(2188,1,'2022-03-07 19:56:02','2022-03-07 19:56:02','<!-- wp:image {\"id\":2189,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/03/Small-business-1024x536.png\" alt=\"\" class=\"wp-image-2189\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Started a new business? Find out why your business needs to start budget planning.</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Preparing for the future, especially from a financial standpoint, is critical for all businesses. That\'s why all businesses need to forecast their revenue and expenses to ensure they remain profitable. The best way for many small business owners to do this is through budget planning.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With a monthly snapshot of your expected business expenses, you can manage your money and track your spending habits. This allows you to forecast for things like take-home pay, wages, bills, and payments for loans or other debts. It can even help you set up an emergency fund.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">By creating a workable budget, you can track cash on hand, expenses, and the&nbsp;revenue you need&nbsp;to keep your business growing, according to Nick Kolbenschlag, managing partner and co-founder of Crown Wealth Group.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"When you take the time to put the numbers to paper, you increase your chances of tracking them to ensure your business succeeds, helping you anticipate future needs, spending habits, profits and cash flow,\" Kolbenschlag told business.com. \"Proper budgeting also allows you to identify problems before they become major issues, giving you the ability to course-correct in real time.\"&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your budget process should include updating your expenses monthly, which allows you to verify that your business is on target to maintain profitability. Here\'s everything you need to know about budget planning for your business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"what-is-budget-planning\">What is budget planning?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Budget planning is the process of creating a plan to spend your money. It allows you to determine in advance whether you will have enough money to do the things you need or would like to do.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Budgeting helps you save money for the long term or for when your business needs it most. If your accounting software doesn\'t have budgeting features, use a budget calculator – a tool meant to help you establish a budget, create a savings plan, and pay down debt.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Budget planning involves looking at external (economy, regulations and laws, etc.) and internal factors (staff, revenue, expenses, etc.) and then estimating needs, incorporating unexpected things, developing future goals, and looking at historical information and trends,\" said JeFreda Brown, CEO of Xaris Financial Enterprises.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"how-do-you-create-a-budget-for-a-business\">How do you create a budget for a business?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Budgets indicate how much money is spent on aspects of the business like payroll, advertising, supplies and other necessities. To create a budget, small business owners should look at revenue and expenses for the entire calendar and fiscal year. Look at what you spent the previous year and project if you will spend the same, less or more moving forward.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The goal of budget planning is to lay out all necessary components and brainstorm your goals, according to Shahid Hanif, founder of Shufti Pro. Hanif named some steps the budgeting process should include:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Examine your revenue.</strong>&nbsp;The first step in any budgeting process is to look backward at your existing business and find all your revenue (income) sources.</li><li><strong>Subtract fixed costs.</strong>&nbsp;The second step in creating a business budget is to add up all your fixed costs, like rent.</li><li><strong>Determine variable costs.</strong>&nbsp;Variable costs include the price of labor or raw materials.</li><li><strong>Set aside a contingency fund for unexpected costs.&nbsp;</strong>These expenses don\'t arise only when it\'s convenient.</li><li><strong>Create a&nbsp;profit and loss statement.&nbsp;</strong>Once you\'ve collected all the above information, it\'s time to put it all together to create your profit and loss statement, or P&amp;L.</li><li><strong>Outline your forward-looking business budget.</strong>&nbsp;Whether you\'re a new business or you\'ve been doing this a while, projecting what will happen to your business in the future is educated guesswork.&nbsp;</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It\'s best to categorize your budget by fixed expenses, variable expenses and non-necessities. Fixed expenses stay constant, regardless of the number of sales, according to Axel DeAngelis, founder of NameBounce.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Tip:</strong>&nbsp;Categorize your budget by&nbsp;fixed expenses and variable expenses, as well as non-necessities.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Generally, fixed costs are contractual,\" DeAngelis said. \"An example of a fixed cost is rent. Unless your business pays percentage rent based on sales, the rent is generally contractual, with fixed increases throughout the life of the lease.\"&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Variable expenses can include some bills or software, as business owners tend to have more control over these expenses, and they fluctuate based on sales. DeAngelis gave sales team commissions as an example: If your business were to sell 10,000 products, you would pay your sales team more in commissions than if you sold 100 products.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Non-necessities are expenses such as travel, entertainment or office perks like a flavored water cooler. This category usually does not include the monthly expenses your business needs.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Editor\'s note: Looking for the right accounting software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.&nbsp;</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"what-information-do-you-need-to-create-a-budget-for-a-business\">What information do you need to create a budget for a business?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Budgeting for your business should include anything and everything you will spend money on during the fiscal year. Failure to use a budget for your business is a missed opportunity to meet your financial goals.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">According to Ken Wentworth, founder and \"on-demand CFO\" of Mr. Biz Solutions, it\'s crucial for business owners to analyze and include four key pieces of information when creating a business budget.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Revenue:&nbsp;</strong>For revenue, you must first establish your annual goal, then use your historical actuals to determine how to accurately distribute your annual amount across the next 12 months.<br></li><li><strong>Cost of goods sold (COGS):</strong>&nbsp;Once you\'ve established your monthly revenue budget, use those numbers to drive your COGS budget. Again, use your recent historical percentages to determine each COGS line. Determine the average percentage for each line based on monthly revenue projections.<br></li><li><strong>Overhead costs:</strong>&nbsp;Review your most recent year and adjust as needed. For example, you can start with a baseline of last year\'s actuals. From there, adjust reflected activity for the budget year – eliminate nonrecurring expenses from the baseline year, make additions for known one-time expenses in the budget year, make reductions for known savings, and so on.<br></li><li><strong>Margin review:</strong>&nbsp;To ensure your new budget will help you accomplish your goals, review your gross margin percentage and net margin percentage. What are your goals for those two measures? Make sure the new budget you created reflects those goals. For example, if you want to improve your gross margin from 52% to 55%, ensure your budget equates to a 55% gross margin. If not, tweak your COGS numbers to get there. This will set the budget baseline that you will use to measure your business\'s performance.&nbsp;</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Bottom line:</strong>&nbsp;When planning a budget, make sure you know your revenue, cost of goods sold, overhead and margins.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"budget-planning-tools\">Budget planning tools</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h3 class=\"has-black-color has-text-color has-medium-font-size\"><strong>Accounting software</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Accounting software is a simple solution for budget planning. The main benefit of using accounting software is that it already has the formulas you\'ll need within its programs. All that\'s left is to add or transfer over the numbers specific to your business. An optimal accounting software program is affordable, accessible and easy to integrate with other platforms your business uses. Here are a few&nbsp;highly rated accounting software solutions&nbsp;to leverage in your budget planning.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Intuit QuickBooks Online:</strong>&nbsp;This is perfect for small businesses because it provides access to a live accountant and integrations with many popular platforms like Salesforce and Bill.com. Learn more in our&nbsp;review of QuickBooks Online.</li><li><strong>FreshBooks:&nbsp;</strong>This accounting software provides invoice capabilities and double-entry accounting capabilities to create a chart of accounts and run new balance sheets. Learn more in our&nbsp;FreshBooks review.</li><li><strong>Oracle NetSuite:&nbsp;</strong>You can use the cash management feature to easily manage your cash flow and monitor your business\'s bank accounts. There\'s also a budgeting and planning feature directly in the program, making forecasting and budgeting a breeze. Learn more in our&nbsp;review of Oracle NetSuite.</li><li><strong>Zoho Books:&nbsp;</strong>This software is specifically designed for&nbsp;microbusinesses&nbsp;that can run weekly, monthly and quarterly reports to track performance income and expenses. Learn more in our&nbsp;Zoho Books review.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} -->\n<h3 class=\"has-medium-font-size\"><strong>Spreadsheets and formulas</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A spreadsheet is one of the most common and versatile ways to budget for businesses. A spreadsheet can organize and catalog your expenses in charts and graphics. Many computers come with&nbsp;spreadsheet software, and there are also online programs such as Quip that integrate with other software, such as Salesforce. Spreadsheets use various formulas, depending on the report you\'d like to create. You can create these formulas yourself or you can use premade templates, such as those found in Excel.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For those who haven\'t used a spreadsheet to track expenses before, start with creating a monthly average formula. This gives you a better picture of your spending over the course of the year by creating annual projections. In the final formula, you\'ll see where your spending and expenses will be at the end of the year if you continue with your current budget plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h3 class=\"has-black-color has-text-color has-medium-font-size\"><strong>Cash flow statements</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A&nbsp;cash flow statement&nbsp;is an often-neglected budget tool that is vital to long-term success. While an annual budget statement shows the total amount of sales and retained debt, it doesn\'t show the individual transactions. Keeping track of these transactions could be the difference in your business losing money or retaining an overflow of debt.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A cash flow statement gives you the exact timeframe when a sale will be completed and when you\'ve acquired debt. Keeping track of these details ensures you\'re maintaining an accurate depiction of your credit and have enough cash reserves on hand to pay bills and expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"what-are-the-three-basic-budget-categories\">What are the three basic budget categories?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A business budget should include all of your business\'s current revenue and expenses. This budget should also include estimated or projected revenue and expenses. Brown listed three basic budget categories.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Operating budget:</strong>&nbsp;This is the annual budget that the company will follow to meet its financial goals.&nbsp;</li><li><strong>Capital budget:</strong>&nbsp;This is a budget developed when the company plans to invest in fixed assets, like new machinery.&nbsp;</li><li><strong>Cash budget:</strong>&nbsp;This is a budget developed to help company leaders estimate future cash needs and plan for emergencies and future investment opportunities.&nbsp;</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Bottom line:</strong>&nbsp;There are three budget categories to track – your operating budget, capital budget and cash budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"business-budget-templates\">Business budget templates</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Business budgeting is more complicated than balancing your personal checkbook. There are a lot of aspects to consider. It can be difficult to know where to begin. You may be afraid you\'ll overlook an important component. A business budget template gives you a blueprint you can work with when designing your budget. This can save a lot of time and frustration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Choosing a business&nbsp;budget template&nbsp;might seem daunting as well. However, there are some key features that will help you narrow your search.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">First, you want a budget template that is easy to use. If you don\'t interact with your budget regularly, it won\'t be effective. Online templates allow you to access your budget anywhere and make edits. If the process is inconvenient, you\'ll be tempted to do the budget once and forget about it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">According to the&nbsp;Corporate Finance Institute, customization is also important. You want a template that allows you to add items if you need to, and even change formulas if necessary. Every business is different. While budgets across businesses have many similarities, each one has its own nuances as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Budget template by business.com:</strong>&nbsp;This&nbsp;Excel template&nbsp;includes a full resource page in addition to annual and monthly business budget templates.</li><li><strong>Excel template by the Corporate Finance Institute:</strong>&nbsp;This&nbsp;operating budget&nbsp;includes revenue, variable and fixed costs, non-cash expenses, non-operating expenses and capital costs.</li><li><strong>Google Docs annual business budget:</strong>&nbsp;Simple and customizable, Google makes it easy to&nbsp;create the budget&nbsp;you need.</li><li><strong>Microsoft Office business expense budget:</strong>&nbsp;This budget&nbsp;is solely for expenses. It allows you to easily compare projected and actual expenses.</li><li><strong>Excel profit and loss statement template:</strong>&nbsp;This template&nbsp;is designed to create profit and loss statements.</li><li><strong>Marketing budget template:</strong>&nbsp;Track your&nbsp;marketing expenses&nbsp;and determine which marketing strategies are worthwhile.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"how-is-planning-different-from-budgeting\">How is planning different from budgeting?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Business planning and creating a budget for your business are closely related, but they have different goals. Hanif said that planning is usually the first step in setting up a small business and continues to be used as a workflow progresses.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Planning could be something simple, like building your daily agenda, or long-range enough to envision where you want to see your business in five or 10 years, whereas budgeting determines how existing financial resources are allocated. Budgets are usually set by how previous money was spent and expected income.\"&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Preparing a budget can be a difficult task, but once you do it, you\'ll have a much better understanding of your business and how to plan for the profitability you\'re looking for. If you regularly update your monthly budget, your annual budget will become easier to create and more accurate. When you know where your company stands financially, you can make better decisions to help your business be profitable and successful.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.business.com/articles/budget-planning/\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Start Budget Planning for Your Business?','','publish','open','open','','how-to-start-budget-planning-for-your-business','','','2022-03-08 19:15:32','2022-03-08 19:15:32','',0,'http://smartinsurance.tips/?p=2188',0,'post','',0),(152,1,'2019-12-24 00:19:09','2019-12-24 00:19:09','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><strong>Car Insurance Applications: What If You Lie?</strong></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Slightly more than half of all applicants for<span> </span><a href=\"https://www.investopedia.com/terms/a/auto-insurance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">auto insurance</a><span> </span>don’t tell the truth, trying to save a few bucks on<span> </span><a href=\"https://www.investopedia.com/terms/p/premium.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">premiums</a>, according to a survey of 3,000 consumers by insurance marketplace CoverHound.com.</p>\n<p>&nbsp;</p>\n<p>Certainly, car insurance is expensive, and in one survey, almost two-thirds of the drivers who submitted false information to insurers said they did so to save money. A Consumer Federation of America report found that most motorists pay $500 annually for coverage, and many pay more than $1,000. (Want some money-saving ideas? </p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\">KEY TAKEAWAYS</h3>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li>Mendacious motorists have many ways to cover up inconvenient truths that could make them pay higher rates.</li>\n<li>Sometimes, it’s a matter of neglecting to confess to having traffic tickets or accidents.</li>\n<li>Other times, applicants fib about where they house the car or who else will drive it. </li>\n</ul>\n<p>&nbsp;</p>\n</div>\n</div>\n</div>\n<h3 id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Playing the Odds</span></h3>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>If folks like these file a claim, though, the insurance company likely will find them out. Their investigators will make a big effort to verify whether their application was accurate. They stand to get their policy rescinded and civil fraud penalties are possible.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>Men and women lie equally to insurers, while<span> </span><a href=\"https://www.investopedia.com/terms/m/millennial.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">Millennials</a><span> </span>are more likely to prevaricate than their elders, according to a report by Coverhound.com.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Rates are set using a whole host of factors other than one\'s driving record. People often are asked, for instance, to provide their<span> </span><a href=\"https://www.investopedia.com/terms/c/credit-history.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">credit history</a>, the average number of miles they drive and their vehicle’s year, make, and model. For more on the topic, see<span> </span><a href=\"https://www.investopedia.com/insurance/how-to-find-car-insurance/\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\"><em>How Insurers Decide Your Auto Insurance Rate</em></a>.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The goal of providing false information—to make oneself look like a better driver and one\'s car appear to be a better risk—is a tempting, if morally dubious, strategy for pushing<span> </span><a href=\"https://www.investopedia.com/terms/i/insurance-premium.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">insurance premiums</a><span> </span>lower. But it’s one that’s fraught with its own risk: being found out. Omit the drunk driving citation you got? Pretend that your junker is a more roadworthy auto with lower mileage?</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>On the surface, the odds that someone\'s car will run into trouble seem small. In 2014, there were roughly 6 million crashes in the U.S.<strong><span> </span></strong>And the nation had 212 million licensed drivers. That means a driver has about<strong><span> </span></strong>a 3% chance of getting involved in some kind of accident every year. Also, someone might have their car stolen or vandals may trash it. The question is whether the driver wants to trust in luck, year in, year out.</p>\n<p>&nbsp;</p>\n</div>\n<h3 id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Typical Lies Motorists Tell</span></h3>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Often, policyholders who are telling a whopper contend that they made a mistake or simply forgot to include something crucial in their history. Auto insurers, of course, have heard such stories before; their probability of receiving lenient treatment is slender to nonexistent.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Here are some common omissions and untruths that may result in a lost policy, inability to get new coverage, fines, a legal order to pay back premiums—even jail time: </p>\n</div>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Common Omissions by Drivers</span></h3>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<h4>Accidents or Tickets</h4>\n</div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>This is the easiest thing for insurers to look up, regardless of what state you live in. The fender bender you sustained on the West Coast did not vanish from databases when you moved to New Jersey. Although that speeding ticket you got may seem like ancient history, the insurance carrier will not sympathize.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<h4>Who the Main Driver Is</h4>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Typically, this involves a parent claiming to be the one who uses the insured car the most, when in reality it is his college-age son. Young men have high premiums because they get in more accidents and are bigger risks.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<h4>How Many Miles You Drive</h4>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The more time a car spends on the road, the greater the likelihood it will be involved in an accident. Usually, a motorist will claim the daily commute to work is a lot less than it really is. That makes explaining what happened more difficult when the driver smashes up the auto far away from home.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<h4>How You Use the Car</h4>\n</div>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Let’s say someone uses his car for work—delivering pizzas or hauling around tools to make home repairs. But he tells the insurer that the vehicle is solely for shopping and recreation. When he gets in a wreck on the interstate and the police report notes the dozens of pizza pies splattered all over his car’s interior, it doesn’t look good to the insurance company investigating his claim.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<h4>Where You Actually Live</h4>\n</div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">If your home is in a high-crime area or big city, you could be inclined to list your sister’s address as yours. She lives in a peaceful suburb, which statistics show has a lower chance of a car being stolen or damaged. That lie is very easy to disprove.</div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">The Bottom Line</span></h3>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Not being honest with an auto insurance company may seem harmless, and the payoff in lower premiums may make the little white lie look worthwhile. But if that person files a claim, he or she very likely will be unmasked, and the consequences are harsh.</p>\n<p>&nbsp;</p>\n<p>To read full article, <a href=\"https://www.investopedia.com/articles/personal-finance/040916/car-insurance-applications-what-if-you-lie.asp\">click here</a>.</p>\n</div>\n[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Car Insurance Applications: What If You Lie?','','inherit','closed','closed','','149-revision-v1','','','2019-12-24 00:19:09','2019-12-24 00:19:09','',149,'http://smartinsurance.tips/149-revision-v1/',0,'revision','',0),(160,1,'2020-01-25 00:36:07','2020-01-25 00:36:07','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><strong>6 Reasons to Avoid Private Mortgage Insurance</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_image src=\"http://smartinsurance.tips/wp-content/uploads/2020/01/Untitled_Clipping_012520_084035_AM.jpg\" _builder_version=\"4.0.9\" hover_enabled=\"0\" align=\"center\"][/et_pb_image][et_pb_text _builder_version=\"4.0.9\"]<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p><span style=\"font-size: 14px;\">Before buying a home, you should ideally save enough money for a 20% down payment. If you can’t, it’s a safe bet that your lender will force you to secure</span><span style=\"font-size: 14px;\"> </span><a href=\"https://www.investopedia.com/mortgage/insurance/\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px;\">private mortgage insurance</a><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">(PMI) prior to signing off on the loan, if you\'re taking out a conventional mortgage. The purpose of the insurance is to protect the mortgage company if you default on the note.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-1\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_3-0\" class=\"comp mntl-block\">\n<div id=\"billboard1-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard1-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"1050\">\n<div class=\"spacer\">\n<div id=\"billboard1-dynamic_1-0\" class=\"comp billboard1-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"160\" data-ad-height=\"600\">\n<div id=\"billboard\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"atf\" data-priority=\"2\" data-sizes=\"[[300, 1050], [300, 600], [160, 600], [300, 250], [1, 2], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"936a2a7676134afc94bc1e7e0fea1dea\" data-auction-floor-value=\"50\" data-google-query-id=\"CLGxm-3AnecCFdUrvQod1H0BzA\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_home-ownership/billboard_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The<span> </span><a href=\"https://www.investopedia.com/terms/f/fhaloan.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">FHA</a><span> </span>has a similar mortgage insurance premium requirement for those taking out FHA mortgages, with somewhat different rules. This article is about PMI, but the reasons to avoid it apply to both types of loans. </p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard2-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard2-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard2-dynamic_1-0\" class=\"comp billboard2-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard2\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf1\" data-priority=\"3\" data-sizes=\"[[300, 250], [300, 600], [300, 601], [160, 600], [300, 251], [2, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"ff63cf85cb0b40178ce780fb466f6939\" data-auction-floor-value=\"25\" data-google-query-id=\"CI-fr-3AnecCFQpTvQodUjoP2A\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_home-ownership/billboard2_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>PMI sounds like a great way to buy a house without having to save as much for a down payment. Sometimes it is the only option for new homebuyers. However, there are good reasons why you should try to avoid needing PMI. Here are six, along with a possible way for those without a 20% down payment to sidestep it altogether.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"493682b635814726ad5df61cdd0824ce\" data-auction-floor-value=\"25\" data-google-query-id=\"CImGj4vBnecCFZSVvQoddwED1Q\">\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div id=\"google_ads_iframe_/479/investopedia/inv_home-ownership/billboard3_0__container__\"><span style=\"color: #333333; font-size: 22px;\">KEY TAKEAWAYS</span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li>The purpose of PMI insurance is to protect the mortgage company if you default on the note.</li>\n<li>There are, nevertheless, good reasons why you should try to avoid needing PMI.</li>\n<li>In some circumstances, PMI can be avoided by using a piggyback mortgage.</li>\n</ul>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp inline-video mntl-sc-block finance-sc-block-inlinevideo mntl-sc-block-inlinevideo mntl-block\">\n<div id=\"mntl-sc-block-inlinevideo__video-container_1-0\" class=\"comp mntl-sc-block-inlinevideo__video-container mntl-block\">\n<div id=\"mntl-sc-block-inlinevideo__duration_1-0\" class=\"comp mntl-sc-block-inlinevideo__duration mntl-block\"></div>\n</div>\n<h4 id=\"mntl-sc-block-inlinevideo__title_1-0\" class=\"comp mntl-sc-block-inlinevideo__title mntl-text-block\"></h4>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Six Good Reasons to Avoid Private Mortgage Insurance</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ol>\n<ol>\n<li><strong>Cost –</strong><span> </span>PMI typically costs between 0.5% to 1% of the entire loan amount on an annual basis. That means you could pay as much as $1,000 a year—or $83.33 per month—on a $100,000 loan, assuming a 1% PMI fee. However, the median listing price of U.S. homes, according to Zillow, is $285,000 (as of December 2019), which means families could be spending more like $3,420 per year on the insurance. That’s as much as a small car payment!</li>\n<li><strong>No Longer Deductible</strong><span> </span><strong>–</strong><span> </span>Up until 2017, PMI was still tax-deductible, but only if a married taxpayer’s adjusted gross income was less than<strong><span> </span></strong>$110,000 per year. This meant that many dual-income families were left out in the cold. The 2017 Tax Cuts and Jobs Act (<a href=\"https://www.investopedia.com/taxes/how-gop-tax-bill-affects-you/\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">TCJA</a>) ended the deduction for<span> </span><a href=\"https://www.investopedia.com/articles/pf/05/030905.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">mortgage</a><span> </span>insurance premiums entirely, effective 2018.</li>\n<li><strong>Your Heirs Get Nothing –<span> </span></strong>Most homeowners hear the word “insurance” and assume that their spouse or kids will receive some sort of monetary compensation if they die, which is not true. The lending institution is the sole beneficiary of any such policy, and the proceeds are paid directly to the lender (not indirectly to the heirs first). If you want to protect your heirs and provide them with money for living expenses upon your death, you’ll need to obtain a separate insurance policy. Don’t be fooled into thinking PMI will help anyone but your<span> </span><a href=\"https://www.investopedia.com/articles/personal-finance/090915/mortgage-broker-vs-direct-lenders-which-best.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">mortgage lender</a>.</li>\n<li><strong style=\"font-size: 14px;\">Giving Money Away</strong><span style=\"font-size: 14px;\"> </span><strong style=\"font-size: 14px;\">–</strong><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">Homebuyers who put down less than 20% of the sale price will have to pay PMI until the total equity of the home reaches 20%. This could take years, and it amounts to a lot of money you are literally giving away. To put the cost into better perspective, if a couple who owns a $250,000 home were to instead take the $208 per month they were spending on PMI and invest it in a mutual fund that earned an 8% annual compounded rate of return, that money would grow to $37,707 (assuming no taxes were taken out) within 10 years.</span></li>\n<li><strong style=\"font-size: 14px;\">Hard to Cancel</strong><span style=\"font-size: 14px;\"> </span><strong style=\"font-size: 14px;\">–</strong><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">As mentioned above, usually when your equity tops 20%, you no longer have to pay PMI. However, eliminating the monthly burden isn’t as easy as just not sending in the payment. Many lenders require you to draft a letter requesting that the PMI be canceled and insist upon a formal appraisal of the home prior to its cancellation. All in all, this could take several months, depending upon the lender, during which PMI still has to be paid.</span></li>\n<li><strong style=\"font-size: 14px;\">Payment Goes On and On –</strong><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">One final issue that deserves mentioning is that some lenders require you to maintain a PMI contract for a designated period. So, even if you have met the 20% threshold, you may still be obligated to keep paying for the mortgage insurance. Read the fine print of your PMI contract to determine if this is the case for you.</span></li>\n</ol>\n</ol>\n</div>\n<h2 id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How to Avoid Paying PMI</span></h2>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>In some circumstances, PMI can be avoided by using a<span> </span><a href=\"https://www.investopedia.com/articles/personal-finance/041415/how-combine-two-mortgages-one.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">piggyback mortgage</a>. It works like this: If you want to purchase a house for $200,000 but only have enough money saved for a 10% down payment, you can enter into what is known as an 80/10/10 agreement. You will take out one loan totaling 80% of the total value of the property, or $160,000, and then a second loan, referred to as a piggyback, for $20,000 (or 10% of the value). Finally, as part of the transaction, you put down the final 10%, or $20,000.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>By splitting up the loans, you may be able to deduct the interest on both of them and avoid PMI altogether. Of course, there is a catch. Very often the terms of a piggyback loan are risky. Many are adjustable-rate loans, contain balloon provisions, or are due in 15 or 20 years (as opposed to the more standard 30-year mortgage). (For related reading, see \"<a href=\"https://www.investopedia.com/ask/answers/071514/how-can-i-avoid-paying-private-mortgage-insurance-pmi.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">How To Avoid Paying Private Mortgage Insurance—PMI</a>\")</p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">The Bottom Line</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>PMI is expensive. Unless you think you’ll be able to attain 20% equity in the home within a couple of years, it probably makes sense to wait until you can make a larger down payment or consider a less expensive home, which will make a 20% down payment more affordable.</p>\n<p>You can see the original post <a href=\"https://www.investopedia.com/mortgage/insurance/avoid-pmi/\">here</a>.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','6 Reasons to Avoid Private Mortgage Insurance','','publish','closed','closed','','6-reasons-to-avoid-private-mortgage-insurance','','','2020-01-25 00:43:35','2020-01-25 00:43:35','',0,'http://smartinsurance.tips/?page_id=160',0,'page','',0),(161,1,'2020-01-25 00:36:07','2020-01-25 00:36:07','<!-- wp:divi/placeholder /-->','6 Reasons to Avoid Private Mortgage Insurance','','inherit','closed','closed','','160-revision-v1','','','2020-01-25 00:36:07','2020-01-25 00:36:07','',160,'http://smartinsurance.tips/160-revision-v1/',0,'revision','',0),(159,1,'2020-01-25 00:34:28','2020-01-25 00:34:28','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" custom_padding=\"3px||0px|||\"]<div class=\"meta_wrap\">\n<div class=\"entry_meta\">\n<div class=\"date\"></div>\n</div>\n</div>\n<h1 class=\"sfnewsTitle\" data-sf-field=\"Title\" data-sf-ftype=\"ShortText\" style=\"text-align: center;\"><strong>How Much Should the Carrier Pay for Removing a Fallen Tree?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p><img src=\"https://www.iamagazine.com/images/default-source/strategies/aae571ef8fa17ea4694b4aafa577602a6f8.jpg?sfvrsn=baf4be96_0\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">A large tree falls on an insured’s roof due to strong winds. The cost to remove the tree was approximately $4,500, but the insurance carrier is limiting the amount of recovery to $1,000 due to Section III—Additional Coverages, Part A. Removal of Fallen Trees.</p>\n<p style=\"text-align: justify;\"><strong>Q:<span> </span></strong>I contend that the removal of the tree from the dwelling should be paid as part of the claim because the removal of fallen trees section of the policy is specifically for \"removing any fallen tree from the grounds appurtenant to your principal residence.\" Should the carrier cover the entire cost of removing the fallen tree from the insured’s roof?</p>\n<p style=\"text-align: justify;\"><strong>Response 1:<span> </span></strong>To only pay $1,000 to remove the tree from the house would violate its own policy saying that it will pay all costs to make reasonable repairs to protect property from further damage. You can’t make repairs without removing the tree.</p>\n<p style=\"text-align: justify;\">The policy pays whatever it takes to get the tree off the roof. The cost of removing the tree from the premises once on the ground would be subject to the $1,000 removal limit. Move this up the line to a supervisor.</p>\n<p style=\"text-align: justify;\"><strong>Response 2:</strong><span> </span>Something tells me this will end up as a question for a lawyer because the limitation does apply. But the question is: What does it apply to?</p>\n<p style=\"text-align: justify;\">One interpretation is that the total repair bill consists of three elements: the cost of repairing the roof, the cost of removing the tree from the roof and the cost of disposing of the tree after it\'s been removed from contact with the roof. I would argue that the cost of removing the tree from the roof is part of the Coverage A loss, just like the cost of repairing the roof boards and shingles.</p>\n<p style=\"text-align: justify;\">It’s comparable to ice or snow damage. In order to make repairs to the roof and prevent total collapse, it\'s necessary to shovel ice or snow off the roof. The cost is a necessary part of the roof repair and should be included in the Coverage A loss up to the Coverage A limit. Once the tree is off the house, the cost of cutting it up and hauling it away is subject to the sublimit.</p>\n<p>If my argument holds up, somebody needs to parse the $4,500 bill for the tree removal into the roof repair and tree removal elements. The contractor or contractors involved should be able to allocate their time to these tasks to give the adjuster some numbers to work with. The sublimit for tree removal may not be large enough to cover that element, but at least a portion of the $4,500 cost should be included in the roof repair bill. </p>\n<p>If the $4,500 bill includes the cost of grinding out the stump, that part belongs in the tree removal portion of the claim.</p>\n<p style=\"text-align: justify;\"><strong>Response 3:<span> </span></strong>An additional coverage that can apply is \"Reasonable Repairs.” The cost to remove the tree from the house is a reasonable temporary measure to prevent further loss to the home from having the tree on it. This question has been litigated. If the insurer subscribes to<span> </span><a href=\"https://www.plrb.org/\" target=\"_blank\" rel=\"noopener noreferrer\">Property Loss Research Bureau</a><span> </span>(PLRB), request they submit the question to them. The last PLRB opinion I saw confirmed the case law that supports this interpretation.  </p>\n<p style=\"text-align: justify;\"><strong>Response 4:</strong><span> </span>I agree with you. If the tree fell on the roof, the cost to access the damaged roof and make repairs requires the tree to be moved from the roof first. That is not an additional coverage, it is an expense related to repairing the covered roof. </p>\n<p style=\"text-align: justify;\">Most tree removal firms break down their bill into two parts: “lift and drop,” and two, “cut up and haul away.” The second part is subject to the additional coverage limit. And, by the way, if this was only one tree it is subject to a $500 limit, not $1000. </p>\n<p style=\"text-align: justify;\"><strong>Response 5:</strong><span> </span>The adjuster doesn’t appear to understand how the policy works. Here’s another article from the Big “I” Virtual University detailing<span> </span><a href=\"https://www.independentagent.com/vu/Insurance/Personal-Lines/Homeowners/Property-Coverages/FacultyDebrisTrees.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">answers to similar questions</a>.</p>\n<p style=\"text-align: justify;\">You can see the original post <a href=\"https://www.iamagazine.com/strategies/read/2020/01/10/how-much-should-the-carrier-pay-for-removing-a-fallen-tree\">here</a>.<em></em></p>\n<p style=\"text-align: justify;\"><em></em></p>\n</div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\"></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How Much Should the Carrier Pay for Removing a Fallen Tree?','','inherit','closed','closed','','156-revision-v1','','','2020-01-25 00:34:28','2020-01-25 00:34:28','',156,'http://smartinsurance.tips/156-revision-v1/',0,'revision','',0),(175,1,'2020-01-27 16:57:43','2020-01-27 16:57:43','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><strong>Understanding Lender-Required Flood Insurance</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_image src=\"http://smartinsurance.tips/wp-content/uploads/2020/01/Untitled_Clipping_012820_011138_AM.jpg\" _builder_version=\"4.0.9\" align=\"center\" hover_enabled=\"0\"][/et_pb_image][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p><span style=\"font-size: 14px;\">\"Just a few inches of water from a flood can cause tens of thousands of dollars in damage,\" according to the National Flood Insurance Program. This fact sums up why mortgage lenders sometimes require borrowers to buy</span><span style=\"font-size: 14px;\"> </span><a href=\"https://www.investopedia.com/terms/f/flood-insurance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px;\">flood insurance</a><span style=\"font-size: 14px;\">.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-1\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_3-0\" class=\"comp mntl-block\">\n<div id=\"billboard1-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard1-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"1050\">\n<div class=\"spacer\">\n<div id=\"billboard1-dynamic_1-0\" class=\"comp billboard1-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"600\">\n<div id=\"billboard\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"atf\" data-priority=\"2\" data-sizes=\"[[300, 1050], [300, 600], [160, 600], [300, 250], [1, 2], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"936a2a7676134afc94bc1e7e0fea1dea\" data-auction-floor-value=\"50\" data-google-query-id=\"CNS_86CWpOcCFQHFvQodKuMD5Q\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_insurance/billboard_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>However,<span> </span><a href=\"https://www.investopedia.com/terms/r/realestateagent.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">real estate agents</a><span> </span>and mortgage lenders often don\'t tell customers about flood insurance requirements until a property is already in<span> </span><a href=\"https://www.investopedia.com/terms/e/escrow.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">escrow</a>. Homeowners are also unaware that many areas that do not immediately appear to be in danger of flooding are actually rated as high risk by the Federal Emergency Management Agency (FEMA). If you\'ve found yourself in this situation or you don\'t want to be caught off guard, this article will help you by demystifying lender-required flood insurance.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard2-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard2-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard2-dynamic_1-0\" class=\"comp billboard2-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard2\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf1\" data-priority=\"3\" data-sizes=\"[[300, 250], [300, 600], [300, 601], [160, 600], [300, 251], [2, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"ff63cf85cb0b40178ce780fb466f6939\" data-auction-floor-value=\"25\" data-google-query-id=\"CNijlqGWpOcCFdWTvQods10B0w\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_insurance/billboard2_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\">KEY TAKEAWAYS</h3>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li>Flood insurance is often required by mortgage lenders when properties are located in federally designated high-risk flood zones or floodplains.</li>\n<li>Flood insurance is a separate policy from homeowners insurance, which doesn\'t typically cover damage or destruction by floods.</li>\n<li>Lenders usually only require flood insurance to cover the property structure, though borrowers can also buy coverage for their personal belongings and furnishings.</li>\n<li>Flood insurance is available through the federal National Flood Insurance Program (NFIP) for homeowners in high-risk areas and other participating communities.</li>\n</ul>\n<p>&nbsp;</p>\n</div>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Why Lenders Require Flood Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The<span> </span><a href=\"https://www.investopedia.com/terms/h/hazardinsurance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">hazard insurance</a><span> </span>section of standard homeowners insurance policies does not cover flooding from external natural causes, like heavy rainstorms, or man-made ones, like a dam break. Only specifically named flood insurance, a separate insurance policy, can protect against that sort of destruction or damage.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"493682b635814726ad5df61cdd0824ce\" data-auction-floor-value=\"25\" data-google-query-id=\"CO20zpuYpOcCFQFtvQodBwQKtA\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_insurance/billboard3_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Flood insurance is usually optional for mortgaged homeowners in what are normally considered low-risk flood areas. It may even be optional for mortgaged homeowners in high-risk flood areas, depending on the type of loan. However, homeowners will be required to buy flood insurance if they take out a mortgage from a lender that is federally regulated or insured (such as an<span> </span><a href=\"https://www.investopedia.com/terms/f/federal-housing-administration.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">FHA</a><span> </span>mortgage) and buy a home in a high-risk flood zone (also known as a Special Flood Hazard Area).<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-1\"><span>1</span></span> In most cases, the homeowner will have to pay for flood insurance every year until the mortgage is paid off.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>When someone takes out a mortgage, the home serves as<span> </span><a href=\"https://www.investopedia.com/terms/c/collateral.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">collateral</a><span> </span>if the borrower stops making mortgage payments. When a property is<span> </span><a href=\"https://www.investopedia.com/terms/f/finance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">financed</a>, the lender often has a greater financial stake in the property than the borrower. If one of the lender\'s assets is damaged by floodwaters and the borrower abandons the home and stops making mortgage payments, the lender is caught in a losing position. To eliminate this risk, many lenders require the homeowner to purchase flood insurance.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard4-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard4-dynamic_2-0\" class=\"comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"600\">\n<div id=\"billboard4\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf3\" data-priority=\"6\" data-sizes=\"[[300, 250], [300, 253], [300, 600], [4, 1], [200, 200], [180, 150], [200, 200], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"7cc2e431595f4f0b930f3cdf4e266310\" data-auction-floor-value=\"25\" data-google-query-id=\"CPDLgZyYpOcCFVC_vQodd24AWQ\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_insurance/billboard4_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Flood insurance will provide money to repair or even rebuild a home if it is damaged or destroyed by flooding. If the homeowner has to file a claim, he or she will only be responsible for paying the<span> </span><a href=\"https://www.investopedia.com/terms/d/deductible.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">deductible</a>. As a result, the homeowner will keep the home and keep making mortgage payments, and everyone will be happy.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [200, 200], [180, 150], [200, 200], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"a6f2f774ca0243d39742087a2e99b100\" data-auction-floor-value=\"25\" data-google-query-id=\"CIzPsJyYpOcCFU3OvQod4osAfg\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_insurance/billboard5_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How Does Flood Insurance Work?</span></h2>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Flood insurance works just like other insurance products. The insured—the homeowner—pays an annual<span> </span><a href=\"https://www.investopedia.com/terms/p/premium.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">premium</a><span> </span>based on the property\'s flood risk and the deductible he or she chooses. If the property is damaged or destroyed by flooding, the homeowner receives cash for the amount of money required to repair the damage, up to the policy limit.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The homeowner must secure the flood insurance policy before closing on a property and renew it every year to cover the principal balance on the loan. The lender will usually collect flood insurance payments along with the monthly mortgage payment, hold the funds in an escrow account, and pay the entire premium to the insurance company once a year (similar to how<span> </span><a href=\"https://www.investopedia.com/terms/p/propertytax.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">property taxes</a><span> </span>and homeowners insurance are handled). Thus, once the homeowner secures the initial policy, no further action may be needed aside from making monthly mortgage payments. Separate coverage of up to $100,000 for personal belongings is also available.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Who Has to Buy Flood Insurance?</span></h2>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>You can find out about the flood risk of any property at FloodSmart.gov or via the FEMA website map.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\"><span>2</span></span> If the website says the property is in a high-risk area, flood insurance will likely be required. The final decision depends on flood insurance rate maps and an official flood zone hazard determination. You should also ask your lender about its flood insurance requirements.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>In some neighborhoods or even entire cities, it may be difficult to find a home that is not in a high-risk flood area. In other regions, you can avoid the need to carry flood insurance entirely.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How to Obtain Flood Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The National Flood Insurance Program (NFIP), managed by FEMA, offers flood insurance to homeowners in communities that participate in the program.