in your yard falls on your neighbor’s house, the neighbor will likely need to file a claim against their dwelling coverage. However, this type of scenario can get tricky, depending on whether the damage involved negligence. For instance, if the tree was healthy, the insurer would deem the damage an “act of God,” but if its trunk was rotten, the neighbor could claim negligence and you could be held responsible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-80\">Negligence can lead to lawsuits. If a neighbor sues you over damages caused by your downed tree, the personal liability coverage of your homeowners policy can help pay legal expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-83\">Named Storm Losses</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-85\">When losses occur as the result of a named storm, such as a&nbsp;hurricane&nbsp;or tropical storm, named storm deductibles may apply. According to the National Association of Insurance Commissioners, named storm deductibles apply in 19 coastal states and the District of Columbia.<sup>6</sup></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-88\">A named storm deductible supersedes your policy’s stated deductible amount. Some homeowners policies apply a fixed-dollar named storm deductible, while others calculate the deductible as a percentage of your home’s value, usually 1% to 10%. For example, if your policy applies a 10% named storm deductible and your home is valued at $200,000, you will have to pay up to $20,000 out of pocket following a total loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-90\">How To File a Tornado Damage Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-92\">Claims filing procedures vary by insurance company. Some require you to call an agent or claims center, while others allow you to file a claim online or using a mobile app. But there are certain steps all homeowners should take following tornado losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-95\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Contact your insurance company as soon as possible to start the claims process.</li><li>Take photos and videos of all losses to back up your claim.</li><li>If your home isn’t completely destroyed, take steps to prevent further damage. For example, if you have a small hole in your roof, cover it with plastic sheeting to prevent water damage inside the home. But do not make permanent repairs until you meet with an insurance adjuster.</li><li>If a tornado renders your home uninhabitable, ask your insurer if your policy covers loss of use expenses.</li><li>Carefully document all discussions with your insurance company.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-97\">Does Home Insurance Cover Damage to Cars?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-99\">Tornadoes can damage vehicles in many ways. High winds can topple trees onto cars and hail can pummel hoods and smash windshields.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-102\">Homeowners insurance will not cover damages to your automobile. But comprehensive auto insurance covers&nbsp;losses caused by weather events, including tornadoes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-104\">How To Prepare for a Tornado</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-106\">Tornadoes destroy everything in their path, but you can take precautions to keep your family safe and make the insurance claim filing process go smoothly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-109\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Maintain an up-to-date inventory of your personal belongings. You can take a written inventory or document your possessions with photos or videos. The inventory should include each item’s purchase price, and when possible, receipts.</li><li>Trim tree limbs that branch out over your house and remove dead or rotting trees.</li><li>Prepare a shelter-in-place kit, with cleaning supplies, a first aid kit, medications, non-perishable foods, and bottled water. Also prepare a shelter-in-place kit for your pets and a pet evacuation kit in case you must leave your home.</li><li>Identify the safest place in your home. Small, windowless interior spaces, like a bathroom or closet, are the safest places during a tornado. Basements and underground storm shelters provide even greater protection.</li><li>Pay attention to weather conditions. Familiarize yourself with the&nbsp;signs of a tornado&nbsp;and stay abreast of weather reports when threatening conditions appear.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-111\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\">What are loss of use coverage limits?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Typically, insurers calculate loss of use coverage as a percentage of your dwelling coverage, usually 20%. So, if you carry $200,000 in dwelling coverage, you might have $40,000 in loss of use coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\">Are hail and wind losses covered by all home insurance policies?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">No. Some insurers don’t include hail and wind losses in certain areas prone to hurricanes or tropical storms. For example, insurers exclude these perils for homes located along the Texas coast. However, Texas coastal residents can buy hail and wind coverage through the Texas Windstorm Insurance Association.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/homeowners-insurance-and-tornadoes-what-s-covered-5213570\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Does Homeowners Insurance Cover Tornado Damage?','','publish','open','open','','does-homeowners-insurance-cover-tornado-damage','','','2022-01-10 20:09:07','2022-01-10 20:09:07','',0,'http://smartinsurance.tips/?p=2077',0,'post','',0),(2078,1,'2022-01-07 00:36:05','2022-01-07 00:36:05','','My-project-16','','inherit','open','closed','','my-project-16','','','2022-01-07 00:36:05','2022-01-07 00:36:05','',2077,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-16.png',0,'attachment','image/png',0),(2079,1,'2022-01-07 00:42:04','2022-01-07 00:42:04','<!-- wp:gallery {\"ids\":[2078],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-16-1024x536.png\" alt=\"\" data-id=\"2078\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-16.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2078\" class=\"wp-image-2078\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-1\">According to the National Oceanic and Atmospheric Administration, tornado events are drastically increasing. In 1950, the administration reported 197 tornadoes in the United States, and in 2019, almost 1,500.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-4\">The force of a tornado can level an entire town, leaving homes and businesses in piles of rubble. You can take certain steps to keep your family safe during a tornado, but the best way to protect your home is by buying a homeowners insurance policy with sufficient coverage. The second-best way is to understand what’s in your policy and how it works.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-7\">Standard home insurance provides good protection for tornadoes, but you may need to adjust certain coverage limits for maximum protection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Standard home insurance policies cover tornado damage.</li><li>Following tornado damage, most homeowners policies will help pay additional living expenses, such as hotel bills and restaurant meals.</li><li>Many home insurance policies include actual cash value personal property coverage, which only pays the depreciated value of personal items.</li><li>You’re responsible for the deductible amount in your home insurance policy.</li><li>Homeowners policies do not cover automobiles damaged by tornadoes.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-11\">Does Home Insurance Cover Tornado Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-13\">Most standard home insurance policies protect your dwelling, other structures, and personal property from damages that result from “covered perils.” A covered peril is another way of referring to what causes the damage (such as wind).