(3348,1,'2023-07-30 13:12:58','2023-07-30 13:12:58','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3349,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-29.png\" alt=\"\" class=\"wp-image-3349\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The month of May is National Wildfire Awareness Month — and it’s also the start of wildfire season — which serves as a reminder that finding adequate home insurance may need to be a priority for homeowners who live in areas of the U.S. with wildfire risk. Nearly 4.5 million homes are at risk of wildfire damage throughout the nation. Droughts and other environmental issues are leading to more frequent and intense wildfires in many areas of the U.S., which may make it difficult to find affordable home coverage if you live in a high-risk region. To help combat rising insurance rates, Bankrate compiled information that may assist you in securing a home insurance policy, along with tips on potentially reducing the risk of fire damage to your home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\"><strong>Key takeaways</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Homeowners living in areas with high wildfire risk may have difficulty finding adequate home insurance coverage and face higher premiums.</li><li>Shopping around with multiple carriers, looking for discounts and reducing your home’s fire exposure may help you find more affordable coverage.</li><li>Installing a fire-resistant roof, retrofitting your home and creating a defensible area may reduce your home’s burn risk.</li><li>Wildfire may be an excluded peril in insurance policies for homes in high-risk areas.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How fire risk affects homeowners insurance costs</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">According to the National Interagency Fire Center (NIFC), 58,950 fires affected over 10 million  acres in the U.S. in 2020. This number decreased slightly in 2021, with 58,985 fires involving just over 7 million acres; however, it rose again in 2022, with 68,988 fires impacting 7.5 million acres. Areas prone to this type of wildfire risk create a challenging insurance landscape.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When determining home insurance rates, most insurance companies will review the home’s location and the surrounding area’s features. Neighborhoods close to wildfire zones or in wildland urban interface locations are more at risk of damage or total loss. The higher the disaster risk, the higher the home insurance premium typically is. As rising temperatures and more frequent droughts spread across the U.S., areas that were once unaffected by wildfires are becoming at risk for this type of natural disaster.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">According to S&amp;P Global, insured wildfire losses topped $13 billion in three of the last four years. Due to the cost of disaster payouts, higher premiums passed down from reinsurance companies, and no end in sight to future wildfire losses, some of the biggest insurance companies, like State Farm and Allstate, have stopped issuing new homeowners insurance policies in California. Farmers Insurance is also limiting new home policies in the state. With fewer companies sharing the risk, the remaining insurers may start limiting availability to certain ZIP codes and increasing premiums to maintain financial solvency.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to get home insurance in high fire risk areas</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While it may be more difficult to find homeowners insurance if you live in a high-risk fire zone, it is likely still possible. If you’re struggling to find affordable homeowners insurance in a high-risk fire area, or are having trouble finding insurance entirely, these tips may help:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Ask your neighbors.</strong> It may be helpful to ask neighbors for the names of the companies that insure their homes. By doing this, you can build a list of potential carriers that may also be willing to insure your home. Plus, you can generally assume the insurer offers policies in your ZIP code, although you won’t know for certain until you request a quote.</li><li><strong>Shop around with more than one carrier.</strong> It may help to keep your options open when it comes to finding carriers. If you struggle to find an insurance company that’s willing to cover your home, or if you’re getting quotes that are much higher than you expected, it may pay to inquire about coverage from both large, nationally available carriers and small regional home insurance companies. Working with an independent insurance broker may help you know which carriers to start with.</li><li><strong>Take advantage of discount opportunities.</strong> Some insurers may offer discounts for bundling your home and auto insurance, paying your premium in full or upgrading your roof. If you want to save on your home insurance policy, it may pay to inquire about the discount opportunities from the insurers or agents you are getting quotes from.</li><li><strong>Consider a FAIR Plan.</strong> While in many cases a temporary solution, purchasing homeowners insurance coverage via your state’s FAIR Plan may be one way to obtain coverage while you search for a permanent option. However, FAIR Plan coverage may not be as robust as a private insurer policy and may also be more expensive than private coverage.</li><li><strong>Reduce your home’s burn risk.</strong> Installing fire prevention features may help you find more affordable coverage by reducing your home’s fire risk. Some updates can be simple, like swapping the mulch in your garden for gravel or more expensive, such as updating your siding to a fire-resistant material.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to reduce the risk to your home in a fire-prone area</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition to helping you secure lower home insurance rates, reducing your home’s fire exposure may also help reduce your losses in the event of a fire. Some strategies for reducing your home’s burn risk include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Installing a fire-resistant roof:</strong> Fire-resistant roofs could help with mitigating fire damage to your home. Materials that typically qualify for Class A roof coverings include concrete or clay tiles, fiberglass asphalt shingles or metal roofs.</li><li><strong>Retrofit your home:</strong> CalFire, California’s Department of Forestry and Fire Protection, has a list of ways you can retrofit your home to protect against wildfire. You may be able to retrofit vents, windows, walls and even rain gutters and fences to reduce your fire exposure risk.