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-3\"><span>3</span></span> The program requires participating communities to \"adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding.\" This program also offers a small discount on flood insurance based on the steps communities take to mitigate flood risks.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The actual insurance policies are issued by private insurance companies, not by FEMA. You can find a participating insurance company on the FEMA website. Better yet, ask friends, family and co-workers in your town for recommendations.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<h2 id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">What Does Flood Insurance Cover?</span></h2>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>According to FEMA, the following items are considered part of the building\'s structure:</p>\n</div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ul>\n<li>The insured building and its foundation</li>\n<li>The electrical and plumbing systems</li>\n<li>Central air conditioning equipment, furnaces, and water heaters</li>\n<li>Refrigerators, cooking stoves, and built-in appliances such as dishwashers</li>\n<li>Permanently installed carpeting over an unfinished floor</li>\n<li>Permanently installed paneling, wallboard, bookcases, and cabinets</li>\n<li>Window blinds</li>\n<li>Detached garages up to 10% of building property coverage (detached buildings other than garages require a separate building property policy)</li>\n<li>Debris removal</li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">What Doesn\'t Flood Insurance Cover?</span></h2>\n<div id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>As specified by FEMA, lots of important and expensive things are not covered by flood insurance. You\'ll have to purchase additional<span> </span><a href=\"https://www.investopedia.com/terms/p/personalproperty.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">personal property</a><span> </span>coverage if you are worried about the cost of replacing the following items:</p>\n</div>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ul>\n<li>Personal belongings such as clothing, furniture, and electronic equipment</li>\n<li>Curtains</li>\n<li>Portable and window air conditioners</li>\n<li>Portable microwave ovens and portable dishwashers</li>\n<li>Carpets not included in building coverage (see above)</li>\n<li>Clothes washers and dryers</li>\n<li>Food freezers and the food in them</li>\n<li>Certain valuable items, such as original artwork and furs (up to $2,500)</li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Additionally, neither building nor personal property flood insurance will cover the following:</p>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ul>\n<li>Damage caused by moisture, mildew, or mold that could have been avoided by the property owner</li>\n<li>Currency,<span> </span><a href=\"https://www.investopedia.com/terms/p/preciousmetal.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">precious metals</a>, and valuable papers such as stock certificates</li>\n<li>Property and belongings outside of a building such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, and swimming pools</li>\n<li>Living expenses, such as temporary housing</li>\n<li>Financial losses caused by business interruption or loss of use of insured property</li>\n<li>Most self-propelled vehicles, such as cars, including their parts</li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">What Does Flood Insurance Cost?</span></h2>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The cost to insure a property against flood damage is determined by<span> </span><a href=\"https://www.investopedia.com/terms/r/risk.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">risk</a><span> </span>associated factors such as the year of building construction, the number of floors, level of flood risk and the amount of coverage required by the lender. This amount should be based on the cost to rebuild, which can be obtained from your<span> </span><a href=\"https://www.investopedia.com/terms/h/homeowners-insurance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">homeowners insurance</a><span> </span>company.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The price to insure a property with a particular deductible and a particular amount of coverage will be the same no matter who you chose as your insurer because flood insurance premiums are government regulated. However, you do have some control over the cost of your policy because you can choose your deductible amount.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>To find out how much flood insurance will cost for your residence specifically, complete the flood<span> </span><a href=\"https://www.investopedia.com/terms/r/risk-profile.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">risk profile</a><span> </span>on the FEMA website.<span> </span><span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\"><span>2</span></span>Then, contact one of the participating insurance agents listed.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-4\"><span>4</span></span> The website only gives an approximate range of possible coverage costs. An insurance agent can give you an accurate quote. You can still get a quote even if you are just looking at the property and don\'t have it under contract. In general, expect to pay at least a few hundred dollars for flood insurance.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The maximum insurance amount allowed by law for an NFIP policy is $250,000 for the structure. Contents coverage is optional—it is not required by the lender—but it costs extra (and is limited to $100,000).</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Evaluating the Cost of Flood Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Ranging from $500 to $1,300 a year, flood insurance is expensive and like other more common forms of insurance can make homeownership less affordable or even unaffordable for some people. Calculate whether you will be able to afford flood insurance for as long as you are required to have it before you commit to a property. If your flood insurance policy costs $1,000 a year and you take 30 years to pay your mortgage, that\'s an additional $30,000 long-term cost to own that home.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Some flood insurance companies will try to make you buy insurance for a maximum of $250,000, even if the lender doesn\'t require this much coverage. If the principal amount of a loan is only $200,000 the extra coverage is not necessary. Look at the<span> </span><a href=\"https://www.investopedia.com/terms/r/replacementcost.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">replacement value</a><span> </span>for your house as determined by your homeowners\' insurance company. This is the full amount for which you need to purchase insurance. The insurance only needs to cover the value of the physical structure, not the land.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-58\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Refinancing and Flood Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-59\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>If you\'re thinking about<span> </span><a href=\"https://www.investopedia.com/terms/r/refinance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">refinancing</a><span> </span>and you are not required to have flood insurance under your existing mortgage, see if your flood designation has changed. You may now be in a high-risk flood zone even if you weren\'t before. It may not be worth it to refinance when you add the new cost of flood insurance.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-60\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-61\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Finally, the maximum allowed coverage of $250,000 may not be sufficient to rebuild some properties. If your homeowners\' insurance company says it will cost more than $250,000 to rebuild your property in the event of a total loss, be aware of the risk you are still subject to even with flood insurance coverage.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-62\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<h2 id=\"mntl-sc-block_1-0-63\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Avoiding Lender-Required Flood Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-64\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>There are several options for avoiding lender-required flood insurance (or at least lowering its cost), though they may not be feasible for everyone, especially those living in high-risk areas.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-65\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-66\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-67\" class=\"comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>&nbsp;</p>\n<p>Homebuyers whose properties are located in a flood zone and who seek a federally backed mortgage, such as an FHA loan, are usually required to carry adequate flood insurance coverage to receive financing.</p>\n</div>\n</div>\n</div>\n<h3 class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-68\" class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">Research</span></h3>\n<div id=\"mntl-sc-block_1-0-69\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-70\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Research before you buy: Find properties that aren\'t located in flood-prone zones. Or, have a survey done (for around $1,500) to see if your specific property is elevated enough to not be in the flood area even if your community generally is. You may be able to get an<span> </span><a href=\"https://www.investopedia.com/terms/e/exemption.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">exemption</a><span> </span>if you can prove that your property is not at high risk.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-71\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-72\" class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">Renovate</span></h3>\n<div id=\"mntl-sc-block_1-0-73\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-74\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>There are several ways to mitigate the risks of flood damage, and thus the cost of your flood insurance. Homes with basements and crawlspaces suffer more from flooding; it might be worth filling them in and turning them into a solid foundation. Moving utilities from a basement to a ground-level shed also helps. So can retrofitting your home to elevate it above your area\'s base flood elevation.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-75\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-76\" class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">Organize</span></h3>\n<div id=\"mntl-sc-block_1-0-77\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-78\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Organize your community and work with local government to do things to mitigate flood risk to the point where the area is no longer in a high-risk area—or at least, gets designated into a lower zone. Communities that do so often receive discounts from the NFIP.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-79\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-80\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-81\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Having to buy flood insurance shouldn\'t be an ugly surprise when you\'re purchasing or refinancing a house. Educating yourself now can help you understand when lenders require flood insurance, how to reduce its cost or, in some cases, even how to avoid it altogether.</p>\n<p>You can read the full article <a href=\"https://www.investopedia.com/articles/insurance/10/understanding-lender-required-flood-insurance.asp\">here</a>.</p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Understanding Lender-Required Flood Insurance','','publish','closed','closed','','understanding-lender-required-flood-insurance','','','2020-01-27 17:20:21','2020-01-27 17:20:21','',0,'http://smartinsurance.tips/?page_id=175',0,'page','',0),(176,1,'2020-01-27 16:57:43','2020-01-27 16:57:43','<!-- wp:divi/placeholder /-->','Understanding Lender-Required Flood Insurance','','inherit','closed','closed','','175-revision-v1','','','2020-01-27 16:57:43','2020-01-27 16:57:43','',175,'http://smartinsurance.tips/175-revision-v1/',0,'revision','',0),(179,1,'2020-01-27 17:19:10','2020-01-27 17:19:10','','Untitled_Clipping_012820_011138_AM','','inherit','open','closed','','untitled_clipping_012820_011138_am','','','2020-01-27 17:19:10','2020-01-27 17:19:10','',175,'http://smartinsurance.tips/wp-content/uploads/2020/01/Untitled_Clipping_012820_011138_AM.jpg',0,'attachment','image/jpeg',0),(174,1,'2020-01-27 16:21:08','2020-01-27 16:21:08','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><strong>The 1 Type of Insurance Every Worker – Especially the Young – May Need</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_padding=\"|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p><img src=\"https://www.kiplinger.com/kipimages/pages/21477.jpg\" /></p>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">Disability income insurance, in my opinion, is the most underrated of all the insurances. Everyone thinks to buy life insurance, but almost no one buys disability insurance even though, according to the Social Security Administration, for 20-year-olds more than<span> </span><a href=\"https://www.ssa.gov/pubs/EN-05-10570.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">1-in-4 will become disabled</a><span> </span>before reaching retirement age.</p>\n<h3 class=\"kip-md-see-also inline\" style=\"text-align: justify;\"></h3>\n<p style=\"text-align: justify;\">By far, the biggest asset most people will ever have is their ability to earn a paycheck. A 25-year-old making $50,000 per year will earn roughly $2.5 million over their working years and yet rarely thinks to insure that asset. How I explain it to people is this: \"If you had a piece of equipment that produced $100,000 a year in profit, would you insure it?\" They look at me like I\'m crazy, because of course they would. Well,<span> </span><em>you</em><span> </span>are that equipment, and depending on your occupation, you should consider insuring yourself.</p>\n<p style=\"text-align: justify;\">First, see if your company offers long-term disability insurance. If they do, that\'s a great start. Understand though that having it at work might not be enough. Often group plans are limited to 60% of your income up to a maximum of $6,000 of benefit per month. Also, the coverage is only helpful as long as you stay at that job. Supplementing with a smaller individual policy may help fill in the gaps that group coverage leaves.</p>\n<p style=\"text-align: justify;\">If you own a business, you should always buy<span> </span><em>individual</em><span> </span>coverage first! Then look to add a group plan for yourself and your employees. Individual policies factor in whether or not you have group coverage already in the total amount they will give you. Group does<span> </span><em>not</em><span> </span>look at individual, so always buy individual first.</p>\n<div class=\"kip-advertisement article-rect\" style=\"text-align: justify;\">\n<div id=\"div-gpt-ad-21477-2\" adonis-marker=\"\" data-google-query-id=\"CPCry4OWpOcCFZdtYAodAx0E7Q\">\n<div id=\"google_ads_iframe_/309122/site182.tmus/FinancialPlanningArticles_1__container__\"></div>\n</div>\n</div>\n<p style=\"text-align: justify;\">Rates for men tend to be cheaper than for women, unlike life insurance. That’s because women tend to file more claims — including for pregnancy — and men die earlier. Also, not all carriers will give you the same rating classification.</p>\n<p style=\"text-align: justify;\">Here are some things you should consider when choosing a policy:</p>\n<p style=\"text-align: justify;\"></p>\n<h2 style=\"text-align: justify;\">1. Non-Cancellable vs. Guaranteed Renewable</h2>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">With a non-cancellable<span> </span><em><strong>and</strong></em><span> </span>guaranteed renewable policy, there will be no changes to the premium or to the policy benefits through age 65, regardless of the insured\'s working status, health or income level. Whereas with<span> </span><em><strong>just</strong></em><span> </span>a guaranteed renewable policy, the insurer cannot change the premium or the benefit for an individual, but it<span> </span><em>can</em><span> </span>make a change, with approval, to the premium for an entire group of policyholders, categorized by state, underwriting class or policy year.</p>\n<p style=\"text-align: justify;\"></p>\n<h2 style=\"text-align: justify;\">2. Definition of Disability</h2>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">There are several ways that insurance companies categorize their coverage: Own Occupation vs. Own Occupation but not working vs. Any Occupation.</p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left;\">Own Occupation policies provide coverage if the insured becomes unable to perform the substantial and material duties of their specific occupation, even if they are still able to work in another occupation.</span></p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left;\">Own Occupation but not working means you can\'t work in your specific occupation and choose not to work in another. If you do go to work, they would stop or reduce payments.</span></p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left;\">Any Occupation policies only provide total disability benefits if the insured is unable to work in</span><span style=\"font-size: 14px; text-align: left;\"> </span><strong style=\"font-size: 14px; text-align: left;\"><em>any</em></strong><span style=\"font-size: 14px; text-align: left;\"> </span><span style=\"font-size: 14px; text-align: left;\">occupation.</span></p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left;\"> </span></p>\n<h2 style=\"text-align: justify;\">3. Length of Benefit</h2>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">You can choose five years, or to age 65 or possibly longer.</p>\n<p style=\"text-align: justify;\"></p>\n<h2 style=\"text-align: justify;\">4. Waiting Period</h2>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">Disability income insurance policies have a waiting or elimination period before you are able to receive benefit payments. Typically, 90 days is the standard waiting period, and any longer than that might not be worth the small premium savings.</p>\n<p style=\"text-align: justify;\"></p>\n<h2 style=\"text-align: justify;\">5. Cost of Living Adjustment (COLA)</h2>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">This additional feature for policies is a must for younger workers. Your disability benefit increases over time to keep pace with inflation. This rider turns on once you file a claim.</p>\n<p style=\"text-align: justify;\"></p>\n<h2 style=\"text-align: justify;\">6. Future Purchase Option/Future Increase Option</h2>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">This allows you to buy more insurance later when your income is most likely higher without having to go through medical underwriting again.</p>\n<p style=\"text-align: justify;\"></p>\n<h2 style=\"text-align: justify;\">7. Increase Rider (AIR)</h2>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">This rider increases the monthly benefit for the first few years of a policy to keep pace with inflation. This optional rider is effective upon issuing the policy.</p>\n<div class=\"kip-advertisement article-rect\" style=\"text-align: justify;\">\n<p><span style=\"color: #333333; font-size: 26px; text-align: left;\">8. Residual Benefits</span></p>\n</div>\n<p style=\"text-align: justify;\">This rider pays a percentage of monthly earnings if the insured suffers a loss of income of 20% or more. This means I may be able to go back to work, but not as much as before.</p>\n<p style=\"text-align: justify;\"></p>\n<h2 style=\"text-align: justify;\">9. Catastrophic Rider (CAT)</h2>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">Pays an additional benefit if the insured is receiving total disability benefits and is unable to perform at least two activities of daily living (ADLs), has a severe cognitive impairment, or is presumptively totally disabled.</p>\n<p style=\"text-align: justify;\"></p>\n<h2 style=\"text-align: justify;\">10. Social Insurance Supplement Rider (SIS)</h2>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">Pays a benefit as long as the insured is not receiving benefits from Social Security Disability (SSDI). If the insured receives benefits from SSDI then the SIS rider benefit is reduced dollar-for-dollar for benefits received under SSDI. This is sometimes used to decrease the overall cost of a disability insurance policy.</p>\n<p style=\"text-align: justify;\">As you can see, there is a lot to consider when choosing a disability income insurance policy. You should also remember that disability coverage usually only replaces 60% of your income, (though it may be tax free), so you shouldn\'t rely on it completely.</p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">You can read the full article <a href=\"https://www.kiplinger.com/article/insurance/T023-C032-S014-the-1-type-of-insurance-every-worker-may-need.html\">here</a>.</p>\n<p style=\"text-align: justify;\"></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','The 1 Type of Insurance Every Worker – Especially the Young – May Need','','inherit','closed','closed','','171-revision-v1','','','2020-01-27 16:21:08','2020-01-27 16:21:08','',171,'http://smartinsurance.tips/171-revision-v1/',0,'revision','',0),(169,1,'2020-01-27 16:11:34','2020-01-27 16:11:34','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><strong>How to Figure Out How Much Homeowners Insurance You Need</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|395px||396px||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<div class=\"full-width\">\n<div class=\"fragment-media  \">\n<div class=\"media-hero-wrap\">\n<figure class=\"\"><img class=\"lazyload loaded\" data-src=\"https://resize.hswstatic.com/w_907/gif/homeowners-insurance.jpg\" srcset=\"https://resize.hswstatic.com/w_320/h_180/gif/homeowners-insurance.jpg 320w, https://resize.hswstatic.com/w_420/h_236/gif/homeowners-insurance.jpg 420w, https://resize.hswstatic.com/w_907/gif/homeowners-insurance.jpg 907w\" sizes=\"(max-width: 320px) 320px, (max-width: 420px) 420px, 907px\" alt=\"homeowners insurance\" border=\"0\" src=\"https://resize.hswstatic.com/w_907/gif/homeowners-insurance.jpg\" /></figure>\n</div>\n<div class=\"media-body-wrap\">\n<div class=\"media-title\"></div>\n<div class=\"media-body\" style=\"text-align: justify;\">Thousands of homes were destroyed in Plaquemines Parish, Louisiana, by Hurricane Katrina and the sad fact is that most homeowners were woefully underinsured to cover the catastrophic damage they suffered.</div>\n<div class=\"media-body\" style=\"text-align: justify;\"></div>\n<div class=\"media-body\" style=\"text-align: justify;\"></div>\n<div class=\"media-body\" style=\"text-align: justify;\"></div>\n</div>\n</div>\n</div>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">One thing to keep in mind about<span> </span><a href=\"https://home.howstuffworks.com/real-estate/buying-home/homeowners-insurance.htm\">homeowners insurance</a><span> </span>is that if you\'re like most people, you probably don\'t have enough coverage.</p>\n<p style=\"text-align: justify;\">\"Whenever we do a survey in a disaster area, we generally find that two-thirds of the people whose homes are a total loss are severely underinsured,\" explains Amy Bach, an attorney and executive director of<span> </span><a href=\"https://www.uphelp.org/\" class=\"ext-link\">United Policyholders</a>, a California-based nonprofit consumer advocacy group, in a telephone interview.</p>\n<p style=\"text-align: justify;\">How much<span> </span><a href=\"https://reviews.howstuffworks.com/best-home-insurance\">homeowners insurance you need to buy</a><span> </span>depends on a variety of factors. That includes what sort of natural disasters are most likely to occur in your region, the size and age of your home, how much local construction costs may run, and how many and what sort of possessions you own and what their value may be. But the most crucial consideration, experts say, is not how much your home and valuables cost when you purchased them, but how much it will cost to replace them. You want to make sure that the policy that you buy provides that much coverage — even if that means supplementing the standard policy with additional coverage to cover the particular risks that you face.</p>\n<p style=\"text-align: justify;\"></p>\n<h3 style=\"text-align: justify;\">Make Sure You\'re Covered for the Right Risks</h3>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">Your first consideration should be whether you\'re covered for the sort of bad things that might happen to your home. Standard homeowners policies provide coverage if your home is damaged or destroyed by fire,<span> </span><a href=\"https://science.howstuffworks.com/nature/climate-weather/storms/struck-by-lightning.htm\">lightning strikes</a>, explosions and other hazards, according to the<span> </span><a href=\"https://www.iii.org/article/how-much-homeowners-insurance-do-you-need\" class=\"ext-link\">Insurance Information Institute</a>, an industry group that provides information to consumers.</p>\n<p style=\"text-align: justify;\">But<span> </span><a href=\"https://home.howstuffworks.com/real-estate/buying-home/5-things-homeowners-insurance-wont-cover.htm\">those policies don\'t cover</a><span> </span>certain types of risks, such as flooding or earthquakes. So if you live in a coastal area that\'s vulnerable to rising water whenever there\'s a big storm, you\'re going to want to buy special<span> </span><a href=\"https://home.howstuffworks.com/real-estate/buying-home/flood-insurance.htm\">flood protection</a><span> </span>provided by the National Flood Insurance Program (NFIP). Similarly, if you\'re in a part of the country such as California, where there are earthquake faults all over the place, you would be wise to obtain that sort of coverage as well, according to the institute.</p>\n<p style=\"text-align: justify;\"></p>\n<h3 style=\"text-align: justify;\">How to Figure the Cost of Replacing Your Home</h3>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">The next step in calculating how much coverage you need is to figure out how much it would cost to rebuild your home if it\'s totally destroyed by some disaster.</p>\n<p style=\"text-align: justify;\">\"Many homeowners think of market value when they purchase insurance, but what you should consider are reconstruction costs,\" Robert Buckel, a vice president and product manager for<span> </span><a href=\"https://www.erieinsurance.com/\" class=\"ext-link\">Erie Insurance</a>, explains via email.</p>\n<p style=\"text-align: justify;\">Bach says that replacement cost is an especially crucial consideration if you live in a part of the country where<span> </span><a href=\"https://science.howstuffworks.com/nature/natural-disasters/wildfire.htm\">wildfires</a><span> </span>sometimes happen, or where there are hurricanes and flooding — the sort of natural disasters that often turn a house into a total loss, rather than just damaging it. For example, if you live in California, where giant blazes seem to threaten neighborhoods with frightening frequency these days, \"it\'s important to insure your home to full value,\" she cautions.</p>\n<p style=\"text-align: justify;\">Calculating that replacement cost can be tricky, according to the Insurance Information Institute, because what you paid for your home — or how much it is worth on the market now — doesn\'t necessarily reflect what it would cost to rebuild it from scratch.</p>\n<p style=\"text-align: justify;\">One rough formula for calculating that cost is to take the total square footage of your home and multiply it by what local construction contractors charge on a per-square-foot basis. You can get that last piece of information from a local real estate agent or builders\' association, or else from your insurance agent, according to the Insurance Information Institute.</p>\n<p style=\"text-align: justify;\">But to get a more precise idea, the Insurance Information Institute says you may need to factor in other variables as well, such as whether your house is wood frame or masonry, whether it followed a standard plan or was custom construction, and whether you\'ve added improvements, such as an additional bathroom or a fancy kitchen renovation. And if you\'ve got an older home, it may have some features, such as vintage wall and ceiling moldings and carvings that would cost a lot of money to re-create.</p>\n<p style=\"text-align: justify;\">\"Insurance companies may give an estimate, but prices could differ in your particular area or after a catastrophe due to demand surge,\"<span> </span><a href=\"https://www.iii.org/about-us/the-team/janet-ruiz\" class=\"ext-link\">Janet Ruiz</a>, the Insurance Information Institute\'s director for strategic communication, adds in an email. \"Check with a local builder to find out what the going rate is per square foot for a similar quality home. Include any specialty types of materials you may have in your home.\"</p>\n<p style=\"text-align: justify;\">\"Finally, think about the unique attributes of your home — for example, you may want extra liability insurance for a pool in the backyard, or water back up coverage if you have a basement,\" Angi Orbann, vice president of property for personal insurance at<span> </span><a href=\"https://www.travelers.com/index\" class=\"ext-link\">Travelers Insurance</a>, says via email.</p>\n<p style=\"text-align: justify;\"></p>\n<h3 style=\"text-align: justify;\">Don\'t Forget About All Your Stuff</h3>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">Standard homeowners policies generally provide coverage for your belongings that\'s equivalent to 50 to 70 percent of the coverage for your home, according to the Insurance Information Institute. But that may not necessarily be enough to cover what you own, especially if you\'re the sort who lives large and owns a lot of flashy, pricey stuff. That\'s why the Insurance Information Institute recommends that you do a detailed inventory of your possessions before you take out a policy, to make sure you\'re adequately covered.</p>\n<p style=\"text-align: justify;\">To complicate things even more, standard policies usually provide only limited coverage for luxury items such as jewelry, silverware, collectables and furs, or for computers. (The good news is that you can fix that by buying additional coverage on those items, either individually or as part of a collection.)</p>\n<p style=\"text-align: justify;\">Another option you\'ll want to consider is whether you want to insure your possessions for the current cash value, or for the replacement cost. Replacement cost generally runs about 10 percent more, but it could be money well spent, if you own a lot of older items.</p>\n<p style=\"text-align: justify;\"></p>\n<h3 style=\"text-align: justify;\">Where Will You Stay While Your Home is Rebuilt?</h3>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">While you\'ve got a construction crew rebuilding your home, you\'re probably going to have to stay somewhere else, and that can end up being pretty expensive. That\'s why the additional living expenses (ALE) feature of your policy is pretty important. In addition to the cost of renting accommodations in a hotel, ALE also generally covers meals in restaurants and other living expenses.</p>\n<p style=\"text-align: justify;\">Typically, ALE coverage is about 20 percent of the insurance on your house, but that can vary from company to company, according to the Insurance Information Institute.</p>\n<p style=\"text-align: justify;\">In addition to covering your losses due to disasters, homeowners insurance also includes liability coverage that protects you in the event that you, family members or your pet animal injures someone or causes property damage to them and you get hit with a lawsuit as a result. You want to have enough liability coverage to protect your assets. Most policies provide at least $100,000 in coverage, but the Insurance Information Institute recommends that you consider buying three to five times that.</p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left;\">You can read the full article <a href=\"https://money.howstuffworks.com/personal-finance/financial-planning/how-much-homeowners-insurance-do-you-need.htm\">here</a>. </span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How to Figure Out How Much Homeowners Insurance You Need','','inherit','closed','closed','','166-revision-v1','','','2020-01-27 16:11:34','2020-01-27 16:11:34','',166,'http://smartinsurance.tips/166-revision-v1/',0,'revision','',0),(163,1,'2020-01-25 00:40:37','2020-01-25 00:40:37','','Untitled_Clipping_012520_084035_AM','','inherit','open','closed','','untitled_clipping_012520_084035_am','','','2020-01-25 00:40:37','2020-01-25 00:40:37','',160,'http://smartinsurance.tips/wp-content/uploads/2020/01/Untitled_Clipping_012520_084035_AM.jpg',0,'attachment','image/jpeg',0),(164,1,'2020-01-25 00:43:29','2020-01-25 00:43:29','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><strong>6 Reasons to Avoid Private Mortgage Insurance</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_image src=\"http://smartinsurance.tips/wp-content/uploads/2020/01/Untitled_Clipping_012520_084035_AM.jpg\" _builder_version=\"4.0.9\" hover_enabled=\"0\" align=\"center\"][/et_pb_image][et_pb_text _builder_version=\"4.0.9\"]<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p><span style=\"font-size: 14px;\">Before buying a home, you should ideally save enough money for a 20% down payment. If you can’t, it’s a safe bet that your lender will force you to secure</span><span style=\"font-size: 14px;\"> </span><a href=\"https://www.investopedia.com/mortgage/insurance/\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px;\">private mortgage insurance</a><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">(PMI) prior to signing off on the loan, if you\'re taking out a conventional mortgage. The purpose of the insurance is to protect the mortgage company if you default on the note.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-1\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_3-0\" class=\"comp mntl-block\">\n<div id=\"billboard1-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard1-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"1050\">\n<div class=\"spacer\">\n<div id=\"billboard1-dynamic_1-0\" class=\"comp billboard1-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"160\" data-ad-height=\"600\">\n<div id=\"billboard\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"atf\" data-priority=\"2\" data-sizes=\"[[300, 1050], [300, 600], [160, 600], [300, 250], [1, 2], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"936a2a7676134afc94bc1e7e0fea1dea\" data-auction-floor-value=\"50\" data-google-query-id=\"CLGxm-3AnecCFdUrvQod1H0BzA\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_home-ownership/billboard_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The<span> </span><a href=\"https://www.investopedia.com/terms/f/fhaloan.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">FHA</a><span> </span>has a similar mortgage insurance premium requirement for those taking out FHA mortgages, with somewhat different rules. This article is about PMI, but the reasons to avoid it apply to both types of loans. </p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard2-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard2-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard2-dynamic_1-0\" class=\"comp billboard2-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard2\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf1\" data-priority=\"3\" data-sizes=\"[[300, 250], [300, 600], [300, 601], [160, 600], [300, 251], [2, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"ff63cf85cb0b40178ce780fb466f6939\" data-auction-floor-value=\"25\" data-google-query-id=\"CI-fr-3AnecCFQpTvQodUjoP2A\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_home-ownership/billboard2_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>PMI sounds like a great way to buy a house without having to save as much for a down payment. Sometimes it is the only option for new homebuyers. However, there are good reasons why you should try to avoid needing PMI. Here are six, along with a possible way for those without a 20% down payment to sidestep it altogether.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"493682b635814726ad5df61cdd0824ce\" data-auction-floor-value=\"25\" data-google-query-id=\"CImGj4vBnecCFZSVvQoddwED1Q\">\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n<div id=\"google_ads_iframe_/479/investopedia/inv_home-ownership/billboard3_0__container__\"><span style=\"color: #333333; font-size: 22px;\">KEY TAKEAWAYS</span></div>\n<div><span style=\"color: #333333; font-size: 22px;\"></span></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li>The purpose of PMI insurance is to protect the mortgage company if you default on the note.</li>\n<li>There are, nevertheless, good reasons why you should try to avoid needing PMI.</li>\n<li>In some circumstances, PMI can be avoided by using a piggyback mortgage.</li>\n</ul>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp inline-video mntl-sc-block finance-sc-block-inlinevideo mntl-sc-block-inlinevideo mntl-block\">\n<div id=\"mntl-sc-block-inlinevideo__video-container_1-0\" class=\"comp mntl-sc-block-inlinevideo__video-container mntl-block\">\n<div id=\"mntl-sc-block-inlinevideo__duration_1-0\" class=\"comp mntl-sc-block-inlinevideo__duration mntl-block\"></div>\n</div>\n<h4 id=\"mntl-sc-block-inlinevideo__title_1-0\" class=\"comp mntl-sc-block-inlinevideo__title mntl-text-block\"></h4>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Six Good Reasons to Avoid Private Mortgage Insurance</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ol>\n<ol>\n<li><strong>Cost –</strong><span> </span>PMI typically costs between 0.5% to 1% of the entire loan amount on an annual basis. That means you could pay as much as $1,000 a year—or $83.33 per month—on a $100,000 loan, assuming a 1% PMI fee. However, the median listing price of U.S. homes, according to Zillow, is $285,000 (as of December 2019), which means families could be spending more like $3,420 per year on the insurance. That’s as much as a small car payment!</li>\n<li><strong>No Longer Deductible</strong><span> </span><strong>–</strong><span> </span>Up until 2017, PMI was still tax-deductible, but only if a married taxpayer’s adjusted gross income was less than<strong><span> </span></strong>$110,000 per year. This meant that many dual-income families were left out in the cold. The 2017 Tax Cuts and Jobs Act (<a href=\"https://www.investopedia.com/taxes/how-gop-tax-bill-affects-you/\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">TCJA</a>) ended the deduction for<span> </span><a href=\"https://www.investopedia.com/articles/pf/05/030905.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">mortgage</a><span> </span>insurance premiums entirely, effective 2018.</li>\n<li><strong>Your Heirs Get Nothing –<span> </span></strong>Most homeowners hear the word “insurance” and assume that their spouse or kids will receive some sort of monetary compensation if they die, which is not true. The lending institution is the sole beneficiary of any such policy, and the proceeds are paid directly to the lender (not indirectly to the heirs first). If you want to protect your heirs and provide them with money for living expenses upon your death, you’ll need to obtain a separate insurance policy. Don’t be fooled into thinking PMI will help anyone but your<span> </span><a href=\"https://www.investopedia.com/articles/personal-finance/090915/mortgage-broker-vs-direct-lenders-which-best.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">mortgage lender</a>.</li>\n<li><strong style=\"font-size: 14px;\">Giving Money Away</strong><span style=\"font-size: 14px;\"> </span><strong style=\"font-size: 14px;\">–</strong><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">Homebuyers who put down less than 20% of the sale price will have to pay PMI until the total equity of the home reaches 20%. This could take years, and it amounts to a lot of money you are literally giving away. To put the cost into better perspective, if a couple who owns a $250,000 home were to instead take the $208 per month they were spending on PMI and invest it in a mutual fund that earned an 8% annual compounded rate of return, that money would grow to $37,707 (assuming no taxes were taken out) within 10 years.</span></li>\n<li><strong style=\"font-size: 14px;\">Hard to Cancel</strong><span style=\"font-size: 14px;\"> </span><strong style=\"font-size: 14px;\">–</strong><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">As mentioned above, usually when your equity tops 20%, you no longer have to pay PMI. However, eliminating the monthly burden isn’t as easy as just not sending in the payment. Many lenders require you to draft a letter requesting that the PMI be canceled and insist upon a formal appraisal of the home prior to its cancellation. All in all, this could take several months, depending upon the lender, during which PMI still has to be paid.</span></li>\n<li><strong style=\"font-size: 14px;\">Payment Goes On and On –</strong><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">One final issue that deserves mentioning is that some lenders require you to maintain a PMI contract for a designated period. So, even if you have met the 20% threshold, you may still be obligated to keep paying for the mortgage insurance. Read the fine print of your PMI contract to determine if this is the case for you.</span></li>\n</ol>\n</ol>\n</div>\n<h2 id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How to Avoid Paying PMI</span></h2>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>In some circumstances, PMI can be avoided by using a<span> </span><a href=\"https://www.investopedia.com/articles/personal-finance/041415/how-combine-two-mortgages-one.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">piggyback mortgage</a>. It works like this: If you want to purchase a house for $200,000 but only have enough money saved for a 10% down payment, you can enter into what is known as an 80/10/10 agreement. You will take out one loan totaling 80% of the total value of the property, or $160,000, and then a second loan, referred to as a piggyback, for $20,000 (or 10% of the value). Finally, as part of the transaction, you put down the final 10%, or $20,000.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>By splitting up the loans, you may be able to deduct the interest on both of them and avoid PMI altogether. Of course, there is a catch. Very often the terms of a piggyback loan are risky. Many are adjustable-rate loans, contain balloon provisions, or are due in 15 or 20 years (as opposed to the more standard 30-year mortgage). (For related reading, see \"<a href=\"https://www.investopedia.com/ask/answers/071514/how-can-i-avoid-paying-private-mortgage-insurance-pmi.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">How To Avoid Paying Private Mortgage Insurance—PMI</a>\")</p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">The Bottom Line</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>PMI is expensive. Unless you think you’ll be able to attain 20% equity in the home within a couple of years, it probably makes sense to wait until you can make a larger down payment or consider a less expensive home, which will make a 20% down payment more affordable.</p>\n<p>You can see the original post <a href=\"https://www.investopedia.com/mortgage/insurance/avoid-pmi/\">here</a>.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','6 Reasons to Avoid Private Mortgage Insurance','','inherit','closed','closed','','160-revision-v1','','','2020-01-25 00:43:29','2020-01-25 00:43:29','',160,'http://smartinsurance.tips/160-revision-v1/',0,'revision','',0),(166,1,'2020-01-27 16:07:30','2020-01-27 16:07:30','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><strong>How to Figure Out How Much Homeowners Insurance You Need</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|395px||396px||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<div class=\"full-width\">\n<div class=\"fragment-media  \">\n<div class=\"media-hero-wrap\">\n<figure class=\"\"><img class=\"lazyload loaded\" data-src=\"https://resize.hswstatic.com/w_907/gif/homeowners-insurance.jpg\" srcset=\"https://resize.hswstatic.com/w_320/h_180/gif/homeowners-insurance.jpg 320w, https://resize.hswstatic.com/w_420/h_236/gif/homeowners-insurance.jpg 420w, https://resize.hswstatic.com/w_907/gif/homeowners-insurance.jpg 907w\" sizes=\"(max-width: 320px) 320px, (max-width: 420px) 420px, 907px\" alt=\"homeowners insurance\" border=\"0\" src=\"https://resize.hswstatic.com/w_907/gif/homeowners-insurance.jpg\" /></figure>\n</div>\n<div class=\"media-body-wrap\">\n<div class=\"media-title\"></div>\n<div class=\"media-body\" style=\"text-align: justify;\">Thousands of homes were destroyed in Plaquemines Parish, Louisiana, by Hurricane Katrina and the sad fact is that most homeowners were woefully underinsured to cover the catastrophic damage they suffered.</div>\n<div class=\"media-body\" style=\"text-align: justify;\"></div>\n<div class=\"media-body\" style=\"text-align: justify;\"></div>\n<div class=\"media-body\" style=\"text-align: justify;\"></div>\n</div>\n</div>\n</div>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">One thing to keep in mind about<span> </span><a href=\"https://home.howstuffworks.com/real-estate/buying-home/homeowners-insurance.htm\">homeowners insurance</a><span> </span>is that if you\'re like most people, you probably don\'t have enough coverage.</p>\n<p style=\"text-align: justify;\">\"Whenever we do a survey in a disaster area, we generally find that two-thirds of the people whose homes are a total loss are severely underinsured,\" explains Amy Bach, an attorney and executive director of<span> </span><a href=\"https://www.uphelp.org/\" class=\"ext-link\">United Policyholders</a>, a California-based nonprofit consumer advocacy group, in a telephone interview.</p>\n<p style=\"text-align: justify;\">How much<span> </span><a href=\"https://reviews.howstuffworks.com/best-home-insurance\">homeowners insurance you need to buy</a><span> </span>depends on a variety of factors. That includes what sort of natural disasters are most likely to occur in your region, the size and age of your home, how much local construction costs may run, and how many and what sort of possessions you own and what their value may be. But the most crucial consideration, experts say, is not how much your home and valuables cost when you purchased them, but how much it will cost to replace them. You want to make sure that the policy that you buy provides that much coverage — even if that means supplementing the standard policy with additional coverage to cover the particular risks that you face.</p>\n<p style=\"text-align: justify;\"></p>\n<h3 style=\"text-align: justify;\">Make Sure You\'re Covered for the Right Risks</h3>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">Your first consideration should be whether you\'re covered for the sort of bad things that might happen to your home. Standard homeowners policies provide coverage if your home is damaged or destroyed by fire,<span> </span><a href=\"https://science.howstuffworks.com/nature/climate-weather/storms/struck-by-lightning.htm\">lightning strikes</a>, explosions and other hazards, according to the<span> </span><a href=\"https://www.iii.org/article/how-much-homeowners-insurance-do-you-need\" class=\"ext-link\">Insurance Information Institute</a>, an industry group that provides information to consumers.</p>\n<p style=\"text-align: justify;\">But<span> </span><a href=\"https://home.howstuffworks.com/real-estate/buying-home/5-things-homeowners-insurance-wont-cover.htm\">those policies don\'t cover</a><span> </span>certain types of risks, such as flooding or earthquakes. So if you live in a coastal area that\'s vulnerable to rising water whenever there\'s a big storm, you\'re going to want to buy special<span> </span><a href=\"https://home.howstuffworks.com/real-estate/buying-home/flood-insurance.htm\">flood protection</a><span> </span>provided by the National Flood Insurance Program (NFIP). Similarly, if you\'re in a part of the country such as California, where there are earthquake faults all over the place, you would be wise to obtain that sort of coverage as well, according to the institute.</p>\n<p style=\"text-align: justify;\"></p>\n<h3 style=\"text-align: justify;\">How to Figure the Cost of Replacing Your Home</h3>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">The next step in calculating how much coverage you need is to figure out how much it would cost to rebuild your home if it\'s totally destroyed by some disaster.</p>\n<p style=\"text-align: justify;\">\"Many homeowners think of market value when they purchase insurance, but what you should consider are reconstruction costs,\" Robert Buckel, a vice president and product manager for<span> </span><a href=\"https://www.erieinsurance.com/\" class=\"ext-link\">Erie Insurance</a>, explains via email.</p>\n<p style=\"text-align: justify;\">Bach says that replacement cost is an especially crucial consideration if you live in a part of the country where<span> </span><a href=\"https://science.howstuffworks.com/nature/natural-disasters/wildfire.htm\">wildfires</a><span> </span>sometimes happen, or where there are hurricanes and flooding — the sort of natural disasters that often turn a house into a total loss, rather than just damaging it. For example, if you live in California, where giant blazes seem to threaten neighborhoods with frightening frequency these days, \"it\'s important to insure your home to full value,\" she cautions.</p>\n<p style=\"text-align: justify;\">Calculating that replacement cost can be tricky, according to the Insurance Information Institute, because what you paid for your home — or how much it is worth on the market now — doesn\'t necessarily reflect what it would cost to rebuild it from scratch.</p>\n<p style=\"text-align: justify;\">One rough formula for calculating that cost is to take the total square footage of your home and multiply it by what local construction contractors charge on a per-square-foot basis. You can get that last piece of information from a local real estate agent or builders\' association, or else from your insurance agent, according to the Insurance Information Institute.</p>\n<p style=\"text-align: justify;\">But to get a more precise idea, the Insurance Information Institute says you may need to factor in other variables as well, such as whether your house is wood frame or masonry, whether it followed a standard plan or was custom construction, and whether you\'ve added improvements, such as an additional bathroom or a fancy kitchen renovation. And if you\'ve got an older home, it may have some features, such as vintage wall and ceiling moldings and carvings that would cost a lot of money to re-create.</p>\n<p style=\"text-align: justify;\">\"Insurance companies may give an estimate, but prices could differ in your particular area or after a catastrophe due to demand surge,\"<span> </span><a href=\"https://www.iii.org/about-us/the-team/janet-ruiz\" class=\"ext-link\">Janet Ruiz</a>, the Insurance Information Institute\'s director for strategic communication, adds in an email. \"Check with a local builder to find out what the going rate is per square foot for a similar quality home. Include any specialty types of materials you may have in your home.\"</p>\n<p style=\"text-align: justify;\">\"Finally, think about the unique attributes of your home — for example, you may want extra liability insurance for a pool in the backyard, or water back up coverage if you have a basement,\" Angi Orbann, vice president of property for personal insurance at<span> </span><a href=\"https://www.travelers.com/index\" class=\"ext-link\">Travelers Insurance</a>, says via email.</p>\n<p style=\"text-align: justify;\"></p>\n<h3 style=\"text-align: justify;\">Don\'t Forget About All Your Stuff</h3>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">Standard homeowners policies generally provide coverage for your belongings that\'s equivalent to 50 to 70 percent of the coverage for your home, according to the Insurance Information Institute. But that may not necessarily be enough to cover what you own, especially if you\'re the sort who lives large and owns a lot of flashy, pricey stuff. That\'s why the Insurance Information Institute recommends that you do a detailed inventory of your possessions before you take out a policy, to make sure you\'re adequately covered.