&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-16\">Home insurance may also help pay if you lose the use of your home (if it’s uninhabitable, for example) and for your personal liability (if someone gets hurt on your property). Most policies cover losses caused by perils common during tornado events, such as falling objects, hail, lightning strikes, water damage, and wind. Some policies also cover damages caused by power surges, which can occur during tornadoes as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Warning: Heavy rainfall often accompanies tornadoes. Most standard homeowners policies <em>do not</em> cover flood damage to your home or its contents. However, major home insurance companies sell flood insurance provided by the National Flood Insurance Program.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-20\">What’s Covered?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-22\">A home insurance policy is a collection of coverages. Following a tornado, individual coverages will apply to different types of losses. Most types of coverage are subject to a deductible—this is the amount of money you’re responsible for paying toward losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-25\">Dwelling Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-27\">Dwelling coverage pays to repair or rebuild your home’s main structure and attached structures, like a garage. For instance, if a tornado destroys your house’s roof, your policy’s dwelling coverage would help pay to replace it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-30\">Your policy should include enough dwelling coverage to completely rebuild your house. Some insurers require policyholders to carry dwelling coverage equal to at least 80% of a home’s rebuild costs to cover the total replacement cost of damages—even if that amount is less than your coverage limit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: A tornado can completely destroy a home. Homeowners who live in tornado-prone areas should purchase dwelling coverage equal to 100% of replacement costs, if possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-35\">Other Structures Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-37\">Other structures coverage pays to repair or replace detached structures, like fences, garages, gazebos, or sheds. The amount of this coverage is usually determined by how much insurance you have on your main dwelling—most standard policies limit it to 10% of that amount. So, if your main dwelling is insured for $300,000, your insurance policy would cover up to $30,000 of damage to other structures.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-40\">Personal Property Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-42\">Tornados can leave a home in rubble, with personal items such as clothing and furniture ruined by water damage and toxins from destroyed building materials. Personal property coverage helps replace personal items, up to the policy’s limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-45\">Many standard home insurance policies only pay a depreciated value for personal property losses. For example, if you paid $600 for a television five years ago, an insurance company may assess its current value at $150.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-48\">But some homeowners policies feature personal property replacement cost coverage or offer the protection as an endorsement. Replacement cost coverage pays to replace your personal items at current market prices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Note: Homeowners policies typically limit personal property coverage to 50% to 70% of the amount of insurance you carry on your main dwelling. If, for example, your house is insured for $300,000, and personal property is covered up to 50%, you’d have up to $150,000 of personal property coverage. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-53\">Loss of Use Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-55\">If tornado damage leaves your home uninhabitable, loss of use coverage can help pay additional living expenses such as hotel bills, rent, and restaurant tabs. This coverage is also limited by the amount of insurance you have on your main dwelling—such as 20% to 30% of that amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-57\">Other Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-59\">A standard home insurance policy might not cover all tornado losses. Due to the destructive force of a tornado, trees and vehicles can become projectiles, damaging your home or the homes of neighbors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-62\">At times, you may not know which party’s insurance should cover damages or even what type of insurance should cover it. For this reason, it’s crucial to gather any evidence you have, such as pictures and eyewitness accounts, as soon as is reasonable once the damage has occurred.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-65\">Food Spoilage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-67\">Oftentimes, tornadoes damage electrical infrastructure, leaving homes without power for days, leading to food spoilage. Standard homeowners policies may cover spoiled food as long as the cause of spoilage is a covered peril under your policy. Even so, coverage for spoiled food may be limited (to $500, for example). Many insurers offer optional food spoilage coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: According to the Centers for Disease Control and Prevention refrigerated foods can remain safe for up to four hours during a power outage if you don’t open the refrigerator door. But you should throw away refrigerated foods after they reach a temperature above 40°F.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-72\">Fallen Trees</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-74\">Standard home insurance policies usually don’t pay to remove fallen trees that don’t cause damage to a home. However, if a tree falls on your house, your dwelling coverage should pay to repair your home and remove the tree, up to the policy’s limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-77\">If a tree in your yard falls on your neighbor’s house, the neighbor will likely need to file a claim against their dwelling coverage. However, this type of scenario can get tricky, depending on whether the damage involved negligence. For instance, if the tree was healthy, the insurer would deem the damage an “act of God,” but if its trunk was rotten, the neighbor could claim negligence and you could be held responsible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-80\">Negligence can lead to lawsuits. If a neighbor sues you over damages caused by your downed tree, the personal liability coverage of your homeowners policy can help pay legal expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-83\">Named Storm Losses</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-85\">When losses occur as the result of a named storm, such as a hurricane or tropical storm, named storm deductibles may apply. According to the National Association of Insurance Commissioners, named storm deductibles apply in 19 coastal states and the District of Columbia.<sup>6</sup></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-88\">A named storm deductible supersedes your policy’s stated deductible amount. Some homeowners policies apply a fixed-dollar named storm deductible, while others calculate the deductible as a percentage of your home’s value, usually 1% to 10%. For example, if your policy applies a 10% named storm deductible and your home is valued at $200,000, you will have to pay up to $20,000 out of pocket following a total loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-90\">How To File a Tornado Damage Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-92\">Claims filing procedures vary by insurance company. Some require you to call an agent or claims center, while others allow you to file a claim online or using a mobile app. But there are certain steps all homeowners should take following tornado losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-95\"><li>Contact your insurance company as soon as possible to start the claims process.