</p>\n<p style=\"text-align: justify;\">To complicate things even more, standard policies usually provide only limited coverage for luxury items such as jewelry, silverware, collectables and furs, or for computers. (The good news is that you can fix that by buying additional coverage on those items, either individually or as part of a collection.)</p>\n<p style=\"text-align: justify;\">Another option you\'ll want to consider is whether you want to insure your possessions for the current cash value, or for the replacement cost. Replacement cost generally runs about 10 percent more, but it could be money well spent, if you own a lot of older items.</p>\n<p style=\"text-align: justify;\"></p>\n<h3 style=\"text-align: justify;\">Where Will You Stay While Your Home is Rebuilt?</h3>\n<p>&nbsp;</p>\n<p style=\"text-align: justify;\">While you\'ve got a construction crew rebuilding your home, you\'re probably going to have to stay somewhere else, and that can end up being pretty expensive. That\'s why the additional living expenses (ALE) feature of your policy is pretty important. In addition to the cost of renting accommodations in a hotel, ALE also generally covers meals in restaurants and other living expenses.</p>\n<p style=\"text-align: justify;\">Typically, ALE coverage is about 20 percent of the insurance on your house, but that can vary from company to company, according to the Insurance Information Institute.</p>\n<p style=\"text-align: justify;\">In addition to covering your losses due to disasters, homeowners insurance also includes liability coverage that protects you in the event that you, family members or your pet animal injures someone or causes property damage to them and you get hit with a lawsuit as a result. You want to have enough liability coverage to protect your assets. Most policies provide at least $100,000 in coverage, but the Insurance Information Institute recommends that you consider buying three to five times that.</p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left;\">You can read the full article <a href=\"https://money.howstuffworks.com/personal-finance/financial-planning/how-much-homeowners-insurance-do-you-need.htm\">here</a>. </span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How to Figure Out How Much Homeowners Insurance You Need','','publish','closed','closed','','how-to-figure-out-how-much-homeowners-insurance-you-need','','','2020-01-27 16:11:49','2020-01-27 16:11:49','',0,'http://smartinsurance.tips/?page_id=166',0,'page','',0),(171,1,'2020-01-27 16:14:43','2020-01-27 16:14:43','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><strong>The 1 Type of Insurance Every Worker – Especially the Young – May Need</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_padding=\"|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: justify;\">\n<p style=\"text-align: justify;\"><img src=\"https://mediacloud.kiplinger.com/image/private/s--uBo5dp6g--/t_content-image-mobile@1/v1582672508/kipimages/pages/21477.jpg\" style=\"float: left;\" /><span style=\"color: #000000;\"><span style=\"font-size: 14px; text-align: right;\">Disability income insurance, in my opinion, is the most underrated of all the insurances. Everyone thinks to buy life insurance, but almost no one buys disability insurance even though, according to the Social Security Administration, for 20-year-olds more than</span><span style=\"font-size: 14px; text-align: right;\"> </span>1-in-4 will become disabled<span style=\"font-size: 14px; text-align: right;\"> </span><span style=\"font-size: 14px; text-align: right;\">before reaching retirement age.</span></span></p>\n<h3 class=\"kip-md-see-also inline\" style=\"text-align: right;\"></h3>\n<p style=\"text-align: right;\"><span style=\"color: #000000;\">By far, the biggest asset most people will ever have is their ability to earn a paycheck. A 25-year-old making $50,000 per year will earn roughly $2.5 million over their working years and yet rarely thinks to insure that asset. How I explain it to people is this: \"If you had a piece of equipment that produced $100,000 a year in profit, would you insure it?\" They look at me like I\'m crazy, because of course they would. Well, <em>you</em> are that equipment, and depending on your occupation, you should consider insuring yourself.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">First, see if your company offers long-term disability insurance. If they do, that\'s a great start. Understand though that having it at work might not be enough. Often group plans are limited to 60% of your income up to a maximum of $6,000 of benefit per month. Also, the coverage is only helpful as long as you stay at that job. Supplementing with a smaller individual policy may help fill in the gaps that group coverage leaves.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">If you own a business, you should always buy <em>individual</em> coverage first! Then look to add a group plan for yourself and your employees. Individual policies factor in whether or not you have group coverage already in the total amount they will give you. Group does <em>not</em> look at individual, so always buy individual first.</span></p>\n<div class=\"kip-advertisement article-rect\" style=\"text-align: justify;\">\n<div id=\"div-gpt-ad-21477-2\" adonis-marker=\"\" data-google-query-id=\"CPCry4OWpOcCFZdtYAodAx0E7Q\">\n<div id=\"google_ads_iframe_/309122/site182.tmus/FinancialPlanningArticles_1__container__\"></div>\n</div>\n</div>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Rates for men tend to be cheaper than for women, unlike life insurance. That’s because women tend to file more claims — including for pregnancy — and men die earlier. Also, not all carriers will give you the same rating classification.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Here are some things you should consider when choosing a policy:</span></p>\n<p style=\"text-align: justify;\">\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">1. Non-Cancellable vs. Guaranteed Renewable</span></h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">With a non-cancellable <em><strong>and</strong></em> guaranteed renewable policy, there will be no changes to the premium or to the policy benefits through age 65, regardless of the insured\'s working status, health or income level. Whereas with <em><strong>just</strong></em> a guaranteed renewable policy, the insurer cannot change the premium or the benefit for an individual, but it <em>can</em> make a change, with approval, to the premium for an entire group of policyholders, categorized by state, underwriting class or policy year.</span></p>\n<p style=\"text-align: justify;\">\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">2. Definition of Disability</span></h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">There are several ways that insurance companies categorize their coverage: Own Occupation vs. Own Occupation but not working vs. Any Occupation.</span></p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left; color: #000000;\">Own Occupation policies provide coverage if the insured becomes unable to perform the substantial and material duties of their specific occupation, even if they are still able to work in another occupation.</span></p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left; color: #000000;\">Own Occupation but not working means you can\'t work in your specific occupation and choose not to work in another. If you do go to work, they would stop or reduce payments.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-size: 14px; text-align: left;\">Any Occupation policies only provide total disability benefits if the insured is unable to work in</span><span style=\"font-size: 14px; text-align: left;\"> </span><strong style=\"font-size: 14px; text-align: left;\"><em>any</em></strong><span style=\"font-size: 14px; text-align: left;\"> </span><span style=\"font-size: 14px; text-align: left;\">occupation.</span></span></p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left; color: #000000;\"> </span></p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">3. Length of Benefit</span></h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">You can choose five years, or to age 65 or possibly longer.</span></p>\n<p style=\"text-align: justify;\">\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">4. Waiting Period</span></h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Disability income insurance policies have a waiting or elimination period before you are able to receive benefit payments. Typically, 90 days is the standard waiting period, and any longer than that might not be worth the small premium savings.</span></p>\n<p style=\"text-align: justify;\">\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">5. Cost of Living Adjustment (COLA)</span></h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">This additional feature for policies is a must for younger workers. Your disability benefit increases over time to keep pace with inflation. This rider turns on once you file a claim.</span></p>\n<p style=\"text-align: justify;\">\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">6. Future Purchase Option/Future Increase Option</span></h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">This allows you to buy more insurance later when your income is most likely higher without having to go through medical underwriting again.</span></p>\n<p style=\"text-align: justify;\">\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">7. Increase Rider (AIR)</span></h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">This rider increases the monthly benefit for the first few years of a policy to keep pace with inflation. This optional rider is effective upon issuing the policy.</span></p>\n<div class=\"kip-advertisement article-rect\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000; font-size: 26px; text-align: left;\">8. Residual Benefits</span></p>\n</div>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">This rider pays a percentage of monthly earnings if the insured suffers a loss of income of 20% or more. This means I may be able to go back to work, but not as much as before.</span></p>\n<p style=\"text-align: justify;\">\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">9. Catastrophic Rider (CAT)</span></h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Pays an additional benefit if the insured is receiving total disability benefits and is unable to perform at least two activities of daily living (ADLs), has a severe cognitive impairment, or is presumptively totally disabled.</span></p>\n<p style=\"text-align: justify;\">\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">10. Social Insurance Supplement Rider (SIS)</span></h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Pays a benefit as long as the insured is not receiving benefits from Social Security Disability (SSDI). If the insured receives benefits from SSDI then the SIS rider benefit is reduced dollar-for-dollar for benefits received under SSDI. This is sometimes used to decrease the overall cost of a disability insurance policy.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">As you can see, there is a lot to consider when choosing a disability income insurance policy. You should also remember that disability coverage usually only replaces 60% of your income, (though it may be tax free), so you shouldn\'t rely on it completely.</span></p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">You can read the full article </span><a href=\"https://www.kiplinger.com/article/insurance/T023-C032-S014-the-1-type-of-insurance-every-worker-may-need.html\">here</a>.</p>\n<p style=\"text-align: justify;\">\n</div>\n[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','The 1 Type of Insurance Every Worker – Especially the Young – May Need','','publish','closed','closed','','the-1-type-of-insurance-every-worker-especially-the-young-may-need','','','2020-07-28 21:54:30','2020-07-28 21:54:30','',0,'http://smartinsurance.tips/?page_id=171',0,'page','',0),(181,1,'2020-01-27 23:41:00','2020-01-27 23:41:00','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_post_title _builder_version=\"4.0.9\" text_orientation=\"center\"][/et_pb_post_title][et_pb_text admin_label=\"text block 1\" _builder_version=\"4.0.9\"]<p style=\"text-align: justify;\">Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.</p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text admin_label=\"text block 1\" _builder_version=\"4.0.9\"]<p style=\"text-align: justify;\">Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.</p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_image src=\"http://smartinsurance.tips/wp-content/uploads/2019/12/Screenshot-2019-11-28-at-9.59.07-AM-1024x576.png\" align=\"center\" force_fullwidth=\"on\" admin_label=\"post image\" _builder_version=\"4.0.9\" background_color=\"#e0ba67\"][/et_pb_image][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<p style=\"text-align: justify;\">Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings. Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.</p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','articles','','inherit','closed','closed','','36-revision-v1','','','2020-01-27 23:41:00','2020-01-27 23:41:00','',36,'http://smartinsurance.tips/36-revision-v1/',0,'revision','',0),(241,1,'2020-03-23 23:34:22','2020-03-23 23:34:22','<!-- wp:divi/placeholder /-->','The Importance of Business Interruption Insurance','','inherit','closed','closed','','240-revision-v1','','','2020-03-23 23:34:22','2020-03-23 23:34:22','',240,'http://smartinsurance.tips/240-revision-v1/',0,'revision','',0),(190,1,'2020-01-28 00:00:44','2020-01-28 00:00:44','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><strong>Welcome</strong></h1>\n<p><strong></strong></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\" column_structure=\"1_2,1_2\"][et_pb_column type=\"1_2\" _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\" link_option_url=\"http://smartinsurance.tips/5-trends-that-will-reshape-customer-service-over-the-next-5-years/\" link_option_url_new_window=\"on\"]<p>5 Trends That Will Reshape Customer Serivce Over the Next 5 Years</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.0.9\" hover_enabled=\"0\"][/et_pb_column][/et_pb_row][/et_pb_section]','articles','','inherit','closed','closed','','36-revision-v1','','','2020-01-28 00:00:44','2020-01-28 00:00:44','',36,'http://smartinsurance.tips/36-revision-v1/',0,'revision','',0),(193,1,'2020-01-28 00:07:49','2020-01-28 00:07:49','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><strong>Welcome</strong></h1>\n<p><strong></strong></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\" column_structure=\"1_2,1_2\"][et_pb_column type=\"1_2\" _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\" link_option_url=\"http://smartinsurance.tips/5-trends-that-will-reshape-customer-service-over-the-next-5-years/\" link_option_url_new_window=\"on\"]<p style=\"text-align: center;\">5 Trends That Will Reshape Customer Serivce Over the Next 5 Years</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\" link_option_url=\"http://smartinsurance.tips/how-much-should-the-carrier-pay-for-removing-a-fallen-tree/\" link_option_url_new_window=\"on\"]<p style=\"text-align: center;\">How Much Should the Carrier Pay for Removing a Fallen Tree?</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\" link_option_url=\"http://smartinsurance.tips/how-to-figure-out-how-much-homeowners-insurance-you-need/\" link_option_url_new_window=\"on\"]<p style=\"text-align: center;\">How to Figure Out How Much Homeowners Insurance You need</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\" link_option_url=\"http://smartinsurance.tips/the-1-type-of-insurance-every-worker-especially-the-young-may-need/\" link_option_url_new_window=\"on\"]<p style=\"text-align: center;\">The 1 Type of Insurance Every Worker - Especially the Young - May Need</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\" link_option_url=\"http://smartinsurance.tips/understanding-the-importance-of-homeowners-insurance/\" link_option_url_new_window=\"on\"]<p style=\"text-align: center;\">Understanding the Importance of Insurance</p>\n[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_text _builder_version=\"4.0.9\" link_option_url=\"http://smartinsurance.tips/6-reasons-to-avoid-private-mortgage-insurance/\" link_option_url_new_window=\"on\" hover_enabled=\"0\"]<p style=\"text-align: center;\">6 Reasons to Avoid Private Mortgage Insurance</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" link_option_url=\"http://smartinsurance.tips/car-insurance-applications-what-if-you-lie/\" link_option_url_new_window=\"on\" hover_enabled=\"0\"]<p style=\"text-align: center;\">Car Insurance Applications: What If You Lie?</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" link_option_url=\"http://smartinsurance.tips/how-your-credit-score-impacts-your-property-insurance-premium/\" link_option_url_new_window=\"on\" hover_enabled=\"0\"]<p style=\"text-align: center;\">How Your Credit Score Impacts Your Property Insurance Premium</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" link_option_url=\"http://smartinsurance.tips/understanding-lender-required-flood-insurance/\" link_option_url_new_window=\"on\" hover_enabled=\"0\"]<p style=\"text-align: center;\">Understanding Lender-Required Flood Insurance</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" link_option_url=\"http://smartinsurance.tips/what-is-long-term-care-insurance/\" link_option_url_new_window=\"on\" hover_enabled=\"0\"]<p style=\"text-align: center;\">What is Long-Term Care Insurance</p>\n[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','','','inherit','closed','closed','','36-autosave-v1','','','2020-01-28 00:07:49','2020-01-28 00:07:49','',36,'http://smartinsurance.tips/36-autosave-v1/',0,'revision','',0),(192,1,'2020-01-28 00:06:55','2020-01-28 00:06:55','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><strong>Welcome</strong></h1>\n<p><strong></strong></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\" column_structure=\"1_2,1_2\"][et_pb_column type=\"1_2\" _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\" link_option_url=\"http://smartinsurance.tips/5-trends-that-will-reshape-customer-service-over-the-next-5-years/\" link_option_url_new_window=\"on\"]<p style=\"text-align: center;\">5 Trends That Will Reshape Customer Serivce Over the Next 5 Years</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\" link_option_url=\"http://smartinsurance.tips/how-much-should-the-carrier-pay-for-removing-a-fallen-tree/\" link_option_url_new_window=\"on\"]<p style=\"text-align: center;\">How Much Should the Carrier Pay for Removing a Fallen Tree?</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\" link_option_url=\"http://smartinsurance.tips/how-to-figure-out-how-much-homeowners-insurance-you-need/\" link_option_url_new_window=\"on\"]<p style=\"text-align: center;\">How to Figure Out How Much Homeowners Insurance You need</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\" link_option_url=\"http://smartinsurance.tips/the-1-type-of-insurance-every-worker-especially-the-young-may-need/\" link_option_url_new_window=\"on\"]<p style=\"text-align: center;\">The 1 Type of Insurance Every Worker - Especially the Young - May Need</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\" link_option_url=\"http://smartinsurance.tips/understanding-the-importance-of-homeowners-insurance/\" link_option_url_new_window=\"on\"]<p style=\"text-align: center;\">Understanding the Importance of Insurance</p>\n[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_text _builder_version=\"4.0.9\" link_option_url=\"http://smartinsurance.tips/6-reasons-to-avoid-private-mortgage-insurance/\" link_option_url_new_window=\"on\" hover_enabled=\"0\"]<p style=\"text-align: center;\">6 Reasons to Avoid Private Mortgage Insurance</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" link_option_url=\"http://smartinsurance.tips/car-insurance-applications-what-if-you-lie/\" link_option_url_new_window=\"on\" hover_enabled=\"0\"]<p style=\"text-align: center;\">Car Insurance Applications: What If You Lie?</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" link_option_url=\"http://smartinsurance.tips/how-your-credit-score-impacts-your-property-insurance-premium/\" link_option_url_new_window=\"on\" hover_enabled=\"0\"]<p style=\"text-align: center;\">How Your Credit Score Impacts Your Property Insurance Premium</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" link_option_url=\"http://smartinsurance.tips/understanding-lender-required-flood-insurance/\" link_option_url_new_window=\"on\" hover_enabled=\"0\"]<p style=\"text-align: center;\">Understanding Lender-Required Flood Insurance</p>\n[/et_pb_text][et_pb_text _builder_version=\"4.0.9\" link_option_url=\"http://smartinsurance.tips/what-is-long-term-care-insurance/\" link_option_url_new_window=\"on\" hover_enabled=\"0\"]<p style=\"text-align: center;\">What is Long-Term Care Insurance</p>\n[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','articles','','inherit','closed','closed','','36-revision-v1','','','2020-01-28 00:06:55','2020-01-28 00:06:55','',36,'http://smartinsurance.tips/36-revision-v1/',0,'revision','',0),(196,1,'2020-02-25 17:10:02','2020-02-25 17:10:02','<!-- wp:divi/placeholder /-->','Commercial Property Insurance: 5 Ways to Manage Risks Upfront','','inherit','closed','closed','','195-revision-v1','','','2020-02-25 17:10:02','2020-02-25 17:10:02','',195,'http://smartinsurance.tips/195-revision-v1/',0,'revision','',0),(188,1,'2020-01-27 23:58:08','2020-01-27 23:58:08','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><strong>Welcome</strong></h1>\n<p><strong></strong></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','articles','','inherit','closed','closed','','36-revision-v1','','','2020-01-27 23:58:08','2020-01-27 23:58:08','',36,'http://smartinsurance.tips/36-revision-v1/',0,'revision','',0),(200,1,'2020-02-25 17:28:58','2020-02-25 17:28:58','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline\" itemprop=\"headline\" style=\"text-align: center;\"><strong>Does Homeowners Insurance Cover Mold?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|379px||auto||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Homeowners insurance is designed to cover you against various types of damage, but you may be wondering whether that includes mold. It’s a good question to ask, particularly if you’re purchasing an older home and want to avoid any potentially costly surprises. The answer isn’t always clear-cut. “Generally, standard homeowners insurance policies can cover mold to an extent,” says Sean Harper, CEO and co-founder of Kin, a Chicago-based insurtech startup. “It depends on what caused the mold.”<span style=\"font-size: 14px; text-align: left;\">Here’s a look at the most common situations in which mold may—or may not—be covered by</span><span style=\"font-size: 14px; text-align: left;\"> </span>homeowners insurance.</span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\" style=\"text-align: justify;\"><span style=\"color: #000000;\">KEY TAKEAWAYS</span></h3>\n<p><span style=\"color: #000000;\"> </span></p>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Mold coverage isn’t guaranteed by your homeowners insurance policy.</span></li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Typically, mold damage is only covered if it’s related to a covered peril.</span></li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Mold damage caused by flooding would need to be covered by a separate flood insurance policy.</span></li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">Proper preventative measures can help minimize the odds of having to deal with a mold issue.</span></li>\n</ul>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Covered Perils and Mold Insurance</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Homeowners insurance policies spell out a list of “covered perils,” meaning instances of damage to the home in which you’re eligible to file a claim. The main cause of mold formation is water seeping into the structure of your home, so you need to know which water-related covered perils are included in your policy.</span></p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left; color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">For example, your policy may cover you if mold results from any of the following:</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<ul>\n<li><span style=\"color: #000000;\">Water leaks associated with a malfunctioning appliance</span></li>\n<li><span style=\"color: #000000;\">Water damage caused by a burst hot water heater</span></li>\n<li><span style=\"color: #000000;\">Water damage caused by firefighters extinguishing a fire in your home</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard4-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard4-dynamic_2-0\" class=\"comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard4\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf3\" data-priority=\"6\" data-sizes=\"[[300, 250], [300, 253], [300, 600], [4, 1], [200, 200], [180, 150], [200, 200], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"7cc2e431595f4f0b930f3cdf4e266310\" data-auction-floor-value=\"25\" data-google-query-id=\"CI_liZ2d7ecCFVFevQodklAG_Q\" style=\"text-align: justify;\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_insurance/billboard4_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">In these instances mold would be “resulting damage” from a covered peril. It’s important to distinguish between resulting damage and initial damage. For example, if your water heater breaks and a leak causes mold to form in the walls, then your policy might pay for the walls to be repaired and the mold to be removed but not for the replacement of the hot water heater.</span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">It’s important to note that the amount your policy may pay for mold repair and removal might not cover all of the resulting damage. “This extent of mold coverage is typically limited—for example, a company may cap mold removal and remediation at $10,000 for a single occurrence,” says Pat Howard, homeowner’s insurance expert at Policygenius<strong>.</strong> Higher coverage limits may be available, but if you’re unsure about what’s covered, Howard suggests talking to your agent to find out what options you have.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">When taking out homeowners insurance, pay close attention to coverage limits.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Mold Caused by Floods or Acts of Nature</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<p style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">In some cases mold can grow as a result of water damage from outside forces. Whether your homeowners insurance covers mold in that instance depends on what caused the damage to begin with.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">“Mold that’s a result of storm surges, like floodwaters, is usually not covered by standard homeowner’s insurance,” Harper says. “That’s because standard home insurance policies don’t cover flood damage—you need flood insurance for that.”</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">If you have a flood insurance policy and your home is flooded due to heavy rains, a hurricane, or another act of nature, then your policy may extend to mold removal and repairs necessitated by flooding. Flood insurance costs on average around $700 per year in addition to your regular homeowner’s insurance premium, though it may cost more if you live in an area that’s at higher risk for flooding.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">That may be worth the investment, however, if you’re concerned about mold resulting from a flood. According to FEMA, just one inch of water in your home can cause $27,000 or more in damage. Flood insurance with mold coverage could help mitigate some of the cost.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Mold that results from other acts of nature, such as a hurricane or an ice storm, may be covered under your homeowner’s insurance policy. For instance, if a hurricane tears your roof off and water gets inside the home, causing mold to grow, you might be able to file a claim for that along with other damages to the home.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Mold Resulting From Negligence</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The third category of mold-related damage is associated with negligence on the part of the homeowner. What this means in simple terms is ignoring home maintenance or repairs to the extent that they allow mold to develop. “Mold typically isn’t covered by your homeowners insurance policy if it forms because of neglect or lack of upkeep,” Howard says. “If you knowingly could have prevented the mold by fixing leaky pipes or using a dehumidifier, your insurer won’t reimburse you for mold removal and remediation.”<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-3\">2</span></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Say that you notice the seal around the base of your toilet is leaking water. Instead of replacing the seal or the toilet, you let the leak continue, which causes damage to the subflooring. From there, mold sets in and spreads to the baseboards and walls. In that instance your homeowners insurance policy claim may be denied because you were in a position to prevent the mold from happening.</span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How to Avoid Having a Mold Damage Claim Denied</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">There are several things you can do to prevent mold and/or improve the odds of having your claim approved if you incur mold damage.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">On the prevention side, you can:</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ul>\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">Install dehumidifiers in areas that are prone to dampness</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">Regularly check plumbing pipes and fittings to look for leaks</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">Adequately ventilate bathrooms, laundry rooms, kitchens, and other areas of your home where mold may have an opportunity to grow</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">Keep gutters clean to prevent the formation of ice dams in winter, which can lead to leaks</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">Regularly inspect your roof—and around windows and doors—and caulk cracks that could allow water to leak in</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">Properly insulate interior and exterior pipes in winter to avoid breakages or leaks</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">Routinely check appliances and hot water heaters for signs of leaks</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: left;\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: left;\">\n<p><span style=\"color: #000000;\">If you have to file a claim for mold damage:</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: left;\"></div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ul>\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">Properly document the damage with photos and/or video</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">Provide up-to-date maintenance records if you have them</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">Follow any and all instructions the insurance company gives you to process the claim</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #000000;\">Contract approved mold removal companies to clean up the damage</span></li>\n</ul>\n<p><span style=\"font-size: 14px; text-align: left; color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What to Do If Your Mold Claim Is Denied</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">If your homeowner’s insurance company denies your mold claim, you may want to get a licensed contractor to offer a second opinion on what caused the damage. You could also attempt to appeal the denial with your insurance company if it has a specified appeals process. If not, your state insurance commissioner may be able to offer help on what you can do to get the claim approved or to file a complaint about denial.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">You can read the full article </span><a href=\"https://www.investopedia.com/does-homeowners-insurance-cover-mold-4782771\">here</a>.</p>\n<p style=\"text-align: justify;\"></p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Does Homeowners Insurance Cover Mold?','','publish','closed','closed','','does-homeowners-insurance-cover-mold','','','2020-07-16 23:11:44','2020-07-16 23:11:44','',0,'http://smartinsurance.tips/?page_id=200',0,'page','',0),(201,1,'2020-02-25 17:28:58','2020-02-25 17:28:58','<!-- wp:divi/placeholder /-->','Does Homeowners Insurance Cover Mold?','','inherit','closed','closed','','200-revision-v1','','','2020-02-25 17:28:58','2020-02-25 17:28:58','',200,'http://smartinsurance.tips/200-revision-v1/',0,'revision','',0),(322,1,'2020-04-24 23:48:37','2020-04-24 23:48:37','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Auto insurance isn\'t one-size-fits-all. The right amount for you depends on your state, your loans, and your finances.</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: left;\">\n<p><img src=\"https://i.insider.com/5ea1e6056985250dc74ea714?width=1300&amp;format=jpeg&amp;auto=webp\" alt=\"car insurance adjuster\" /><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Car insurance isn\'t one-size-fits-all: There are a lot of things to consider when you\'re trying to figure out what you need in a policy. </span></p>\n<p><span style=\"color: #000000;\">Each state has different requirements, and factors like who owns your car and your overall financial health will also come into play. Every person has different insurance needs, but you\'ll need to understand what\'s available before you decide. </span></p>\n<p><span style=\"color: #000000;\">There are many different types of coverage you could see on your policy. What\'s required and available will vary by state. There are 7 major types of insurance coverage: </span></p>\n<ol>\n<li><span style=\"color: #000000;\"><strong>Liability coverage: </strong>Generally required, this coverage covers bodily injury and property damage. It\'s most commonly referred to as state minimum coverage. </span></li>\n<li><span style=\"color: #000000;\"><strong>Collision coverage: </strong>If you hit another car or an object, this coverage repairs or replaces the car. It\'s often required by financing and leasing companies.</span></li>\n<li><span style=\"color: #000000;\"><strong>Uninsured and underinsured motorist coverage: </strong>Required in some states, this coverage will help if you\'re hit by an uninsured driver, or cover damages if their coverage isn\'t sufficient. </span></li>\n<li><span style=\"color: #000000;\"><strong>Medical payments coverage: </strong>Not required in all states, this coverage helps pay for medical bills.</span></li>\n<li><span style=\"color: #000000;\"><strong>Comprehensive coverage: </strong>While not often required, this coverage will help repair or replace a car damaged by an outside force, like a storm, theft, or vandalism.</span></li>\n<li><span style=\"color: #000000;\"><strong>Personal Injury Protection (PIP): </strong>Required in no-fault states, this coverage helps with medical bills, and expenses incurred related to injury, like lost wages. </span></li>\n<li><span style=\"color: #000000;\"><strong>Gap coverage: </strong>Typically required for leased or financed cars, this coverage covers the difference between the car\'s original price and the value after depreciation. </span></li>\n</ol>\n<p><span style=\"color: #000000;\">Other types of coverage, like rental reimbursement, travel coverage, rental car insurance, and towing and labor cost coverage could also be optional, depending on your insurer. </span></p>\n<p><span style=\"color: #000000;\">If you\'re looking for car insurance coverage and are trying to determine how much you need, consider these three factors to make the right choice for you. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2>Car insurance requirements vary by state </h2>\n<p>&nbsp;</p>\n<p><a href=\"https://www.iii.org/automobile-financial-responsibility-laws-by-state\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">Each state</a><span> </span><span style=\"color: #000000;\">sets its own rules on car insurance, including the minimum coverage you need to have. In most states, the minimum coverage is a liability policy, which only covers damage you do to another person, their car, or their property. </span></p>\n<p><span style=\"color: #000000;\">Some states have higher minimum coverage, however. In Michigan, a state minimum policy would include not only the basic liability coverage, but also</span><span> </span><a href=\"https://www.michigan.gov/documents/difs/Auto_Insurance_Guide_448003_7.pdf\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">no-fault coverage</a><span style=\"color: #000000;\">, including personal injury protection, property protection insurance, and residual liability insurance coverages. But, a few states don\'t require any insurance at all — in</span><span> </span><a href=\"https://www.nh.gov/insurance/consumers/documents/nh_auto_guide.pdf\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">New Hampshire</a><span style=\"color: #000000;\">, for example, there\'s no minimum requirement for insurance. </span></p>\n<p><span style=\"color: #000000;\">Your requirements for meeting the state minimum varies widely across the US. Check with your state\'s motor vehicle department to find requirements. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\">If you have a car loan or lease your car, you\'ll need more than state minimum coverage</span></h2>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If you don\'t own your car outright, you\'ll need to maintain more coverage than the state minimum. Financing companies, including leasing companies, require more than the state minimum insurance. You\'ll typically need five types of coverage on your financed or leased car:  </span></p>\n<ul>\n<li><span style=\"color: #000000;\">The required liability coverage</span></li>\n<li><span style=\"color: #000000;\">Uninsured/underinsured motorist coverage</span></li>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n<li><span style=\"color: #000000;\">Gap coverage (not always required)</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Since liability coverage only covers another person\'s injuries and damage, financing companies require coverage to repair the car or reimburse it after an accident. You\'ll need to maintain this coverage to stay within the terms of your lease or finance contract. Your financing company can provide information on what coverage is needed. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\">Your finances should factor into your coverage decisions</span></h2>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If you\'re considering </span><a href=\"https://www.businessinsider.com/personal-finance/should-i-cancel-car-insurance-coronavirus-2020-4\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"80\">dropping some coverage</a><span style=\"color: #000000;\"> to make insurance cheaper, it might be worth evaluating not just what you can afford every month, but also what you could afford if something went wrong. </span></p>\n<p><span style=\"color: #000000;\">Think about it in terms of optional comprehensive insurance, which covers damage when you\'re not driving. If a tree fell on your car tomorrow, would you be able to cover the cost of repairing or replacing it without insurance? If the answer is no, keeping comprehensive coverage and adding a few extra dollars to your monthly car insurance bill may not sound so bad anymore. </span></p>\n<p><span style=\"color: #000000;\">This philosophy should extend into all parts of your coverage. If you know that you won\'t be able to cover a $1,000 deductible if you get into an accident, pay more for coverage each month and keep a lower deductible. The less ability you have to cover yourself financially should something go wrong, the more insurance coverage you\'ll need. </span></p>\n<p><span style=\"font-size: 14px;\"> </span></p>\n</div>\n<div align=\"center\" style=\"text-align: left;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: left;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://www.businessinsider.com/personal-finance/how-much-auto-insurance-do-i-need\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','','','inherit','closed','closed','','319-revision-v1','','','2020-04-24 23:48:37','2020-04-24 23:48:37','',319,'http://smartinsurance.tips/319-revision-v1/',0,'revision','',0),(199,1,'2020-02-25 17:28:29','2020-02-25 17:28:29','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><strong>Commercial Property Insurance: 5 Ways to Manage Risks Upfront</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\"></div>\n<div align=\"center\"></div>\n<div align=\"center\">\n<p style=\"text-align: left;\">Finding the right space for your business requires the close consideration of several factors—including neighborhood, traffic, safety, and compliance concerns. When evaluating your options, keep in mind that certain qualities of a particular space may increase your risk and impact your insurance costs. While everything may not be within your control, here are five things you can do to help manage your risks upfront.</p>\n<p><strong></strong></p>\n<p style=\"text-align: left;\"><strong>Secure your space<br /></strong>Use deadbolts, shatter-proof glass, an alarm system, and security cameras to make sure you’re as protected as possible.</p>\n<p style=\"text-align: left;\"><strong>Guard against fire<br /></strong>In addition to up-to-date smoke detectors and sprinkler systems, you should also develop a fire-response plan that includes safety routes, extinguishers, and battery-powered backup lighting to illuminate exits.<strong> </strong></p>\n<p style=\"text-align: left;\"><strong></strong></p>\n<p style=\"text-align: left;\"><strong>Update your infrastructure<br /></strong>Double-check and update aging electrical systems, structural issues, insufficient drainage, and any other structural problems that could lead to a loss.</p>\n<p style=\"text-align: left;\"><strong></strong></p>\n<p style=\"text-align: left;\"><strong>Consider the setbacks<br /></strong>Significant risk factors—like fire, for example—can generate losses and costs far beyond structural repair. Taking extra security measures and making updates in advance can pay off in the long run by mitigating risks.</p>\n<p style=\"text-align: left;\"><strong></strong></p>\n<p style=\"text-align: left;\"><strong>Talk to your insurance provider<br /></strong>Taking steps to protect your space from potential hazards sends a signal to your insurance provider that you’re taking concerns seriously—which may translate into lower premiums.</p>\n<p style=\"text-align: left;\"></p>\n<p style=\"text-align: center;\"><em style=\"font-size: 14px;\">Reducing the risk of theft, damage, and accidents will save your business time, money, and trouble in the long run.</em></p>\n<p style=\"text-align: center;\"><em style=\"font-size: 14px;\"></em></p>\n<p style=\"text-align: left;\">Reducing the risk of theft, damage, and accidents can save your business time, money, and trouble in the long run.</p>\n<p style=\"text-align: left;\">Connect with an<span> </span><a href=\"https://business.libertymutualgroup.com/business-insurance/find-an-insurance-agent\">independent insurance agent</a><span> </span>today to learn more about your options.</p>\n<p style=\"text-align: left;\">To read the full article, click <a href=\"https://protectmybusiness.libertymutual.com/article/commercial-property-insurance-5-ways-manage-risks-upfront\">here</a>.</p>\n<p style=\"text-align: left;\"></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Commercial Property Insurance: 5 Ways to Manage Risks Upfront','','inherit','closed','closed','','195-revision-v1','','','2020-02-25 17:28:29','2020-02-25 17:28:29','',195,'http://smartinsurance.tips/195-revision-v1/',0,'revision','',0),(180,1,'2020-01-27 17:20:20','2020-01-27 17:20:20','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><strong>Understanding Lender-Required Flood Insurance</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_image src=\"http://smartinsurance.tips/wp-content/uploads/2020/01/Untitled_Clipping_012820_011138_AM.jpg\" _builder_version=\"4.0.9\" align=\"center\" hover_enabled=\"0\"][/et_pb_image][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p><span style=\"font-size: 14px;\">\"Just a few inches of water from a flood can cause tens of thousands of dollars in damage,\" according to the National Flood Insurance Program. This fact sums up why mortgage lenders sometimes require borrowers to buy</span><span style=\"font-size: 14px;\"> </span><a href=\"https://www.investopedia.com/terms/f/flood-insurance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px;\">flood insurance</a><span style=\"font-size: 14px;\">.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-1\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_3-0\" class=\"comp mntl-block\">\n<div id=\"billboard1-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard1-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"1050\">\n<div class=\"spacer\">\n<div id=\"billboard1-dynamic_1-0\" class=\"comp billboard1-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"600\">\n<div id=\"billboard\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"atf\" data-priority=\"2\" data-sizes=\"[[300, 1050], [300, 600], [160, 600], [300, 250], [1, 2], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"936a2a7676134afc94bc1e7e0fea1dea\" data-auction-floor-value=\"50\" data-google-query-id=\"CNS_86CWpOcCFQHFvQodKuMD5Q\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_insurance/billboard_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>However,<span> </span><a href=\"https://www.investopedia.com/terms/r/realestateagent.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">real estate agents</a><span> </span>and mortgage lenders often don\'t tell customers about flood insurance requirements until a property is already in<span> </span><a href=\"https://www.investopedia.com/terms/e/escrow.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">escrow</a>. Homeowners are also unaware that many areas that do not immediately appear to be in danger of flooding are actually rated as high risk by the Federal Emergency Management Agency (FEMA). If you\'ve found yourself in this situation or you don\'t want to be caught off guard, this article will help you by demystifying lender-required flood insurance.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard2-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard2-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard2-dynamic_1-0\" class=\"comp billboard2-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard2\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf1\" data-priority=\"3\" data-sizes=\"[[300, 250], [300, 600], [300, 601], [160, 600], [300, 251], [2, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"ff63cf85cb0b40178ce780fb466f6939\" data-auction-floor-value=\"25\" data-google-query-id=\"CNijlqGWpOcCFdWTvQods10B0w\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_insurance/billboard2_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\">KEY TAKEAWAYS</h3>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li>Flood insurance is often required by mortgage lenders when properties are located in federally designated high-risk flood zones or floodplains.</li>\n<li>Flood insurance is a separate policy from homeowners insurance, which doesn\'t typically cover damage or destruction by floods.</li>\n<li>Lenders usually only require flood insurance to cover the property structure, though borrowers can also buy coverage for their personal belongings and furnishings.</li>\n<li>Flood insurance is available through the federal National Flood Insurance Program (NFIP) for homeowners in high-risk areas and other participating communities.</li>\n</ul>\n<p>&nbsp;</p>\n</div>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Why Lenders Require Flood Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The<span> </span><a href=\"https://www.investopedia.com/terms/h/hazardinsurance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">hazard insurance</a><span> </span>section of standard homeowners insurance policies does not cover flooding from external natural causes, like heavy rainstorms, or man-made ones, like a dam break. Only specifically named flood insurance, a separate insurance policy, can protect against that sort of destruction or damage.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"493682b635814726ad5df61cdd0824ce\" data-auction-floor-value=\"25\" data-google-query-id=\"CO20zpuYpOcCFQFtvQodBwQKtA\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_insurance/billboard3_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Flood insurance is usually optional for mortgaged homeowners in what are normally considered low-risk flood areas. It may even be optional for mortgaged homeowners in high-risk flood areas, depending on the type of loan. However, homeowners will be required to buy flood insurance if they take out a mortgage from a lender that is federally regulated or insured (such as an<span> </span><a href=\"https://www.investopedia.com/terms/f/federal-housing-administration.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">FHA</a><span> </span>mortgage) and buy a home in a high-risk flood zone (also known as a Special Flood Hazard Area).<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-1\"><span>1</span></span> In most cases, the homeowner will have to pay for flood insurance every year until the mortgage is paid off.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>When someone takes out a mortgage, the home serves as<span> </span><a href=\"https://www.investopedia.com/terms/c/collateral.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">collateral</a><span> </span>if the borrower stops making mortgage payments. When a property is<span> </span><a href=\"https://www.investopedia.com/terms/f/finance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">financed</a>, the lender often has a greater financial stake in the property than the borrower. If one of the lender\'s assets is damaged by floodwaters and the borrower abandons the home and stops making mortgage payments, the lender is caught in a losing position. To eliminate this risk, many lenders require the homeowner to purchase flood insurance.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard4-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard4-dynamic_2-0\" class=\"comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"600\">\n<div id=\"billboard4\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf3\" data-priority=\"6\" data-sizes=\"[[300, 250], [300, 253], [300, 600], [4, 1], [200, 200], [180, 150], [200, 200], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"7cc2e431595f4f0b930f3cdf4e266310\" data-auction-floor-value=\"25\" data-google-query-id=\"CPDLgZyYpOcCFVC_vQodd24AWQ\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_insurance/billboard4_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Flood insurance will provide money to repair or even rebuild a home if it is damaged or destroyed by flooding. If the homeowner has to file a claim, he or she will only be responsible for paying the<span> </span><a href=\"https://www.investopedia.com/terms/d/deductible.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">deductible</a>. As a result, the homeowner will keep the home and keep making mortgage payments, and everyone will be happy.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [200, 200], [180, 150], [200, 200], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"a6f2f774ca0243d39742087a2e99b100\" data-auction-floor-value=\"25\" data-google-query-id=\"CIzPsJyYpOcCFU3OvQod4osAfg\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_insurance/billboard5_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How Does Flood Insurance Work?</span></h2>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Flood insurance works just like other insurance products. The insured—the homeowner—pays an annual<span> </span><a href=\"https://www.investopedia.com/terms/p/premium.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">premium</a><span> </span>based on the property\'s flood risk and the deductible he or she chooses. If the property is damaged or destroyed by flooding, the homeowner receives cash for the amount of money required to repair the damage, up to the policy limit.