</li><li>Take photos and videos of all losses to back up your claim.</li><li>If your home isn’t completely destroyed, take steps to prevent further damage. For example, if you have a small hole in your roof, cover it with plastic sheeting to prevent water damage inside the home. But do not make permanent repairs until you meet with an insurance adjuster.</li><li>If a tornado renders your home uninhabitable, ask your insurer if your policy covers loss of use expenses.</li><li>Carefully document all discussions with your insurance company.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-97\">Does Home Insurance Cover Damage to Cars?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-99\">Tornadoes can damage vehicles in many ways. High winds can topple trees onto cars and hail can pummel hoods and smash windshields.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-102\">Homeowners insurance will not cover damages to your automobile. But comprehensive auto insurance covers losses caused by weather events, including tornadoes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-104\">How To Prepare for a Tornado</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-106\">Tornadoes destroy everything in their path, but you can take precautions to keep your family safe and make the insurance claim filing process go smoothly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-109\"><li>Maintain an up-to-date inventory of your personal belongings. You can take a written inventory or document your possessions with photos or videos. The inventory should include each item’s purchase price, and when possible, receipts.</li><li>Trim tree limbs that branch out over your house and remove dead or rotting trees.</li><li>Prepare a shelter-in-place kit, with cleaning supplies, a first aid kit, medications, non-perishable foods, and bottled water. Also prepare a shelter-in-place kit for your pets and a pet evacuation kit in case you must leave your home.</li><li>Identify the safest place in your home. Small, windowless interior spaces, like a bathroom or closet, are the safest places during a tornado. Basements and underground storm shelters provide even greater protection.</li><li>Pay attention to weather conditions. Familiarize yourself with the signs of a tornado and stay abreast of weather reports when threatening conditions appear.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-111\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading -->\n<h2>What are loss of use coverage limits?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Typically, insurers calculate loss of use coverage as a percentage of your dwelling coverage, usually 20%.<sup>7</sup>&nbsp;So, if you carry $200,000 in dwelling coverage, you might have $40,000 in loss of use coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Are hail and wind losses covered by all home insurance policies?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>No. Some insurers don’t include hail and wind losses in certain areas prone to hurricanes or tropical storms. For example, insurers exclude these perils for homes located along the Texas coast.<sup>8</sup> However, Texas coastal residents can buy hail and wind coverage through the Texas Windstorm Insurance Association.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/homeowners-insurance-and-tornadoes-what-s-covered-5213570\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Does Homeowners Insurance Cover Tornado Damage?','','inherit','closed','closed','','2077-revision-v1','','','2022-01-07 00:42:04','2022-01-07 00:42:04','',2077,'http://smartinsurance.tips/?p=2079',0,'revision','',0),(2122,1,'2022-01-31 23:20:37','2022-01-31 23:20:37','<!-- wp:gallery {\"ids\":[2123],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1-1-1024x536.png\" alt=\"\" data-id=\"2123\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1-1.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2123\" class=\"wp-image-2123\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\" id=\"should-i-refinance-my-mortgage\">Should I refinance my mortgage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Mortgage rates hit record lows again and again in 2020. And&nbsp;interest rates are expected to stay low&nbsp;throughout 2021.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a result, millions of homeowners are&nbsp;“in the money” to refinance&nbsp;— meaning they could lower their current mortgage rate and save big on monthly payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Of course, deciding when to refinance your home isn’t a simple decision. Your real refinance rate and savings depend on many different factors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So, how do you know when to refinance your home? Here are three trusted strategies that can help you decide.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"when-to-refinance-your-home\">When to refinance your home?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If refinancing your home loan saves you money, there’s a good chance you should do it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Even if you just recently bought the home or completed a refinance, it’s&nbsp;probably not too soon&nbsp;to find yourself a better deal.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">That said, refinancing isn’t a flip of a switch. It takes some time, and there are closing costs and paperwork to consider.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You’ll have to weigh the benefits of a mortgage refinance against the upfront costs to make your decision.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are three simple ways to look at the numbers: &nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>The break-even rule of thumb</strong>: A refinance might be worth it if the savings outweigh your closing costs within the amount of time you plan to stay in the home.</li><li><strong>Lowering your monthly mortgage payments</strong>: Refinancing for a lower interest rate and lower monthly payment can help if your budget is tight and you need to free up your cash flow. This strategy might even be worth it if your interest costs are higher in the long run.</li><li><strong>No-closing-cost refinancing</strong>: If you can find a refinance program with low or no closing costs, the decision becomes a lot easier. You’ll likely pay a slightly higher interest rate, but you might be able to avoid the out-of-pocket cost of refinancing.</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Start by clearly defining your goals. Know what your financial objective is, and how a refinance will help you get there.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Then check refinance rates available to you.&nbsp;If they’re significantly lower than your current mortgage rate, a refinance is likely worth it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"strategy-1-the-refinance-to-break-even-rule-of-thumb\">Strategy 1: The ‘refinance to break even’ rule of thumb&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your biggest consideration when refinancing will probably be closing costs. As with the original mortgage, closing costs for a refinance can easily total a few thousand dollars.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With that in mind, the first question to ask yourself is:&nbsp;<em><strong>Will I stay in the house long enough after refinancing to reach the break-even point? &nbsp;</strong></em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The break-even point is when your total savings equal the amount you spent on refinance closing costs. After that point, you start seeing ‘real’ savings on your new loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can get a simple answer to this question by dividing your closing costs by your estimated monthly savings. For example:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Refinance closing costs and fees: $3,000</li><li>Monthly savings: $300</li><li><strong>Time to break even: 10 months</strong></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In this scenario, the homeowner won’t start seeing savings until 11 months in. If they’re planning on staying in the house for another few years, a refinance is probably in their best interest.