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The homeowner must secure the flood insurance policy before closing on a property and renew it every year to cover the principal balance on the loan. The lender will usually collect flood insurance payments along with the monthly mortgage payment, hold the funds in an escrow account, and pay the entire premium to the insurance company once a year (similar to how<span> </span><a href=\"https://www.investopedia.com/terms/p/propertytax.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">property taxes</a><span> </span>and homeowners insurance are handled). Thus, once the homeowner secures the initial policy, no further action may be needed aside from making monthly mortgage payments. Separate coverage of up to $100,000 for personal belongings is also available.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Who Has to Buy Flood Insurance?</span></h2>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>You can find out about the flood risk of any property at FloodSmart.gov or via the FEMA website map.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\"><span>2</span></span> If the website says the property is in a high-risk area, flood insurance will likely be required. The final decision depends on flood insurance rate maps and an official flood zone hazard determination. You should also ask your lender about its flood insurance requirements.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>In some neighborhoods or even entire cities, it may be difficult to find a home that is not in a high-risk flood area. In other regions, you can avoid the need to carry flood insurance entirely.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How to Obtain Flood Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The National Flood Insurance Program (NFIP), managed by FEMA, offers flood insurance to homeowners in communities that participate in the program.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-3\"><span>3</span></span> The program requires participating communities to \"adopt and enforce ordinances that meet or exceed FEMA requirements to reduce the risk of flooding.\" This program also offers a small discount on flood insurance based on the steps communities take to mitigate flood risks.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The actual insurance policies are issued by private insurance companies, not by FEMA. You can find a participating insurance company on the FEMA website. Better yet, ask friends, family and co-workers in your town for recommendations.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<h2 id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">What Does Flood Insurance Cover?</span></h2>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>According to FEMA, the following items are considered part of the building\'s structure:</p>\n</div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ul>\n<li>The insured building and its foundation</li>\n<li>The electrical and plumbing systems</li>\n<li>Central air conditioning equipment, furnaces, and water heaters</li>\n<li>Refrigerators, cooking stoves, and built-in appliances such as dishwashers</li>\n<li>Permanently installed carpeting over an unfinished floor</li>\n<li>Permanently installed paneling, wallboard, bookcases, and cabinets</li>\n<li>Window blinds</li>\n<li>Detached garages up to 10% of building property coverage (detached buildings other than garages require a separate building property policy)</li>\n<li>Debris removal</li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">What Doesn\'t Flood Insurance Cover?</span></h2>\n<div id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>As specified by FEMA, lots of important and expensive things are not covered by flood insurance. You\'ll have to purchase additional<span> </span><a href=\"https://www.investopedia.com/terms/p/personalproperty.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">personal property</a><span> </span>coverage if you are worried about the cost of replacing the following items:</p>\n</div>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ul>\n<li>Personal belongings such as clothing, furniture, and electronic equipment</li>\n<li>Curtains</li>\n<li>Portable and window air conditioners</li>\n<li>Portable microwave ovens and portable dishwashers</li>\n<li>Carpets not included in building coverage (see above)</li>\n<li>Clothes washers and dryers</li>\n<li>Food freezers and the food in them</li>\n<li>Certain valuable items, such as original artwork and furs (up to $2,500)</li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Additionally, neither building nor personal property flood insurance will cover the following:</p>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ul>\n<li>Damage caused by moisture, mildew, or mold that could have been avoided by the property owner</li>\n<li>Currency,<span> </span><a href=\"https://www.investopedia.com/terms/p/preciousmetal.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">precious metals</a>, and valuable papers such as stock certificates</li>\n<li>Property and belongings outside of a building such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, and swimming pools</li>\n<li>Living expenses, such as temporary housing</li>\n<li>Financial losses caused by business interruption or loss of use of insured property</li>\n<li>Most self-propelled vehicles, such as cars, including their parts</li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">What Does Flood Insurance Cost?</span></h2>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The cost to insure a property against flood damage is determined by<span> </span><a href=\"https://www.investopedia.com/terms/r/risk.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">risk</a><span> </span>associated factors such as the year of building construction, the number of floors, level of flood risk and the amount of coverage required by the lender. This amount should be based on the cost to rebuild, which can be obtained from your<span> </span><a href=\"https://www.investopedia.com/terms/h/homeowners-insurance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">homeowners insurance</a><span> </span>company.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The price to insure a property with a particular deductible and a particular amount of coverage will be the same no matter who you chose as your insurer because flood insurance premiums are government regulated. However, you do have some control over the cost of your policy because you can choose your deductible amount.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>To find out how much flood insurance will cost for your residence specifically, complete the flood<span> </span><a href=\"https://www.investopedia.com/terms/r/risk-profile.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">risk profile</a><span> </span>on the FEMA website.<span> </span><span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\"><span>2</span></span>Then, contact one of the participating insurance agents listed.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-4\"><span>4</span></span> The website only gives an approximate range of possible coverage costs. An insurance agent can give you an accurate quote. You can still get a quote even if you are just looking at the property and don\'t have it under contract. In general, expect to pay at least a few hundred dollars for flood insurance.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>The maximum insurance amount allowed by law for an NFIP policy is $250,000 for the structure. Contents coverage is optional—it is not required by the lender—but it costs extra (and is limited to $100,000).</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Evaluating the Cost of Flood Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Ranging from $500 to $1,300 a year, flood insurance is expensive and like other more common forms of insurance can make homeownership less affordable or even unaffordable for some people. Calculate whether you will be able to afford flood insurance for as long as you are required to have it before you commit to a property. If your flood insurance policy costs $1,000 a year and you take 30 years to pay your mortgage, that\'s an additional $30,000 long-term cost to own that home.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Some flood insurance companies will try to make you buy insurance for a maximum of $250,000, even if the lender doesn\'t require this much coverage. If the principal amount of a loan is only $200,000 the extra coverage is not necessary. Look at the<span> </span><a href=\"https://www.investopedia.com/terms/r/replacementcost.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">replacement value</a><span> </span>for your house as determined by your homeowners\' insurance company. This is the full amount for which you need to purchase insurance. The insurance only needs to cover the value of the physical structure, not the land.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-58\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Refinancing and Flood Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-59\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>If you\'re thinking about<span> </span><a href=\"https://www.investopedia.com/terms/r/refinance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">refinancing</a><span> </span>and you are not required to have flood insurance under your existing mortgage, see if your flood designation has changed. You may now be in a high-risk flood zone even if you weren\'t before. It may not be worth it to refinance when you add the new cost of flood insurance.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-60\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-61\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Finally, the maximum allowed coverage of $250,000 may not be sufficient to rebuild some properties. If your homeowners\' insurance company says it will cost more than $250,000 to rebuild your property in the event of a total loss, be aware of the risk you are still subject to even with flood insurance coverage.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-62\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<h2 id=\"mntl-sc-block_1-0-63\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Avoiding Lender-Required Flood Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-64\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>There are several options for avoiding lender-required flood insurance (or at least lowering its cost), though they may not be feasible for everyone, especially those living in high-risk areas.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-65\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-66\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-67\" class=\"comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>&nbsp;</p>\n<p>Homebuyers whose properties are located in a flood zone and who seek a federally backed mortgage, such as an FHA loan, are usually required to carry adequate flood insurance coverage to receive financing.</p>\n</div>\n</div>\n</div>\n<h3 class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-68\" class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">Research</span></h3>\n<div id=\"mntl-sc-block_1-0-69\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-70\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Research before you buy: Find properties that aren\'t located in flood-prone zones. Or, have a survey done (for around $1,500) to see if your specific property is elevated enough to not be in the flood area even if your community generally is. You may be able to get an<span> </span><a href=\"https://www.investopedia.com/terms/e/exemption.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">exemption</a><span> </span>if you can prove that your property is not at high risk.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-71\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-72\" class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">Renovate</span></h3>\n<div id=\"mntl-sc-block_1-0-73\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-74\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>There are several ways to mitigate the risks of flood damage, and thus the cost of your flood insurance. Homes with basements and crawlspaces suffer more from flooding; it might be worth filling them in and turning them into a solid foundation. Moving utilities from a basement to a ground-level shed also helps. So can retrofitting your home to elevate it above your area\'s base flood elevation.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-75\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-76\" class=\"comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">Organize</span></h3>\n<div id=\"mntl-sc-block_1-0-77\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-78\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Organize your community and work with local government to do things to mitigate flood risk to the point where the area is no longer in a high-risk area—or at least, gets designated into a lower zone. Communities that do so often receive discounts from the NFIP.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-79\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-80\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-81\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p>Having to buy flood insurance shouldn\'t be an ugly surprise when you\'re purchasing or refinancing a house. Educating yourself now can help you understand when lenders require flood insurance, how to reduce its cost or, in some cases, even how to avoid it altogether.</p>\n<p>You can read the full article <a href=\"https://www.investopedia.com/articles/insurance/10/understanding-lender-required-flood-insurance.asp\">here</a>.</p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Understanding Lender-Required Flood Insurance','','inherit','closed','closed','','175-revision-v1','','','2020-01-27 17:20:20','2020-01-27 17:20:20','',175,'http://smartinsurance.tips/175-revision-v1/',0,'revision','',0),(319,1,'2020-04-24 23:48:37','2020-04-24 23:48:37','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Auto insurance isn\'t one-size-fits-all. The right amount for you depends on your state, your loans, and your finances.</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<p><img src=\"https://i.insider.com/5ea1e6056985250dc74ea714?width=1300&amp;format=jpeg&amp;auto=webp\" alt=\"car insurance adjuster\" /><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Car insurance isn\'t one-size-fits-all: There are a lot of things to consider when you\'re trying to figure out what you need in a policy. </span></p>\n<p><span style=\"color: #000000;\">Each state has different requirements, and factors like who owns your car and your overall financial health will also come into play. Every person has different insurance needs, but you\'ll need to understand what\'s available before you decide. </span></p>\n<p><span style=\"color: #000000;\">There are many different types of coverage you could see on your policy. What\'s required and available will vary by state. There are 7 major types of insurance coverage: </span></p>\n<ol>\n<li><span style=\"color: #000000;\"><strong>Liability coverage: </strong>Generally required, this coverage covers bodily injury and property damage. It\'s most commonly referred to as state minimum coverage. </span></li>\n<li><span style=\"color: #000000;\"><strong>Collision coverage: </strong>If you hit another car or an object, this coverage repairs or replaces the car. It\'s often required by financing and leasing companies.</span></li>\n<li><span style=\"color: #000000;\"><strong>Uninsured and underinsured motorist coverage: </strong>Required in some states, this coverage will help if you\'re hit by an uninsured driver, or cover damages if their coverage isn\'t sufficient. </span></li>\n<li><span style=\"color: #000000;\"><strong>Medical payments coverage: </strong>Not required in all states, this coverage helps pay for medical bills.</span></li>\n<li><span style=\"color: #000000;\"><strong>Comprehensive coverage: </strong>While not often required, this coverage will help repair or replace a car damaged by an outside force, like a storm, theft, or vandalism.</span></li>\n<li><span style=\"color: #000000;\"><strong>Personal Injury Protection (PIP): </strong>Required in no-fault states, this coverage helps with medical bills, and expenses incurred related to injury, like lost wages. </span></li>\n<li><span style=\"color: #000000;\"><strong>Gap coverage: </strong>Typically required for leased or financed cars, this coverage covers the difference between the car\'s original price and the value after depreciation. </span></li>\n</ol>\n<p><span style=\"color: #000000;\">Other types of coverage, like rental reimbursement, travel coverage, rental car insurance, and towing and labor cost coverage could also be optional, depending on your insurer. </span></p>\n<p><span style=\"color: #000000;\">If you\'re looking for car insurance coverage and are trying to determine how much you need, consider these three factors to make the right choice for you. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2>Car insurance requirements vary by state </h2>\n<p>&nbsp;</p>\n<p>Each state<span> </span><span style=\"color: #000000;\">sets its own rules on car insurance, including the minimum coverage you need to have. In most states, the minimum coverage is a liability policy, which only covers damage you do to another person, their car, or their property. </span></p>\n<p><span style=\"color: #000000;\">Some states have higher minimum coverage, however. In Michigan, a state minimum policy would include not only the basic liability coverage, but also</span><span> </span>no-fault coverage<span style=\"color: #000000;\">, including personal injury protection, property protection insurance, and residual liability insurance coverages. But, a few states don\'t require any insurance at all — in</span><span> </span>New Hampshire<span style=\"color: #000000;\">, for example, there\'s no minimum requirement for insurance. </span></p>\n<p><span style=\"color: #000000;\">Your requirements for meeting the state minimum varies widely across the US. Check with your state\'s motor vehicle department to find requirements. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\">If you have a car loan or lease your car, you\'ll need more than state minimum coverage</span></h2>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If you don\'t own your car outright, you\'ll need to maintain more coverage than the state minimum. Financing companies, including leasing companies, require more than the state minimum insurance. You\'ll typically need five types of coverage on your financed or leased car:  </span></p>\n<ul>\n<li><span style=\"color: #000000;\">The required liability coverage</span></li>\n<li><span style=\"color: #000000;\">Uninsured/underinsured motorist coverage</span></li>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n<li><span style=\"color: #000000;\">Gap coverage (not always required)</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Since liability coverage only covers another person\'s injuries and damage, financing companies require coverage to repair the car or reimburse it after an accident. You\'ll need to maintain this coverage to stay within the terms of your lease or finance contract. Your financing company can provide information on what coverage is needed. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\">Your finances should factor into your coverage decisions</span></h2>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If you\'re considering dropping some coverage to make insurance cheaper, it might be worth evaluating not just what you can afford every month, but also what you could afford if something went wrong. </span></p>\n<p><span style=\"color: #000000;\">Think about it in terms of optional comprehensive insurance, which covers damage when you\'re not driving. If a tree fell on your car tomorrow, would you be able to cover the cost of repairing or replacing it without insurance? If the answer is no, keeping comprehensive coverage and adding a few extra dollars to your monthly car insurance bill may not sound so bad anymore. </span></p>\n<p><span style=\"color: #000000;\">This philosophy should extend into all parts of your coverage. If you know that you won\'t be able to cover a $1,000 deductible if you get into an accident, pay more for coverage each month and keep a lower deductible. The less ability you have to cover yourself financially should something go wrong, the more insurance coverage you\'ll need. </span></p>\n<p><span style=\"font-size: 14px;\"> </span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://www.businessinsider.com/personal-finance/how-much-auto-insurance-do-i-need\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Auto insurance isn\'t one-size-fits-all. The right amount for you depends on your state, your loans, and your finances.','','publish','closed','closed','','how-much-auto-insurance-do-i-need','','','2020-10-26 22:44:58','2020-10-26 22:44:58','',0,'http://smartinsurance.tips/?page_id=319',0,'page','',0),(859,1,'2020-10-26 22:44:58','2020-10-26 22:44:58','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Auto insurance isn\'t one-size-fits-all. The right amount for you depends on your state, your loans, and your finances.</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<p><img src=\"https://i.insider.com/5ea1e6056985250dc74ea714?width=1300&amp;format=jpeg&amp;auto=webp\" alt=\"car insurance adjuster\" /><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Car insurance isn\'t one-size-fits-all: There are a lot of things to consider when you\'re trying to figure out what you need in a policy. </span></p>\n<p><span style=\"color: #000000;\">Each state has different requirements, and factors like who owns your car and your overall financial health will also come into play. Every person has different insurance needs, but you\'ll need to understand what\'s available before you decide. </span></p>\n<p><span style=\"color: #000000;\">There are many different types of coverage you could see on your policy. What\'s required and available will vary by state. There are 7 major types of insurance coverage: </span></p>\n<ol>\n<li><span style=\"color: #000000;\"><strong>Liability coverage: </strong>Generally required, this coverage covers bodily injury and property damage. It\'s most commonly referred to as state minimum coverage. </span></li>\n<li><span style=\"color: #000000;\"><strong>Collision coverage: </strong>If you hit another car or an object, this coverage repairs or replaces the car. It\'s often required by financing and leasing companies.</span></li>\n<li><span style=\"color: #000000;\"><strong>Uninsured and underinsured motorist coverage: </strong>Required in some states, this coverage will help if you\'re hit by an uninsured driver, or cover damages if their coverage isn\'t sufficient. </span></li>\n<li><span style=\"color: #000000;\"><strong>Medical payments coverage: </strong>Not required in all states, this coverage helps pay for medical bills.</span></li>\n<li><span style=\"color: #000000;\"><strong>Comprehensive coverage: </strong>While not often required, this coverage will help repair or replace a car damaged by an outside force, like a storm, theft, or vandalism.</span></li>\n<li><span style=\"color: #000000;\"><strong>Personal Injury Protection (PIP): </strong>Required in no-fault states, this coverage helps with medical bills, and expenses incurred related to injury, like lost wages. </span></li>\n<li><span style=\"color: #000000;\"><strong>Gap coverage: </strong>Typically required for leased or financed cars, this coverage covers the difference between the car\'s original price and the value after depreciation. </span></li>\n</ol>\n<p><span style=\"color: #000000;\">Other types of coverage, like rental reimbursement, travel coverage, rental car insurance, and towing and labor cost coverage could also be optional, depending on your insurer. </span></p>\n<p><span style=\"color: #000000;\">If you\'re looking for car insurance coverage and are trying to determine how much you need, consider these three factors to make the right choice for you. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2>Car insurance requirements vary by state </h2>\n<p>&nbsp;</p>\n<p>Each state<span> </span><span style=\"color: #000000;\">sets its own rules on car insurance, including the minimum coverage you need to have. In most states, the minimum coverage is a liability policy, which only covers damage you do to another person, their car, or their property. </span></p>\n<p><span style=\"color: #000000;\">Some states have higher minimum coverage, however. In Michigan, a state minimum policy would include not only the basic liability coverage, but also</span><span> </span>no-fault coverage<span style=\"color: #000000;\">, including personal injury protection, property protection insurance, and residual liability insurance coverages. But, a few states don\'t require any insurance at all — in</span><span> </span>New Hampshire<span style=\"color: #000000;\">, for example, there\'s no minimum requirement for insurance. </span></p>\n<p><span style=\"color: #000000;\">Your requirements for meeting the state minimum varies widely across the US. Check with your state\'s motor vehicle department to find requirements. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\">If you have a car loan or lease your car, you\'ll need more than state minimum coverage</span></h2>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If you don\'t own your car outright, you\'ll need to maintain more coverage than the state minimum. Financing companies, including leasing companies, require more than the state minimum insurance. You\'ll typically need five types of coverage on your financed or leased car:  </span></p>\n<ul>\n<li><span style=\"color: #000000;\">The required liability coverage</span></li>\n<li><span style=\"color: #000000;\">Uninsured/underinsured motorist coverage</span></li>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n<li><span style=\"color: #000000;\">Gap coverage (not always required)</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Since liability coverage only covers another person\'s injuries and damage, financing companies require coverage to repair the car or reimburse it after an accident. You\'ll need to maintain this coverage to stay within the terms of your lease or finance contract. Your financing company can provide information on what coverage is needed. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\">Your finances should factor into your coverage decisions</span></h2>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If you\'re considering dropping some coverage to make insurance cheaper, it might be worth evaluating not just what you can afford every month, but also what you could afford if something went wrong. </span></p>\n<p><span style=\"color: #000000;\">Think about it in terms of optional comprehensive insurance, which covers damage when you\'re not driving. If a tree fell on your car tomorrow, would you be able to cover the cost of repairing or replacing it without insurance? If the answer is no, keeping comprehensive coverage and adding a few extra dollars to your monthly car insurance bill may not sound so bad anymore. </span></p>\n<p><span style=\"color: #000000;\">This philosophy should extend into all parts of your coverage. If you know that you won\'t be able to cover a $1,000 deductible if you get into an accident, pay more for coverage each month and keep a lower deductible. The less ability you have to cover yourself financially should something go wrong, the more insurance coverage you\'ll need. </span></p>\n<p><span style=\"font-size: 14px;\"> </span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://www.businessinsider.com/personal-finance/how-much-auto-insurance-do-i-need\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Auto insurance isn\'t one-size-fits-all. The right amount for you depends on your state, your loans, and your finances.','','inherit','closed','closed','','319-revision-v1','','','2020-10-26 22:44:58','2020-10-26 22:44:58','',319,'http://smartinsurance.tips/319-revision-v1/',0,'revision','',0),(320,1,'2020-04-24 23:42:05','2020-04-24 23:42:05','<!-- wp:divi/placeholder /-->','','','inherit','closed','closed','','319-revision-v1','','','2020-04-24 23:42:05','2020-04-24 23:42:05','',319,'http://smartinsurance.tips/319-revision-v1/',0,'revision','',0),(210,1,'2020-02-25 17:57:28','2020-02-25 17:57:28','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 _ngcontent-c14=\"\" class=\"fs-headline speakable-headline font-base\" style=\"text-align: center;\"><strong>Umbrella Insurance Is The New Liability Coverage</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p class=\"speakable-paragraph\"><img src=\"https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fspecials-images.forbesimg.com%2Fdam%2Fimageserve%2F1081733148%2F960x0.jpg%3Ffit%3Dscale\" alt=\"PHOTO\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p class=\"speakable-paragraph\" style=\"text-align: justify;\"></p>\n<p class=\"speakable-paragraph\" style=\"text-align: justify;\">It seems as though the wealthier an individual is, the higher the risk of being sued. It’s just one of the downsides of being affluent, especially if that person is also a business owner. In opportunistic lawsuits, primary policies like standard car insurance, home insurance and a business owner’s policy do not fully protect a client who has a substantial amount of assets. Also, personal injury is often not covered by those primary policies.</p>\n<p style=\"text-align: justify;\">Relative to what a client is at risk of losing in a lawsuit, the cost of umbrella coverage is inexpensive. It’s especially cheap compared with primary policy prices and raised limits on those policies. Even if someone’s car insurance were set at the highest limits, say $250,000/500,000/$100,000, if that person were involved in a gravely serious car accident with several passengers involved, that limit simply would not cover the losses and medical bills. Trouble like this doesn’t happen often, but when it does, it hits hard.</p>\n<p style=\"text-align: justify;\">With a personal umbrella policy, the insured who caused the accident would be covered for most, if not all, losses. Surprising as it is to many, insurers keep prices low on umbrella policies. I believe this is because they know that the majority of umbrella policyholders will most likely not be sued, and when they are, most, if not all, of their losses are covered by the insured’s primary coverage. At a<span> </span><a href=\"https://www.nerdwallet.com/blog/insurance/umbrella-insurance-complete-guide/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.nerdwallet.com/blog/insurance/umbrella-insurance-complete-guide/\">fraction of the cost</a><span> </span>of most auto insurance policies, the insurer can guarantee coverage of $1 million to $10 million, depending on how much the insured has the potential of losing.</p>\n<p style=\"text-align: justify;\">It seems like a no-brainer to buy umbrella insurance if you have a home or business. But I find the reason insurance agents don’t push umbrella policies is that they are not required. Consumers tend to be hesitant to buy more insurance than they have to. Also, sometimes, the client is required to add higher limits on their primary insurance and is hesitant to do so. Even though pushing umbrella policies often helps in retaining consumers, it’s undersold, often because it’s so inexpensive that there is not a large commission on its sale.</p>\n<p style=\"text-align: justify;\"><strong>What Insurance Agents Should Know </strong></p>\n<p style=\"text-align: justify;\">One misunderstanding I’ve found common is that many insurance agents don’t realize that umbrella policies don’t just extend coverage; they can provide primary coverage for some losses that<span> </span><a href=\"https://www.insurancejournal.com/magazines/mag-closingquote/2018/06/18/492052.htm\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insurancejournal.com/magazines/mag-closingquote/2018/06/18/492052.htm\">primary policies simply won’t cover</a>. Homeowner’s insurance, for example, does not cover defamation, malicious prosecution or false arrest. Emotional distress is often not covered by primary policies either, but it is covered with an umbrella policy.</p>\n<p style=\"text-align: justify;\">Another conflict arises when insurance agents advise their clients about umbrella insurance. Should the carrier be the same insurer as their auto or home insurance policy, or should the client buy from another insurer?</p>\n<p style=\"text-align: justify;\">There are no hard-and-fast rules about choosing an insurer for an umbrella policy, but there are more advantages to buying the umbrella policy separately. For one thing, even though some insurers will sell a client an umbrella policy as an extension to auto or home insurance policies, they may only be allowed to do so after the insured buys the maximum limits of protection on the primary policy. As mentioned before, umbrella coverage is cheaper than most primary policies. It’s often more cost-effective to buy higher-limit personal umbrella coverage without raising limits on a primary policy, despite discounts.</p>\n<p style=\"text-align: justify;\">Also, the umbrella policy insurer may act as an advocate if a primary insurer is hesitant to cover a loss or necessary defense to fight a lawsuit. However, there’s no denying that it’s usually a more seamless experience using only one insurer to cover an event. What’s best depends on how important a role convenience plays for each client.</p>\n<p style=\"text-align: justify;\"><strong>The Business Imperative </strong></p>\n<p style=\"text-align: justify;\">It’s important to also mention that business owners are the clients who need umbrella insurance the most. They are often targets of litigation for product liability, personal injury claims, false advertising, commercial auto accidents and more. Some businesses have greater exposure than others by virtue of what they do.</p>\n<p style=\"text-align: justify;\">Further, private small enterprises often have a lot<span> </span><a href=\"https://www.insurancejournal.com/magazines/mag-features/2006/02/05/151437.htm\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insurancejournal.com/magazines/mag-features/2006/02/05/151437.htm\">more to lose</a>, according to the<span> </span><em>Insurance Journal</em>, because they have a smaller asset base. Workplace accidents happen, and if a simple slip-and-fall is severe enough, it could mean a business is on the hook for someone’s lifelong disability. If that person is the main breadwinner, the losses could be staggering. High-severity incidents like this could end a business altogether if the business owner does not have an umbrella policy with adequate limits.</p>\n<p style=\"text-align: justify;\">Generally speaking, I find that most companies and industries that have experienced losses<span> </span><a href=\"https://www.insurancejournal.com/magazines/mag-features/2006/02/05/151437.htm\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insurancejournal.com/magazines/mag-features/2006/02/05/151437.htm\">buy the most umbrella insurance</a><span> </span>because they’ve lived to tell about it, so to speak, and have learned how necessary this coverage truly is. It’s therefore important, if not vital, for emerging companies and startups to investigate the frequency and magnitude of litigation in their particular industry to determine what limits to set on their commercial umbrella policy. Underwriters will evaluate risk by asking what the worst-case scenario is based on similar information. They take a close look at a company and conduct a thorough analysis of a myriad of exposures.</p>\n<p style=\"text-align: justify;\">Umbrella coverage used to be considered an added layer of protection, but if you ask me, it has now become a staple for affluent individuals and business owners. Insurance agents can play a vital role by becoming as educated as possible about how umbrella policies work and taking the time to investigate how much risk a client needs to mitigate in order to take the guesswork out of buying adequate coverage to secure the client’s interests and needs.</p>\n<p style=\"text-align: justify;\">You can read the full article <a href=\"https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2020/01/30/umbrella-insurance-is-the-new-liability-coverage/?fbclid=IwAR1Cr-zaze-EeK3WUpK9_HPGeZy0pMbl8kKdHKH9uOQWzZLyOG6A3Y6OWK4#73ebd6e07d65\">here</a>.</p>\n<p style=\"text-align: justify;\"></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Umbrella Insurance Is The New Liability Coverage','','publish','closed','closed','','umbrella-insurance-is-the-new-liability-coverage','','','2020-02-25 18:19:37','2020-02-25 18:19:37','',0,'http://smartinsurance.tips/?page_id=210',0,'page','',0),(211,1,'2020-02-25 17:57:28','2020-02-25 17:57:28','<!-- wp:divi/placeholder /-->','Umbrella Insurance Is The New Liability Coverage','','inherit','closed','closed','','210-revision-v1','','','2020-02-25 17:57:28','2020-02-25 17:57:28','',210,'http://smartinsurance.tips/210-revision-v1/',0,'revision','',0),(203,1,'2020-02-25 17:45:52','2020-02-25 17:45:52','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline\" itemprop=\"headline\" style=\"text-align: center;\"><strong>Does Homeowners Insurance Cover Mold?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\" custom_margin=\"|379px||auto||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\">Homeowners insurance is designed to cover you against various types of damage, but you may be wondering whether that includes mold. It’s a good question to ask, particularly if you’re purchasing an older home and want to avoid any potentially costly surprises. The answer isn’t always clear-cut. “Generally,<span> </span><a href=\"https://www.investopedia.com/insurance/homeowners-insurance-guide/\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">standard homeowners insurance policies</a><span> </span>can cover mold to an extent,” says Sean Harper, CEO and co-founder of<span> </span><a href=\"https://www.kin.com/\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"externalLink\" data-ordinal=\"2\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Kin</a>, a Chicago-based<span> </span><a href=\"https://www.investopedia.com/terms/i/insurtech.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">insurtech</a><span> </span>startup. “It depends on what caused the mold.”<span style=\"font-size: 14px; text-align: left;\">Here’s a look at the most common situations in which mold may—or may not—be covered by</span><span style=\"font-size: 14px; text-align: left;\"> </span><a href=\"https://www.investopedia.com/terms/h/homeowners-insurance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px; text-align: left;\">homeowners insurance.</a></p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\" style=\"text-align: justify;\">KEY TAKEAWAYS</h3>\n<p>&nbsp;</p>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li style=\"text-align: justify;\">Mold coverage isn’t guaranteed by your homeowners insurance policy.</li>\n<li style=\"text-align: justify;\">Typically, mold damage is only covered if it’s related to a covered peril.</li>\n<li style=\"text-align: justify;\">Mold damage caused by flooding would need to be covered by a separate flood insurance policy.</li>\n<li style=\"text-align: justify;\">Proper preventative measures can help minimize the odds of having to deal with a mold issue. </li>\n</ul>\n<p>&nbsp;</p>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Covered Perils and Mold Insurance</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><a href=\"https://www.investopedia.com/financial-edge/1211/what-is-and-isnt-covered-by-homeowners-insurance.aspx\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">Homeowners insurance policies spell out a list of “covered perils,”</a><span> </span>meaning instances of damage to the home in which you’re eligible to file a claim. The main cause of mold formation is water seeping into the structure of your home, so you need to know which water-related covered perils are included in your policy.</p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\">For example, your policy may cover you if mold results from any of the following:</p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<ul>\n<li>Water leaks associated with a malfunctioning appliance</li>\n<li>Water damage caused by a burst hot water heater</li>\n<li>Water damage caused by firefighters extinguishing a fire in your home</li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard4-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard4-dynamic_2-0\" class=\"comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard4\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf3\" data-priority=\"6\" data-sizes=\"[[300, 250], [300, 253], [300, 600], [4, 1], [200, 200], [180, 150], [200, 200], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"7cc2e431595f4f0b930f3cdf4e266310\" data-auction-floor-value=\"25\" data-google-query-id=\"CI_liZ2d7ecCFVFevQodklAG_Q\" style=\"text-align: justify;\">\n<div id=\"google_ads_iframe_/479/investopedia/inv_insurance/billboard4_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\">In these instances mold would be “resulting damage” from a covered peril. It’s important to distinguish between resulting damage and initial damage. For example, if your water heater breaks and a leak causes mold to form in the walls, then your policy might pay for the walls to be repaired and the mold to be removed but not for the replacement of the hot water heater.</p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>It’s important to note that the amount your policy may pay for mold repair and removal might not cover all of the resulting damage. “This extent of mold coverage is typically limited—for example, a company may cap mold removal and remediation at $10,000 for a single occurrence,” says Pat Howard, homeowner’s insurance expert at<span> </span><a href=\"https://www.policygenius.com/homeowners-insurance/\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"externalLink\" data-ordinal=\"1\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Policygenius</a><strong>.</strong><span> </span>Higher coverage limits may be available, but if you’re unsure about what’s covered, Howard suggests talking to your agent to find out what options you have.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\">\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p style=\"text-align: justify;\">When taking out homeowners insurance, pay close attention to coverage limits.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Mold Caused by Floods or Acts of Nature</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<p style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>In some cases mold can grow as a result of water damage from outside forces. Whether your homeowners insurance covers mold in that instance depends on what caused the damage to begin with.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>“Mold that’s a result of storm surges, like floodwaters, is usually not covered by standard homeowner’s insurance,” Harper says. “That’s because standard home insurance policies don’t cover flood damage—you need<span> </span><a href=\"https://www.investopedia.com/terms/f/flood-insurance.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">flood insurance</a><span> </span>for that.”</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>If you have a flood insurance policy and your home is flooded due to heavy rains, a hurricane, or another act of nature, then your policy may extend to mold removal and repairs necessitated by flooding. Flood insurance costs on average around $700 per year in addition to your regular homeowner’s insurance premium, though it may cost more if you live in an area that’s at higher risk for flooding.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>That may be worth the investment, however, if you’re concerned about mold resulting from a flood. According to FEMA, just one inch of water in your home can cause $27,000 or more in damage. Flood insurance with mold coverage could help mitigate some of the cost.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\">Mold that results from other acts of nature, such as a hurricane or an ice storm, may be covered under your homeowner’s insurance policy. For instance, if a hurricane tears your roof off and water gets inside the home, causing mold to grow, you might be able to file a claim for that along with other damages to the home.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Mold Resulting From Negligence</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\">The third category of mold-related damage is associated with negligence on the part of the homeowner. What this means in simple terms is ignoring home maintenance or repairs to the extent that they allow mold to develop. “Mold typically isn’t covered by your homeowners insurance policy if it forms because of neglect or lack of upkeep,” Howard says. “If you knowingly could have prevented the mold by fixing leaky pipes or using a dehumidifier, your insurer won’t reimburse you for mold removal and remediation.”<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-3\"><span>2</span></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\">Say that you notice the seal around the base of your toilet is leaking water. Instead of replacing the seal or the toilet, you let the leak continue, which causes damage to the subflooring. From there, mold sets in and spreads to the baseboards and walls. In that instance your homeowners insurance policy claim may be denied because you were in a position to prevent the mold from happening.</p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How to Avoid Having a Mold Damage Claim Denied</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\">There are several things you can do to prevent mold and/or improve the odds of having your claim approved if you incur mold damage.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\">On the prevention side, you can:</p>\n</div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ul>\n<li style=\"text-align: left;\">Install dehumidifiers in areas that are prone to dampness</li>\n<li style=\"text-align: left;\">Regularly check plumbing pipes and fittings to look for leaks</li>\n<li style=\"text-align: left;\">Adequately ventilate bathrooms, laundry rooms, kitchens, and other areas of your home where mold may have an opportunity to grow</li>\n<li style=\"text-align: left;\">Keep gutters clean to prevent the formation of ice dams in winter, which can lead to leaks</li>\n<li style=\"text-align: left;\">Regularly inspect your roof—and around windows and doors—and caulk cracks that could allow water to leak in</li>\n<li style=\"text-align: left;\">Properly insulate interior and exterior pipes in winter to avoid breakages or leaks</li>\n<li style=\"text-align: left;\">Routinely check appliances and hot water heaters for signs of leaks</li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: left;\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: left;\">\n<p>If you have to file a claim for mold damage:</p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: left;\"></div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<ul>\n<li style=\"text-align: left;\">Properly document the damage with photos and/or video</li>\n<li style=\"text-align: left;\">Provide up-to-date maintenance records if you have them</li>\n<li style=\"text-align: left;\">Follow any and all instructions the insurance company gives you to process the claim</li>\n<li style=\"text-align: left;\">Contract approved mold removal companies to clean up the damage</li>\n</ul>\n<p> <span style=\"font-size: 14px; text-align: left;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">What to Do If Your Mold Claim Is Denied</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\">If your homeowner’s insurance company denies your mold claim, you may want to get a licensed contractor to offer a second opinion on what caused the damage. You could also attempt to appeal the denial with your insurance company if it has a specified appeals process. If not, your state<span> </span><a href=\"https://www.investopedia.com/terms/n/nainsurancec.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">insurance commissioner</a><span> </span>may be able to offer help on what you can do to get the claim approved or to file a complaint about denial.</p>\n<p style=\"text-align: justify;\">You can read the full article <a href=\"https://www.investopedia.com/does-homeowners-insurance-cover-mold-4782771\">here</a>.</p>\n<p style=\"text-align: justify;\"></p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Does Homeowners Insurance Cover Mold?','','inherit','closed','closed','','200-revision-v1','','','2020-02-25 17:45:52','2020-02-25 17:45:52','',200,'http://smartinsurance.tips/200-revision-v1/',0,'revision','',0),(1764,1,'2021-06-24 21:24:34','2021-06-24 21:24:34','<!-- wp:image {\"id\":1765,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/06/My-Post-2-1-1024x536.png\" alt=\"\" class=\"wp-image-1765\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph -->\n<p>If there were ever a time to sell a house of horrors, the time is now.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In this wild market, in which record low inventory and soaring demand is pushing home prices ever higher, you might expect that any old thing you put on the market would sell. Mimi Foster, a real estate agent with Falcon Property Company in Colorado Springs, Colorado, decided to put one home to the test.<br>She listed a five-bedroom home in the Broadmoor Bluffs Estates neighborhood for $590,000. That may sound like a steal, but buyer beware.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>While the house appears fine from the outside, and is situated among homes that typically sell for $750,000 to $800,000, what awaits on the other side of the front door is vandalism, destruction, animal remains, years of neglect, and… a pretty intense odor.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Honestly, you can feel the smell,\" Foster said.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>But Foster didn\'t hold back in her description of the house when she listed it on Tuesday. Describing the home as \"every landlord\'s nightmare,\" Foster wrote: \"If you dream of owning your own little slice of hell and turning it into a piece of heaven, then look no further!\"<br>\"Come feast your senses, DO NOT GO ON BACK DECK. DO NOT OPEN FREEZER IN BASEMENT,\" she writes in the Redfin listing, which has been viewed more than half a million times.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->','This disgusting \'house from hell\' is listed for $600,000 ... and getting multiple all-cash offers','','inherit','closed','closed','','1762-autosave-v1','','','2021-06-24 21:24:34','2021-06-24 21:24:34','',1762,'http://smartinsurance.tips/?p=1764',0,'revision','',0),(323,1,'2020-04-24 23:49:48','2020-04-24 23:49:48','<!-- wp:divi/placeholder -->\n[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Auto insurance isn\'t one-size-fits-all. The right amount for you depends on your state, your loans, and your finances.</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: left;\">\n<p><img src=\"https://i.insider.com/5ea1e6056985250dc74ea714?width=1300&amp;format=jpeg&amp;auto=webp\" alt=\"car insurance adjuster\" /><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Car insurance isn\'t one-size-fits-all: There are a lot of things to consider when you\'re trying to figure out what you need in a policy. </span></p>\n<p><span style=\"color: #000000;\">Each state has different requirements, and factors like who owns your car and your overall financial health will also come into play. Every person has different insurance needs, but you\'ll need to understand what\'s available before you decide. </span></p>\n<p><span style=\"color: #000000;\">There are many different types of coverage you could see on your policy. What\'s required and available will vary by state. There are 7 major types of insurance coverage: </span></p>\n<ol>\n<li><span style=\"color: #000000;\"><strong>Liability coverage: </strong>Generally required, this coverage covers bodily injury and property damage. It\'s most commonly referred to as state minimum coverage. </span></li>\n<li><span style=\"color: #000000;\"><strong>Collision coverage: </strong>If you hit another car or an object, this coverage repairs or replaces the car. It\'s often required by financing and leasing companies.