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are a couple more tips for calculating your refinance savings:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Closing costs to consider include title, escrow, and origination fees</strong>. Ignore prepaid items like taxes and insurance, since you’ll have to pay those anyway</li><li><strong>Look at your interest savings, not your payment savings.&nbsp;</strong>The goal is to pay significantly less in interest over the life of the loan, not just to lower your payment</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you’re planning on moving or selling before you’ll break even, take another look at your goals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There might still be reasons to refinance (like freeing up your cash flow, below), but it’s more likely to be a wash. You might wait till interest rates drop a little lower and you can break even faster.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"strategy-2-the-cash-flow-refinance-method\">Strategy 2: The cash-flow refinance method</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Saving money over the life of your loan is a great reason to refinance. But it’s not the only one.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Say you’re a few years into your current loan, and really struggling with monthly payments. (It can happen to anyone.)&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Refinancing into a new 30-year term might increase your total interest payments over the life of the loan. But if it lowers your monthly payment and frees up some day-to-day cash? Refinancing might be worth it anyway.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here’s an example of how this type of refinance might shake out:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>Original mortgage</td><td><strong>Refinanced mortgage</strong></td></tr><tr><td>Loan balance</td><td>$300,000</td><td>$300,000</td></tr><tr><td>Remaining term</td><td>23 years</td><td>30 years</td></tr><tr><td>Interest rate</td><td>4.75%</td><td>4%</td></tr><tr><td>Total interest remaining</td><td>$190,000</td><td>$215,000</td></tr><tr><td>Monthly payment</td><td>$1,800</td><td>$1,400</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This homeowner would save $400 per month by refinancing. That extra cash can make a meaningful dent in monthly bills and living expenses. It could make all the difference in affording their home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, refinancing into a new 30-year term also means this person would pay an extra $25,000 in interest over the life of the loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whether or not this type of refinance is worth it depends on your unique situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The important thing is that you’re fully aware of both the short- and long-term effects on your bank account before making a decision.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"strategy-3-no-closing-cost-refinance\">Strategy 3: No-closing-cost refinance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There’s one more surefire refinance strategy: The no-closing-cost refinance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Believe it or not, any lender can offer you a refinance with no closing costs. But it’s not&nbsp;<em>exactly</em>&nbsp;a free lunch.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A no-closing-cost refinance still technically has closing costs. You just don’t pay them upfront.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can either finance the closing costs (paying them off over the life of the loan) or accept a higher interest rate in return for the lender covering your upfront fees.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">That might sound backward, considering that you’re probably refinancing because you want a lower rate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But if mortgage interest rates are&nbsp;low enough, you can likely see a slight uptick and still save a lot in interest in the long run.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, imagine you’re refinancing a 30-year, fixed-rate loan of with a balance of $300,000 and a 4.75% interest rate:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>Refinance with closing costs</td><td>Refinance with no closing costs</td></tr><tr><td>Loan balance</td><td>$300,000</td><td>$300,000</td></tr><tr><td>New interest rate</td><td>3.75%</td><td>4%</td></tr><tr><td>Closing costs</td><td>$3,000</td><td>$0</td></tr><tr><td>Total interest savings (over 30 years)</td><td>$93,400</td><td>$77,800</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Paying $3,000 in closing costs would save this homeowner more over the life of the loan, of course.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But if they can’t (or don’t want to) pay $3,000 out of pocket, they can still save more than $70,000 over 30 years with a no-closing-cost refinance. That’s not a bad deal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"good-reasons-to-refinance-your-home-loan\">Good reasons to refinance your home loan</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The three strategies above should help you figure out whether a refinance is worth it based on the amount of money you can save.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But a refinance can help you with other financial goals, too — aside from just reducing your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are just a few good reasons to consider refinancing your mortgage:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Cancel mortgage insurance:</strong>&nbsp;You can use a refinance to&nbsp;get rid of mortgage insurance&nbsp;(either PMI or MIP) if you’ve built enough equity in the home.</li><li><strong>Refinance to a shorter term</strong>:&nbsp;You can pay off your home sooner by refinancing from a 30-year mortgage to a 15-year loan, or a less common loan term like a 10 or 20-year mortgage. Rates are usually lower, but your monthly payment will increase since you’re paying off the loan with fewer payments.</li><li><strong>Get out of an ARM and lock low rates</strong>: Adjustable-rate mortgages usually start with low rates, but they can spike later. Refinancing into a fixed-rate mortgage can help you lock in a low rate for the rest of your loan term.&nbsp;</li><li><strong>Get cash out:&nbsp;</strong>As you pay down your mortgage, your home equity grows. A&nbsp;cash-out refinance&nbsp;lets you access some of that equity money to pay for renovations, kids’ college tuition, or other big-ticket items.</li><li><strong>Consolidate debt:&nbsp;</strong>You can also use a cash-out refinance to pay off high-interest debt, like from credit cards or personal loans, at a lower interest rate. Use extreme care with this method, as it’s easy to run debts back up and end in a worse place than where you started.</li><li><strong>Pay off liens, second mortgages, or judgments:&nbsp;</strong>If you’ve taken out a second mortgage (“piggyback” loan), home equity line of credit, or other judgment on the property, you can use a cash-out refi to pay these things off.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"refinance-requirements\">Refinance requirements</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Refinancing your home means taking out an entirely new mortgage to replace your old one. As such, you’ll need to complete a full loan application and pass basic mortgage loan requirements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The minimum requirements to refinance depend on the loan program you’re using.