</span></li>\n<li><span style=\"color: #000000;\"><strong>Uninsured and underinsured motorist coverage: </strong>Required in some states, this coverage will help if you\'re hit by an uninsured driver, or cover damages if their coverage isn\'t sufficient. </span></li>\n<li><span style=\"color: #000000;\"><strong>Medical payments coverage: </strong>Not required in all states, this coverage helps pay for medical bills.</span></li>\n<li><span style=\"color: #000000;\"><strong>Comprehensive coverage: </strong>While not often required, this coverage will help repair or replace a car damaged by an outside force, like a storm, theft, or vandalism.</span></li>\n<li><span style=\"color: #000000;\"><strong>Personal Injury Protection (PIP): </strong>Required in no-fault states, this coverage helps with medical bills, and expenses incurred related to injury, like lost wages. </span></li>\n<li><span style=\"color: #000000;\"><strong>Gap coverage: </strong>Typically required for leased or financed cars, this coverage covers the difference between the car\'s original price and the value after depreciation. </span></li>\n</ol>\n<p><span style=\"color: #000000;\">Other types of coverage, like rental reimbursement, travel coverage, rental car insurance, and towing and labor cost coverage could also be optional, depending on your insurer. </span></p>\n<p><span style=\"color: #000000;\">If you\'re looking for car insurance coverage and are trying to determine how much you need, consider these three factors to make the right choice for you. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2>Car insurance requirements vary by state </h2>\n<p>&nbsp;</p>\n<p><a href=\"https://www.iii.org/automobile-financial-responsibility-laws-by-state\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">Each state</a><span> </span><span style=\"color: #000000;\">sets its own rules on car insurance, including the minimum coverage you need to have. In most states, the minimum coverage is a liability policy, which only covers damage you do to another person, their car, or their property. </span></p>\n<p><span style=\"color: #000000;\">Some states have higher minimum coverage, however. In Michigan, a state minimum policy would include not only the basic liability coverage, but also</span><span> </span><a href=\"https://www.michigan.gov/documents/difs/Auto_Insurance_Guide_448003_7.pdf\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">no-fault coverage</a><span style=\"color: #000000;\">, including personal injury protection, property protection insurance, and residual liability insurance coverages. But, a few states don\'t require any insurance at all — in</span><span> </span><a href=\"https://www.nh.gov/insurance/consumers/documents/nh_auto_guide.pdf\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\">New Hampshire</a><span style=\"color: #000000;\">, for example, there\'s no minimum requirement for insurance. </span></p>\n<p><span style=\"color: #000000;\">Your requirements for meeting the state minimum varies widely across the US. Check with your state\'s motor vehicle department to find requirements. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\">If you have a car loan or lease your car, you\'ll need more than state minimum coverage</span></h2>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If you don\'t own your car outright, you\'ll need to maintain more coverage than the state minimum. Financing companies, including leasing companies, require more than the state minimum insurance. You\'ll typically need five types of coverage on your financed or leased car:  </span></p>\n<ul>\n<li><span style=\"color: #000000;\">The required liability coverage</span></li>\n<li><span style=\"color: #000000;\">Uninsured/underinsured motorist coverage</span></li>\n<li><span style=\"color: #000000;\">Collision insurance</span></li>\n<li><span style=\"color: #000000;\">Comprehensive insurance</span></li>\n<li><span style=\"color: #000000;\">Gap coverage (not always required)</span></li>\n</ul>\n<p><span style=\"color: #000000;\">Since liability coverage only covers another person\'s injuries and damage, financing companies require coverage to repair the car or reimburse it after an accident. You\'ll need to maintain this coverage to stay within the terms of your lease or finance contract. Your financing company can provide information on what coverage is needed. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<h2><span style=\"color: #000000;\">Your finances should factor into your coverage decisions</span></h2>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If you\'re considering </span><a href=\"https://www.businessinsider.com/personal-finance/should-i-cancel-car-insurance-coronavirus-2020-4\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"80\">dropping some coverage</a><span style=\"color: #000000;\"> to make insurance cheaper, it might be worth evaluating not just what you can afford every month, but also what you could afford if something went wrong. </span></p>\n<p><span style=\"color: #000000;\">Think about it in terms of optional comprehensive insurance, which covers damage when you\'re not driving. If a tree fell on your car tomorrow, would you be able to cover the cost of repairing or replacing it without insurance? If the answer is no, keeping comprehensive coverage and adding a few extra dollars to your monthly car insurance bill may not sound so bad anymore. </span></p>\n<p><span style=\"color: #000000;\">This philosophy should extend into all parts of your coverage. If you know that you won\'t be able to cover a $1,000 deductible if you get into an accident, pay more for coverage each month and keep a lower deductible. The less ability you have to cover yourself financially should something go wrong, the more insurance coverage you\'ll need. </span></p>\n<p><span style=\"font-size: 14px;\"> </span></p>\n</div>\n<div align=\"center\" style=\"text-align: left;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: left;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://www.businessinsider.com/personal-finance/how-much-auto-insurance-do-i-need\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]\n<!-- /wp:divi/placeholder -->','','','inherit','closed','closed','','319-revision-v1','','','2020-04-24 23:49:48','2020-04-24 23:49:48','',319,'http://smartinsurance.tips/319-revision-v1/',0,'revision','',0),(215,1,'2020-02-25 18:55:55','2020-02-25 18:55:55','<!-- wp:divi/placeholder -->\n[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 itemprop=\"headline\" class=\"headline\" style=\"text-align: center;\"><strong>Homeowners insurance buyers can benefit from knowing terminology</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column _builder_version=\"4.0.9\" type=\"4_4\"][et_pb_image src=\"http://smartinsurance.tips/wp-content/uploads/2020/02/My-Post-10.png\" _builder_version=\"4.0.9\" url=\"http://smartinsurance.tips/wp-content/uploads/2020/02/My-Post-9.png\" hover_enabled=\"0\"][/et_pb_image][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<p style=\"text-align: justify;\">You’ve saved your hard-earned dollars for years. and you shouldn’t part with it easily or uninformed. You’ve searched and toured open houses and imagined how your furniture, artwork and other belongings would look in this home versus the next.</p>\n<p style=\"text-align: justify;\">After all your searching, you’ve finally found the perfect house. The process of making the biggest investment of your life can be complex and intimidating, but your search is over. And now, you need to care for that investment.</p>\n<p style=\"text-align: justify;\">Caring for your new home goes beyond weekends spent at Home Depot and do-it-yourself painting and landscaping. The most important way to care for your first home is by investing in homeowners insurance, which will safeguard damage to the property and your financial well-being.</p>\n<p style=\"text-align: justify;\">While not required, homeowners insurance is standard practice (you would be hard-pressed to acquire any type of home loan without a policy), and no one wants to be caught without coverage in the event of fire, theft or really anything more significant than minor property damage. All homeowners insurance policies are comprehensive agreements with dozens of elements and subcategories of coverage that cater to your specific needs. But some companies go the extra mile to strip the complexity away from the process, making the nitty gritty approachable, cutting through the jargon and providing transparency.</p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">Yes, there’s plenty of fine print, and you should read it all, but there are some essential terms that you need to understand when evaluating your policy. Here are some terms you need to be aware of as a new homeowner:</p>\n<ul style=\"text-align: justify;\">\n<li>Deductible: This is where you come in. The deductible is the way policyholders and insurers share the cost of coverage; the amount a homeowner must pay before any insurance claims or reimbursements can be made. Usually, a higher deductible means the homeowner pays lower monthly premiums, but higher out-of-pocket responsibility in the case of a claim.</li>\n<li>Liability insurance: Your homeowners insurance policy will likely have a liability component that protects you and your family from legal claims that result from injuries that occur on your property. Liability also covers the medical costs and compensation for these damages, as well as the legal fees for your defense.</li>\n<li>Umbrella policy: An umbrella policy provides extra liability coverage, an added layer of protection to your standard policy, to protect against lawsuits stemming from damages to other people’s property or accidental injury. Umbrella policies go above and beyond the liability portion of most policies and can add to peace of mind. Pro tip: Smart devices such as home security systems, video doorbells and carbon monoxide detectors can save you an average of 5% on insurance premiums annually.</li>\n<li>Dwelling protection: This covers the nuts and bolts of the home , or dwelling, and all the components that are actually attached, from carpeting and fireplaces to attached garages, decks and porches. Under dwelling protection, the policy may help to pay to rebuild or repair structures damaged by any covered hazard, such as fire and severe storms. There is also additional, optional, enhanced dwelling protection that can be purchased to ensure that all rebuilding costs are covered.</li>\n<li>Other structures protection: This portion of coverage applies to all other structures on your property, such as fences, carports, sheds and other detached buildings. Other structures protection typically covers the cost of these structures up to 10 percent of the total protection of your dwelling coverage. For example, if your home is insured for $250,000, you’re covered up to $25,000 for other structures at no cost, but you can always purchase additional coverage at a relatively low cost, in most cases.</li>\n<li>Actual cash value: This is the actual value of lost or damaged property at the time of loss and/or damage. This value takes depreciation into account.</li>\n<li>Replacement cost: This is the cost of replacing damaged or lost property at the current market value, not taking into consideration depreciation, necessary to restore or replace your home or your belongings to their original state.</li>\n<li>Extended replacement cost: While replacement coverage covers the cost of repairing or rebuilding your home to its condition prior to the damage, without taking depreciation into account — that is, covering the amount for which your home is insured — extended replacement cost enhances your standard policy coverage, typically 25% to 50%, helping to account for increased market value of rebuilding. Pro tip: To ensure you’re covered beyond just your home’s real estate market value, find out what local construction costs per square foot are in your area and multiply that by the square footage of your home. This will give you a more complete picture of rebuilding costs. Also, take inventory of your belongings and record their value so you know exactly what may be lost to potential damage.</li>\n<li>Additional living expense: Should something happen to your home that makes it uninhabitable while repairs are in progress, this coverage will pay for your temporary housing, which may be a hotel for a short time or an apartment or rental home for longer repairs, clothing, pet boarding and even baby supplies. Depending on your needs and the needs of your family, a daily allowance will be established.</li>\n<li>Insurance adjuster: Not to be confused with an insurance agent (one who sells insurance), an adjuster is the person you call when the roof caves in, literally or figuratively. This is the person responsible for filing, assessing and ultimately paying out on your claim.</li>\n</ul>\n<p style=\"text-align: justify;\">There are dozens of insider insurance terms and phrases that can make this whole process seem convoluted and overwhelming. However, it’s worth spending the time to get to know some of the most important terms that make vital differences to the type of homeowners insurance you will need. Every nuanced word in a homeowners policy is intended to make each individual contract perfectly suited to your needs and wants as a homeowner.</p>\n<p style=\"text-align: justify;\">You can read the full article <a href=\"https://www.readingeagle.com/living/home/homeowners-insurance-buyers-can-benefit-from-knowing-terminology/article_d9e20d46-3d53-11ea-a7ca-4ba9b323460d.html?fbclid=IwAR0ogK8kaUolZ74iH4jWJ6Ea5tcPYMYZzTh0Q2wLClcSuiMc5gD0OrkhSkU\">here</a>.</p>\n<p style=\"text-align: justify;\"></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]\n<!-- /wp:divi/placeholder -->','Homeowners insurance buyers can benefit from knowing terminology','','publish','closed','closed','','homeowners-insurance-buyers-can-benefit-from-knowing-terminology','','','2020-02-25 18:59:17','2020-02-25 18:59:17','',0,'http://smartinsurance.tips/?page_id=215',0,'page','',0),(216,1,'2020-02-25 18:24:30','2020-02-25 18:24:30','<!-- wp:divi/placeholder /-->','','','inherit','closed','closed','','215-revision-v1','','','2020-02-25 18:24:30','2020-02-25 18:24:30','',215,'http://smartinsurance.tips/215-revision-v1/',0,'revision','',0),(221,1,'2020-02-25 18:56:28','2020-02-25 18:56:28','','My Post (9)','','inherit','open','closed','','my-post-9','','','2020-02-25 18:56:28','2020-02-25 18:56:28','',0,'http://smartinsurance.tips/wp-content/uploads/2020/02/My-Post-9.png',0,'attachment','image/png',0),(222,1,'2020-02-25 18:57:00','2020-02-25 18:57:00','','My Post (10)','','inherit','open','closed','','my-post-10','','','2020-02-25 18:57:00','2020-02-25 18:57:00','',0,'http://smartinsurance.tips/wp-content/uploads/2020/02/My-Post-10.png',0,'attachment','image/png',0),(223,1,'2020-02-25 18:57:10','2020-02-25 18:57:10','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 itemprop=\"headline\" class=\"headline\" style=\"text-align: center;\"><strong>Homeowners insurance buyers can benefit from knowing terminology</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column _builder_version=\"4.0.9\" type=\"4_4\"][et_pb_image src=\"http://smartinsurance.tips/wp-content/uploads/2020/02/My-Post-10.png\" _builder_version=\"4.0.9\" url=\"http://smartinsurance.tips/wp-content/uploads/2020/02/My-Post-9.png\" hover_enabled=\"0\"][/et_pb_image][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<p style=\"text-align: justify;\">You’ve saved your hard-earned dollars for years. and you shouldn’t part with it easily or uninformed. You’ve searched and toured open houses and imagined how your furniture, artwork and other belongings would look in this home versus the next.</p>\n<p style=\"text-align: justify;\">After all your searching, you’ve finally found the perfect house. The process of making the biggest investment of your life can be complex and intimidating, but your search is over. And now, you need to care for that investment.</p>\n<p style=\"text-align: justify;\">Caring for your new home goes beyond weekends spent at Home Depot and do-it-yourself painting and landscaping. The most important way to care for your first home is by investing in homeowners insurance, which will safeguard damage to the property and your financial well-being.</p>\n<p style=\"text-align: justify;\">While not required, homeowners insurance is standard practice (you would be hard-pressed to acquire any type of home loan without a policy), and no one wants to be caught without coverage in the event of fire, theft or really anything more significant than minor property damage. All homeowners insurance policies are comprehensive agreements with dozens of elements and subcategories of coverage that cater to your specific needs. But some companies go the extra mile to strip the complexity away from the process, making the nitty gritty approachable, cutting through the jargon and providing transparency.</p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">Yes, there’s plenty of fine print, and you should read it all, but there are some essential terms that you need to understand when evaluating your policy. Here are some terms you need to be aware of as a new homeowner:</p>\n<ul style=\"text-align: justify;\">\n<li>Deductible: This is where you come in. The deductible is the way policyholders and insurers share the cost of coverage; the amount a homeowner must pay before any insurance claims or reimbursements can be made. Usually, a higher deductible means the homeowner pays lower monthly premiums, but higher out-of-pocket responsibility in the case of a claim.</li>\n<li>Liability insurance: Your homeowners insurance policy will likely have a liability component that protects you and your family from legal claims that result from injuries that occur on your property. Liability also covers the medical costs and compensation for these damages, as well as the legal fees for your defense.</li>\n<li>Umbrella policy: An umbrella policy provides extra liability coverage, an added layer of protection to your standard policy, to protect against lawsuits stemming from damages to other people’s property or accidental injury. Umbrella policies go above and beyond the liability portion of most policies and can add to peace of mind. Pro tip: Smart devices such as home security systems, video doorbells and carbon monoxide detectors can save you an average of 5% on insurance premiums annually.</li>\n<li>Dwelling protection: This covers the nuts and bolts of the home , or dwelling, and all the components that are actually attached, from carpeting and fireplaces to attached garages, decks and porches. Under dwelling protection, the policy may help to pay to rebuild or repair structures damaged by any covered hazard, such as fire and severe storms. There is also additional, optional, enhanced dwelling protection that can be purchased to ensure that all rebuilding costs are covered.</li>\n<li>Other structures protection: This portion of coverage applies to all other structures on your property, such as fences, carports, sheds and other detached buildings. Other structures protection typically covers the cost of these structures up to 10 percent of the total protection of your dwelling coverage. For example, if your home is insured for $250,000, you’re covered up to $25,000 for other structures at no cost, but you can always purchase additional coverage at a relatively low cost, in most cases.</li>\n<li>Actual cash value: This is the actual value of lost or damaged property at the time of loss and/or damage. This value takes depreciation into account.</li>\n<li>Replacement cost: This is the cost of replacing damaged or lost property at the current market value, not taking into consideration depreciation, necessary to restore or replace your home or your belongings to their original state.</li>\n<li>Extended replacement cost: While replacement coverage covers the cost of repairing or rebuilding your home to its condition prior to the damage, without taking depreciation into account — that is, covering the amount for which your home is insured — extended replacement cost enhances your standard policy coverage, typically 25% to 50%, helping to account for increased market value of rebuilding. Pro tip: To ensure you’re covered beyond just your home’s real estate market value, find out what local construction costs per square foot are in your area and multiply that by the square footage of your home. This will give you a more complete picture of rebuilding costs. Also, take inventory of your belongings and record their value so you know exactly what may be lost to potential damage.</li>\n<li>Additional living expense: Should something happen to your home that makes it uninhabitable while repairs are in progress, this coverage will pay for your temporary housing, which may be a hotel for a short time or an apartment or rental home for longer repairs, clothing, pet boarding and even baby supplies. Depending on your needs and the needs of your family, a daily allowance will be established.</li>\n<li>Insurance adjuster: Not to be confused with an insurance agent (one who sells insurance), an adjuster is the person you call when the roof caves in, literally or figuratively. This is the person responsible for filing, assessing and ultimately paying out on your claim.</li>\n</ul>\n<p style=\"text-align: justify;\">There are dozens of insider insurance terms and phrases that can make this whole process seem convoluted and overwhelming. However, it’s worth spending the time to get to know some of the most important terms that make vital differences to the type of homeowners insurance you will need. Every nuanced word in a homeowners policy is intended to make each individual contract perfectly suited to your needs and wants as a homeowner.</p>\n<p style=\"text-align: justify;\">You can read the full article <a href=\"https://www.readingeagle.com/living/home/homeowners-insurance-buyers-can-benefit-from-knowing-terminology/article_d9e20d46-3d53-11ea-a7ca-4ba9b323460d.html?fbclid=IwAR0ogK8kaUolZ74iH4jWJ6Ea5tcPYMYZzTh0Q2wLClcSuiMc5gD0OrkhSkU\">here</a>.</p>\n<p style=\"text-align: justify;\"></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','','','inherit','closed','closed','','215-revision-v1','','','2020-02-25 18:57:10','2020-02-25 18:57:10','',215,'http://smartinsurance.tips/215-revision-v1/',0,'revision','',0),(213,1,'2020-02-25 18:01:06','2020-02-25 18:01:06','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 _ngcontent-c14=\"\" class=\"fs-headline speakable-headline font-base\" style=\"text-align: center;\"><strong>Umbrella Insurance Is The New Liability Coverage</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p class=\"speakable-paragraph\"><img src=\"https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fspecials-images.forbesimg.com%2Fdam%2Fimageserve%2F1081733148%2F960x0.jpg%3Ffit%3Dscale\" alt=\"PHOTO\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p class=\"speakable-paragraph\" style=\"text-align: justify;\"></p>\n<p class=\"speakable-paragraph\" style=\"text-align: justify;\">It seems as though the wealthier an individual is, the higher the risk of being sued. It’s just one of the downsides of being affluent, especially if that person is also a business owner. In opportunistic lawsuits, primary policies like standard car insurance, home insurance and a business owner’s policy do not fully protect a client who has a substantial amount of assets. Also, personal injury is often not covered by those primary policies.</p>\n<p style=\"text-align: justify;\">Relative to what a client is at risk of losing in a lawsuit, the cost of umbrella coverage is inexpensive. It’s especially cheap compared with primary policy prices and raised limits on those policies. Even if someone’s car insurance were set at the highest limits, say $250,000/500,000/$100,000, if that person were involved in a gravely serious car accident with several passengers involved, that limit simply would not cover the losses and medical bills. Trouble like this doesn’t happen often, but when it does, it hits hard.</p>\n<p style=\"text-align: justify;\">With a personal umbrella policy, the insured who caused the accident would be covered for most, if not all, losses. Surprising as it is to many, insurers keep prices low on umbrella policies. I believe this is because they know that the majority of umbrella policyholders will most likely not be sued, and when they are, most, if not all, of their losses are covered by the insured’s primary coverage. At a<span> </span><a href=\"https://www.nerdwallet.com/blog/insurance/umbrella-insurance-complete-guide/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.nerdwallet.com/blog/insurance/umbrella-insurance-complete-guide/\">fraction of the cost</a><span> </span>of most auto insurance policies, the insurer can guarantee coverage of $1 million to $10 million, depending on how much the insured has the potential of losing.</p>\n<p style=\"text-align: justify;\">It seems like a no-brainer to buy umbrella insurance if you have a home or business. But I find the reason insurance agents don’t push umbrella policies is that they are not required. Consumers tend to be hesitant to buy more insurance than they have to. Also, sometimes, the client is required to add higher limits on their primary insurance and is hesitant to do so. Even though pushing umbrella policies often helps in retaining consumers, it’s undersold, often because it’s so inexpensive that there is not a large commission on its sale.</p>\n<p style=\"text-align: justify;\"><strong>What Insurance Agents Should Know </strong></p>\n<p style=\"text-align: justify;\">One misunderstanding I’ve found common is that many insurance agents don’t realize that umbrella policies don’t just extend coverage; they can provide primary coverage for some losses that<span> </span><a href=\"https://www.insurancejournal.com/magazines/mag-closingquote/2018/06/18/492052.htm\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insurancejournal.com/magazines/mag-closingquote/2018/06/18/492052.htm\">primary policies simply won’t cover</a>. Homeowner’s insurance, for example, does not cover defamation, malicious prosecution or false arrest. Emotional distress is often not covered by primary policies either, but it is covered with an umbrella policy.</p>\n<p style=\"text-align: justify;\">Another conflict arises when insurance agents advise their clients about umbrella insurance. Should the carrier be the same insurer as their auto or home insurance policy, or should the client buy from another insurer?</p>\n<p style=\"text-align: justify;\">There are no hard-and-fast rules about choosing an insurer for an umbrella policy, but there are more advantages to buying the umbrella policy separately. For one thing, even though some insurers will sell a client an umbrella policy as an extension to auto or home insurance policies, they may only be allowed to do so after the insured buys the maximum limits of protection on the primary policy. As mentioned before, umbrella coverage is cheaper than most primary policies. It’s often more cost-effective to buy higher-limit personal umbrella coverage without raising limits on a primary policy, despite discounts.</p>\n<p style=\"text-align: justify;\">Also, the umbrella policy insurer may act as an advocate if a primary insurer is hesitant to cover a loss or necessary defense to fight a lawsuit. However, there’s no denying that it’s usually a more seamless experience using only one insurer to cover an event. What’s best depends on how important a role convenience plays for each client.</p>\n<p style=\"text-align: justify;\"><strong>The Business Imperative </strong></p>\n<p style=\"text-align: justify;\">It’s important to also mention that business owners are the clients who need umbrella insurance the most. They are often targets of litigation for product liability, personal injury claims, false advertising, commercial auto accidents and more. Some businesses have greater exposure than others by virtue of what they do.</p>\n<p style=\"text-align: justify;\">Further, private small enterprises often have a lot<span> </span><a href=\"https://www.insurancejournal.com/magazines/mag-features/2006/02/05/151437.htm\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insurancejournal.com/magazines/mag-features/2006/02/05/151437.htm\">more to lose</a>, according to the<span> </span><em>Insurance Journal</em>, because they have a smaller asset base. Workplace accidents happen, and if a simple slip-and-fall is severe enough, it could mean a business is on the hook for someone’s lifelong disability. If that person is the main breadwinner, the losses could be staggering. High-severity incidents like this could end a business altogether if the business owner does not have an umbrella policy with adequate limits.</p>\n<p style=\"text-align: justify;\">Generally speaking, I find that most companies and industries that have experienced losses<span> </span><a href=\"https://www.insurancejournal.com/magazines/mag-features/2006/02/05/151437.htm\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insurancejournal.com/magazines/mag-features/2006/02/05/151437.htm\">buy the most umbrella insurance</a><span> </span>because they’ve lived to tell about it, so to speak, and have learned how necessary this coverage truly is. It’s therefore important, if not vital, for emerging companies and startups to investigate the frequency and magnitude of litigation in their particular industry to determine what limits to set on their commercial umbrella policy. Underwriters will evaluate risk by asking what the worst-case scenario is based on similar information. They take a close look at a company and conduct a thorough analysis of a myriad of exposures.</p>\n<p style=\"text-align: justify;\">Umbrella coverage used to be considered an added layer of protection, but if you ask me, it has now become a staple for affluent individuals and business owners. Insurance agents can play a vital role by becoming as educated as possible about how umbrella policies work and taking the time to investigate how much risk a client needs to mitigate in order to take the guesswork out of buying adequate coverage to secure the client’s interests and needs.</p>\n<p style=\"text-align: justify;\">You can read the full article <a href=\"https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2020/01/30/umbrella-insurance-is-the-new-liability-coverage/?fbclid=IwAR1Cr-zaze-EeK3WUpK9_HPGeZy0pMbl8kKdHKH9uOQWzZLyOG6A3Y6OWK4#73ebd6e07d65\">here</a>.</p>\n<p style=\"text-align: justify;\"></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Umbrella Insurance Is The New Liability Coverage','','inherit','closed','closed','','210-revision-v1','','','2020-02-25 18:01:06','2020-02-25 18:01:06','',210,'http://smartinsurance.tips/210-revision-v1/',0,'revision','',0),(225,1,'2020-02-25 18:58:45','2020-02-25 18:58:45','<!-- wp:divi/placeholder -->\n[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 itemprop=\"headline\" class=\"headline\" style=\"text-align: center;\"><strong>Homeowners insurance buyers can benefit from knowing terminology</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column _builder_version=\"4.0.9\" type=\"4_4\"][et_pb_image src=\"http://smartinsurance.tips/wp-content/uploads/2020/02/My-Post-10.png\" _builder_version=\"4.0.9\" url=\"http://smartinsurance.tips/wp-content/uploads/2020/02/My-Post-9.png\" hover_enabled=\"0\"][/et_pb_image][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<p style=\"text-align: justify;\">You’ve saved your hard-earned dollars for years. and you shouldn’t part with it easily or uninformed. You’ve searched and toured open houses and imagined how your furniture, artwork and other belongings would look in this home versus the next.</p>\n<p style=\"text-align: justify;\">After all your searching, you’ve finally found the perfect house. The process of making the biggest investment of your life can be complex and intimidating, but your search is over. And now, you need to care for that investment.</p>\n<p style=\"text-align: justify;\">Caring for your new home goes beyond weekends spent at Home Depot and do-it-yourself painting and landscaping. The most important way to care for your first home is by investing in homeowners insurance, which will safeguard damage to the property and your financial well-being.</p>\n<p style=\"text-align: justify;\">While not required, homeowners insurance is standard practice (you would be hard-pressed to acquire any type of home loan without a policy), and no one wants to be caught without coverage in the event of fire, theft or really anything more significant than minor property damage. All homeowners insurance policies are comprehensive agreements with dozens of elements and subcategories of coverage that cater to your specific needs. But some companies go the extra mile to strip the complexity away from the process, making the nitty gritty approachable, cutting through the jargon and providing transparency.</p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">Yes, there’s plenty of fine print, and you should read it all, but there are some essential terms that you need to understand when evaluating your policy. Here are some terms you need to be aware of as a new homeowner:</p>\n<ul style=\"text-align: justify;\">\n<li>Deductible: This is where you come in. The deductible is the way policyholders and insurers share the cost of coverage; the amount a homeowner must pay before any insurance claims or reimbursements can be made. Usually, a higher deductible means the homeowner pays lower monthly premiums, but higher out-of-pocket responsibility in the case of a claim.</li>\n<li>Liability insurance: Your homeowners insurance policy will likely have a liability component that protects you and your family from legal claims that result from injuries that occur on your property. Liability also covers the medical costs and compensation for these damages, as well as the legal fees for your defense.</li>\n<li>Umbrella policy: An umbrella policy provides extra liability coverage, an added layer of protection to your standard policy, to protect against lawsuits stemming from damages to other people’s property or accidental injury. Umbrella policies go above and beyond the liability portion of most policies and can add to peace of mind. Pro tip: Smart devices such as home security systems, video doorbells and carbon monoxide detectors can save you an average of 5% on insurance premiums annually.</li>\n<li>Dwelling protection: This covers the nuts and bolts of the home , or dwelling, and all the components that are actually attached, from carpeting and fireplaces to attached garages, decks and porches. Under dwelling protection, the policy may help to pay to rebuild or repair structures damaged by any covered hazard, such as fire and severe storms. There is also additional, optional, enhanced dwelling protection that can be purchased to ensure that all rebuilding costs are covered.</li>\n<li>Other structures protection: This portion of coverage applies to all other structures on your property, such as fences, carports, sheds and other detached buildings. Other structures protection typically covers the cost of these structures up to 10 percent of the total protection of your dwelling coverage. For example, if your home is insured for $250,000, you’re covered up to $25,000 for other structures at no cost, but you can always purchase additional coverage at a relatively low cost, in most cases.</li>\n<li>Actual cash value: This is the actual value of lost or damaged property at the time of loss and/or damage. This value takes depreciation into account.</li>\n<li>Replacement cost: This is the cost of replacing damaged or lost property at the current market value, not taking into consideration depreciation, necessary to restore or replace your home or your belongings to their original state.</li>\n<li>Extended replacement cost: While replacement coverage covers the cost of repairing or rebuilding your home to its condition prior to the damage, without taking depreciation into account — that is, covering the amount for which your home is insured — extended replacement cost enhances your standard policy coverage, typically 25% to 50%, helping to account for increased market value of rebuilding. Pro tip: To ensure you’re covered beyond just your home’s real estate market value, find out what local construction costs per square foot are in your area and multiply that by the square footage of your home. This will give you a more complete picture of rebuilding costs. Also, take inventory of your belongings and record their value so you know exactly what may be lost to potential damage.</li>\n<li>Additional living expense: Should something happen to your home that makes it uninhabitable while repairs are in progress, this coverage will pay for your temporary housing, which may be a hotel for a short time or an apartment or rental home for longer repairs, clothing, pet boarding and even baby supplies. Depending on your needs and the needs of your family, a daily allowance will be established.</li>\n<li>Insurance adjuster: Not to be confused with an insurance agent (one who sells insurance), an adjuster is the person you call when the roof caves in, literally or figuratively. This is the person responsible for filing, assessing and ultimately paying out on your claim.</li>\n</ul>\n<p style=\"text-align: justify;\">There are dozens of insider insurance terms and phrases that can make this whole process seem convoluted and overwhelming. However, it’s worth spending the time to get to know some of the most important terms that make vital differences to the type of homeowners insurance you will need. Every nuanced word in a homeowners policy is intended to make each individual contract perfectly suited to your needs and wants as a homeowner.</p>\n<p style=\"text-align: justify;\">You can read the full article <a href=\"https://www.readingeagle.com/living/home/homeowners-insurance-buyers-can-benefit-from-knowing-terminology/article_d9e20d46-3d53-11ea-a7ca-4ba9b323460d.html?fbclid=IwAR0ogK8kaUolZ74iH4jWJ6Ea5tcPYMYZzTh0Q2wLClcSuiMc5gD0OrkhSkU\">here</a>.</p>\n<p style=\"text-align: justify;\"></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]\n<!-- /wp:divi/placeholder -->','Homeowners insurance buyers can benefit from knowing terminology','','inherit','closed','closed','','215-revision-v1','','','2020-02-25 18:58:45','2020-02-25 18:58:45','',215,'http://smartinsurance.tips/215-revision-v1/',0,'revision','',0),(219,1,'2020-02-25 18:55:55','2020-02-25 18:55:55','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 itemprop=\"headline\" class=\"headline\" style=\"text-align: center;\"><strong>Homeowners insurance buyers can benefit from knowing terminology</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column _builder_version=\"4.0.9\" type=\"4_4\"][et_pb_image src=\"http://smartinsurance.tips/wp-content/uploads/2020/02/My-Post-9.png\" _builder_version=\"4.0.9\" url=\"http://smartinsurance.tips/wp-content/uploads/2020/02/My-Post-9.png\" hover_enabled=\"0\"][/et_pb_image][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<p style=\"text-align: justify;\">You’ve saved your hard-earned dollars for years. and you shouldn’t part with it easily or uninformed. You’ve searched and toured open houses and imagined how your furniture, artwork and other belongings would look in this home versus the next.</p>\n<p style=\"text-align: justify;\">After all your searching, you’ve finally found the perfect house. The process of making the biggest investment of your life can be complex and intimidating, but your search is over. And now, you need to care for that investment.</p>\n<p style=\"text-align: justify;\">Caring for your new home goes beyond weekends spent at Home Depot and do-it-yourself painting and landscaping. The most important way to care for your first home is by investing in homeowners insurance, which will safeguard damage to the property and your financial well-being.</p>\n<p style=\"text-align: justify;\">While not required, homeowners insurance is standard practice (you would be hard-pressed to acquire any type of home loan without a policy), and no one wants to be caught without coverage in the event of fire, theft or really anything more significant than minor property damage. All homeowners insurance policies are comprehensive agreements with dozens of elements and subcategories of coverage that cater to your specific needs. But some companies go the extra mile to strip the complexity away from the process, making the nitty gritty approachable, cutting through the jargon and providing transparency.</p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">Yes, there’s plenty of fine print, and you should read it all, but there are some essential terms that you need to understand when evaluating your policy. Here are some terms you need to be aware of as a new homeowner:</p>\n<ul style=\"text-align: justify;\">\n<li>Deductible: This is where you come in. The deductible is the way policyholders and insurers share the cost of coverage; the amount a homeowner must pay before any insurance claims or reimbursements can be made. Usually, a higher deductible means the homeowner pays lower monthly premiums, but higher out-of-pocket responsibility in the case of a claim.</li>\n<li>Liability insurance: Your homeowners insurance policy will likely have a liability component that protects you and your family from legal claims that result from injuries that occur on your property. Liability also covers the medical costs and compensation for these damages, as well as the legal fees for your defense.</li>\n<li>Umbrella policy: An umbrella policy provides extra liability coverage, an added layer of protection to your standard policy, to protect against lawsuits stemming from damages to other people’s property or accidental injury. Umbrella policies go above and beyond the liability portion of most policies and can add to peace of mind. Pro tip: Smart devices such as home security systems, video doorbells and carbon monoxide detectors can save you an average of 5% on insurance premiums annually.</li>\n<li>Dwelling protection: This covers the nuts and bolts of the home , or dwelling, and all the components that are actually attached, from carpeting and fireplaces to attached garages, decks and porches. Under dwelling protection, the policy may help to pay to rebuild or repair structures damaged by any covered hazard, such as fire and severe storms. There is also additional, optional, enhanced dwelling protection that can be purchased to ensure that all rebuilding costs are covered.</li>\n<li>Other structures protection: This portion of coverage applies to all other structures on your property, such as fences, carports, sheds and other detached buildings. Other structures protection typically covers the cost of these structures up to 10 percent of the total protection of your dwelling coverage. For example, if your home is insured for $250,000, you’re covered up to $25,000 for other structures at no cost, but you can always purchase additional coverage at a relatively low cost, in most cases.</li>\n<li>Actual cash value: This is the actual value of lost or damaged property at the time of loss and/or damage. This value takes depreciation into account.</li>\n<li>Replacement cost: This is the cost of replacing damaged or lost property at the current market value, not taking into consideration depreciation, necessary to restore or replace your home or your belongings to their original state.</li>\n<li>Extended replacement cost: While replacement coverage covers the cost of repairing or rebuilding your home to its condition prior to the damage, without taking depreciation into account — that is, covering the amount for which your home is insured — extended replacement cost enhances your standard policy coverage, typically 25% to 50%, helping to account for increased market value of rebuilding. Pro tip: To ensure you’re covered beyond just your home’s real estate market value, find out what local construction costs per square foot are in your area and multiply that by the square footage of your home. This will give you a more complete picture of rebuilding costs. Also, take inventory of your belongings and record their value so you know exactly what may be lost to potential damage.</li>\n<li>Additional living expense: Should something happen to your home that makes it uninhabitable while repairs are in progress, this coverage will pay for your temporary housing, which may be a hotel for a short time or an apartment or rental home for longer repairs, clothing, pet boarding and even baby supplies. Depending on your needs and the needs of your family, a daily allowance will be established.</li>\n<li>Insurance adjuster: Not to be confused with an insurance agent (one who sells insurance), an adjuster is the person you call when the roof caves in, literally or figuratively. This is the person responsible for filing, assessing and ultimately paying out on your claim.</li>\n</ul>\n<p style=\"text-align: justify;\">There are dozens of insider insurance terms and phrases that can make this whole process seem convoluted and overwhelming. However, it’s worth spending the time to get to know some of the most important terms that make vital differences to the type of homeowners insurance you will need. Every nuanced word in a homeowners policy is intended to make each individual contract perfectly suited to your needs and wants as a homeowner.</p>\n<p style=\"text-align: justify;\">You can read the full article <a href=\"https://www.readingeagle.com/living/home/homeowners-insurance-buyers-can-benefit-from-knowing-terminology/article_d9e20d46-3d53-11ea-a7ca-4ba9b323460d.html?fbclid=IwAR0ogK8kaUolZ74iH4jWJ6Ea5tcPYMYZzTh0Q2wLClcSuiMc5gD0OrkhSkU\">here</a>.</p>\n<p style=\"text-align: justify;\"></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','','','inherit','closed','closed','','215-revision-v1','','','2020-02-25 18:55:55','2020-02-25 18:55:55','',215,'http://smartinsurance.tips/215-revision-v1/',0,'revision','',0),(226,1,'2020-02-25 19:01:52','2020-02-25 19:01:52','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><strong>Commercial Property Insurance: 5 Ways to Manage Risks Upfront</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\"></div>\n<div align=\"center\"></div>\n<div align=\"center\">\n<p style=\"text-align: justify;\">Finding the right space for your business requires the close consideration of several factors—including neighborhood, traffic, safety, and compliance concerns. When evaluating your options, keep in mind that certain qualities of a particular space may increase your risk and impact your insurance costs. While everything may not be within your control, here are five things you can do to help manage your risks upfront.</p>\n<p><strong></strong></p>\n<p style=\"text-align: justify;\"><strong>Secure your space<br /></strong>Use deadbolts, shatter-proof glass, an alarm system, and security cameras to make sure you’re as protected as possible.</p>\n<p style=\"text-align: justify;\"><strong>Guard against fire<br /></strong>In addition to up-to-date smoke detectors and sprinkler systems, you should also develop a fire-response plan that includes safety routes, extinguishers, and battery-powered backup lighting to illuminate exits.<strong> </strong></p>\n<p style=\"text-align: justify;\"><strong></strong></p>\n<p style=\"text-align: justify;\"><strong>Update your infrastructure<br /></strong>Double-check and update aging electrical systems, structural issues, insufficient drainage, and any other structural problems that could lead to a loss.</p>\n<p style=\"text-align: justify;\"><strong></strong></p>\n<p style=\"text-align: justify;\"><strong>Consider the setbacks<br /></strong>Significant risk factors—like fire, for example—can generate losses and costs far beyond structural repair. Taking extra security measures and making updates in advance can pay off in the long run by mitigating risks.</p>\n<p style=\"text-align: justify;\"><strong></strong></p>\n<p style=\"text-align: justify;\"><strong>Talk to your insurance provider<br /></strong>Taking steps to protect your space from potential hazards sends a signal to your insurance provider that you’re taking concerns seriously—which may translate into lower premiums.</p>\n<p style=\"text-align: left;\"></p>\n<p style=\"text-align: center;\"><em style=\"font-size: 14px;\">Reducing the risk of theft, damage, and accidents will save your business time, money, and trouble in the long run.</em></p>\n<p style=\"text-align: center;\"><em style=\"font-size: 14px;\"></em></p>\n<p style=\"text-align: left;\">Reducing the risk of theft, damage, and accidents can save your business time, money, and trouble in the long run.</p>\n<p style=\"text-align: left;\">Connect with an<span> </span><a href=\"https://business.libertymutualgroup.com/business-insurance/find-an-insurance-agent\">independent insurance agent</a><span> </span>today to learn more about your options.</p>\n<p style=\"text-align: left;\">To read the full article, click <a href=\"https://protectmybusiness.libertymutual.com/article/commercial-property-insurance-5-ways-manage-risks-upfront\">here</a>.</p>\n<p style=\"text-align: left;\"></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Commercial Property Insurance: 5 Ways to Manage Risks Upfront','','inherit','closed','closed','','195-revision-v1','','','2020-02-25 19:01:52','2020-02-25 19:01:52','',195,'http://smartinsurance.tips/195-revision-v1/',0,'revision','',0),(237,1,'2020-02-26 00:50:10','2020-02-26 00:50:10','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 _ngcontent-c14=\"\" class=\"fs-headline speakable-headline font-base\" style=\"text-align: center;\"><strong>Do I Need Insurance For My Rental Car? Here\'s The Surprising Answer</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" min_height=\"1938px\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p class=\"speakable-paragraph\" style=\"text-align: justify;\">On a recent visit to Anchorage, Alaska, a stray pebble struck Brian Novak\'s rental vehicle. It left a deep crack on his windshield. Unfortunately, he had declined the car rental insurance, which meant he was responsible for a $400 repair bill.</p>\n<p style=\"text-align: justify;\">His story repeats itself thousands of times every day and is about to become even more common. At the car rental counter, when asked if they want insurance for their rental car, many travelers say \"no.\" That\'s usually because the optional collision damage waiver can double the cost of the vehicle. So they have to make a bet that they\'ll drive safely and return the car in working order.</p>\n<p style=\"text-align: justify;\">Sometimes they don\'t.</p>\n<p style=\"text-align: justify;\"></p>\n<p><strong>Car rental insurance can be confusing</strong></p>\n<p style=\"text-align: justify;\">\"Many people find rental car insurance confusing,\" says Ernesto Suarez, CEO of<span> </span><a href=\"https://www.insuremyrentalcar.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.insuremyrentalcar.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insuremyrentalcar.com/\" aria-label=\"InsureMyRentalCar.com\">InsureMyRentalCar.com</a>. \"They end up spending a fortune at car rental desks or find themselves with a huge deductible bill at the end of their trip after a small chip to their windscreen.\"</p>\n<p style=\"text-align: justify;\">Novak, the owner of a hospitality marketing company from Skokie, Ill., got lucky. The credit card with which he\'d paid for his rental covered chipped windshields. </p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">\"It took a few months,\" he says, \"but my credit card covered all costs.\" </p>\n<p style=\"text-align: justify;\">Others aren\'t as fortunate. Almost every day, consumers who had no insurance or whose cards didn\'t cover the damage contact my<span> </span><a href=\"http://elliott.org/help\" target=\"_blank\" class=\"color-link\" title=\"http://elliott.org/help\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://elliott.org/help\" aria-label=\"consumer advocacy organization\">consumer advocacy organization</a>. They\'re on the hook for hundreds or thousands of dollars in damage. In rare cases, they may have to replace the entire vehicle, which can lead to financial ruin. </p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">Damage claims are about to become an even bigger problem. That\'s because car rental companies are<span> </span><a href=\"https://www.forbes.com/sites/christopherelliott/2020/01/21/car-rental-upgrade/\" target=\"_self\" class=\"color-link\" title=\"https://www.forbes.com/sites/christopherelliott/2020/01/21/car-rental-upgrade/\" data-ga-track=\"InternalLink:https://www.forbes.com/sites/christopherelliott/2020/01/21/car-rental-upgrade/\" aria-label=\"testing new technology\" rel=\"noopener noreferrer\">testing new technology</a><span> </span>that scans rentals before they leave the lot and after they return, logging even the smallest damage. In one test Avis conducted with the technology at London\'s Heathrow airport, it increased its number of damage claims by 22%.</p>\n<p style=\"text-align: justify;\">\"Monitoring vehicle damage is a really significant thing for car rental companies,\" says car rental analyst Neil Abrams.</p>\n<p>&nbsp;</p>\n<p><strong>What kind of insurance do you need for your rental car?</strong></p>\n<p style=\"text-align: justify;\">So when travelers ask me: Do I need insurance for my rental car, I say \"yes.\" But what kind? That\'s where it gets a little complicated. </p>\n<p style=\"text-align: justify;\">You have several options:<span style=\"font-size: 14px; text-align: left;\"> </span></p>\n<ul>\n<li style=\"text-align: justify;\"><strong>The car rental company\'s optional insurance.<span> </span></strong>This coverage, offered at the time of your rental, will cover most — but not all — damage to your vehicle. It\'s priced at a premium and can be extremely profitable to your car rental company. Rental agents are specially trained to sell it to you. </li>\n<li style=\"text-align: justify;\"><strong>A standalone car rental insurance policy.<span> </span></strong>Companies such as<span> </span><a href=\"https://www.insuremyrentalcar.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.insuremyrentalcar.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insuremyrentalcar.com/\" aria-label=\"InsureMyRentalcar.com\">InsureMyRentalcar.com<span> </span></a>offer a range of collision damage waiver policies online that are less expensive and sometimes cover more than those offered by car rental companies.</li>\n<li style=\"text-align: justify;\"><strong>Travel insurance.<span> </span></strong>Most traditional travel insurance policies provide some kind of car rental coverage. But there are limits on them, too. You have to check your policy before you rent, and remember to call your insurance company with any questions.</li>\n<li style=\"text-align: justify;\"><strong>Your car insurance.</strong><span> </span>Most car insurance covers your rental, with some significant restrictions. Your insurance may not be accepted outside your home country or cover damage to certain vehicle types.</li>\n<li style=\"text-align: justify;\"><strong>Your credit card.</strong><span> </span>Credit cards, especially those marketed to travelers, often have some type of car rental protection. \"Some credit cards include car rental protection if you use the credit card to rent the car,\" explains Justin Tysdal, the CEO<span> </span><a href=\"https://www.sevencorners.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.sevencorners.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.sevencorners.com/\" aria-label=\"Seven Corners\">Seven Corners</a>, a travel insurance company. \"Most travel insurance plans provide optional car rental coverage that protects the car if it is damaged due to collision, theft, vandalism, windstorm, fire, hail, flood or any cause not in your control and if the car is stolen while in your possession and not recovered.\" But again, there are limits. Many of the protections are secondary insurance, meaning that you have to first file a claim with your auto insurance before getting the card coverage. It can be a bureaucratic headache. </li>\n</ul>\n<p>&nbsp;</p>\n<p>\"You definitely need insurance when renting a car,\" says Miguel Suro, a personal finance expert who runs the site<span> </span><a href=\"http://richmiser.com/\" target=\"_blank\" class=\"color-link\" title=\"http://richmiser.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://richmiser.com\" aria-label=\"Rich Miser\">Rich Miser</a>. \"Where it gets complicated is when you start talking about what kind of insurance.\"</p>\n<p>&nbsp;</p>\n<p><strong>Do you need car rental insurance? Here\'s what the experts recommend</strong></p>\n<p style=\"text-align: justify;\">First, a fact: You won\'t find a single expert who recommends not getting insurance for your rental car. That\'s because those stories about car rental customers paying for a new vehicle are completely true. It\'s also true that these bills led to extreme financial hardships. Car rental companies don\'t mess around when it comes to vehicle damage.</p>\n<p style=\"text-align: justify;\">Another fact: Damage claims have been, and continue to be, a source of profits for some car rental companies. Reputable car rental companies only charge you for the actual repair. But others broadside you with inflated bills and \"loss of use\" charges. Then they send a damaged vehicle back into service, where another renter could be charged for the same damage.</p>\n<p style=\"text-align: justify;\"><strong>The case for the rental company\'s optional insurance.</strong><span> </span>It\'s convenient. If you\'ve forgotten about insurance, you can easily add it at the time of your car rental. But it\'s also expensive. \"Conventional wisdom is that the added insurance on a rental car is a rip-off in most cases,\" says Jake McKenzie of<span> </span><a href=\"https://www.autoaccessoriesgarage.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.autoaccessoriesgarage.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.autoaccessoriesgarage.com/\" aria-label=\"Auto Accessories Garage\">Auto Accessories Garage</a>.</p>\n<p style=\"text-align: justify;\"><strong>The case for a standalone car rental insurance policy.</strong><span> </span>A standalone policy may offer a range of collision damage waiver policies that are cheaper and more comprehensive than those offered by car rental companies. They\'re also easy to buy. \"Our website has been designed to cut through the insurance mumbo jumbo, making it easy for customers to find the cover they need and buy the right plan at the right price,\" says Suarez of InsureMyRentalcar.com. </p>\n<p style=\"text-align: justify;\"><strong>The case for credit card insurance.</strong><span> </span>A variety of credit cards include some level of rental car coverage, which might allow you to decline the insurance offered by the rental agency, says Sean Messier, an analyst for<span> </span><a href=\"http://creditcardinsider.com/\" target=\"_blank\" class=\"color-link\" title=\"http://creditcardinsider.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://creditcardinsider.com\" aria-label=\"Credit Card Insider\">Credit Card Insider</a>. \"Rental insurance provided through your credit card usually lasts around 15 to 30 days, and it covers most basic types of vehicles while excluding things like trucks and exotic cars,\" he says. However, as mentioned above, the car rental insurance is typically secondary, which will only cover what your personal insurance doesn\'t. But secondary insurance typically becomes primary if you\'re uninsured or if your current insurance doesn\'t work where you\'re traveling.</p>\n<p style=\"text-align: justify;\"><strong>The case for your personal car insurance.</strong><span> </span>Remember, most car insurance covers your rental, with some significant restrictions. For example, some policies may not cover a specialty vehicle or one rented outside the country. But Preston McKinney, a travel agent with<span> </span><a href=\"http://www.odysseyworld.com/\" target=\"_blank\" class=\"color-link\" title=\"http://www.odysseyworld.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://www.odysseyworld.com\" aria-label=\"Odyssey Travel\">Odyssey Travel</a>, a San Antonio travel agency, says it\'s worth checking with your insurance company. His State Farm insurance can offer an endorsement that offers full coverage. \"I suggest before renting a car, that my clients check with their auto insurance carrier to see if they offer such an option,\" he adds. </p>\n<p style=\"text-align: justify;\"><strong>The case for travel insurance.</strong><span> </span>When you buy a policy directly through a company like<span> </span><a href=\"http://www.aig.com/travel\" target=\"_blank\" class=\"color-link\" title=\"http://www.aig.com/travel\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://www.aig.com/travel\" aria-label=\"AIG Travel\">AIG Travel</a>,<span> </span><a href=\"https://www.allianztravelinsurance.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.allianztravelinsurance.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.allianztravelinsurance.com/\" aria-label=\"Allianz Travel Insurance\">Allianz Travel Insurance</a>,<span> </span><a href=\"https://www.roamright.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.roamright.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.roamright.com/\" aria-label=\"Arch RoamRight\">Arch RoamRight</a>,<span> </span><a href=\"https://www.generalitravelinsurance.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.generalitravelinsurance.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.generalitravelinsurance.com/\" aria-label=\"Generali Global Assistance\">Generali Global Assistance</a>,<span> </span><a href=\"https://www.travelexinsurance.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.travelexinsurance.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.travelexinsurance.com/\" aria-label=\"Travelex\">Travelex</a><span> </span>or through a travel insurance site like<span> </span><a href=\"https://www.sevencorners.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.sevencorners.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.sevencorners.com\" aria-label=\"Seven Corners\">Seven Corners</a><span> </span>or<span> </span><a href=\"https://www.squaremouth.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.squaremouth.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.squaremouth.com/\" aria-label=\"Squaremouth\">Squaremouth</a>, you\'re also getting the convenience of easy coverage with some other benefits, such as medical evacuation and trip interruption coverage. Pro tip: Buying the car rental company\'s optional insurance might be overkill, since your travel insurance can offer comprehensive coverage. \"Check your travel insurance to see if you\'re already covered,\" advises frequent traveler Nick Brennan, who runs a UK-based<span> </span><a href=\"https://www.myuksimcard.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.myuksimcard.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.myuksimcard.com/\" aria-label=\"cell phone accessories site\">cell phone accessories site</a>.</p>\n<p style=\"text-align: justify;\">Which option is right for you? It depends on your level of insurance, your risk tolerance and your circumstances. Buying insurance when you\'re already covered may be too much — but then again, not buying enough coverage could decimate your personal finances. </p>\n<p style=\"text-align: justify;\">Something to think about before you rent your next car.</p>\n<p style=\"text-align: justify;\">You can read the full article <a href=\"https://www.forbes.com/sites/christopherelliott/2020/01/23/insurance-for-my-rental-car/#59e59f2c14e5\">here</a>.</p>\n<p>&nbsp;</p>\n<div class=\"vestpocket\" vest-pocket=\"\" _nghost-c40=\"\" ng-version=\"5.2.0\"></div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Do I Need Insurance For My Rental Car? Here\'s The Surprising Answer','','inherit','closed','closed','','233-revision-v1','','','2020-02-26 00:50:10','2020-02-26 00:50:10','',233,'http://smartinsurance.tips/233-revision-v1/',0,'revision','',0),(233,1,'2020-02-26 00:44:25','2020-02-26 00:44:25','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 _ngcontent-c14=\"\" class=\"fs-headline speakable-headline font-base\" style=\"text-align: center;\"><strong>Do I Need Insurance For My Rental Car? Here\'s The Surprising Answer</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" min_height=\"1938px\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p class=\"speakable-paragraph\"><img src=\"https://specials-images.forbesimg.com/imageserve/898108308/960x0.jpg?fit=scale\" alt=\"Car rental insurance can be confusing. There are so many options. Here\'s how to sort through everything.\" width=\"734\" height=\"489\" style=\"float: left;\" />On a recent visit to Anchorage, Alaska, a stray pebble struck Brian Novak\'s rental vehicle. It left a deep crack on his windshield. Unfortunately, he had declined the car rental insurance, which meant he was responsible for a $400 repair bill.</p>\n<p style=\"text-align: right;\">His story repeats itself thousands of times every day and is about to become even more common. At the car rental counter, when asked if they want insurance for their rental car, many travelers say \"no.\" That\'s usually because the optional collision damage waiver can double the cost of the vehicle. So they have to make a bet that they\'ll drive safely and return the car in working order.</p>\n<p style=\"text-align: right;\">Sometimes they don\'t.</p>\n<p style=\"text-align: right;\"></p>\n<p style=\"text-align: right;\"><strong>Car rental insurance can be confusing</strong></p>\n<p style=\"text-align: right;\"><strong></strong></p>\n<p style=\"text-align: right;\">\"Many people find rental car insurance confusing,\" says Ernesto Suarez, CEO of<span> </span><a href=\"https://www.insuremyrentalcar.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.insuremyrentalcar.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insuremyrentalcar.com/\" aria-label=\"InsureMyRentalCar.com\">InsureMyRentalCar.com</a>. \"They end up spending a fortune at car rental desks or find themselves with a huge deductible bill at the end of their trip after a small chip to their windscreen.\"</p>\n<p style=\"text-align: justify;\">Novak, the owner of a hospitality marketing company from Skokie, Ill., got lucky. The credit card with which he\'d paid for his rental covered chipped windshields. </p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">\"It took a few months,\" he says, \"but my credit card covered all costs.\" </p>\n<p style=\"text-align: justify;\">Others aren\'t as fortunate. Almost every day, consumers who had no insurance or whose cards didn\'t cover the damage contact my<span> </span><a href=\"http://elliott.org/help\" target=\"_blank\" class=\"color-link\" title=\"http://elliott.org/help\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://elliott.org/help\" aria-label=\"consumer advocacy organization\">consumer advocacy organization</a>. They\'re on the hook for hundreds or thousands of dollars in damage. In rare cases, they may have to replace the entire vehicle, which can lead to financial ruin. </p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">Damage claims are about to become an even bigger problem. That\'s because car rental companies are<span> </span><a href=\"https://www.forbes.com/sites/christopherelliott/2020/01/21/car-rental-upgrade/\" target=\"_self\" class=\"color-link\" title=\"https://www.forbes.com/sites/christopherelliott/2020/01/21/car-rental-upgrade/\" data-ga-track=\"InternalLink:https://www.forbes.com/sites/christopherelliott/2020/01/21/car-rental-upgrade/\" aria-label=\"testing new technology\" rel=\"noopener noreferrer\">testing new technology</a><span> </span>that scans rentals before they leave the lot and after they return, logging even the smallest damage. In one test Avis conducted with the technology at London\'s Heathrow airport, it increased its number of damage claims by 22%.</p>\n<p style=\"text-align: justify;\">\"Monitoring vehicle damage is a really significant thing for car rental companies,\" says car rental analyst Neil Abrams.</p>\n<p>&nbsp;</p>\n<p><strong>What kind of insurance do you need for your rental car?</strong></p>\n<p><strong></strong></p>\n<p style=\"text-align: justify;\">So when travelers ask me: Do I need insurance for my rental car, I say \"yes.\" But what kind? That\'s where it gets a little complicated. </p>\n<p style=\"text-align: justify;\">You have several options:<span style=\"font-size: 14px; text-align: left;\"> </span></p>\n<ul>\n<li style=\"text-align: justify;\"><strong>The car rental company\'s optional insurance.<span> </span></strong>This coverage, offered at the time of your rental, will cover most — but not all — damage to your vehicle. It\'s priced at a premium and can be extremely profitable to your car rental company. Rental agents are specially trained to sell it to you. </li>\n<li style=\"text-align: justify;\"><strong>A standalone car rental insurance policy.<span> </span></strong>Companies such as<span> </span><a href=\"https://www.insuremyrentalcar.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.insuremyrentalcar.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insuremyrentalcar.com/\" aria-label=\"InsureMyRentalcar.com\">InsureMyRentalcar.com<span> </span></a>offer a range of collision damage waiver policies online that are less expensive and sometimes cover more than those offered by car rental companies.</li>\n<li style=\"text-align: justify;\"><strong>Travel insurance.<span> </span></strong>Most traditional travel insurance policies provide some kind of car rental coverage. But there are limits on them, too. You have to check your policy before you rent, and remember to call your insurance company with any questions.</li>\n<li style=\"text-align: justify;\"><strong>Your car insurance.</strong><span> </span>Most car insurance covers your rental, with some significant restrictions. Your insurance may not be accepted outside your home country or cover damage to certain vehicle types.</li>\n<li style=\"text-align: justify;\"><strong>Your credit card.</strong><span> </span>Credit cards, especially those marketed to travelers, often have some type of car rental protection. \"Some credit cards include car rental protection if you use the credit card to rent the car,\" explains Justin Tysdal, the CEO<span> </span><a href=\"https://www.sevencorners.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.sevencorners.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.sevencorners.com/\" aria-label=\"Seven Corners\">Seven Corners</a>, a travel insurance company. \"Most travel insurance plans provide optional car rental coverage that protects the car if it is damaged due to collision, theft, vandalism, windstorm, fire, hail, flood or any cause not in your control and if the car is stolen while in your possession and not recovered.\" But again, there are limits. Many of the protections are secondary insurance, meaning that you have to first file a claim with your auto insurance before getting the card coverage. It can be a bureaucratic headache. </li>\n</ul>\n<p>&nbsp;</p>\n<p>\"You definitely need insurance when renting a car,\" says Miguel Suro, a personal finance expert who runs the site<span> </span><a href=\"http://richmiser.com/\" target=\"_blank\" class=\"color-link\" title=\"http://richmiser.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://richmiser.com\" aria-label=\"Rich Miser\">Rich Miser</a>. \"Where it gets complicated is when you start talking about what kind of insurance.\"</p>\n<p>&nbsp;</p>\n<p><strong>Do you need car rental insurance? Here\'s what the experts recommend</strong></p>\n<p><strong></strong></p>\n<p style=\"text-align: justify;\">First, a fact: You won\'t find a single expert who recommends not getting insurance for your rental car. That\'s because those stories about car rental customers paying for a new vehicle are completely true. It\'s also true that these bills led to extreme financial hardships. Car rental companies don\'t mess around when it comes to vehicle damage.</p>\n<p style=\"text-align: justify;\">Another fact: Damage claims have been, and continue to be, a source of profits for some car rental companies. Reputable car rental companies only charge you for the actual repair. But others broadside you with inflated bills and \"loss of use\" charges. Then they send a damaged vehicle back into service, where another renter could be charged for the same damage.</p>\n<p style=\"text-align: justify;\"><strong>The case for the rental company\'s optional insurance.</strong><span> </span>It\'s convenient. If you\'ve forgotten about insurance, you can easily add it at the time of your car rental. But it\'s also expensive. \"Conventional wisdom is that the added insurance on a rental car is a rip-off in most cases,\" says Jake McKenzie of<span> </span><a href=\"https://www.autoaccessoriesgarage.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.autoaccessoriesgarage.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.autoaccessoriesgarage.com/\" aria-label=\"Auto Accessories Garage\">Auto Accessories Garage</a>.</p>\n<p style=\"text-align: justify;\"><strong>The case for a standalone car rental insurance policy.</strong><span> </span>A standalone policy may offer a range of collision damage waiver policies that are cheaper and more comprehensive than those offered by car rental companies. They\'re also easy to buy. \"Our website has been designed to cut through the insurance mumbo jumbo, making it easy for customers to find the cover they need and buy the right plan at the right price,\" says Suarez of InsureMyRentalcar.com. </p>\n<p style=\"text-align: justify;\"><strong>The case for credit card insurance.</strong><span> </span>A variety of credit cards include some level of rental car coverage, which might allow you to decline the insurance offered by the rental agency, says Sean Messier, an analyst for<span> </span><a href=\"http://creditcardinsider.com/\" target=\"_blank\" class=\"color-link\" title=\"http://creditcardinsider.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://creditcardinsider.com\" aria-label=\"Credit Card Insider\">Credit Card Insider</a>. \"Rental insurance provided through your credit card usually lasts around 15 to 30 days, and it covers most basic types of vehicles while excluding things like trucks and exotic cars,\" he says. However, as mentioned above, the car rental insurance is typically secondary, which will only cover what your personal insurance doesn\'t. But secondary insurance typically becomes primary if you\'re uninsured or if your current insurance doesn\'t work where you\'re traveling.</p>\n<p style=\"text-align: justify;\"><strong>The case for your personal car insurance.</strong><span> </span>Remember, most car insurance covers your rental, with some significant restrictions. For example, some policies may not cover a specialty vehicle or one rented outside the country. But Preston McKinney, a travel agent with<span> </span><a href=\"http://www.odysseyworld.com/\" target=\"_blank\" class=\"color-link\" title=\"http://www.odysseyworld.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://www.odysseyworld.com\" aria-label=\"Odyssey Travel\">Odyssey Travel</a>, a San Antonio travel agency, says it\'s worth checking with your insurance company. His State Farm insurance can offer an endorsement that offers full coverage. \"I suggest before renting a car, that my clients check with their auto insurance carrier to see if they offer such an option,\" he adds. </p>\n<p style=\"text-align: justify;\"><strong>The case for travel insurance.</strong><span> </span>When you buy a policy directly through a company like<span> </span><a href=\"http://www.aig.com/travel\" target=\"_blank\" class=\"color-link\" title=\"http://www.aig.com/travel\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://www.aig.com/travel\" aria-label=\"AIG Travel\">AIG Travel</a>,<span> </span><a href=\"https://www.allianztravelinsurance.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.allianztravelinsurance.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.allianztravelinsurance.com/\" aria-label=\"Allianz Travel Insurance\">Allianz Travel Insurance</a>,<span> </span><a href=\"https://www.roamright.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.roamright.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.roamright.com/\" aria-label=\"Arch RoamRight\">Arch RoamRight</a>,<span> </span><a href=\"https://www.generalitravelinsurance.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.generalitravelinsurance.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.generalitravelinsurance.com/\" aria-label=\"Generali Global Assistance\">Generali Global Assistance</a>,<span> </span><a href=\"https://www.travelexinsurance.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.travelexinsurance.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.travelexinsurance.com/\" aria-label=\"Travelex\">Travelex</a><span> </span>or through a travel insurance site like<span> </span><a href=\"https://www.sevencorners.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.sevencorners.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.sevencorners.com\" aria-label=\"Seven Corners\">Seven Corners</a><span> </span>or<span> </span><a href=\"https://www.squaremouth.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.squaremouth.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.squaremouth.com/\" aria-label=\"Squaremouth\">Squaremouth</a>, you\'re also getting the convenience of easy coverage with some other benefits, such as medical evacuation and trip interruption coverage. Pro tip: Buying the car rental company\'s optional insurance might be overkill, since your travel insurance can offer comprehensive coverage. \"Check your travel insurance to see if you\'re already covered,\" advises frequent traveler Nick Brennan, who runs a UK-based<span> </span><a href=\"https://www.myuksimcard.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.myuksimcard.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.myuksimcard.com/\" aria-label=\"cell phone accessories site\">cell phone accessories site</a>.</p>\n<p style=\"text-align: justify;\">Which option is right for you? It depends on your level of insurance, your risk tolerance and your circumstances. Buying insurance when you\'re already covered may be too much — but then again, not buying enough coverage could decimate your personal finances. </p>\n<p style=\"text-align: justify;\">Something to think about before you rent your next car.</p>\n<p style=\"text-align: justify;\">You can read the full article <a href=\"https://www.forbes.com/sites/christopherelliott/2020/01/23/insurance-for-my-rental-car/#59e59f2c14e5\">here</a>.</p>\n<p>&nbsp;</p>\n<div class=\"vestpocket\" vest-pocket=\"\" _nghost-c40=\"\" ng-version=\"5.2.0\"></div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Do I Need Insurance For My Rental Car? Here\'s The Surprising Answer','','publish','closed','closed','','do-i-need-insurance-for-my-rental-car-heres-the-surprising-answer','','','2020-09-10 21:54:00','2020-09-10 21:54:00','',0,'http://smartinsurance.tips/?page_id=233',0,'page','',0),(234,1,'2020-02-26 00:44:25','2020-02-26 00:44:25','<!-- wp:divi/placeholder /-->','Do I Need Insurance For My Rental Car? Here\'s The Surprising Answer','','inherit','closed','closed','','233-revision-v1','','','2020-02-26 00:44:25','2020-02-26 00:44:25','',233,'http://smartinsurance.tips/233-revision-v1/',0,'revision','',0),(230,1,'2020-02-25 21:23:36','2020-02-25 21:23:36','','Untitled_Clipping_022620_052318_AM','','inherit','open','closed','','untitled_clipping_022620_052318_am','','','2020-02-25 21:23:36','2020-02-25 21:23:36','',195,'http://smartinsurance.tips/wp-content/uploads/2020/02/Untitled_Clipping_022620_052318_AM.jpg',0,'attachment','image/jpeg',0),(231,1,'2020-02-25 21:24:09','2020-02-25 21:24:09','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><strong>Commercial Property Insurance: 5 Ways to Manage Risks Upfront</strong></h1>[/et_pb_text][et_pb_image src=\"http://smartinsurance.tips/wp-content/uploads/2020/02/Untitled_Clipping_022620_052318_AM.jpg\" _builder_version=\"4.0.9\" align=\"center\" hover_enabled=\"0\"][/et_pb_image][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\"></div>\n<div align=\"center\"></div>\n<div align=\"center\">\n<p style=\"text-align: justify;\">Finding the right space for your business requires the close consideration of several factors—including neighborhood, traffic, safety, and compliance concerns. When evaluating your options, keep in mind that certain qualities of a particular space may increase your risk and impact your insurance costs. While everything may not be within your control, here are five things you can do to help manage your risks upfront.</p>\n<p><strong></strong></p>\n<p style=\"text-align: justify;\"><strong>Secure your space<br /></strong>Use deadbolts, shatter-proof glass, an alarm system, and security cameras to make sure you’re as protected as possible.</p>\n<p style=\"text-align: justify;\"><strong>Guard against fire<br /></strong>In addition to up-to-date smoke detectors and sprinkler systems, you should also develop a fire-response plan that includes safety routes, extinguishers, and battery-powered backup lighting to illuminate exits.<strong> </strong></p>\n<p style=\"text-align: justify;\"><strong></strong></p>\n<p style=\"text-align: justify;\"><strong>Update your infrastructure<br /></strong>Double-check and update aging electrical systems, structural issues, insufficient drainage, and any other structural problems that could lead to a loss.</p>\n<p style=\"text-align: justify;\"><strong></strong></p>\n<p style=\"text-align: justify;\"><strong>Consider the setbacks<br /></strong>Significant risk factors—like fire, for example—can generate losses and costs far beyond structural repair. Taking extra security measures and making updates in advance can pay off in the long run by mitigating risks.</p>\n<p style=\"text-align: justify;\"><strong></strong></p>\n<p style=\"text-align: justify;\"><strong>Talk to your insurance provider<br /></strong>Taking steps to protect your space from potential hazards sends a signal to your insurance provider that you’re taking concerns seriously—which may translate into lower premiums.</p>\n<p style=\"text-align: left;\"></p>\n<p style=\"text-align: center;\"><em style=\"font-size: 14px;\">Reducing the risk of theft, damage, and accidents will save your business time, money, and trouble in the long run.</em></p>\n<p style=\"text-align: center;\"><em style=\"font-size: 14px;\"></em></p>\n<p style=\"text-align: left;\">Reducing the risk of theft, damage, and accidents can save your business time, money, and trouble in the long run.</p>\n<p style=\"text-align: left;\">Connect with an<span> </span><a href=\"https://business.libertymutualgroup.com/business-insurance/find-an-insurance-agent\">independent insurance agent</a><span> </span>today to learn more about your options.</p>\n<p style=\"text-align: left;\">To read the full article, click <a href=\"https://protectmybusiness.libertymutual.com/article/commercial-property-insurance-5-ways-manage-risks-upfront\">here</a>.</p>\n<p style=\"text-align: left;\"></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Commercial Property Insurance: 5 Ways to Manage Risks Upfront','','inherit','closed','closed','','195-revision-v1','','','2020-02-25 21:24:09','2020-02-25 21:24:09','',195,'http://smartinsurance.tips/195-revision-v1/',0,'revision','',0),(229,1,'2020-02-25 19:59:11','2020-02-25 19:59:11','','Untitled_Clipping_022620_035908_AM','','inherit','open','closed','','untitled_clipping_022620_035908_am','','','2020-02-25 19:59:11','2020-02-25 19:59:11','',200,'http://smartinsurance.tips/wp-content/uploads/2020/02/Untitled_Clipping_022620_035908_AM.jpg',0,'attachment','image/jpeg',0),(236,1,'2020-02-26 00:50:01','2020-02-26 00:50:01','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 _ngcontent-c14=\"\" class=\"fs-headline speakable-headline font-base\" style=\"text-align: center;\"><strong>Do I Need Insurance For My Rental Car? Here\'s The Surprising Answer</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" min_height=\"1938px\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p class=\"speakable-paragraph\" style=\"text-align: justify;\">On a recent visit to Anchorage, Alaska, a stray pebble struck Brian Novak\'s rental vehicle. It left a deep crack on his windshield. Unfortunately, he had declined the car rental insurance, which meant he was responsible for a $400 repair bill.</p>\n<p style=\"text-align: justify;\">His story repeats itself thousands of times every day and is about to become even more common. At the car rental counter, when asked if they want insurance for their rental car, many travelers say \"no.\" That\'s usually because the optional collision damage waiver can double the cost of the vehicle. So they have to make a bet that they\'ll drive safely and return the car in working order.</p>\n<p style=\"text-align: justify;\">Sometimes they don\'t.</p>\n<p>&nbsp;</p>\n<p><strong>Car rental insurance can be confusing</strong></p>\n<p style=\"text-align: justify;\">\"Many people find rental car insurance confusing,\" says Ernesto Suarez, CEO of<span> </span><a href=\"https://www.insuremyrentalcar.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.insuremyrentalcar.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insuremyrentalcar.com/\" aria-label=\"InsureMyRentalCar.com\">InsureMyRentalCar.com</a>. \"They end up spending a fortune at car rental desks or find themselves with a huge deductible bill at the end of their trip after a small chip to their windscreen.\"</p>\n<p style=\"text-align: justify;\">Novak, the owner of a hospitality marketing company from Skokie, Ill., got lucky. The credit card with which he\'d paid for his rental covered chipped windshields. </p>\n<p style=\"text-align: justify;\"> </p>\n<p style=\"text-align: justify;\">\"It took a few months,\" he says, \"but my credit card covered all costs.\" </p>\n<p style=\"text-align: justify;\">Others aren\'t as fortunate. Almost every day, consumers who had no insurance or whose cards didn\'t cover the damage contact my<span> </span><a href=\"http://elliott.org/help\" target=\"_blank\" class=\"color-link\" title=\"http://elliott.org/help\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://elliott.org/help\" aria-label=\"consumer advocacy organization\">consumer advocacy organization</a>. They\'re on the hook for hundreds or thousands of dollars in damage. In rare cases, they may have to replace the entire vehicle, which can lead to financial ruin. </p>\n<p style=\"text-align: justify;\"> </p>\n<p style=\"text-align: justify;\">Damage claims are about to become an even bigger problem. That\'s because car rental companies are<span> </span><a href=\"https://www.forbes.com/sites/christopherelliott/2020/01/21/car-rental-upgrade/\" target=\"_self\" class=\"color-link\" title=\"https://www.forbes.com/sites/christopherelliott/2020/01/21/car-rental-upgrade/\" data-ga-track=\"InternalLink:https://www.forbes.com/sites/christopherelliott/2020/01/21/car-rental-upgrade/\" aria-label=\"testing new technology\" rel=\"noopener noreferrer\">testing new technology</a><span> </span>that scans rentals before they leave the lot and after they return, logging even the smallest damage. In one test Avis conducted with the technology at London\'s Heathrow airport, it increased its number of damage claims by 22%.</p>\n<p style=\"text-align: justify;\">\"Monitoring vehicle damage is a really significant thing for car rental companies,\" says car rental analyst Neil Abrams.</p>\n<p>&nbsp;</p>\n<p><strong>What kind of insurance do you need for your rental car?</strong></p>\n<p style=\"text-align: justify;\">So when travelers ask me: Do I need insurance for my rental car, I say \"yes.\" But what kind? That\'s where it gets a little complicated. </p>\n<p style=\"text-align: justify;\">You have several options:<span style=\"font-size: 14px; text-align: left;\"> </span></p>\n<ul>\n<li style=\"text-align: justify;\"><strong>The car rental company\'s optional insurance.<span> </span></strong>This coverage, offered at the time of your rental, will cover most — but not all — damage to your vehicle. It\'s priced at a premium and can be extremely profitable to your car rental company. Rental agents are specially trained to sell it to you. </li>\n<li style=\"text-align: justify;\"><strong>A standalone car rental insurance policy.<span> </span></strong>Companies such as<span> </span><a href=\"https://www.insuremyrentalcar.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.insuremyrentalcar.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insuremyrentalcar.com/\" aria-label=\"InsureMyRentalcar.com\">InsureMyRentalcar.com<span> </span></a>offer a range of collision damage waiver policies online that are less expensive and sometimes cover more than those offered by car rental companies.</li>\n<li style=\"text-align: justify;\"><strong>Travel insurance.<span> </span></strong>Most traditional travel insurance policies provide some kind of car rental coverage. But there are limits on them, too. You have to check your policy before you rent, and remember to call your insurance company with any questions.</li>\n<li style=\"text-align: justify;\"><strong>Your car insurance.</strong><span> </span>Most car insurance covers your rental, with some significant restrictions. Your insurance may not be accepted outside your home country or cover damage to certain vehicle types.</li>\n<li style=\"text-align: justify;\"><strong>Your credit card.</strong><span> </span>Credit cards, especially those marketed to travelers, often have some type of car rental protection. \"Some credit cards include car rental protection if you use the credit card to rent the car,\" explains Justin Tysdal, the CEO<span> </span><a href=\"https://www.sevencorners.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.sevencorners.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.sevencorners.com/\" aria-label=\"Seven Corners\">Seven Corners</a>, a travel insurance company. \"Most travel insurance plans provide optional car rental coverage that protects the car if it is damaged due to collision, theft, vandalism, windstorm, fire, hail, flood or any cause not in your control and if the car is stolen while in your possession and not recovered.\" But again, there are limits. Many of the protections are secondary insurance, meaning that you have to first file a claim with your auto insurance before getting the card coverage. It can be a bureaucratic headache. </li>\n</ul>\n<p>&nbsp;</p>\n<p>\"You definitely need insurance when renting a car,\" says Miguel Suro, a personal finance expert who runs the site<span> </span><a href=\"http://richmiser.com/\" target=\"_blank\" class=\"color-link\" title=\"http://richmiser.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://richmiser.com\" aria-label=\"Rich Miser\">Rich Miser</a>. \"Where it gets complicated is when you start talking about what kind of insurance.\"</p>\n<p>&nbsp;</p>\n<p><strong>Do you need car rental insurance? Here\'s what the experts recommend</strong></p>\n<p style=\"text-align: justify;\">First, a fact: You won\'t find a single expert who recommends not getting insurance for your rental car. That\'s because those stories about car rental customers paying for a new vehicle are completely true. It\'s also true that these bills led to extreme financial hardships. Car rental companies don\'t mess around when it comes to vehicle damage.</p>\n<p style=\"text-align: justify;\">Another fact: Damage claims have been, and continue to be, a source of profits for some car rental companies. Reputable car rental companies only charge you for the actual repair. But others broadside you with inflated bills and \"loss of use\" charges. Then they send a damaged vehicle back into service, where another renter could be charged for the same damage.</p>\n<p style=\"text-align: justify;\"><strong>The case for the rental company\'s optional insurance.</strong><span> </span>It\'s convenient. If you\'ve forgotten about insurance, you can easily add it at the time of your car rental. But it\'s also expensive. \"Conventional wisdom is that the added insurance on a rental car is a rip-off in most cases,\" says Jake McKenzie of<span> </span><a href=\"https://www.autoaccessoriesgarage.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.autoaccessoriesgarage.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.autoaccessoriesgarage.com/\" aria-label=\"Auto Accessories Garage\">Auto Accessories Garage</a>.</p>\n<p style=\"text-align: justify;\"><strong>The case for a standalone car rental insurance policy.</strong><span> </span>A standalone policy may offer a range of collision damage waiver policies that are cheaper and more comprehensive than those offered by car rental companies. They\'re also easy to buy. \"Our website has been designed to cut through the insurance mumbo jumbo, making it easy for customers to find the cover they need and buy the right plan at the right price,\" says Suarez of InsureMyRentalcar.com. </p>\n<p style=\"text-align: justify;\"><strong>The case for credit card insurance.</strong><span> </span>A variety of credit cards include some level of rental car coverage, which might allow you to decline the insurance offered by the rental agency, says Sean Messier, an analyst for<span> </span><a href=\"http://creditcardinsider.com/\" target=\"_blank\" class=\"color-link\" title=\"http://creditcardinsider.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://creditcardinsider.com\" aria-label=\"Credit Card Insider\">Credit Card Insider</a>. \"Rental insurance provided through your credit card usually lasts around 15 to 30 days, and it covers most basic types of vehicles while excluding things like trucks and exotic cars,\" he says. However, as mentioned above, the car rental insurance is typically secondary, which will only cover what your personal insurance doesn\'t. But secondary insurance typically becomes primary if you\'re uninsured or if your current insurance doesn\'t work where you\'re traveling.</p>\n<p style=\"text-align: justify;\"><strong>The case for your personal car insurance.</strong><span> </span>Remember, most car insurance covers your rental, with some significant restrictions. For example, some policies may not cover a specialty vehicle or one rented outside the country. But Preston McKinney, a travel agent with<span> </span><a href=\"http://www.odysseyworld.com/\" target=\"_blank\" class=\"color-link\" title=\"http://www.odysseyworld.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://www.odysseyworld.com\" aria-label=\"Odyssey Travel\">Odyssey Travel</a>, a San Antonio travel agency, says it\'s worth checking with your insurance company. His State Farm insurance can offer an endorsement that offers full coverage. \"I suggest before renting a car, that my clients check with their auto insurance carrier to see if they offer such an option,\" he adds. </p>\n<p style=\"text-align: justify;\"><strong>The case for travel insurance.</strong><span> </span>When you buy a policy directly through a company like<span> </span><a href=\"http://www.aig.com/travel\" target=\"_blank\" class=\"color-link\" title=\"http://www.aig.com/travel\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://www.aig.com/travel\" aria-label=\"AIG Travel\">AIG Travel</a>,<span> </span><a href=\"https://www.allianztravelinsurance.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.allianztravelinsurance.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.allianztravelinsurance.com/\" aria-label=\"Allianz Travel Insurance\">Allianz Travel Insurance</a>,<span> </span><a href=\"https://www.roamright.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.roamright.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.roamright.com/\" aria-label=\"Arch RoamRight\">Arch RoamRight</a>,<span> </span><a href=\"https://www.generalitravelinsurance.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.generalitravelinsurance.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.generalitravelinsurance.com/\" aria-label=\"Generali Global Assistance\">Generali Global Assistance</a>,<span> </span><a href=\"https://www.travelexinsurance.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.travelexinsurance.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.travelexinsurance.com/\" aria-label=\"Travelex\">Travelex</a><span> </span>or through a travel insurance site like<span> </span><a href=\"https://www.sevencorners.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.sevencorners.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.sevencorners.com\" aria-label=\"Seven Corners\">Seven Corners</a><span> </span>or<span> </span><a href=\"https://www.squaremouth.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.squaremouth.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.squaremouth.com/\" aria-label=\"Squaremouth\">Squaremouth</a>, you\'re also getting the convenience of easy coverage with some other benefits, such as medical evacuation and trip interruption coverage. Pro tip: Buying the car rental company\'s optional insurance might be overkill, since your travel insurance can offer comprehensive coverage. \"Check your travel insurance to see if you\'re already covered,\" advises frequent traveler Nick Brennan, who runs a UK-based<span> </span><a href=\"https://www.myuksimcard.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.myuksimcard.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.myuksimcard.com/\" aria-label=\"cell phone accessories site\">cell phone accessories site</a>.</p>\n<p style=\"text-align: justify;\">Which option is right for you? It depends on your level of insurance, your risk tolerance and your circumstances. Buying insurance when you\'re already covered may be too much — but then again, not buying enough coverage could decimate your personal finances. </p>\n<p style=\"text-align: justify;\">Something to think about before you rent your next car.</p>\n<p style=\"text-align: justify;\">You can read the full article <a href=\"https://www.forbes.com/sites/christopherelliott/2020/01/23/insurance-for-my-rental-car/#59e59f2c14e5\">here</a>.</p>\n<p>&nbsp;</p>\n<div class=\"vestpocket\" vest-pocket=\"\" _nghost-c40=\"\" ng-version=\"5.2.0\"></div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Do I Need Insurance For My Rental Car? Here\'s The Surprising Answer','','inherit','closed','closed','','233-revision-v1','','','2020-02-26 00:50:01','2020-02-26 00:50:01','',233,'http://smartinsurance.tips/233-revision-v1/',0,'revision','',0),(238,1,'2020-02-26 00:54:31','2020-02-26 00:54:31','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 _ngcontent-c14=\"\" class=\"fs-headline speakable-headline font-base\" style=\"text-align: center;\"><strong>Do I Need Insurance For My Rental Car? Here\'s The Surprising Answer</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" min_height=\"1938px\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p class=\"speakable-paragraph\" style=\"text-align: justify;\">On a recent visit to Anchorage, Alaska, a stray pebble struck Brian Novak\'s rental vehicle. It left a deep crack on his windshield. Unfortunately, he had declined the car rental insurance, which meant he was responsible for a $400 repair bill.</p>\n<p style=\"text-align: justify;\">His story repeats itself thousands of times every day and is about to become even more common. At the car rental counter, when asked if they want insurance for their rental car, many travelers say \"no.\" That\'s usually because the optional collision damage waiver can double the cost of the vehicle. So they have to make a bet that they\'ll drive safely and return the car in working order.</p>\n<p style=\"text-align: justify;\">Sometimes they don\'t.</p>\n<p style=\"text-align: justify;\"></p>\n<p><strong>Car rental insurance can be confusing</strong></p>\n<p><strong></strong></p>\n<p style=\"text-align: justify;\">\"Many people find rental car insurance confusing,\" says Ernesto Suarez, CEO of<span> </span><a href=\"https://www.insuremyrentalcar.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.insuremyrentalcar.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insuremyrentalcar.com/\" aria-label=\"InsureMyRentalCar.com\">InsureMyRentalCar.com</a>. \"They end up spending a fortune at car rental desks or find themselves with a huge deductible bill at the end of their trip after a small chip to their windscreen.\"</p>\n<p style=\"text-align: justify;\">Novak, the owner of a hospitality marketing company from Skokie, Ill., got lucky. The credit card with which he\'d paid for his rental covered chipped windshields. </p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">\"It took a few months,\" he says, \"but my credit card covered all costs.\" </p>\n<p style=\"text-align: justify;\">Others aren\'t as fortunate. Almost every day, consumers who had no insurance or whose cards didn\'t cover the damage contact my<span> </span><a href=\"http://elliott.org/help\" target=\"_blank\" class=\"color-link\" title=\"http://elliott.org/help\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://elliott.org/help\" aria-label=\"consumer advocacy organization\">consumer advocacy organization</a>. They\'re on the hook for hundreds or thousands of dollars in damage. In rare cases, they may have to replace the entire vehicle, which can lead to financial ruin. </p>\n<p style=\"text-align: justify;\"></p>\n<p style=\"text-align: justify;\">Damage claims are about to become an even bigger problem. That\'s because car rental companies are<span> </span><a href=\"https://www.forbes.com/sites/christopherelliott/2020/01/21/car-rental-upgrade/\" target=\"_self\" class=\"color-link\" title=\"https://www.forbes.com/sites/christopherelliott/2020/01/21/car-rental-upgrade/\" data-ga-track=\"InternalLink:https://www.forbes.com/sites/christopherelliott/2020/01/21/car-rental-upgrade/\" aria-label=\"testing new technology\" rel=\"noopener noreferrer\">testing new technology</a><span> </span>that scans rentals before they leave the lot and after they return, logging even the smallest damage. In one test Avis conducted with the technology at London\'s Heathrow airport, it increased its number of damage claims by 22%.</p>\n<p style=\"text-align: justify;\">\"Monitoring vehicle damage is a really significant thing for car rental companies,\" says car rental analyst Neil Abrams.</p>\n<p>&nbsp;</p>\n<p><strong>What kind of insurance do you need for your rental car?</strong></p>\n<p><strong></strong></p>\n<p style=\"text-align: justify;\">So when travelers ask me: Do I need insurance for my rental car, I say \"yes.\" But what kind? That\'s where it gets a little complicated. </p>\n<p style=\"text-align: justify;\">You have several options:<span style=\"font-size: 14px; text-align: left;\"> </span></p>\n<ul>\n<li style=\"text-align: justify;\"><strong>The car rental company\'s optional insurance.<span> </span></strong>This coverage, offered at the time of your rental, will cover most — but not all — damage to your vehicle. It\'s priced at a premium and can be extremely profitable to your car rental company. Rental agents are specially trained to sell it to you. </li>\n<li style=\"text-align: justify;\"><strong>A standalone car rental insurance policy.<span> </span></strong>Companies such as<span> </span><a href=\"https://www.insuremyrentalcar.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.insuremyrentalcar.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.insuremyrentalcar.com/\" aria-label=\"InsureMyRentalcar.com\">InsureMyRentalcar.com<span> </span></a>offer a range of collision damage waiver policies online that are less expensive and sometimes cover more than those offered by car rental companies.</li>\n<li style=\"text-align: justify;\"><strong>Travel insurance.<span> </span></strong>Most traditional travel insurance policies provide some kind of car rental coverage. But there are limits on them, too. You have to check your policy before you rent, and remember to call your insurance company with any questions.</li>\n<li style=\"text-align: justify;\"><strong>Your car insurance.</strong><span> </span>Most car insurance covers your rental, with some significant restrictions. Your insurance may not be accepted outside your home country or cover damage to certain vehicle types.</li>\n<li style=\"text-align: justify;\"><strong>Your credit card.</strong><span> </span>Credit cards, especially those marketed to travelers, often have some type of car rental protection. \"Some credit cards include car rental protection if you use the credit card to rent the car,\" explains Justin Tysdal, the CEO<span> </span><a href=\"https://www.sevencorners.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.sevencorners.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.sevencorners.com/\" aria-label=\"Seven Corners\">Seven Corners</a>, a travel insurance company. \"Most travel insurance plans provide optional car rental coverage that protects the car if it is damaged due to collision, theft, vandalism, windstorm, fire, hail, flood or any cause not in your control and if the car is stolen while in your possession and not recovered.\" But again, there are limits. Many of the protections are secondary insurance, meaning that you have to first file a claim with your auto insurance before getting the card coverage. It can be a bureaucratic headache. </li>\n</ul>\n<p>&nbsp;</p>\n<p>\"You definitely need insurance when renting a car,\" says Miguel Suro, a personal finance expert who runs the site<span> </span><a href=\"http://richmiser.com/\" target=\"_blank\" class=\"color-link\" title=\"http://richmiser.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://richmiser.com\" aria-label=\"Rich Miser\">Rich Miser</a>. \"Where it gets complicated is when you start talking about what kind of insurance.