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Conventional refinance loans&nbsp;</strong>typically require a credit score of 620 or higher. If you have at least 20 percent equity, you can avoid paying for private mortgage insurance and you’ll save more money.</li><li><strong>FHA refinance loans&nbsp;</strong>usually require a credit score of 580 or higher. If you want to take cash out, you’ll likely need a credit score of at least 600. FHA Streamline Refinances technically do not require credit, income, or employment verification — or a new appraisal. However some lenders may check those criteria anyway. FHA refinance loans charge mortgage insurance premium (MIP), but if you have at least 20 percent home equity, you can likely refinance to a conventional loan with no mortgage insurance.</li><li><strong>VA refinancing&nbsp;</strong>usually requires a credit score of at least 620, though some mortgage lenders are more lenient. VA loans do not require mortgage insurance and typically have the lowest interest rates of any mortgage program. The VA Streamline Refinance or ‘IRRRL’ does not require income or employment verification, or a new appraisal. &nbsp;</li><li><strong>USDA refinancing</strong>&nbsp;typically requires a credit score of at least 640. Just like for USDA home purchase loans, the property must be located in an eligible ‘rural’ area. USDA borrowers also have access to a streamlined refinancing program with looser documentation requirements. &nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Which refinance option is right for you? That depends on your credit report and score, your current mortgage, your home value and loan amount, and your overall goal for refinancing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://themortgagereports.com/56825/three-foolproof-ways-to-know-when-to-refinance-your-mortgage-video\">click here.</a></p>\n<!-- /wp:paragraph -->','Is now the right time to refinance? 3 strategies to know when to refinance your home','','publish','closed','closed','','is-now-the-right-time-to-refinance-3-strategies-to-know-when-to-refinance-your-home','','','2022-02-01 18:58:29','2022-02-01 18:58:29','',0,'http://smartinsurance.tips/?page_id=2122',0,'page','',0),(2081,1,'2022-01-07 00:46:30','2022-01-07 00:46:30','<!-- wp:gallery {\"ids\":[2082],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-15-1024x536.png\" alt=\"\" data-id=\"2082\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-15.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2082\" class=\"wp-image-2082\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-1\"><span class=\"has-inline-color has-black-color\">The sound of hail pounding on your roof is enough to wake you from a sound sleep. And when the storm clouds clear, you may find what homeowners dread: roof damage. Hailstorms can strike almost anywhere, but they are most prevalent in certain parts of the country.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Key takeaways:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Hail damage is created when hail dents cracks, splits, or makes holes in a roof.&nbsp;</li><li>Most homeowners policies cover hail damage up to a certain dollar limit.&nbsp;</li><li>Hail damage may not be covered if the roof required repairs before the hail event.&nbsp;</li><li>Notify your insurer as soon as you realize your roof has suffered damage from hail.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-4\"><span class=\"has-inline-color has-black-color\">Most homeowners policies cover roof damage caused by hail along with related water damage to your home’s structure or contents. But you can’t take your coverage for granted. Before disaster strikes, you need to know if your home insurance policy will cover a hail-damaged roof, under what circumstances it won’t provide coverage, and your policy\'s coverage limits.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">What Is Hail Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-10\"><span class=\"has-inline-color has-black-color\">Hail damage to your roof can take several different forms depending on t</span>he type of roof your home has.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-13\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Asphalt shingle or composite shingle</strong>: Round, dark impact marks may appear with few granules. The damaged shingles may feel soft, and you may notice exposed felt.</li><li><strong>Wood shingles</strong>: You may see dents and splits in the wood, with noticeable brown or orange spots inside the splits.</li><li><strong>Metal</strong>: Roof panels, gutters, and vents may display dents.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Tip: Inspect your roof regularly, particularly following a hailstorm.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">What Are the Hazards of Hail Damage to Roofs?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-19\">A damaged roof can allow water to leak into underlying materials affecting roofing plywood and insulation. Water can seep into ceilings and walls, damaging paint and sheetrock. Unchecked leaks can lead to mold and mildew, which can spread beyond structural materials to clothing and furniture. Water-damaged structural elements, such as ceiling joists and wall studs, may rot, causing a ceiling to collapse.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-22\">Water can also seep into your home’s electrical components, like ceiling fans, lights, and wall sockets, causing electrical damage that may create a fire hazard.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Important: Sudden, unexpected hailstorms can occur almost anywhere, but they’re most prevalent in Great Plains and Midwest states.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-27\">How To Prevent Hail Damage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-29\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Install a new roof when recommended. Replacing a roof that\'s too far gone can create a hazard for workers, which could lead to a lawsuit. Before hiring a contractor, make sure your&nbsp;home insurance policy&nbsp;has sufficient liability coverage.</li><li>Install storm shutters on doors and windows.</li><li>Replace your roof with hail-resistant materials such as Class 4 shingles, coated metals, or synthetic slate.</li><li>Replace old roof fixtures such as skylights and vents, which can easily sustain hail damage and lead to leaks.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">Is Hail Damage to Your Roof Covered by Homeowners Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-33\">The most common type of home insurance for owner-occupied houses is called an HO-3. Typically, HO-3 policies cover damage caused by hail. Usually,&nbsp;homeowners policies&nbsp;pay replacement costs for dwelling losses. For example, if your roof is destroyed in a hailstorm and costs $20,000 to replace, your policy will pay up to $20,000, minus your&nbsp;deductible, for the repair.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-36\">Some home insurance policies may limit roof replacement claims. For instance, if your policy places limits on cosmetic damages, it may only pay to replace damaged roof shingles, which may not match the rest of the roof. In states prone to hailstorms, homeowners policies may also feature a separate deductible for&nbsp;hazards&nbsp;such as hail or wind.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-39\">For homes with older roofs, insurers sometimes limit roof coverage to actual cash value, which will apply a depreciated value paid for damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">When Is Hail Damaged Not Covered?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-44\"><span class=\"has-inline-color has-black-color\">While a roof may appear hail damaged, another culprit may be to blame, particularly neglect. Sunlight and harsh weather can make shingles brittle, making them appear damaged. Or the shingles may begin to blister, crack, or show signs of granule loss due to age. These types of damages are considered normal wear and tear, which insurers typically don’t cover.