\"</p>\n<p>&nbsp;</p>\n<p><strong>Do you need car rental insurance? Here\'s what the experts recommend</strong></p>\n<p><strong></strong></p>\n<p style=\"text-align: justify;\">First, a fact: You won\'t find a single expert who recommends not getting insurance for your rental car. That\'s because those stories about car rental customers paying for a new vehicle are completely true. It\'s also true that these bills led to extreme financial hardships. Car rental companies don\'t mess around when it comes to vehicle damage.</p>\n<p style=\"text-align: justify;\">Another fact: Damage claims have been, and continue to be, a source of profits for some car rental companies. Reputable car rental companies only charge you for the actual repair. But others broadside you with inflated bills and \"loss of use\" charges. Then they send a damaged vehicle back into service, where another renter could be charged for the same damage.</p>\n<p style=\"text-align: justify;\"><strong>The case for the rental company\'s optional insurance.</strong><span> </span>It\'s convenient. If you\'ve forgotten about insurance, you can easily add it at the time of your car rental. But it\'s also expensive. \"Conventional wisdom is that the added insurance on a rental car is a rip-off in most cases,\" says Jake McKenzie of<span> </span><a href=\"https://www.autoaccessoriesgarage.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.autoaccessoriesgarage.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.autoaccessoriesgarage.com/\" aria-label=\"Auto Accessories Garage\">Auto Accessories Garage</a>.</p>\n<p style=\"text-align: justify;\"><strong>The case for a standalone car rental insurance policy.</strong><span> </span>A standalone policy may offer a range of collision damage waiver policies that are cheaper and more comprehensive than those offered by car rental companies. They\'re also easy to buy. \"Our website has been designed to cut through the insurance mumbo jumbo, making it easy for customers to find the cover they need and buy the right plan at the right price,\" says Suarez of InsureMyRentalcar.com. </p>\n<p style=\"text-align: justify;\"><strong>The case for credit card insurance.</strong><span> </span>A variety of credit cards include some level of rental car coverage, which might allow you to decline the insurance offered by the rental agency, says Sean Messier, an analyst for<span> </span><a href=\"http://creditcardinsider.com/\" target=\"_blank\" class=\"color-link\" title=\"http://creditcardinsider.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://creditcardinsider.com\" aria-label=\"Credit Card Insider\">Credit Card Insider</a>. \"Rental insurance provided through your credit card usually lasts around 15 to 30 days, and it covers most basic types of vehicles while excluding things like trucks and exotic cars,\" he says. However, as mentioned above, the car rental insurance is typically secondary, which will only cover what your personal insurance doesn\'t. But secondary insurance typically becomes primary if you\'re uninsured or if your current insurance doesn\'t work where you\'re traveling.</p>\n<p style=\"text-align: justify;\"><strong>The case for your personal car insurance.</strong><span> </span>Remember, most car insurance covers your rental, with some significant restrictions. For example, some policies may not cover a specialty vehicle or one rented outside the country. But Preston McKinney, a travel agent with<span> </span><a href=\"http://www.odysseyworld.com/\" target=\"_blank\" class=\"color-link\" title=\"http://www.odysseyworld.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://www.odysseyworld.com\" aria-label=\"Odyssey Travel\">Odyssey Travel</a>, a San Antonio travel agency, says it\'s worth checking with your insurance company. His State Farm insurance can offer an endorsement that offers full coverage. \"I suggest before renting a car, that my clients check with their auto insurance carrier to see if they offer such an option,\" he adds. </p>\n<p style=\"text-align: justify;\"><strong>The case for travel insurance.</strong><span> </span>When you buy a policy directly through a company like<span> </span><a href=\"http://www.aig.com/travel\" target=\"_blank\" class=\"color-link\" title=\"http://www.aig.com/travel\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http://www.aig.com/travel\" aria-label=\"AIG Travel\">AIG Travel</a>,<span> </span><a href=\"https://www.allianztravelinsurance.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.allianztravelinsurance.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.allianztravelinsurance.com/\" aria-label=\"Allianz Travel Insurance\">Allianz Travel Insurance</a>,<span> </span><a href=\"https://www.roamright.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.roamright.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.roamright.com/\" aria-label=\"Arch RoamRight\">Arch RoamRight</a>,<span> </span><a href=\"https://www.generalitravelinsurance.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.generalitravelinsurance.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.generalitravelinsurance.com/\" aria-label=\"Generali Global Assistance\">Generali Global Assistance</a>,<span> </span><a href=\"https://www.travelexinsurance.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.travelexinsurance.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.travelexinsurance.com/\" aria-label=\"Travelex\">Travelex</a><span> </span>or through a travel insurance site like<span> </span><a href=\"https://www.sevencorners.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.sevencorners.com\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.sevencorners.com\" aria-label=\"Seven Corners\">Seven Corners</a><span> </span>or<span> </span><a href=\"https://www.squaremouth.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.squaremouth.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.squaremouth.com/\" aria-label=\"Squaremouth\">Squaremouth</a>, you\'re also getting the convenience of easy coverage with some other benefits, such as medical evacuation and trip interruption coverage. Pro tip: Buying the car rental company\'s optional insurance might be overkill, since your travel insurance can offer comprehensive coverage. \"Check your travel insurance to see if you\'re already covered,\" advises frequent traveler Nick Brennan, who runs a UK-based<span> </span><a href=\"https://www.myuksimcard.com/\" target=\"_blank\" class=\"color-link\" title=\"https://www.myuksimcard.com/\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https://www.myuksimcard.com/\" aria-label=\"cell phone accessories site\">cell phone accessories site</a>.</p>\n<p style=\"text-align: justify;\">Which option is right for you? It depends on your level of insurance, your risk tolerance and your circumstances. Buying insurance when you\'re already covered may be too much — but then again, not buying enough coverage could decimate your personal finances. </p>\n<p style=\"text-align: justify;\">Something to think about before you rent your next car.</p>\n<p style=\"text-align: justify;\">You can read the full article <a href=\"https://www.forbes.com/sites/christopherelliott/2020/01/23/insurance-for-my-rental-car/#59e59f2c14e5\">here</a>.</p>\n<p>&nbsp;</p>\n<div class=\"vestpocket\" vest-pocket=\"\" _nghost-c40=\"\" ng-version=\"5.2.0\"></div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Do I Need Insurance For My Rental Car? Here\'s The Surprising Answer','','inherit','closed','closed','','233-revision-v1','','','2020-02-26 00:54:31','2020-02-26 00:54:31','',233,'http://smartinsurance.tips/233-revision-v1/',0,'revision','',0),(246,1,'2020-03-23 23:46:57','2020-03-23 23:46:57','<!-- wp:divi/placeholder /-->','Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive','','inherit','closed','closed','','245-revision-v1','','','2020-03-23 23:46:57','2020-03-23 23:46:57','',245,'http://smartinsurance.tips/245-revision-v1/',0,'revision','',0),(251,1,'2020-03-23 23:56:28','2020-03-23 23:56:28','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Are Sinkholes are covered by Insurance?</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"color: rgba(255, 255, 255, 0);\"><img src=\"http://www.erieinsurance.com/-/media/images/blog/articlephotos/2019/sinkhole_large.ashx\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">Imagine this: You’re leaving your house, ready to tackle the working day, only to discover a large, inexplicable hole where your car is supposed to be. </span></p>\n<p><span style=\"color: #000000;\">That’s the thing about sinkholes. They’re just baffling. At first glance, sinkholes are nature’s slapstick: sudden, unpredictable, dramatic and absurd. But there’s a serious side, too – <a href=\"https://www.washingtonpost.com/news/morning-mix/wp/2015/08/19/florida-sinkhole-reopens-two-years-after-it-swallowed-a-sleeping-man-and-killed-him/?utm_term=.a4c035e8ee6e\" style=\"color: #000000;\">lives have been lost in sinkholes</a>, and the U.S. Geological Survey estimates that sinkholes cause about $300 million in damage per year. </span></p>\n<p><span style=\"color: #000000;\">So what causes them? And is there anything homeowners can do to protect themselves? Let’s find out.  </span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>CAUSES OF A SINKHOLE</strong></span></h2>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">What is a sinkhole, and how does it form? The cause is simple to understand: moving groundwater erodes rock below the soil. That creates a large cavity, which collapses. It seems like that should be an easy thing to detect… you know, with the giant cavern involved.  But the answer isn’t so simple. </span></p>\n<p><span style=\"color: #000000;\">The problem is that the methods that excel at detecting these cavities directly – ground-penetrating radar, for example – are difficult to deploy at scale. The methods that <em>can</em> cover large areas depend on surface signs that are a lot less reliable. </span></p>\n<p><span style=\"color: #000000;\">In 2014, <a href=\"https://www.nasa.gov/press/2014/march/nasa-radar-demonstrates-ability-to-foresee-sinkholes\" style=\"color: #000000;\">NASA’s Jet Propulsion Laboratory</a> discovered they can detect surface ground movement with their InSAR satellite program. But not every sinkhole exhibits this behavior before the ground caves in. Also, buildings tend to get in the way for this technique to be reliable. </span></p>\n<p><span style=\"color: #000000;\">There are risk factors that can make sinkholes a bit easier to predict. Mining operations sometime destabilize the ground in ways that promote sinkholes. Weather plays a role, as well – tropical and moist climates experience more sinkholes than dry ones. Sinkholes can also be triggered by heavy rainfalls or burst sewers and pipes.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>WHERE ARE SINKHOLES MOST COMMONLY FOUND?</strong></span></h2>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">Sinkholes are more common where the bedrock is soluble – usually limestone or dolomite rock. Florida sits on a giant slab of limestone, which is why it’s particularly sinkhole-prone. The U.S. Geological Survey reports that about 20 percent of U.S. land is susceptible to sinkholes, mostly in the following states:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Alabama</span></li>\n<li><span style=\"color: #000000;\">Florida</span></li>\n<li><span style=\"color: #000000;\">Kentucky</span></li>\n<li><span style=\"color: #000000;\">Missouri</span></li>\n<li><span style=\"color: #000000;\">Pennsylvania</span></li>\n<li><span style=\"color: #000000;\">Tennessee</span></li>\n<li><span style=\"color: #000000;\">Texas  </span></li>\n</ul>\n<h2></h2>\n<h2><span style=\"color: #000000;\"><strong>HOW COMMON ARE SINKHOLES?</strong></span></h2>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">The risk of a severe occurrence is low. Of all the sinkholes that open up in any given year, researchers estimate the risk of catastrophic damage at a one-in-100 chance – but it’s difficult to get a precise number. According to the <a href=\"https://www.usgs.gov/faqs/how-many-sinkholes-open-a-year?qt-news_science_products=0#qt-news_science_products\" style=\"color: #000000;\">U.S. Geological Survey</a>, some (but not all) states track reported sinkhole collapses, but there is no national database. </span></p>\n<p><span style=\"color: #000000;\">What’s more, many observed sinkholes are never reported to state geologic surveys… and a sinkhole that opens in a remote rural area may never be seen or reported at all. Curious about sinkholes in your specific area? Contact your county property appraiser. He or she might know additional details, such as the availability of a statewide geological database. </span></p>\n<p><span style=\"color: #000000;\">If you suspect there is a sinkhole on your property, steer clear of the affected area (and keep kids and pets away, too). Consider marking it with fencing or tape. Then, call an expert such as a geological testing firm to determine next steps. It’s a good idea to let your insurance agent know, too.  </span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>SINKHOLES AND INSURANCE</strong></span></h2>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">This can get complicated, since available coverage varies by state. The <a href=\"https://www.iii.org/article/sinkholes-and-insurance\" style=\"color: #000000;\">Insurance Information Institute</a> offers some helpful background about how sinkhole coverage works in different areas. For questions about what your specific policy can (and can’t) cover, contact your Insurance agent.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>DOES CAR INSURANCE COVER SINKHOLES? </strong></span></h2>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">Sinkhole damage can be covered if you’ve chosen to add optional <a href=\"https://www.erieinsurance.com/insurance-dictionary/comprehensive-insurance\" style=\"color: #000000;\">comprehensive coverage</a> to your auto insurance policy. (That’s the same coverage that can protect you from non-collision related damage, like a falling tree branch or <a href=\"https://www.erieinsurance.com/blog/hitting-a-deer\" style=\"color: #000000;\">hitting a deer</a>.) Learn more about <a href=\"https://www.erieinsurance.com/blog/common-auto-insurance-coverages\" style=\"color: #000000;\">understanding your auto policy</a>.  </span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2><span style=\"color: #000000;\"><strong>DOES HOMEOWNERS INSURANCE COVER SINKHOLES?</strong></span></h2>\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">Generally speaking, most typical homeowners insurance policies don’t cover damage from earth movement. That includes earthquakes, mudslides and sinkholes. Flood damage is also not covered by a typical homeowners policy. Flood insurance is usually purchased separately through the National Flood Insurance Program.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Are Sinkholes are covered by Insurance?','','publish','closed','closed','','are-sinkholes-are-covered-by-insurance','','','2020-03-25 19:02:06','2020-03-25 19:02:06','',0,'http://smartinsurance.tips/?page_id=251',0,'page','',0),(252,1,'2020-03-23 23:56:28','2020-03-23 23:56:28','<!-- wp:divi/placeholder /-->','What We Know About Sinkholes, and What We Don’t','','inherit','closed','closed','','251-revision-v1','','','2020-03-23 23:56:28','2020-03-23 23:56:28','',251,'http://smartinsurance.tips/251-revision-v1/',0,'revision','',0),(288,1,'2020-03-24 20:33:28','2020-03-24 20:33:28','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline heading-content\" style=\"text-align: center;\"><strong>Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div class=\"main-header article-main-header\" data-path=\"work-life/money/renters-insurance\" data-social-href-pinterest=\"https://www.pinterest.com/pin/create/link/?url=https%3A%2F%2Fwww.realsimple.com%2Fwork-life%2Fmoney%2Frenters-insurance%3Futm_source%3Dpinterest.com%26utm_medium%3Dsocial%26utm_campaign%3Drealsimple%26utm_content%3D20200323%26utm_term%3D659657&amp;media=https%3A%2F%2Fimagesvc.meredithcorp.io%2Fv3%2Fmm%2Fimage%3Furl%3Dhttps%253A%252F%252Fcdn-image.realsimple.com%252Fsites%252Fdefault%252Ffiles%252Fstyles%252Flarge%252Fpublic%252Frenters-insurance.jpg%253Fitok%253DfEJa-A_Y&amp;description=Yes%2C%20You%20Need%20Renters%20Insurance%20Even%20if%20Your%20Place%20Is%20Small%20and%20Inexpensive\" data-social-href-facebook=\"https://www.facebook.com/sharer/sharer.php?u=https://www.realsimple.com/work-life/money/renters-insurance%3Futm_source=facebook.com%26utm_medium=social%26utm_campaign=social-share-article%26utm_content=20200323%26utm_term=659657\">\n<div class=\"author scale-12 padded margin-24-tb clearfix\">\n<div class=\"author-text\" data-tracking-zone=\"author\"></div>\n</div>\n</div>\n<div class=\"two-col-content-wrapper\">\n<div class=\"article-content-container two-col-content-container\" data-tracking-zone=\"content\">\n<div class=\"partial lead-image align-right\">\n<div class=\"image-and-burst\">\n<div class=\"component lazy-image lead-media no-upscale rendered image-loaded\" data-high-density=\"true\" data-src=\"https://cdn-image.realsimple.com/sites/default/files/styles/medium_2x/public/renters-insurance.jpg?itok=R4HO9F_g&amp;1557512466\" data-alt=\"renters-insurance\" data-title=\"renters-insurance\" data-shop-image=\"false\" data-tracking-zone=\"image\">\n<div class=\"image-background-container\">\n<div class=\"inner-container js-inner-container  image-overlay\"><img src=\"https://imagesvc.meredithcorp.io/v3/mm/image?url=https%3A%2F%2Fcdn-image.realsimple.com%2Fsites%2Fdefault%2Ffiles%2Fstyles%2Fmedium_2x%2Fpublic%2Frenters-insurance.jpg%3Fitok%3DR4HO9F_g%261557512466&amp;w=650&amp;c=sc&amp;poi=face&amp;q=85\" alt=\"renters-insurance\" title=\"renters-insurance\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n</div>\n</div>\n</div>\n</div>\n<p>&nbsp;</p>\n<p>It doesn’t really matter how small your apartment is or how fancy your kitchen chairs are—everyone should invest in renters insurance, because the ROI is pretty priceless: protection and peace of mind. It’s okay if you don’t know where to start (few people do). We’re breaking down the who, what, why, and how of rental insurance, from coverage options to costs and everything in between.</p>\n<p>&nbsp;</p>\n<h2 dir=\"ltr\"><strong>What Is Renters Insurance?</strong> </h2>\n<p>Simply put, renters insurance (sometimes called tenant insurance) is an insurance policy you pay for to help cover you and your belongings in the event of an incident, including anything from fire to theft. Usually your landlord’s insurance will cover repairs to the property itself—say, if there’s a leaking ceiling—but will not protect your own belongings (the TV and rug that were damaged because of the leak) or the cost of having to live elsewhere if you need to move out during repairs. (Legally, landlords are only responsible to their tenants if they were aware of unsafe conditions and didn’t repair them within a reasonable time frame.).</p>\n<p>&nbsp;</p>\n<div class=\"div-sm-highImpact \"></div>\n<h2 dir=\"ltr\"><strong>What Does Renters Insurance Cover?</strong> </h2>\n<p>A renters insurance policy helps protect you and your stuff from a wide range of possibly damaging scenarios. And remember, not every event for which you’d potentially need coverage is an obvious catastrophe. Yes, the big ones include theft, fire and water damage, but unexpected incidents—like your dog uncharacteristically biting a visitor or your child accidentally throwing a baseball and breaking your neighbor’s window—can happen too. In these cases, renters insurance will soften the blow of any charges you might be held responsible for.</p>\n<p>There are typically three types of coverage included in a renters insurance policy.<span> </span><strong>Personal property coverage</strong><span> </span>will pay the cost to repair or replace any damaged or stolen clothing, furniture, valuables, electronics, and so on.<span> </span><strong>Renters liability insurance</strong><span> </span>helps you pay for repairs if you accidentally damage someone else’s property, or if someone gets injured at your place and blames you. Finally, on the off chance you’d ever have to vacate your apartment for serious repairs, renters insurance can help cover<span> </span><strong>additional living expenses</strong><span> </span>you wouldn’t normally have had to pay for, like a hotel room, transportation, storage space, or increased food and beverage expenses.</p>\n<p>Something to note: Some policies will pay for what is costs to replace lost or damaged items (aka replacement cost coverage), while others will only pay as much as the original market value of those items (aka cash value)—even if the item has increased in value by the time it\'s ruined and the price to replace it has gone up. While it’s often more expensive to pay for replacement cost coverage, it could end up covering your possessions at a higher amount down the line.</p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><strong>What <em>Won’t</em> Standard Renters Insurance Cover?</strong> </h2>\n<p>Many policies specify they won’t cover losses from natural disasters like earthquakes, tornadoes floods, or hurricanes—especially if you live in an area prone to them. If you have water damage from above, (the upstairs neighbor’s kitchen sink pipe bursts and overflows into your unit), you’ll be covered; however, if the water damage comes from the ground level, like storm surge or ground flooding, and has nothing to do with the integrity of the building, you might not be not covered by standard renters insurance. For additional flood coverage, consider purchasing flood insurance (you can do at<span> </span><a href=\"https://www.floodsmart.gov/\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">FloodSmart.gov</a>).</p>\n<p>Another time to consider opting for addition coverage or a special policy rider is if you work from a home office. Most policies don’t offer much coverage for business equipment—the upper limit for home business equipment is often around $2,500. So if you have expensive computers, scanners, or other devices in your home office, or keep inventory lying around at home, it\'s smart to add a supplemental policy rider.</p>\n<p>Do you have a ton of cash at your place? Unfortunately if you get robbed, most renters insurance policies will only cover a small portion of whatever’s taken. Sometimes the maximum insurance limit is as low as $250, while some policies generally won’t cover more than $500.</p>\n<p>Extra coverage might be order too for high-value property. Do you have a diamond engagement ring or priceless watch from your grandparents? Get a rider or floater on your current insurance policy to cover it. Same goes for other expensive jewelry (usually over $1,000) and valuable artwork, for which you might even need an additional policy rather than just a policy add-on.</p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><strong>How Much Is Renters Insurance?</strong> </h2>\n<p>We know what you’re thinking:<span> </span><em>Another</em><span> </span>monthly expense to deal with? But this will be money well spent, guaranteed. What you pay for rental insurance coverage depends on what you’re willing to pay and the type of coverage plan you go with. (And remember, the higher your deductible, the lower your premium, and vice versa.) It’s smart to take<span> </span><a href=\"https://www.iii.org/article/how-create-home-inventory\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">inventory of your stuff</a><span> </span>to see how much personal property coverage you should pay for. In other words: About how much would it cost to repair or replace everything you own?</p>\n<p>According to the National Association of Insurance Commissioners, the average renters insurance policy costs between $15 and $30 per month (or between $180 and $360 per year). Worried that’s too much on top of everything else? Imagine how much more expensive it would be to replace all your stuff after an accident without it. Think about it: You’re not just paying for your stuff, you’re paying for peace of mind.</p>\n<p><span style=\"color: #333333; font-size: 26px;\"></span></p>\n<p><span style=\"font-size: 26px;\"><strong><span style=\"color: #333333;\">How to Get Renters Insurance</span></strong></span><span style=\"font-size: 14px;\"> </span></p>\n<p>It’s much easier than you think—in fact, you’ll wonder why you haven’t already done it. After you’ve taken stock of your belongings—from coats to computers—figure out what your landlord’s insurance covers, research different types of insurance policies, and compare insurance companies before taking the plunge. Many companies let you apply for a free quote online, in person, or over the phone, and will talk you through the best coverage plan for your situation.</p>\n<p>You can see the full article <a href=\"https://www.realsimple.com/work-life/money/renters-insurance\">here</a>.</p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive','','inherit','closed','closed','','245-revision-v1','','','2020-03-24 20:33:28','2020-03-24 20:33:28','',245,'http://smartinsurance.tips/245-revision-v1/',0,'revision','',0),(248,1,'2020-03-23 23:53:28','2020-03-23 23:53:28','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"headline heading-content\" style=\"text-align: center;\"><strong>Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive</strong></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div class=\"main-header article-main-header\" data-path=\"work-life/money/renters-insurance\" data-social-href-pinterest=\"https://www.pinterest.com/pin/create/link/?url=https%3A%2F%2Fwww.realsimple.com%2Fwork-life%2Fmoney%2Frenters-insurance%3Futm_source%3Dpinterest.com%26utm_medium%3Dsocial%26utm_campaign%3Drealsimple%26utm_content%3D20200323%26utm_term%3D659657&amp;media=https%3A%2F%2Fimagesvc.meredithcorp.io%2Fv3%2Fmm%2Fimage%3Furl%3Dhttps%253A%252F%252Fcdn-image.realsimple.com%252Fsites%252Fdefault%252Ffiles%252Fstyles%252Flarge%252Fpublic%252Frenters-insurance.jpg%253Fitok%253DfEJa-A_Y&amp;description=Yes%2C%20You%20Need%20Renters%20Insurance%20Even%20if%20Your%20Place%20Is%20Small%20and%20Inexpensive\" data-social-href-facebook=\"https://www.facebook.com/sharer/sharer.php?u=https://www.realsimple.com/work-life/money/renters-insurance%3Futm_source=facebook.com%26utm_medium=social%26utm_campaign=social-share-article%26utm_content=20200323%26utm_term=659657\">\n<div class=\"author scale-12 padded margin-24-tb clearfix\">\n<div class=\"author-text\" data-tracking-zone=\"author\"></div>\n</div>\n</div>\n<div class=\"two-col-content-wrapper\">\n<div class=\"article-content-container two-col-content-container\" data-tracking-zone=\"content\">\n<div class=\"partial lead-image align-right\">\n<div class=\"image-and-burst\">\n<div class=\"component lazy-image lead-media no-upscale rendered image-loaded\" data-high-density=\"true\" data-src=\"https://cdn-image.realsimple.com/sites/default/files/styles/medium_2x/public/renters-insurance.jpg?itok=R4HO9F_g&amp;1557512466\" data-alt=\"renters-insurance\" data-title=\"renters-insurance\" data-shop-image=\"false\" data-tracking-zone=\"image\">\n<div class=\"image-background-container\">\n<div class=\"inner-container js-inner-container  image-overlay\"><img src=\"https://imagesvc.meredithcorp.io/v3/mm/image?url=https%3A%2F%2Fcdn-image.realsimple.com%2Fsites%2Fdefault%2Ffiles%2Fstyles%2Fmedium_2x%2Fpublic%2Frenters-insurance.jpg%3Fitok%3DR4HO9F_g%261557512466&amp;w=650&amp;c=sc&amp;poi=face&amp;q=85\" alt=\"renters-insurance\" title=\"renters-insurance\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n</div>\n</div>\n</div>\n</div>\n<p>&nbsp;</p>\n<p>It doesn’t really matter how small your apartment is or how fancy your kitchen chairs are—everyone should invest in renters insurance, because the ROI is pretty priceless: protection and peace of mind. It’s okay if you don’t know where to start (few people do). We’re breaking down the who, what, why, and how of rental insurance, from coverage options to costs and everything in between.</p>\n<p>&nbsp;</p>\n<h2 dir=\"ltr\"><strong>What Is Renters Insurance?</strong></h2>\n<p>&nbsp;</p>\n<p>Simply put, renters insurance (sometimes called tenant insurance) is an insurance policy you pay for to help cover you and your belongings in the event of an incident, including anything from fire to theft. Usually your landlord’s insurance will cover repairs to the property itself—say, if there’s a leaking ceiling—but will not protect your own belongings (the TV and rug that were damaged because of the leak) or the cost of having to live elsewhere if you need to move out during repairs. (Legally, landlords are only responsible to their tenants if they were aware of unsafe conditions and didn’t repair them within a reasonable time frame.).</p>\n<p>&nbsp;</p>\n<div class=\"div-sm-highImpact \"></div>\n<h2 dir=\"ltr\"><strong>What Does Renters Insurance Cover?</strong></h2>\n<p>&nbsp;</p>\n<p>A renters insurance policy helps protect you and your stuff from a wide range of possibly damaging scenarios. And remember, not every event for which you’d potentially need coverage is an obvious catastrophe. Yes, the big ones include theft, fire and water damage, but unexpected incidents—like your dog uncharacteristically biting a visitor or your child accidentally throwing a baseball and breaking your neighbor’s window—can happen too. In these cases, renters insurance will soften the blow of any charges you might be held responsible for.</p>\n<p>There are typically three types of coverage included in a renters insurance policy.<span> </span><strong>Personal property coverage</strong><span> </span>will pay the cost to repair or replace any damaged or stolen clothing, furniture, valuables, electronics, and so on.<span> </span><strong>Renters liability insurance</strong><span> </span>helps you pay for repairs if you accidentally damage someone else’s property, or if someone gets injured at your place and blames you. Finally, on the off chance you’d ever have to vacate your apartment for serious repairs, renters insurance can help cover<span> </span><strong>additional living expenses</strong><span> </span>you wouldn’t normally have had to pay for, like a hotel room, transportation, storage space, or increased food and beverage expenses.</p>\n<p>Something to note: Some policies will pay for what is costs to replace lost or damaged items (aka replacement cost coverage), while others will only pay as much as the original market value of those items (aka cash value)—even if the item has increased in value by the time it\'s ruined and the price to replace it has gone up. While it’s often more expensive to pay for replacement cost coverage, it could end up covering your possessions at a higher amount down the line.</p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><strong>What <em>Won’t</em> Standard Renters Insurance Cover?</strong></h2>\n<p>&nbsp;</p>\n<p>Many policies specify they won’t cover losses from natural disasters like earthquakes, tornadoes floods, or hurricanes—especially if you live in an area prone to them. If you have water damage from above, (the upstairs neighbor’s kitchen sink pipe bursts and overflows into your unit), you’ll be covered; however, if the water damage comes from the ground level, like storm surge or ground flooding, and has nothing to do with the integrity of the building, you might not be not covered by standard renters insurance. For additional flood coverage, consider purchasing flood insurance (you can do at<span> </span><a href=\"https://www.floodsmart.gov/\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">FloodSmart.gov</a>).</p>\n<p>Another time to consider opting for addition coverage or a special policy rider is if you work from a home office. Most policies don’t offer much coverage for business equipment—the upper limit for home business equipment is often around $2,500. So if you have expensive computers, scanners, or other devices in your home office, or keep inventory lying around at home, it\'s smart to add a supplemental policy rider.</p>\n<p>Do you have a ton of cash at your place? Unfortunately if you get robbed, most renters insurance policies will only cover a small portion of whatever’s taken. Sometimes the maximum insurance limit is as low as $250, while some policies generally won’t cover more than $500.</p>\n<p>Extra coverage might be order too for high-value property. Do you have a diamond engagement ring or priceless watch from your grandparents? Get a rider or floater on your current insurance policy to cover it. Same goes for other expensive jewelry (usually over $1,000) and valuable artwork, for which you might even need an additional policy rather than just a policy add-on.</p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><strong>How Much Is Renters Insurance?</strong></h2>\n<p>&nbsp;</p>\n<p>We know what you’re thinking:<span> </span><em>Another</em><span> </span>monthly expense to deal with? But this will be money well spent, guaranteed. What you pay for rental insurance coverage depends on what you’re willing to pay and the type of coverage plan you go with. (And remember, the higher your deductible, the lower your premium, and vice versa.) It’s smart to take<span> </span><a href=\"https://www.iii.org/article/how-create-home-inventory\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">inventory of your stuff</a><span> </span>to see how much personal property coverage you should pay for. In other words: About how much would it cost to repair or replace everything you own?</p>\n<p>According to the National Association of Insurance Commissioners, the average renters insurance policy costs between $15 and $30 per month (or between $180 and $360 per year). Worried that’s too much on top of everything else? Imagine how much more expensive it would be to replace all your stuff after an accident without it. Think about it: You’re not just paying for your stuff, you’re paying for peace of mind.</p>\n<p><span style=\"color: #333333; font-size: 26px;\"></span></p>\n<p><span style=\"font-size: 26px;\"><strong><span style=\"color: #333333;\">How to Get Renters Insurance</span></strong></span></p>\n<p>&nbsp;</p>\n<p>It’s much easier than you think—in fact, you’ll wonder why you haven’t already done it. After you’ve taken stock of your belongings—from coats to computers—figure out what your landlord’s insurance covers, research different types of insurance policies, and compare insurance companies before taking the plunge. Many companies let you apply for a free quote online, in person, or over the phone, and will talk you through the best coverage plan for your situation. Industry newcomer <a href=\"https://www.lemonade.com/\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">Lemonade</a>, for example, offers lightening-fast sign-up, an easy-to-navigate app, and good basic coverage. Larger veteran insurance companies like Nationwide are great for extended plans, covering earthquake damage, antiques, jewelry, or things stolen from inside your car or boat.</p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive','','inherit','closed','closed','','245-revision-v1','','','2020-03-23 23:53:28','2020-03-23 23:53:28','',245,'http://smartinsurance.tips/245-revision-v1/',0,'revision','',0),(245,1,'2020-03-23 23:46:57','2020-03-23 23:46:57','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline heading-content\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div class=\"main-header article-main-header\" data-path=\"work-life/money/renters-insurance\" data-social-href-pinterest=\"https://www.pinterest.com/pin/create/link/?url=https%3A%2F%2Fwww.realsimple.com%2Fwork-life%2Fmoney%2Frenters-insurance%3Futm_source%3Dpinterest.com%26utm_medium%3Dsocial%26utm_campaign%3Drealsimple%26utm_content%3D20200323%26utm_term%3D659657&amp;media=https%3A%2F%2Fimagesvc.meredithcorp.io%2Fv3%2Fmm%2Fimage%3Furl%3Dhttps%253A%252F%252Fcdn-image.realsimple.com%252Fsites%252Fdefault%252Ffiles%252Fstyles%252Flarge%252Fpublic%252Frenters-insurance.jpg%253Fitok%253DfEJa-A_Y&amp;description=Yes%2C%20You%20Need%20Renters%20Insurance%20Even%20if%20Your%20Place%20Is%20Small%20and%20Inexpensive\" data-social-href-facebook=\"https://www.facebook.com/sharer/sharer.php?u=https://www.realsimple.com/work-life/money/renters-insurance%3Futm_source=facebook.com%26utm_medium=social%26utm_campaign=social-share-article%26utm_content=20200323%26utm_term=659657\">\n<div class=\"author scale-12 padded margin-24-tb clearfix\">\n<div class=\"author-text\" data-tracking-zone=\"author\"></div>\n</div>\n</div>\n<div class=\"two-col-content-wrapper\">\n<div class=\"article-content-container two-col-content-container\" data-tracking-zone=\"content\">\n<div class=\"partial lead-image align-right\">\n<div class=\"image-and-burst\">\n<div class=\"component lazy-image lead-media no-upscale rendered image-loaded\" data-high-density=\"true\" data-src=\"https://cdn-image.realsimple.com/sites/default/files/styles/medium_2x/public/renters-insurance.jpg?itok=R4HO9F_g&amp;1557512466\" data-alt=\"renters-insurance\" data-title=\"renters-insurance\" data-shop-image=\"false\" data-tracking-zone=\"image\">\n<div class=\"image-background-container\">\n<div class=\"inner-container js-inner-container  image-overlay\"><img src=\"https://imagesvc.meredithcorp.io/v3/mm/image?url=https%3A%2F%2Fcdn-image.realsimple.com%2Fsites%2Fdefault%2Ffiles%2Fstyles%2Fmedium_2x%2Fpublic%2Frenters-insurance.jpg%3Fitok%3DR4HO9F_g%261557512466&amp;w=650&amp;c=sc&amp;poi=face&amp;q=85\" alt=\"renters-insurance\" title=\"renters-insurance\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n</div>\n</div>\n</div>\n</div>\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">It doesn’t really matter how small your apartment is or how fancy your kitchen chairs are—everyone should invest in renters insurance, because the ROI is pretty priceless: protection and peace of mind. It’s okay if you don’t know where to start (few people do). We’re breaking down the who, what, why, and how of rental insurance, from coverage options to costs and everything in between.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h2 dir=\"ltr\"><span style=\"color: #000000;\"><strong>What Is Renters Insurance?</strong> </span></h2>\n<p><span style=\"color: #000000;\">Simply put, renters insurance (sometimes called tenant insurance) is an insurance policy you pay for to help cover you and your belongings in the event of an incident, including anything from fire to theft. Usually your landlord’s insurance will cover repairs to the property itself—say, if there’s a leaking ceiling—but will not protect your own belongings (the TV and rug that were damaged because of the leak) or the cost of having to live elsewhere if you need to move out during repairs. (Legally, landlords are only responsible to their tenants if they were aware of unsafe conditions and didn’t repair them within a reasonable time frame.).</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<div class=\"div-sm-highImpact \"></div>\n<h2 dir=\"ltr\"><span style=\"color: #000000;\"><strong>What Does Renters Insurance Cover?</strong> </span></h2>\n<p><span style=\"color: #000000;\">A renters insurance policy helps protect you and your stuff from a wide range of possibly damaging scenarios. And remember, not every event for which you’d potentially need coverage is an obvious catastrophe. Yes, the big ones include theft, fire and water damage, but unexpected incidents—like your dog uncharacteristically biting a visitor or your child accidentally throwing a baseball and breaking your neighbor’s window—can happen too. In these cases, renters insurance will soften the blow of any charges you might be held responsible for.</span></p>\n<p><span style=\"color: #000000;\">There are typically three types of coverage included in a renters insurance policy. <strong>Personal property coverage</strong> will pay the cost to repair or replace any damaged or stolen clothing, furniture, valuables, electronics, and so on. <strong>Renters liability insurance</strong> helps you pay for repairs if you accidentally damage someone else’s property, or if someone gets injured at your place and blames you. Finally, on the off chance you’d ever have to vacate your apartment for serious repairs, renters insurance can help cover <strong>additional living expenses</strong> you wouldn’t normally have had to pay for, like a hotel room, transportation, storage space, or increased food and beverage expenses.</span></p>\n<p><span style=\"color: #000000;\">Something to note: Some policies will pay for what is costs to replace lost or damaged items (aka replacement cost coverage), while others will only pay as much as the original market value of those items (aka cash value)—even if the item has increased in value by the time it\'s ruined and the price to replace it has gone up. While it’s often more expensive to pay for replacement cost coverage, it could end up covering your possessions at a higher amount down the line.</span></p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><span style=\"color: #000000;\"><strong>What <em>Won’t</em> Standard Renters Insurance Cover?</strong> </span></h2>\n<p><span style=\"color: #000000;\">Many policies specify they won’t cover losses from natural disasters like earthquakes, tornadoes floods, or hurricanes—especially if you live in an area prone to them. If you have water damage from above, (the upstairs neighbor’s kitchen sink pipe bursts and overflows into your unit), you’ll be covered; however, if the water damage comes from the ground level, like storm surge or ground flooding, and has nothing to do with the integrity of the building, you might not be not covered by standard renters insurance. For additional flood coverage, consider purchasing flood insurance (you can do at </span><a href=\"https://www.floodsmart.gov/\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">FloodSmart.gov</a><span style=\"color: #000000;\">).</span></p>\n<p><span style=\"color: #000000;\">Another time to consider opting for addition coverage or a special policy rider is if you work from a home office. Most policies don’t offer much coverage for business equipment—the upper limit for home business equipment is often around $2,500. So if you have expensive computers, scanners, or other devices in your home office, or keep inventory lying around at home, it\'s smart to add a supplemental policy rider.</span></p>\n<p><span style=\"color: #000000;\">Do you have a ton of cash at your place? Unfortunately if you get robbed, most renters insurance policies will only cover a small portion of whatever’s taken. Sometimes the maximum insurance limit is as low as $250, while some policies generally won’t cover more than $500.</span></p>\n<p><span style=\"color: #000000;\">Extra coverage might be order too for high-value property. Do you have a diamond engagement ring or priceless watch from your grandparents? Get a rider or floater on your current insurance policy to cover it. Same goes for other expensive jewelry (usually over $1,000) and valuable artwork, for which you might even need an additional policy rather than just a policy add-on.</span></p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><span style=\"color: #000000;\"><strong>How Much Is Renters Insurance?</strong> </span></h2>\n<p><span style=\"color: #000000;\">We know what you’re thinking: <em>Another</em> monthly expense to deal with? But this will be money well spent, guaranteed. What you pay for rental insurance coverage depends on what you’re willing to pay and the type of coverage plan you go with. (And remember, the higher your deductible, the lower your premium, and vice versa.) It’s smart to take </span><a href=\"https://www.iii.org/article/how-create-home-inventory\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">inventory of your stuff</a><span style=\"color: #000000;\"> to see how much personal property coverage you should pay for. In other words: About how much would it cost to repair or replace everything you own?</span></p>\n<p><span style=\"color: #000000;\">According to the National Association of Insurance Commissioners, the average renters insurance policy costs between $15 and $30 per month (or between $180 and $360 per year). Worried that’s too much on top of everything else? Imagine how much more expensive it would be to replace all your stuff after an accident without it. Think about it: You’re not just paying for your stuff, you’re paying for peace of mind.</span></p>\n<p><span style=\"color: #000000; font-size: 26px;\"></span></p>\n<p><span style=\"color: #000000;\"><span style=\"font-size: 26px;\"><strong>How to Get Renters Insurance</strong></span><span style=\"font-size: 14px;\"> </span></span></p>\n<p><span style=\"color: #000000;\">It’s much easier than you think—in fact, you’ll wonder why you haven’t already done it. After you’ve taken stock of your belongings—from coats to computers—figure out what your landlord’s insurance covers, research different types of insurance policies, and compare insurance companies before taking the plunge. Many companies let you apply for a free quote online, in person, or over the phone, and will talk you through the best coverage plan for your situation.</span></p>\n<p><span style=\"color: #000000;\">You can see the full article</span> <a href=\"https://www.realsimple.com/work-life/money/renters-insurance\">here</a>.</p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive','','publish','closed','closed','','yes-you-need-renters-insurance-even-if-your-place-is-small-and-inexpensive','','','2020-03-25 19:18:21','2020-03-25 19:18:21','',0,'http://smartinsurance.tips/?page_id=245',0,'page','',0),(244,1,'2020-03-23 23:45:56','2020-03-23 23:45:56','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" hover_enabled=\"0\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><strong>The Importance of Business Interruption Insurance</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\"><img src=\"https://www.alevinegroup.com/wp-content/uploads/2020/01/colin-watts-WdatEBiC_cQ-unsplash-1080x675.jpg\" alt=\"The Importance of Business Interruption Insurance\" width=\"1080\" height=\"675\" /></div>\n<div class=\"entry-content\">\n<div class=\"pf-content\">\n<p>&nbsp;</p>\n<p>Companies understand the importance of insurance to protect their business against perils such as fire, theft, and vandalism. However, many do not consider how their business would survive if they were unable to do business in their location due to a disaster.</p>\n<p>&nbsp;</p>\n<h2><strong>Ill-Prepared Businesses Often Fail</strong></h2>\n<p><strong></strong></p>\n<p>This may sound like insurance doom and gloom, but statistics support this claim. The<span> </span><a href=\"about:blank\">Federal Emergency Management Agency (FEMA) estimates</a><span> </span>between 40 and 60 percent of all small businesses fail to reopen after a disaster. That’s a risk no business should ignore.</p>\n<p>What constitutes a disaster? Basically, anything that brings operations to a grinding halt. This includes events such as natural disasters, burst pipes, fire, server failure, a flu epidemic, terrorism, a key employee fatality, and even executive kidnapping.</p>\n<p>Many companies aren’t financially prepared for unexpected business interruptions and every day their doors stay closed they lose revenue. They still need to pay ongoing expenses even when they can’t conduct business. Plus, their future earnings may take a hit if competitors pick up their business.</p>\n<p>A quick return to business after a disaster isn’t always a possibility. However, business interruption insurance can provide a financial cushion until your company can return to normal.</p>\n<p>&nbsp;</p>\n<h2><strong>What is Business Interruption Insurance?</strong></h2>\n<p><strong></strong></p>\n<p>Business interruption insurance is not a stand-alone policy. It is added to a property/casualty insurance policy or included in a package policy as an add-on or rider.</p>\n<p>This coverage compensates for lost income by providing your company with the revenue you would have earned, based on your historical financial records. It also covers operating expenses that continue even when operations are at a temporary halt due to denied access or forced evacuation. These include items such as rent, electricity, payroll, property taxes, loan payments, and more.</p>\n<p>Coverage is also available for extra expenses if your company needs to carry on business at another location. You may need to set up temporary internet, telephone, and electricity, rental equipment and space, pay for movers, and outsource work. This coverage may also cover employee training on new equipment or software after a loss.</p>\n<p>Policies normally include a 48-hour waiting period after the event. Coverage typically lasts until the end of the business interruption period, which is usually from the occurrence date until the damaged property is returned to its prior condition.</p>\n<p>&nbsp;</p>\n<h2><strong>Mitigating Business Interruption Risk</strong></h2>\n<p><strong></strong></p>\n<p>No two businesses are precisely the same, so their insurance coverage shouldn’t be either. Business interruption coverage is definitely one area in which clients benefit from an insurance agent’s knowledge, experience, and advice.</p>\n<p>With so many different types of coverage, we can recommend the best possible coverage at the most reasonable cost. Business interruption insurance may overlap other forms of insurance such as property and cyber liability, so coverage needs to mesh well to prevent duplication or insurance gaps.</p>\n<p>Rely on a skilled insurance agency like ours to tailor your business interruption coverage to the appropriate exposures. We’re experts in business interruption risk mitigation and can provide your company with the safety net it needs should it ever face a disaster.</p>\n</div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','The Importance of Business Interruption Insurance','','inherit','closed','closed','','240-revision-v1','','','2020-03-23 23:45:56','2020-03-23 23:45:56','',240,'http://smartinsurance.tips/240-revision-v1/',0,'revision','',0),(256,1,'2020-03-24 16:43:36','2020-03-24 16:43:36','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline heading-content\" style=\"text-align: center;\"><strong>Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div class=\"main-header article-main-header\" data-path=\"work-life/money/renters-insurance\" data-social-href-pinterest=\"https://www.pinterest.com/pin/create/link/?url=https%3A%2F%2Fwww.realsimple.com%2Fwork-life%2Fmoney%2Frenters-insurance%3Futm_source%3Dpinterest.com%26utm_medium%3Dsocial%26utm_campaign%3Drealsimple%26utm_content%3D20200323%26utm_term%3D659657&amp;media=https%3A%2F%2Fimagesvc.meredithcorp.io%2Fv3%2Fmm%2Fimage%3Furl%3Dhttps%253A%252F%252Fcdn-image.realsimple.com%252Fsites%252Fdefault%252Ffiles%252Fstyles%252Flarge%252Fpublic%252Frenters-insurance.jpg%253Fitok%253DfEJa-A_Y&amp;description=Yes%2C%20You%20Need%20Renters%20Insurance%20Even%20if%20Your%20Place%20Is%20Small%20and%20Inexpensive\" data-social-href-facebook=\"https://www.facebook.com/sharer/sharer.php?u=https://www.realsimple.com/work-life/money/renters-insurance%3Futm_source=facebook.com%26utm_medium=social%26utm_campaign=social-share-article%26utm_content=20200323%26utm_term=659657\">\n<div class=\"author scale-12 padded margin-24-tb clearfix\">\n<div class=\"author-text\" data-tracking-zone=\"author\"></div>\n</div>\n</div>\n<div class=\"two-col-content-wrapper\">\n<div class=\"article-content-container two-col-content-container\" data-tracking-zone=\"content\">\n<div class=\"partial lead-image align-right\">\n<div class=\"image-and-burst\">\n<div class=\"component lazy-image lead-media no-upscale rendered image-loaded\" data-high-density=\"true\" data-src=\"https://cdn-image.realsimple.com/sites/default/files/styles/medium_2x/public/renters-insurance.jpg?itok=R4HO9F_g&amp;1557512466\" data-alt=\"renters-insurance\" data-title=\"renters-insurance\" data-shop-image=\"false\" data-tracking-zone=\"image\">\n<div class=\"image-background-container\">\n<div class=\"inner-container js-inner-container  image-overlay\"><img src=\"https://imagesvc.meredithcorp.io/v3/mm/image?url=https%3A%2F%2Fcdn-image.realsimple.com%2Fsites%2Fdefault%2Ffiles%2Fstyles%2Fmedium_2x%2Fpublic%2Frenters-insurance.jpg%3Fitok%3DR4HO9F_g%261557512466&amp;w=650&amp;c=sc&amp;poi=face&amp;q=85\" alt=\"renters-insurance\" title=\"renters-insurance\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n</div>\n</div>\n</div>\n</div>\n<p>&nbsp;</p>\n<p>It doesn’t really matter how small your apartment is or how fancy your kitchen chairs are—everyone should invest in renters insurance, because the ROI is pretty priceless: protection and peace of mind. It’s okay if you don’t know where to start (few people do). We’re breaking down the who, what, why, and how of rental insurance, from coverage options to costs and everything in between.</p>\n<p>&nbsp;</p>\n<h2 dir=\"ltr\"><strong>What Is Renters Insurance?