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Note: If hail damages an old roof that should have already been replaced, an insurance adjuster may deny a claim. However, if hail damages your roof and causes water damage inside your home, your policy may cover interior structural and contents losses.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-49\"><span class=\"has-inline-color has-black-color\">Insurance companies usually deny claims on houses that have been vacant for more than 60 days. Some carriers may discontinue coverage of a vacant home, while others may continue limited coverage for specific perils. However, some insurers offer vacant home insurance, which may cover hail and wind damage.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-52\"><span class=\"has-inline-color has-black-color\">You can’t file a roof claim if the damage is less than your policy’s deductible. For example, if your policy has a $1,000 deductible, you can’t file a $500 roof claim. Homes in high-risk areas may have a separate hail deductible. So if your hail damage deductible is $2,000, you can only file a claim when damages exceed $2,000.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-54\">How To File a Hail Damage Insurance Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-56\"><span class=\"has-inline-color has-black-color\">The claims filing process can vary by&nbsp;insurance provider. But in all cases, you need to file a claim promptly and supply sufficient documentation to verify the damage.</span>&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-59\"><span class=\"has-inline-color has-black-color\">Review Your Homeowners Insurance</span> Policy&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-61\">It’s best to know what your home insurance policy does and doesn’t cover before you need to file a claim. When a hailstorm strikes, review the fine print of your policy’s coverages and exclusions. Coverages A and B cover losses to your home’s main structure and attached structures—like a garage—and coverage C covers personal property such as furniture and clothing.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-64\"><span class=\"has-inline-color has-black-color\">Be Prompt</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-66\">The fine print of your homeowners policy may instruct you to contact the insurer or its agent promptly after damage occurs. If you’re unsure how quickly you must file, ask a company representative if a time limit applies. You should also file a claim promptly to avoid undue additional damage. Damaged roof materials can degrade further, so it’s important for an adjuster to examine the damage when it is fresh.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-69\"><span class=\"has-inline-color has-black-color\">Assess the</span> <span class=\"has-inline-color has-black-color\">Damage&nbsp;</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-71\"><span class=\"has-inline-color has-black-color\">If you are unsure if your roof has sustained enough damage to file a claim, you might need to hire a contractor to assess the losses. Depending on your policy’s deductible, excessive granule loss on shingles, dents to metal roof panels and gutters, and cracked or dented skylights and vents often indicate a valid claim.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-74\">Take pictures or videos of all damages. Oftentimes, roof damage can cause leaks that ruin interior floors and furnishings. In your claim, include all damages to your home’s structure and its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-77\">Y<span class=\"has-inline-color has-black-color\">ou may need to take immediate steps to prevent further damage. For example, cover a damaged section of roof to prevent rainwater from entering your home. Also, throw away soaked items such as carpeting, which can cause a mold hazard. Always take these preventative steps before an adjuster arrives to inspect the damages.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-80\"><span class=\"has-inline-color has-black-color\">Get an Estimate&nbsp;</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-82\">Some insurers assign a claims handler or insurance adjuster to home insurance claims. Typically, the representative will assess the damages and give you an estimate of repair costs. If the insurer requires you to get an estimate, you may need to choose a contractor from the company’s approved vendor list. Always choose a licensed contractor to assess damages.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-85\"><span class=\"has-inline-color has-black-color\">Keep Track of the Claim</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-87\"><span class=\"has-inline-color has-black-color\">After filing a claim, you need to stay involved until it’s paid and your home is restored. Maintain regular contact with the insurance adjuster and contractor. Take notes every time you speak with an insurance representative. If you don’t understand something about the process, get answers from the insurance company. Save receipts for damage-related expenses, for which the insurer may offer reimbursement. Continue to inspect your home for subsequent damage, such as leaks or mold caused by the initial hail damage.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-89\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-91\"><span class=\"has-inline-color has-black-color\">Is hail damage to the roof covered by homeowners insurance?&nbsp;</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-93\"><span class=\"has-inline-color has-black-color\">Most home insurance policies cover hail damage. If you have an older roof, the insurer may only pay actual cash value, which applies depreciation, to a repair or replacement payout.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-96\"><span class=\"has-inline-color has-black-color\">Do all homeowners insurance policies cover hail damage?</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-98\"><span class=\"has-inline-color has-black-color\">HO-3 home insurance policies are the most common on the market. HO-3 policies cover all perils unless those perils are specifically excluded. However, insurers will not cover damages caused by normal wear and tear. And if your roof needed replacing before the hail damage occurred, your carrier may refuse to repair or replace it.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-101\"><span class=\"has-inline-color has-black-color\">How do I start the hail damage insurance claims process?&nbsp;</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-103\"><span class=\"has-inline-color has-black-color\">Each insurance provider has its own claims filing process. Before filing a claim, assess the damage, looking for patterned granule loss on asphalt or composite shingles, or dents on metal roofs, gutters, skylights, and roof vents. If the roof has sustained enough damage to warrant a claim, file it.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-106\"><span class=\"has-inline-color has-black-color\">Is there a time limit to make a hail damage insurance claim?</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-108\">Claims filing time limits can vary by insurer. Your policy’s fine print may instruct you to file promptly or specify a specific time limit. It’s best to contact your insurer immediately and get the claims process started because roof hail damage can lead to leaks that can destroy your home’s structure and, in some cases, its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/is-hail-damage-to-your-roof-covered-by-homeowners-insurance-5193673\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Is Hail Damage to Your Roof Covered by Homeowners Insurance?','','publish','open','open','','is-hail-damage-to-your-roof-covered-by-homeowners-insurance-2','','','2022-01-10 20:05:45','2022-01-10 20:05:45','',0,'http://smartinsurance.tips/?p=2081',0,'post','',0),(2082,1,'2022-01-07 00:44:15','2022-01-07 00:44:15','','My-project-15','','inherit','open','closed','','my-project-15','','','2022-01-07 00:44:15','2022-01-07 00:44:15','',2081,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-15.png',0,'attachment','image/png',0),(2083,1,'2022-01-07 00:46:30','2022-01-07 00:46:30','<!-- wp:gallery {\"ids\":[2082],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-15-1024x536.png\" alt=\"\" data-id=\"2082\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-15.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2082\" class=\"wp-image-2082\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-1\">The sound of hail pounding on your roof is enough to wake you from a sound sleep. And when the storm clouds clear, you may find what homeowners dread: roof damage. Hailstorms can strike almost anywhere, but they are most prevalent in certain parts of the country.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Hail damage is created when hail dents cracks, splits, or makes holes in a roof.&nbsp;</li><li>Most homeowners policies cover hail damage up to a certain dollar limit.&nbsp;</li><li>Hail damage may not be covered if the roof required repairs before the hail event.&nbsp;</li><li>Notify your insurer as soon as you realize your roof has suffered damage from hail.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-4\">Most homeowners policies cover roof damage caused by hail along with related water damage to your home’s structure or contents. But you can’t take your coverage for granted. Before disaster strikes, you need to know if your home insurance policy will cover a hail-damaged roof, under what circumstances it won’t provide coverage, and your policy\'s coverage limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-8\">What Is Hail Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-10\">Hail damage to your roof can take several different forms depending on the type of roof your home has.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-13\"><li><strong>Asphalt shingle or composite shingle</strong>: Round, dark impact marks may appear with few granules. The damaged shingles may feel soft, and you may notice exposed felt.</li><li><strong>Wood shingles</strong>: You may see dents and splits in the wood, with noticeable brown or orange spots inside the splits.</li><li><strong>Metal</strong>: Roof panels, gutters, and vents may display dents.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Tip: Inspect your roof regularly, particularly following a hailstorm. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-17\">What Are the Hazards of Hail Damage to Roofs?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-19\">A damaged roof can allow water to leak into underlying materials affecting roofing plywood and insulation. Water can seep into ceilings and walls, damaging paint and sheetrock. Unchecked leaks can lead to mold and mildew, which can spread beyond structural materials to clothing and furniture. Water-damaged structural elements, such as ceiling joists and wall studs, may rot, causing a ceiling to collapse.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-22\">Water can also seep into your home’s electrical components, like ceiling fans, lights, and wall sockets, causing electrical damage that may create a fire hazard.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Sudden, unexpected hailstorms can occur almost anywhere, but they’re most prevalent in Great Plains and Midwest states.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-27\">How To Prevent Hail Damage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-29\"><li>Install a new roof when recommended. Replacing a roof that\'s too far gone can create a hazard for workers, which could lead to a lawsuit. Before hiring a contractor, make sure your home insurance policy has sufficient liability coverage.</li><li>Install storm shutters on doors and windows.</li><li>Replace your roof with hail-resistant materials such as Class 4 shingles, coated metals, or synthetic slate.</li><li>Replace old roof fixtures such as skylights and vents, which can easily sustain hail damage and lead to leaks. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-31\">Is Hail Damage to Your Roof Covered by Homeowners Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-33\">The most common type of home insurance for owner-occupied houses is called an HO-3. Typically, HO-3 policies cover damage caused by hail. Usually, homeowners policies pay replacement costs for dwelling losses. For example, if your roof is destroyed in a hailstorm and costs $20,000 to replace, your policy will pay up to $20,000, minus your deductible, for the repair.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-36\">Some home insurance policies may limit roof replacement claims. For instance, if your policy places limits on cosmetic damages, it may only pay to replace damaged roof shingles, which may not match the rest of the roof. In states prone to hailstorms, homeowners policies may also feature a separate deductible for hazards such as hail or wind.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-39\">For homes with older roofs, insurers sometimes limit roof coverage to actual cash value, which will apply a depreciated value paid for damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-42\">When Is Hail Damaged Not Covered?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-44\">While a roof may appear hail damaged, another culprit may be to blame, particularly neglect. Sunlight and harsh weather can make shingles brittle, making them appear damaged. Or the shingles may begin to blister, crack, or show signs of granule loss due to age. These types of damages are considered normal wear and tear, which insurers typically don’t cover. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Note: If hail damages an old roof that should have already been replaced, an insurance adjuster may deny a claim. However, if hail damages your roof and causes water damage inside your home, your policy may cover interior structural and contents losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-49\">Insurance companies usually deny claims on houses that have been vacant for more than 60 days. Some carriers may discontinue coverage of a vacant home, while others may continue limited coverage for specific perils. However, some insurers offer vacant home insurance, which may cover hail and wind damage.<sup>2</sup></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-52\">You can’t file a roof claim if the damage is less than your policy’s deductible. For example, if your policy has a $1,000 deductible, you can’t file a $500 roof claim. Homes in high-risk areas may have a separate hail deductible. So if your hail damage deductible is $2,000, you can only file a claim when damages exceed $2,000.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-54\">How To File a Hail Damage Insurance Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-56\">The claims filing process can vary by insurance provider. But in all cases, you need to file a claim promptly and supply sufficient documentation to verify the damage. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-59\">Review Your Homeowners Insurance Policy&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-61\">It’s best to know what your home insurance policy does and doesn’t cover before you need to file a claim. When a hailstorm strikes, review the fine print of your policy’s coverages and exclusions. Coverages A and B cover losses to your home’s main structure and attached structures—like a garage—and coverage C covers personal property such as furniture and clothing.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-64\">Be Prompt</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-66\">The fine print of your homeowners policy may instruct you to contact the insurer or its agent promptly after damage occurs. If you’re unsure how quickly you must file, ask a company representative if a time limit applies. You should also file a claim promptly to avoid undue additional damage. Damaged roof materials can degrade further, so it’s important for an adjuster to examine the damage when it is fresh.