</strong></h2>\n<p>&nbsp;</p>\n<p>Simply put, renters insurance (sometimes called tenant insurance) is an insurance policy you pay for to help cover you and your belongings in the event of an incident, including anything from fire to theft. Usually your landlord’s insurance will cover repairs to the property itself—say, if there’s a leaking ceiling—but will not protect your own belongings (the TV and rug that were damaged because of the leak) or the cost of having to live elsewhere if you need to move out during repairs. (Legally, landlords are only responsible to their tenants if they were aware of unsafe conditions and didn’t repair them within a reasonable time frame.).</p>\n<p>&nbsp;</p>\n<div class=\"div-sm-highImpact \"></div>\n<h2 dir=\"ltr\"><strong>What Does Renters Insurance Cover?</strong></h2>\n<p>&nbsp;</p>\n<p>A renters insurance policy helps protect you and your stuff from a wide range of possibly damaging scenarios. And remember, not every event for which you’d potentially need coverage is an obvious catastrophe. Yes, the big ones include theft, fire and water damage, but unexpected incidents—like your dog uncharacteristically biting a visitor or your child accidentally throwing a baseball and breaking your neighbor’s window—can happen too. In these cases, renters insurance will soften the blow of any charges you might be held responsible for.</p>\n<p>There are typically three types of coverage included in a renters insurance policy.<span> </span><strong>Personal property coverage</strong><span> </span>will pay the cost to repair or replace any damaged or stolen clothing, furniture, valuables, electronics, and so on.<span> </span><strong>Renters liability insurance</strong><span> </span>helps you pay for repairs if you accidentally damage someone else’s property, or if someone gets injured at your place and blames you. Finally, on the off chance you’d ever have to vacate your apartment for serious repairs, renters insurance can help cover<span> </span><strong>additional living expenses</strong><span> </span>you wouldn’t normally have had to pay for, like a hotel room, transportation, storage space, or increased food and beverage expenses.</p>\n<p>Something to note: Some policies will pay for what is costs to replace lost or damaged items (aka replacement cost coverage), while others will only pay as much as the original market value of those items (aka cash value)—even if the item has increased in value by the time it\'s ruined and the price to replace it has gone up. While it’s often more expensive to pay for replacement cost coverage, it could end up covering your possessions at a higher amount down the line.</p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><strong>What <em>Won’t</em> Standard Renters Insurance Cover?</strong></h2>\n<p>&nbsp;</p>\n<p>Many policies specify they won’t cover losses from natural disasters like earthquakes, tornadoes floods, or hurricanes—especially if you live in an area prone to them. If you have water damage from above, (the upstairs neighbor’s kitchen sink pipe bursts and overflows into your unit), you’ll be covered; however, if the water damage comes from the ground level, like storm surge or ground flooding, and has nothing to do with the integrity of the building, you might not be not covered by standard renters insurance. For additional flood coverage, consider purchasing flood insurance (you can do at<span> </span><a href=\"https://www.floodsmart.gov/\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">FloodSmart.gov</a>).</p>\n<p>Another time to consider opting for addition coverage or a special policy rider is if you work from a home office. Most policies don’t offer much coverage for business equipment—the upper limit for home business equipment is often around $2,500. So if you have expensive computers, scanners, or other devices in your home office, or keep inventory lying around at home, it\'s smart to add a supplemental policy rider.</p>\n<p>Do you have a ton of cash at your place? Unfortunately if you get robbed, most renters insurance policies will only cover a small portion of whatever’s taken. Sometimes the maximum insurance limit is as low as $250, while some policies generally won’t cover more than $500.</p>\n<p>Extra coverage might be order too for high-value property. Do you have a diamond engagement ring or priceless watch from your grandparents? Get a rider or floater on your current insurance policy to cover it. Same goes for other expensive jewelry (usually over $1,000) and valuable artwork, for which you might even need an additional policy rather than just a policy add-on.</p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><strong>How Much Is Renters Insurance?</strong></h2>\n<p>&nbsp;</p>\n<p>We know what you’re thinking:<span> </span><em>Another</em><span> </span>monthly expense to deal with? But this will be money well spent, guaranteed. What you pay for rental insurance coverage depends on what you’re willing to pay and the type of coverage plan you go with. (And remember, the higher your deductible, the lower your premium, and vice versa.) It’s smart to take<span> </span><a href=\"https://www.iii.org/article/how-create-home-inventory\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">inventory of your stuff</a><span> </span>to see how much personal property coverage you should pay for. In other words: About how much would it cost to repair or replace everything you own?</p>\n<p>According to the National Association of Insurance Commissioners, the average renters insurance policy costs between $15 and $30 per month (or between $180 and $360 per year). Worried that’s too much on top of everything else? Imagine how much more expensive it would be to replace all your stuff after an accident without it. Think about it: You’re not just paying for your stuff, you’re paying for peace of mind.</p>\n<p><span style=\"color: #333333; font-size: 26px;\"></span></p>\n<p><span style=\"font-size: 26px;\"><strong><span style=\"color: #333333;\">How to Get Renters Insurance</span></strong></span></p>\n<p>&nbsp;</p>\n<p>It’s much easier than you think—in fact, you’ll wonder why you haven’t already done it. After you’ve taken stock of your belongings—from coats to computers—figure out what your landlord’s insurance covers, research different types of insurance policies, and compare insurance companies before taking the plunge. Many companies let you apply for a free quote online, in person, or over the phone, and will talk you through the best coverage plan for your situation.</p>\n<p>You can see the full article <a href=\"https://www.realsimple.com/work-life/money/renters-insurance\">here</a>.</p>\n<p>&nbsp;</p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive','','inherit','closed','closed','','245-revision-v1','','','2020-03-24 16:43:36','2020-03-24 16:43:36','',245,'http://smartinsurance.tips/245-revision-v1/',0,'revision','',0),(250,1,'2020-03-23 23:53:56','2020-03-23 23:53:56','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"headline heading-content\" style=\"text-align: center;\"><strong>Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive</strong></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div class=\"main-header article-main-header\" data-path=\"work-life/money/renters-insurance\" data-social-href-pinterest=\"https://www.pinterest.com/pin/create/link/?url=https%3A%2F%2Fwww.realsimple.com%2Fwork-life%2Fmoney%2Frenters-insurance%3Futm_source%3Dpinterest.com%26utm_medium%3Dsocial%26utm_campaign%3Drealsimple%26utm_content%3D20200323%26utm_term%3D659657&amp;media=https%3A%2F%2Fimagesvc.meredithcorp.io%2Fv3%2Fmm%2Fimage%3Furl%3Dhttps%253A%252F%252Fcdn-image.realsimple.com%252Fsites%252Fdefault%252Ffiles%252Fstyles%252Flarge%252Fpublic%252Frenters-insurance.jpg%253Fitok%253DfEJa-A_Y&amp;description=Yes%2C%20You%20Need%20Renters%20Insurance%20Even%20if%20Your%20Place%20Is%20Small%20and%20Inexpensive\" data-social-href-facebook=\"https://www.facebook.com/sharer/sharer.php?u=https://www.realsimple.com/work-life/money/renters-insurance%3Futm_source=facebook.com%26utm_medium=social%26utm_campaign=social-share-article%26utm_content=20200323%26utm_term=659657\">\n<div class=\"author scale-12 padded margin-24-tb clearfix\">\n<div class=\"author-text\" data-tracking-zone=\"author\"></div>\n</div>\n</div>\n<div class=\"two-col-content-wrapper\">\n<div class=\"article-content-container two-col-content-container\" data-tracking-zone=\"content\">\n<div class=\"partial lead-image align-right\">\n<div class=\"image-and-burst\">\n<div class=\"component lazy-image lead-media no-upscale rendered image-loaded\" data-high-density=\"true\" data-src=\"https://cdn-image.realsimple.com/sites/default/files/styles/medium_2x/public/renters-insurance.jpg?itok=R4HO9F_g&amp;1557512466\" data-alt=\"renters-insurance\" data-title=\"renters-insurance\" data-shop-image=\"false\" data-tracking-zone=\"image\">\n<div class=\"image-background-container\">\n<div class=\"inner-container js-inner-container  image-overlay\"><img src=\"https://imagesvc.meredithcorp.io/v3/mm/image?url=https%3A%2F%2Fcdn-image.realsimple.com%2Fsites%2Fdefault%2Ffiles%2Fstyles%2Fmedium_2x%2Fpublic%2Frenters-insurance.jpg%3Fitok%3DR4HO9F_g%261557512466&amp;w=650&amp;c=sc&amp;poi=face&amp;q=85\" alt=\"renters-insurance\" title=\"renters-insurance\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n<div class=\"inner-container js-inner-container  image-overlay\"></div>\n</div>\n</div>\n</div>\n</div>\n<p>&nbsp;</p>\n<p>It doesn’t really matter how small your apartment is or how fancy your kitchen chairs are—everyone should invest in renters insurance, because the ROI is pretty priceless: protection and peace of mind. It’s okay if you don’t know where to start (few people do). We’re breaking down the who, what, why, and how of rental insurance, from coverage options to costs and everything in between.</p>\n<p>&nbsp;</p>\n<h2 dir=\"ltr\"><strong>What Is Renters Insurance?</strong></h2>\n<p>&nbsp;</p>\n<p>Simply put, renters insurance (sometimes called tenant insurance) is an insurance policy you pay for to help cover you and your belongings in the event of an incident, including anything from fire to theft. Usually your landlord’s insurance will cover repairs to the property itself—say, if there’s a leaking ceiling—but will not protect your own belongings (the TV and rug that were damaged because of the leak) or the cost of having to live elsewhere if you need to move out during repairs. (Legally, landlords are only responsible to their tenants if they were aware of unsafe conditions and didn’t repair them within a reasonable time frame.).</p>\n<p>&nbsp;</p>\n<div class=\"div-sm-highImpact \"></div>\n<h2 dir=\"ltr\"><strong>What Does Renters Insurance Cover?</strong></h2>\n<p>&nbsp;</p>\n<p>A renters insurance policy helps protect you and your stuff from a wide range of possibly damaging scenarios. And remember, not every event for which you’d potentially need coverage is an obvious catastrophe. Yes, the big ones include theft, fire and water damage, but unexpected incidents—like your dog uncharacteristically biting a visitor or your child accidentally throwing a baseball and breaking your neighbor’s window—can happen too. In these cases, renters insurance will soften the blow of any charges you might be held responsible for.</p>\n<p>There are typically three types of coverage included in a renters insurance policy.<span> </span><strong>Personal property coverage</strong><span> </span>will pay the cost to repair or replace any damaged or stolen clothing, furniture, valuables, electronics, and so on.<span> </span><strong>Renters liability insurance</strong><span> </span>helps you pay for repairs if you accidentally damage someone else’s property, or if someone gets injured at your place and blames you. Finally, on the off chance you’d ever have to vacate your apartment for serious repairs, renters insurance can help cover<span> </span><strong>additional living expenses</strong><span> </span>you wouldn’t normally have had to pay for, like a hotel room, transportation, storage space, or increased food and beverage expenses.</p>\n<p>Something to note: Some policies will pay for what is costs to replace lost or damaged items (aka replacement cost coverage), while others will only pay as much as the original market value of those items (aka cash value)—even if the item has increased in value by the time it\'s ruined and the price to replace it has gone up. While it’s often more expensive to pay for replacement cost coverage, it could end up covering your possessions at a higher amount down the line.</p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><strong>What <em>Won’t</em> Standard Renters Insurance Cover?</strong></h2>\n<p>&nbsp;</p>\n<p>Many policies specify they won’t cover losses from natural disasters like earthquakes, tornadoes floods, or hurricanes—especially if you live in an area prone to them. If you have water damage from above, (the upstairs neighbor’s kitchen sink pipe bursts and overflows into your unit), you’ll be covered; however, if the water damage comes from the ground level, like storm surge or ground flooding, and has nothing to do with the integrity of the building, you might not be not covered by standard renters insurance. For additional flood coverage, consider purchasing flood insurance (you can do at<span> </span><a href=\"https://www.floodsmart.gov/\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">FloodSmart.gov</a>).</p>\n<p>Another time to consider opting for addition coverage or a special policy rider is if you work from a home office. Most policies don’t offer much coverage for business equipment—the upper limit for home business equipment is often around $2,500. So if you have expensive computers, scanners, or other devices in your home office, or keep inventory lying around at home, it\'s smart to add a supplemental policy rider.</p>\n<p>Do you have a ton of cash at your place? Unfortunately if you get robbed, most renters insurance policies will only cover a small portion of whatever’s taken. Sometimes the maximum insurance limit is as low as $250, while some policies generally won’t cover more than $500.</p>\n<p>Extra coverage might be order too for high-value property. Do you have a diamond engagement ring or priceless watch from your grandparents? Get a rider or floater on your current insurance policy to cover it. Same goes for other expensive jewelry (usually over $1,000) and valuable artwork, for which you might even need an additional policy rather than just a policy add-on.</p>\n<h2 dir=\"ltr\"></h2>\n<h2 dir=\"ltr\"><strong>How Much Is Renters Insurance?</strong></h2>\n<p>&nbsp;</p>\n<p>We know what you’re thinking:<span> </span><em>Another</em><span> </span>monthly expense to deal with? But this will be money well spent, guaranteed. What you pay for rental insurance coverage depends on what you’re willing to pay and the type of coverage plan you go with. (And remember, the higher your deductible, the lower your premium, and vice versa.) It’s smart to take<span> </span><a href=\"https://www.iii.org/article/how-create-home-inventory\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">inventory of your stuff</a><span> </span>to see how much personal property coverage you should pay for. In other words: About how much would it cost to repair or replace everything you own?</p>\n<p>According to the National Association of Insurance Commissioners, the average renters insurance policy costs between $15 and $30 per month (or between $180 and $360 per year). Worried that’s too much on top of everything else? Imagine how much more expensive it would be to replace all your stuff after an accident without it. Think about it: You’re not just paying for your stuff, you’re paying for peace of mind.</p>\n<p><span style=\"color: #333333; font-size: 26px;\"></span></p>\n<p><span style=\"font-size: 26px;\"><strong><span style=\"color: #333333;\">How to Get Renters Insurance</span></strong></span></p>\n<p>&nbsp;</p>\n<p>It’s much easier than you think—in fact, you’ll wonder why you haven’t already done it. After you’ve taken stock of your belongings—from coats to computers—figure out what your landlord’s insurance covers, research different types of insurance policies, and compare insurance companies before taking the plunge. Many companies let you apply for a free quote online, in person, or over the phone, and will talk you through the best coverage plan for your situation. Industry newcomer <a href=\"https://www.lemonade.com/\" class=\"external-link\" target=\"_blank\" aria-describedby=\"external-disclaimer\" title=\"(opens new window)\" rel=\"noopener noreferrer\">Lemonade</a>, for example, offers lightening-fast sign-up, an easy-to-navigate app, and good basic coverage. Larger veteran insurance companies like Nationwide are great for extended plans, covering earthquake damage, antiques, jewelry, or things stolen from inside your car or boat.</p>\n<p>You can see the full article <a href=\"https://www.realsimple.com/work-life/money/renters-insurance\">here</a>.</p>\n<p>&nbsp;</p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Yes, You Need Renters Insurance Even if Your Place Is Small and Inexpensive','','inherit','closed','closed','','245-revision-v1','','','2020-03-23 23:53:56','2020-03-23 23:53:56','',245,'http://smartinsurance.tips/245-revision-v1/',0,'revision','',0),(254,1,'2020-03-24 00:01:29','2020-03-24 00:01:29','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><strong>What We Know About Sinkholes, and What We Don’t</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"http://www.erieinsurance.com/-/media/images/blog/articlephotos/2019/sinkhole_large.ashx\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>&nbsp;</p>\n<p>Imagine this: You’re leaving your house, ready to tackle the working day, only to discover a large, inexplicable hole where your car is supposed to be. </p>\n<p>That’s the thing about sinkholes. They’re just baffling. At first glance, sinkholes are nature’s slapstick: sudden, unpredictable, dramatic and absurd. But there’s a serious side, too –<span> </span><a href=\"https://www.washingtonpost.com/news/morning-mix/wp/2015/08/19/florida-sinkhole-reopens-two-years-after-it-swallowed-a-sleeping-man-and-killed-him/?utm_term=.a4c035e8ee6e\">lives have been lost in sinkholes</a>, and the U.S. Geological Survey estimates that sinkholes cause about $300 million in damage per year. </p>\n<p>So what causes them? And is there anything homeowners can do to protect themselves? Let’s find out.  </p>\n<p>&nbsp;</p>\n<h2><strong>CAUSES OF A SINKHOLE</strong></h2>\n<p>&nbsp;</p>\n<p>What is a sinkhole, and how does it form? The cause is simple to understand: moving groundwater erodes rock below the soil. That creates a large cavity, which collapses. It seems like that should be an easy thing to detect… you know, with the giant cavern involved.  But the answer isn’t so simple. </p>\n<p>The problem is that the methods that excel at detecting these cavities directly – ground-penetrating radar, for example – are difficult to deploy at scale. The methods that<span> </span><em>can</em><span> </span>cover large areas depend on surface signs that are a lot less reliable. </p>\n<p>In 2014,<span> </span><a href=\"https://www.nasa.gov/press/2014/march/nasa-radar-demonstrates-ability-to-foresee-sinkholes\">NASA’s Jet Propulsion Laboratory</a><span> </span>discovered they can detect surface ground movement with their InSAR satellite program. But not every sinkhole exhibits this behavior before the ground caves in. Also, buildings tend to get in the way for this technique to be reliable. </p>\n<p>There are risk factors that can make sinkholes a bit easier to predict. Mining operations sometime destabilize the ground in ways that promote sinkholes. Weather plays a role, as well – tropical and moist climates experience more sinkholes than dry ones. Sinkholes can also be triggered by heavy rainfalls or burst sewers and pipes.</p>\n<p>&nbsp;</p>\n<h2><strong>WHERE ARE SINKHOLES MOST COMMONLY FOUND?</strong></h2>\n<p>&nbsp;</p>\n<p>Sinkholes are more common where the bedrock is soluble – usually limestone or dolomite rock. Florida sits on a giant slab of limestone, which is why it’s particularly sinkhole-prone. The U.S. Geological Survey reports that about 20 percent of U.S. land is susceptible to sinkholes, mostly in the following states:</p>\n<ul>\n<li>Alabama</li>\n<li>Florida</li>\n<li>Kentucky</li>\n<li>Missouri</li>\n<li>Pennsylvania</li>\n<li>Tennessee</li>\n<li>Texas  </li>\n</ul>\n<h2></h2>\n<h2><strong>HOW COMMON ARE SINKHOLES?</strong></h2>\n<p>&nbsp;</p>\n<p>The risk of a severe occurrence is low. Of all the sinkholes that open up in any given year, researchers estimate the risk of catastrophic damage at a one-in-100 chance – but it’s difficult to get a precise number. According to the<span> </span><a href=\"https://www.usgs.gov/faqs/how-many-sinkholes-open-a-year?qt-news_science_products=0#qt-news_science_products\">U.S. Geological Survey</a>, some (but not all) states track reported sinkhole collapses, but there is no national database. </p>\n<p>What’s more, many observed sinkholes are never reported to state geologic surveys… and a sinkhole that opens in a remote rural area may never be seen or reported at all. Curious about sinkholes in your specific area? Contact your county property appraiser. He or she might know additional details, such as the availability of a statewide geological database. </p>\n<p>If you suspect there is a sinkhole on your property, steer clear of the affected area (and keep kids and pets away, too). Consider marking it with fencing or tape. Then, call an expert such as a geological testing firm to determine next steps. It’s a good idea to let your insurance agent know, too.  </p>\n<p>&nbsp;</p>\n<h2><strong>SINKHOLES AND INSURANCE</strong></h2>\n<p>&nbsp;</p>\n<p>This can get complicated, since available coverage varies by state. The<span> </span><a href=\"https://www.iii.org/article/sinkholes-and-insurance\">Insurance Information Institute</a><span> </span>offers some helpful background about how sinkhole coverage works in different areas. For questions about what your specific policy can (and can’t) cover, contact an insurance professional like your<span> </span><a href=\"https://www.erieinsurance.com/find-an-insurance-agent\">Erie Insurance agent</a>.</p>\n<p>&nbsp;</p>\n<h2><strong>DOES CAR INSURANCE COVER SINKHOLES? </strong></h2>\n<p>&nbsp;</p>\n<p>Sinkhole damage can be covered if you’ve chosen to add optional<span> </span><a href=\"https://www.erieinsurance.com/insurance-dictionary/comprehensive-insurance\">comprehensive coverage</a><span> </span>to your auto insurance policy. (That’s the same coverage that can protect you from non-collision related damage, like a falling tree branch or<span> </span><a href=\"https://www.erieinsurance.com/blog/hitting-a-deer\">hitting a deer</a>.) Learn more about<span> </span><a href=\"https://www.erieinsurance.com/blog/common-auto-insurance-coverages\">understanding your auto policy</a>.  </p>\n<p>&nbsp;</p>\n<h2><strong>DOES HOMEOWNERS INSURANCE COVER SINKHOLES?</strong></h2>\n<p>&nbsp;</p>\n<p>Generally speaking, most typical homeowners insurance policies (including those from ERIE) don’t cover damage from earth movement. That includes earthquakes, mudslides and sinkholes. Flood damage is also not covered by a typical homeowners policy. Flood insurance is usually purchased separately through the National Flood Insurance Program.</p>\n<p>So, why are sinkholes excluded from a typical homeowners policy? “With a sinkhole, there’s usually no warning – and it’s typically something that can’t be prevented,” says Tammy Kula, a home product development specialist at ERIE. “However, the damage to the bedrock has been happening silently underground for months and years. That’s not ‘sudden and accidental,’ which is what typical homeowners insurance is designed to protect.” </p>\n<p>Some states (like Florida and Tennessee) require insurers to offer optional sinkhole coverage for an additional premium. Good news: If you’re an ERIE policyholder in Tennessee, sinkhole collapse coverage is included at no extra charge to your homeowners policy.</p>\n<p>Elsewhere, ERIE policyholders can typically add sinkhole protection separately with the sinkhole collapse endorsement. This endorsement can cover damage due to a sinkhole by natural means, such as groundwater that erodes limestone or dolomite rock. It can protect your home, other structures (such as a garage or shed) and your personal property up to the stated limits on your policy.</p>\n<p>Let’s face it: Life can be weird and unpredictable. At ERIE, our local agents can help you feel confident about your insurance protection so anxiety doesn’t hold you back from enjoying what really matters in life. Learn more about<span> </span><a href=\"https://www.erieinsurance.com/home-insurance\">homeowners insurance</a><span> </span>and request a quote.</p>\n<p>You can read the full article <a href=\"https://www.erieinsurance.com/blog/sinkholes\">here</a>. </p>\n<p>&nbsp;</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','What We Know About Sinkholes, and What We Don’t','','inherit','closed','closed','','251-revision-v1','','','2020-03-24 00:01:29','2020-03-24 00:01:29','',251,'http://smartinsurance.tips/251-revision-v1/',0,'revision','',0),(259,1,'2020-03-24 17:01:22','2020-03-24 17:01:22','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" min_height=\"675px\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"page-title\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>Do you need Commercial Auto Insurance?</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><span style=\"color: rgba(255, 255, 255, 0);\"><img src=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg\" class=\"alignright bf-image wp-image-3939 business-auto lazyload loaded\" alt=\"Commercial Auto Insurance\" srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg 200w, https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto.jpg 600w\" sizes=\"(max-width: 200px) 100vw, 200px\" title=\"Commercial Auto Insurance\" data-src=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg\" data-srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg 200w, https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto.jpg 600w\" data-was-processed=\"true\" width=\"200\" height=\"300\" /></span></p>\n<p><span style=\"font-size: 14px; color: #000000;\">Some business owners mistakenly believe that they only need commercial auto insurance to cover large trucks or vehicles that they registered in the company’s name. Sometimes, the vehicle weight or ownership may determine that a car, truck, or van needs a business policy; however, many other vehicles would also only be properly insured by commercial vehicle insurance. Inadequate coverage for business cars can pose a large risk for businesses and other involved parties.  </span></p>\n<h3><span style=\"color: #000000;\"><strong>When to Consider Commercial Auto Insurance</strong></span></h3>\n<p><span style=\"color: #000000;\">Business owners should consider learning more about proper coverage for any cars or trucks used for business. This could include:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Vehicles used to carry goods</span></li>\n<li><span style=\"color: #000000;\">Vehicles used to transport employees or customers</span></li>\n<li><span style=\"color: #000000;\">Vehicles owned by the company, buy the owner, or even by employees</span></li>\n</ul>\n<p><span style=\"color: #000000;\">In these cases, the size of the car doesn’t matter. The kind of vehicle won’t matter either. The fact that the car is registered in the owner’s or company’s name also won’t matter. What matters is the risk of having an improperly insured vehicle involved in an accident.</span></p>\n<p><span style=\"color: #000000;\">In accidents, inventory or supplies could get damaged. Passengers, drivers, and people in other vehicles could get injured. Without commercial insurance, companies and vehicle owners could face large losses without having insurance to compensate them properly. Personal insurance may not have adequate limits for property damage or medical expenses to cover a business. In some cases, personal policies restrict or exclude business use of a car.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h3><span style=\"color: #000000;\"><strong>How to Buy Commercial Insurance for Business Use</strong></span></h3>\n<p><span style=\"color: #000000;\"><strong></strong></span></p>\n<p><span style=\"color: #000000;\">In some circumstances, vehicle owners may add a business rider to their personal policies. In other situations, it will make sense to cover the car with a commercial auto policy. An experienced business insurance agent can discuss individual situations, suggest the right solutions, and then help find the best protection.</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Commercial Auto Insurance','','publish','closed','closed','','commercial-auto-insurance','','','2020-03-25 19:03:28','2020-03-25 19:03:28','',0,'http://smartinsurance.tips/?page_id=259',0,'page','',0),(260,1,'2020-03-24 17:01:22','2020-03-24 17:01:22','<!-- wp:divi/placeholder /-->','Commercial Auto Insurance','','inherit','closed','closed','','259-revision-v1','','','2020-03-24 17:01:22','2020-03-24 17:01:22','',259,'http://smartinsurance.tips/259-revision-v1/',0,'revision','',0),(263,1,'2020-03-24 17:08:29','2020-03-24 17:08:29','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>7 Most Common Driving Hazards &amp; How To Avoid Them</strong></span></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img alt=\"Pothole filled with water\" title=\"Road Hazard Pothole\" sizes=\"(max-width: 768px) 100vw, 1600px\" class=\"alignnone lazyload loaded\" src=\"https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole.jpg\" data-src=\"https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole.jpg\" data-srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole.jpg 1600w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-300x169.jpg 300w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-1024x576.jpg 1024w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-150x150.jpg 150w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-768x432.jpg 768w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-1536x864.jpg 1536w\" srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole.jpg 1600w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-300x169.jpg 300w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-1024x576.jpg 1024w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-150x150.jpg 150w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-768x432.jpg 768w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-1536x864.jpg 1536w\" data-was-processed=\"true\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\">It can be hazardous to set out on the roadways today. Heavy traffic, dangerous driving behaviors, and other factors can turn our streets and highways into an obstacle course for motorists. The following are some of the most common driving hazards and what you can do to avoid them.</span></p>\n<p><span style=\"color: #000000; font-size: 18px;\"><strong></strong></span></p>\n<p><span style=\"color: #000000; font-size: 18px;\"><strong>Congested Traffic</strong></span></p>\n<p><span style=\"color: #000000;\">Traffic jams and congestion can lead to accidents. When you are driving in heavy traffic, keep more distance between your car and the vehicle in front. Be prepared to stop suddenly and stay alert for vehicles that may cut in front of you.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h4><span style=\"color: #000000;\"><strong>Reckless Drivers</strong></span></h4>\n<p><span style=\"color: #000000;\">Reckless driving behavior can occur in different ways. It may involve:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Driving distracted (texting or talking on the phone)</span></li>\n<li><span style=\"color: #000000;\">Driving under the influence of alcohol or drugs</span></li>\n<li><span style=\"color: #000000;\">Speeding</span></li>\n<li><span style=\"color: #000000;\">Weaving in and out of traffic</span></li>\n<li><span style=\"color: #000000;\">Disregarding traffic signs and signals</span></li>\n<li><span style=\"color: #000000;\">Following too closely</span></li>\n<li><span style=\"color: #000000;\">Driving much slower than the flow of traffic</span></li>\n</ul>\n<p><span style=\"color: #000000;\">If you encounter someone who is driving recklessly, the best thing to do is to maintain a safe distance from that vehicle. Slow down and let drivers who are speeding or driving aggressively pass you by. Maneuver around anyone who is driving too slowly and impeding the flow of traffic.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h4><span style=\"color: #000000;\"><strong>Malfunctioning Traffic Lights</strong></span></h4>\n<p><span style=\"color: #000000;\">We are accustomed to relying on traffic lights to tell us when to stop or go. There are rules about how to proceed when a traffic light malfunctions, but some drivers may not know the rules, or they simply disregard them and blast through the intersection without stopping. Make sure all other drivers are stopped before you proceed.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h4><span style=\"color: #000000;\"><strong>Careless Pedestrians &amp; Bicyclists</strong></span></h4>\n<p><span style=\"color: #000000;\">Pedestrians and bicyclists have a right to share the road with motorists. When they act carelessly or recklessly, however, they can create hazards for themselves and for motorists. As a driver, it is your responsibility to stay alert and do all you can to avoid hitting them. A collision with a 3,000 pound motor vehicle can be fatal for a pedestrian or bicyclist.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h4><span style=\"color: #000000;\"><strong>Children Playing Or Walking</strong></span></h4>\n<p><span style=\"color: #000000;\">Children lack the judgment to keep themselves safe around moving motor vehicles, and many will run out into the street suddenly. If you are driving in an area where children are playing or walking, slow down, stay alert, and be prepared to stop.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<h4><span style=\"color: #000000;\"><strong>Poor Weather Conditions</strong></span></h4>\n<p><span style=\"color: #000000;\">Rain, snow, and sleet can cause poor visibility and make the roads treacherous. If you are driving in poor weather conditions:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Slow down to a safe speed that goes with the flow of traffic.</span></li>\n<li><span style=\"color: #000000;\">Maintain more distance between your vehicle and the one in front.</span></li>\n<li><span style=\"color: #000000;\">Keep your windshield and windows as clear as possible.</span></li>\n<li><span style=\"color: #000000;\">Use your headlights (dim and bright) as appropriate.</span></li>\n</ul>\n<p><span style=\"color: #000000;\"> </span></p>\n<h4><span style=\"color: #000000;\"><strong>Potholes &amp; Road Debris</strong></span></h4>\n<p><span style=\"color: #000000;\">Some drivers tend to swerve around potholes and debris in the road, causing accidents. If you see a pothole or debris in the road ahead, keep a firm grip on the steering wheel, slow down, and change lanes if you can do so safely.</span></p>\n<p><span style=\"color: #000000;\">In case road hazards lead to an accident, it is important to have the auto insurance coverage you need.</span></p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','7 Most Common Driving Hazards & How To Avoid Them','','publish','closed','closed','','7-most-common-driving-hazards-how-to-avoid-them','','','2020-03-25 19:30:33','2020-03-25 19:30:33','',0,'http://smartinsurance.tips/?page_id=263',0,'page','',0),(264,1,'2020-03-24 17:08:29','2020-03-24 17:08:29','<!-- wp:divi/placeholder /-->','7 Most Common Driving Hazards & How To Avoid Them','','inherit','closed','closed','','263-revision-v1','','','2020-03-24 17:08:29','2020-03-24 17:08:29','',263,'http://smartinsurance.tips/263-revision-v1/',0,'revision','',0),(284,1,'2020-03-24 19:15:36','2020-03-24 19:15:36','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" min_height=\"813px\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"page-title\" style=\"text-align: center;\"><strong>Commercial Auto Insurance</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg\" class=\"alignright bf-image wp-image-3939 business-auto lazyload loaded\" alt=\"Commercial Auto Insurance\" srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg 200w, https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto.jpg 600w\" sizes=\"(max-width: 200px) 100vw, 200px\" title=\"Commercial Auto Insurance\" data-src=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg\" data-srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg 200w, https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto.jpg 600w\" data-was-processed=\"true\" width=\"200\" height=\"300\" /></p>\n<p><span style=\"font-size: 14px;\">Some business owners mistakenly believe that they only need commercial auto insurance to cover large trucks or vehicles that they registered in the company’s name. Sometimes, the vehicle weight or ownership may determine that a car, truck, or van needs a business policy; however, many other vehicles would also only be properly insured by commercial vehicle insurance. Inadequate coverage for business cars can pose a large risk for businesses and other involved parties.  </span></p>\n<h3><strong>When to Consider Commercial Auto Insurance</strong></h3>\n<p>Business owners should consider learning more about proper coverage for any cars or trucks used for business. This could include:</p>\n<ul>\n<li>Vehicles used to carry goods</li>\n<li>Vehicles used to transport employees or customers</li>\n<li>Vehicles owned by the company, buy the owner, or even by employees</li>\n</ul>\n<p>In these cases, the size of the car doesn’t matter. The kind of vehicle won’t matter either. The fact that the car is registered in the owner’s or company’s name also won’t matter. What matters is the risk of having an improperly insured vehicle involved in an accident.</p>\n<p>In accidents, inventory or supplies could get damaged. Passengers, drivers, and people in other vehicles could get injured. Without commercial insurance, companies and vehicle owners could face large losses without having insurance to compensate them properly. Personal insurance may not have adequate limits for property damage or medical expenses to cover a business. In some cases, personal policies restrict or exclude business use of a car.</p>\n<p>&nbsp;</p>\n<h3><strong>How to Buy Commercial Insurance for Business Use</strong></h3>\n<p><strong></strong></p>\n<p>In some circumstances, vehicle owners may add a business rider to their personal policies. In other situations, it will make sense to cover the car with a commercial auto policy. An experienced business insurance agent can discuss individual situations, suggest the right solutions, and then help find the best protection.</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Commercial Auto Insurance','','inherit','closed','closed','','259-revision-v1','','','2020-03-24 19:15:36','2020-03-24 19:15:36','',259,'http://smartinsurance.tips/259-revision-v1/',0,'revision','',0),(262,1,'2020-03-24 17:05:09','2020-03-24 17:05:09','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\" min_height=\"813px\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"page-title\" style=\"text-align: center;\"><strong>Commercial Auto Insurance</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img src=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg\" class=\"alignright bf-image wp-image-3939 business-auto lazyload loaded\" alt=\"Commercial Auto Insurance\" srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg 200w, https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto.jpg 600w\" sizes=\"(max-width: 200px) 100vw, 200px\" title=\"Commercial Auto Insurance\" data-src=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg\" data-srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto-200x300.jpg 200w, https://www.aaginsurance.com/wp-content/uploads/sites/1255/2015/10/business-auto.jpg 600w\" data-was-processed=\"true\" width=\"200\" height=\"300\" />Locally owned and operated in the heart of Bel Air, Maryland, AAG Insurance has been serving area businesses and their Commercial Auto Insurance needs for over 25 years.</p>\n<p>&nbsp;</p>\n<p>Some business owners mistakenly believe that they only need commercial auto insurance to cover large trucks or vehicles that they registered in the company’s name. Sometimes, the vehicle weight or ownership may determine that a car, truck, or van needs a business policy; however, many other vehicles would also only be properly insured by commercial vehicle insurance. Inadequate coverage for business cars can pose a large risk for businesses and other involved parties.  </p>\n<h3><strong>When to Consider Commercial Auto Insurance</strong></h3>\n<p>Business owners should consider learning more about proper coverage for any cars or trucks used for business. This could include:</p>\n<ul>\n<li>Vehicles used to carry goods</li>\n<li>Vehicles used to transport employees or customers</li>\n<li>Vehicles owned by the company, buy the owner, or even by employees</li>\n</ul>\n<p>In these cases, the size of the car doesn’t matter. The kind of vehicle won’t matter either. The fact that the car is registered in the owner’s or company’s name also won’t matter. What matters is the risk of having an improperly insured vehicle involved in an accident.</p>\n<p>In accidents, inventory or supplies could get damaged. Passengers, drivers, and people in other vehicles could get injured. Without commercial insurance, companies and vehicle owners could face large losses without having insurance to compensate them properly. Personal insurance may not have adequate limits for property damage or medical expenses to cover a business. In some cases, personal policies restrict or exclude business use of a car.</p>\n<p>&nbsp;</p>\n<h3><strong>How to Buy Commercial Insurance for Business Use</strong></h3>\n<p><strong></strong></p>\n<p>In some circumstances, vehicle owners may add a business rider to their personal policies. In other situations, it will make sense to cover the car with a commercial auto policy. An experienced business insurance agent can discuss individual situations, suggest the right solutions, and then help find the best protection.</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Commercial Auto Insurance','','inherit','closed','closed','','259-revision-v1','','','2020-03-24 17:05:09','2020-03-24 17:05:09','',259,'http://smartinsurance.tips/259-revision-v1/',0,'revision','',0),(481,1,'2020-06-23 22:18:42','2020-06-23 22:18:42','<!-- wp:divi/placeholder /-->','5 Renovations That Can Impact Your Home Insurance','','inherit','closed','closed','','480-revision-v1','','','2020-06-23 22:18:42','2020-06-23 22:18:42','',480,'http://smartinsurance.tips/480-revision-v1/',0,'revision','',0),(266,1,'2020-03-24 17:27:15','2020-03-24 17:27:15','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><strong>7 Most Common Driving Hazards &amp; How To Avoid Them</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p>It can be hazardous to set out on the roadways today. Heavy traffic, dangerous driving behaviors, and other factors can turn our streets and highways into an obstacle course for motorists. The following are some of the most common driving hazards and what you can do to avoid them.</p>\n<p><strong style=\"color: #333333; font-size: 18px;\"></strong></p>\n<p><strong style=\"color: #333333; font-size: 18px;\">Congested Traffic</strong></p>\n<p><strong style=\"color: #333333; font-size: 18px;\"></strong></p>\n<p>Traffic jams and congestion can lead to accidents. When you are driving in heavy traffic, keep more distance between your car and the vehicle in front. Be prepared to stop suddenly and stay alert for vehicles that may cut in front of you.</p>\n<p>&nbsp;</p>\n<h4><strong>Reckless Drivers</strong></h4>\n<p><strong></strong></p>\n<p>Reckless driving behavior can occur in different ways. It may involve:</p>\n<ul>\n<li>Driving distracted (texting or talking on the phone)</li>\n<li>Driving under the influence of alcohol or drugs</li>\n<li>Speeding</li>\n<li>Weaving in and out of traffic</li>\n<li>Disregarding traffic signs and signals</li>\n<li>Following too closely</li>\n<li>Driving much slower than the flow of traffic</li>\n</ul>\n<p>If you encounter someone who is driving recklessly, the best thing to do is to maintain a safe distance from that vehicle. Slow down and let drivers who are speeding or driving aggressively pass you by. Maneuver around anyone who is driving too slowly and impeding the flow of traffic.</p>\n<p>&nbsp;</p>\n<h4><strong>Malfunctioning Traffic Lights</strong></h4>\n<p><strong></strong></p>\n<p>We are accustomed to relying on traffic lights to tell us when to stop or go. There are rules about how to proceed when a traffic light malfunctions, but some drivers may not know the rules, or they simply disregard them and blast through the intersection without stopping. Make sure all other drivers are stopped before you proceed.</p>\n<p>&nbsp;</p>\n<h4><strong>Careless Pedestrians &amp; Bicyclists</strong></h4>\n<p><strong></strong></p>\n<p>Pedestrians and bicyclists have a right to share the road with motorists. When they act carelessly or recklessly, however, they can create hazards for themselves and for motorists. As a driver, it is your responsibility to stay alert and do all you can to avoid hitting them. A collision with a 3,000 pound motor vehicle can be fatal for a pedestrian or bicyclist.</p>\n<p>&nbsp;</p>\n<h4><strong>Children Playing Or Walking</strong></h4>\n<p><strong></strong></p>\n<p>Children lack the judgment to keep themselves safe around moving motor vehicles, and many will run out into the street suddenly. If you are driving in an area where children are playing or walking, slow down, stay alert, and be prepared to stop.</p>\n<p>&nbsp;</p>\n<h4><strong>Poor Weather Conditions</strong></h4>\n<p><strong></strong></p>\n<p>Rain, snow, and sleet can cause poor visibility and make the roads treacherous. If you are driving in poor weather conditions:</p>\n<ul>\n<li>Slow down to a safe speed that goes with the flow of traffic.</li>\n<li>Maintain more distance between your vehicle and the one in front.</li>\n<li>Keep your windshield and windows as clear as possible.</li>\n<li>Use your headlights (dim and bright) as appropriate.</li>\n</ul>\n<p>&nbsp;</p>\n<h4><strong>Potholes &amp; Road Debris</strong></h4>\n<p><strong></strong></p>\n<p>Some drivers tend to swerve around potholes and debris in the road, causing accidents. If you see a pothole or debris in the road ahead, keep a firm grip on the steering wheel, slow down, and change lanes if you can do so safely.</p>\n<p>In case road hazards lead to an accident, it is important to have the auto insurance coverage you need.</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','7 Most Common Driving Hazards & How To Avoid Them','','inherit','closed','closed','','263-revision-v1','','','2020-03-24 17:27:15','2020-03-24 17:27:15','',263,'http://smartinsurance.tips/263-revision-v1/',0,'revision','',0),(268,1,'2020-03-24 17:28:58','2020-03-24 17:28:58','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\" custom_padding=\"0px||0px|||\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"entry-title\" style=\"text-align: center;\"><strong>7 Most Common Driving Hazards &amp; How To Avoid Them</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" custom_margin=\"|410px||410px|false|false\" custom_padding=\"0px|0px||||\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div class=\"et_post_meta_wrapper\">\n<p><img alt=\"Pothole filled with water\" title=\"Road Hazard Pothole\" sizes=\"(max-width: 768px) 100vw, 1600px\" class=\"alignnone lazyload loaded\" src=\"https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole.jpg\" data-src=\"https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole.jpg\" data-srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole.jpg 1600w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-300x169.jpg 300w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-1024x576.jpg 1024w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-150x150.jpg 150w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-768x432.jpg 768w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-1536x864.jpg 1536w\" srcset=\"https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole.jpg 1600w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-300x169.jpg 300w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-1024x576.jpg 1024w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-150x150.jpg 150w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-768x432.jpg 768w, https://www.aaginsurance.com/wp-content/uploads/sites/2939/https://www.aaginsurance.com/wp-content/uploads/sites/2939/2019/12/Road-Hazard-Pothole-1536x864.jpg 1536w\" data-was-processed=\"true\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>&nbsp;</p>\n<p>It can be hazardous to set out on the roadways today. Heavy traffic, dangerous driving behaviors, and other factors can turn our streets and highways into an obstacle course for motorists. The following are some of the most common driving hazards and what you can do to avoid them.</p>\n<p><strong style=\"color: #333333; font-size: 18px;\"></strong></p>\n<p><strong style=\"color: #333333; font-size: 18px;\">Congested Traffic</strong></p>\n<p>Traffic jams and congestion can lead to accidents. When you are driving in heavy traffic, keep more distance between your car and the vehicle in front. Be prepared to stop suddenly and stay alert for vehicles that may cut in front of you.</p>\n<p>&nbsp;</p>\n<h4><strong>Reckless Drivers</strong></h4>\n<p>Reckless driving behavior can occur in different ways. It may involve:</p>\n<ul>\n<li>Driving distracted (texting or talking on the phone)</li>\n<li>Driving under the influence of alcohol or drugs</li>\n<li>Speeding</li>\n<li>Weaving in and out of traffic</li>\n<li>Disregarding traffic signs and signals</li>\n<li>Following too closely</li>\n<li>Driving much slower than the flow of traffic</li>\n</ul>\n<p>If you encounter someone who is driving recklessly, the best thing to do is to maintain a safe distance from that vehicle. Slow down and let drivers who are speeding or driving aggressively pass you by. Maneuver around anyone who is driving too slowly and impeding the flow of traffic.</p>\n<p>&nbsp;</p>\n<h4><strong>Malfunctioning Traffic Lights</strong></h4>\n<p>We are accustomed to relying on traffic lights to tell us when to stop or go. There are rules about how to proceed when a traffic light malfunctions, but some drivers may not know the rules, or they simply disregard them and blast through the intersection without stopping. Make sure all other drivers are stopped before you proceed.</p>\n<p>&nbsp;</p>\n<h4><strong>Careless Pedestrians &amp; Bicyclists</strong></h4>\n<p>Pedestrians and bicyclists have a right to share the road with motorists. When they act carelessly or recklessly, however, they can create hazards for themselves and for motorists. As a driver, it is your responsibility to stay alert and do all you can to avoid hitting them. A collision with a 3,000 pound motor vehicle can be fatal for a pedestrian or bicyclist.</p>\n<p>&nbsp;</p>\n<h4><strong>Children Playing Or Walking</strong></h4>\n<p>Children lack the judgment to keep themselves safe around moving motor vehicles, and many will run out into the street suddenly. If you are driving in an area where children are playing or walking, slow down, stay alert, and be prepared to stop.</p>\n<p>&nbsp;</p>\n<h4><strong>Poor Weather Conditions</strong></h4>\n<p>Rain, snow, and sleet can cause poor visibility and make the roads treacherous. If you are driving in poor weather conditions:</p>\n<ul>\n<li>Slow down to a safe speed that goes with the flow of traffic.</li>\n<li>Maintain more distance between your vehicle and the one in front.</li>\n<li>Keep your windshield and windows as clear as possible.</li>\n<li>Use your headlights (dim and bright) as appropriate.</li>\n</ul>\n<p>&nbsp;</p>\n<h4><strong>Potholes &amp; Road Debris</strong></h4>\n<p>Some drivers tend to swerve around potholes and debris in the road, causing accidents. If you see a pothole or debris in the road ahead, keep a firm grip on the steering wheel, slow down, and change lanes if you can do so safely.</p>\n<p>In case road hazards lead to an accident, it is important to have the auto insurance coverage you need.</p>\n</div>\n<div class=\"entry-content\">\n<div class=\"pf-content\"></div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','7 Most Common Driving Hazards & How To Avoid Them','','inherit','closed','closed','','263-revision-v1','','','2020-03-24 17:28:58','2020-03-24 17:28:58','',263,'http://smartinsurance.tips/263-revision-v1/',0,'revision','',0),