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-69\">Assess the Damage&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-71\">If you are unsure if your roof has sustained enough damage to file a claim, you might need to hire a contractor to assess the losses. Depending on your policy’s deductible, excessive granule loss on shingles, dents to metal roof panels and gutters, and cracked or dented skylights and vents often indicate a valid claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-74\">Take pictures or videos of all damages. Oftentimes, roof damage can cause leaks that ruin interior floors and furnishings. In your claim, include all damages to your home’s structure and its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-77\">You may need to take immediate steps to prevent further damage. For example, cover a damaged section of roof to prevent rainwater from entering your home. Also, throw away soaked items such as carpeting, which can cause a mold hazard. Always take these preventative steps before an adjuster arrives to inspect the damages.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-80\">Get an Estimate&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-82\">Some insurers assign a claims handler or insurance adjuster to home insurance claims. Typically, the representative will assess the damages and give you an estimate of repair costs. If the insurer requires you to get an estimate, you may need to choose a contractor from the company’s approved vendor list. Always choose a licensed contractor to assess damages.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-85\">Keep Track of the Claim</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-87\">After filing a claim, you need to stay involved until it’s paid and your home is restored. Maintain regular contact with the insurance adjuster and contractor. Take notes every time you speak with an insurance representative. If you don’t understand something about the process, get answers from the insurance company. Save receipts for damage-related expenses, for which the insurer may offer reimbursement. Continue to inspect your home for subsequent damage, such as leaks or mold caused by the initial hail damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-89\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-91\">Is hail damage to the roof covered by homeowners insurance?&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-93\">Most home insurance policies cover hail damage. If you have an older roof, the insurer may only pay actual cash value, which applies depreciation, to a repair or replacement payout.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-96\">Do all homeowners insurance policies cover hail damage?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-98\">HO-3 home insurance policies are the most common on the market. HO-3 policies cover all perils unless those perils are specifically excluded. However, insurers will not cover damages caused by normal wear and tear. And if your roof needed replacing before the hail damage occurred, your carrier may refuse to repair or replace it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-101\">How do I start the hail damage insurance claims process?&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-103\">Each insurance provider has its own claims filing process. Before filing a claim, assess the damage, looking for patterned granule loss on asphalt or composite shingles, or dents on metal roofs, gutters, skylights, and roof vents. If the roof has sustained enough damage to warrant a claim, file it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-106\">Is there a time limit to make a hail damage insurance claim?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-108\">Claims filing time limits can vary by insurer. Your policy’s fine print may instruct you to file promptly or specify a specific time limit. It’s best to contact your insurer immediately and get the claims process started because roof hail damage can lead to leaks that can destroy your home’s structure and, in some cases, its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.thebalance.com/is-hail-damage-to-your-roof-covered-by-homeowners-insurance-5193673\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Is Hail Damage to Your Roof Covered by Homeowners Insurance?','','inherit','closed','closed','','2081-revision-v1','','','2022-01-07 00:46:30','2022-01-07 00:46:30','',2081,'http://smartinsurance.tips/?p=2083',0,'revision','',0),(2088,1,'2022-01-07 23:06:30','2022-01-07 23:06:30','<!-- wp:gallery {\"ids\":[2071],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-29-1024x536.png\" alt=\"\" data-id=\"2071\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-29.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2071\" class=\"wp-image-2071\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p><span class=\"has-inline-color has-black-color\">You\'d be surprised how many people brush off roadside assistance as too expensive or unnecessary. Maybe it\'s because they feel they have the tools and knowledge to jumpstart a car or change a flat tire on their own. However, roadside assistance is actually much more than just that—and is likely not nearly as expensive as you </span>might think.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>I vividly remember the first time I used roadside assistance for something other than a dead battery. My Ford Escape was stuck in a huge pile of snow. Do you know what that\'s like? You park your car between a few piles of snow, thinking it won\'t be that hard to get it out—but then the plow truck drives by, piling more snow around your car. Then it happens again and again and again.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>By the time you get to the car, it\'s impossible to get it out. To make it worse, it warmed up slightly during the day and then refroze at night, turning the piles of snow that surrounded my car into solid ice. Since I was used to driving a Subaru, I thought that the Ford could easily make it over the pile—and inevitably I became stuck on top of a giant mountain of snow.&nbsp;Roadside assistance came to my rescue, lifting my car out of the snow-turned-ice and onto the pavement. And that\'s exactly the point.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What\'s included in roadside assistance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Most policies cover:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Installing a flat tire</li><li>Jumpstarting your car</li><li>Installing a new battery&nbsp;</li><li>Towing to a repair facility (distance depends on your coverage)</li><li>Key retrieval if you lock your keys in the car</li><li>Fuel delivery in the event that you run out</li><li>Winching if stuck in snow, mud, water, or sand (usually on-road or within a short distance)</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Additional benefits some roadside assistance plans include, but not limited to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Tow to an EV charging station</li><li>Mechanical labor on scene may be covered to a certain extent</li><li>Bike towing</li><li>Trip interruption coverage</li><li>Motorcycle / RV coverage</li><li>Roadside assistance coverage in cars that aren\'t your own, like rentals, friend\'s vehicles, etc.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2>How much does it cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Most&nbsp;new cars&nbsp;come with some level of roadside assistance as part of the initial warranty. If you&nbsp;purchase an extended warranty, those typically also come with roadside assistance. But, if you have to buy it separately, one of the least expensive places to buy roadside assistance is your own&nbsp;car insurance company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.realsimple.com/work-life/money/saving/roadside-assistance-can-save-you-thousands\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Roadside Assistance Will Cost You Less Than $1 per Month, but Can Save You Thousands','','inherit','closed','closed','','2070-revision-v1','','','2022-01-07 23:06:30','2022-01-07 23:06:30','',2070,'http://smartinsurance.tips/?p=2088',0,'revision','',0),