</li><li><strong>Create a defensible area around your home:</strong> The key to this strategy is to remove any vegetation that might be flammable away from your home. This could include clearing away plants and shrubs from windows, decks, balconies and stairs as well as removing other potential hazards near the exterior of the home that might catch on fire, including mulch, pine straw, firewood or debris.</li><li><strong>Plan for water access:</strong> When preparing to evacuate your home, fill tubs with water and place buckets of water in different areas of the house. For the exterior, connect long garden hoses or sprinklers to water spigots for firefighters to immediately access additional water.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your fire prevention strategy will look different based on your home type and location. Speaking with your local fire department may help you find other ways to protect your home, such as making sure your address is clearly marked and visible from the street. There may also be local or state grants available to help with the costs of fire-prevention measures.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bankrate.com/insurance/homeowners-insurance/finding-affordable-homeowners-insurance-in-a-fire-zone/#frequently-asked-questions\">click here.</a></p>\n<!-- /wp:paragraph -->','How to find affordable homeowners insurance in a high-risk fire zone','','publish','closed','closed','','how-to-find-affordable-homeowners-insurance-in-a-high-risk-fire-zone','','','2023-07-30 13:12:58','2023-07-30 13:12:58','',0,'http://smartinsurance.tips/?p=3348',0,'post','',0),(3349,1,'2023-07-30 13:10:02','2023-07-30 13:10:02','','My-project-1-29','','inherit','closed','closed','','my-project-1-29-2','','','2023-07-30 13:10:02','2023-07-30 13:10:02','',3348,'http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-29.png',0,'attachment','image/png',0),(3350,1,'2023-07-30 13:12:58','2023-07-30 13:12:58','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3349,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-29.png\" alt=\"\" class=\"wp-image-3349\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The month of May is National Wildfire Awareness Month — and it’s also the start of wildfire season — which serves as a reminder that finding adequate home insurance may need to be a priority for homeowners who live in areas of the U.S. with wildfire risk. Nearly 4.5 million homes are at risk of wildfire damage throughout the nation. Droughts and other environmental issues are leading to more frequent and intense wildfires in many areas of the U.S., which may make it difficult to find affordable home coverage if you live in a high-risk region. To help combat rising insurance rates, Bankrate compiled information that may assist you in securing a home insurance policy, along with tips on potentially reducing the risk of fire damage to your home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\"><strong>Key takeaways</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Homeowners living in areas with high wildfire risk may have difficulty finding adequate home insurance coverage and face higher premiums.</li><li>Shopping around with multiple carriers, looking for discounts and reducing your home’s fire exposure may help you find more affordable coverage.</li><li>Installing a fire-resistant roof, retrofitting your home and creating a defensible area may reduce your home’s burn risk.</li><li>Wildfire may be an excluded peril in insurance policies for homes in high-risk areas.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How fire risk affects homeowners insurance costs</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">According to the National Interagency Fire Center (NIFC), 58,950 fires affected over 10 million  acres in the U.S. in 2020. This number decreased slightly in 2021, with 58,985 fires involving just over 7 million acres; however, it rose again in 2022, with 68,988 fires impacting 7.5 million acres. Areas prone to this type of wildfire risk create a challenging insurance landscape.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When determining home insurance rates, most insurance companies will review the home’s location and the surrounding area’s features. Neighborhoods close to wildfire zones or in wildland urban interface locations are more at risk of damage or total loss. The higher the disaster risk, the higher the home insurance premium typically is. As rising temperatures and more frequent droughts spread across the U.S., areas that were once unaffected by wildfires are becoming at risk for this type of natural disaster.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">According to S&amp;P Global, insured wildfire losses topped $13 billion in three of the last four years. Due to the cost of disaster payouts, higher premiums passed down from reinsurance companies, and no end in sight to future wildfire losses, some of the biggest insurance companies, like State Farm and Allstate, have stopped issuing new homeowners insurance policies in California. Farmers Insurance is also limiting new home policies in the state. With fewer companies sharing the risk, the remaining insurers may start limiting availability to certain ZIP codes and increasing premiums to maintain financial solvency.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to get home insurance in high fire risk areas</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While it may be more difficult to find homeowners insurance if you live in a high-risk fire zone, it is likely still possible. If you’re struggling to find affordable homeowners insurance in a high-risk fire area, or are having trouble finding insurance entirely, these tips may help:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Ask your neighbors.</strong> It may be helpful to ask neighbors for the names of the companies that insure their homes. By doing this, you can build a list of potential carriers that may also be willing to insure your home. Plus, you can generally assume the insurer offers policies in your ZIP code, although you won’t know for certain until you request a quote.</li><li><strong>Shop around with more than one carrier.</strong> It may help to keep your options open when it comes to finding carriers. If you struggle to find an insurance company that’s willing to cover your home, or if you’re getting quotes that are much higher than you expected, it may pay to inquire about coverage from both large, nationally available carriers and small regional home insurance companies. Working with an independent insurance broker may help you know which carriers to start with.</li><li><strong>Take advantage of discount opportunities.</strong> Some insurers may offer discounts for bundling your home and auto insurance, paying your premium in full or upgrading your roof. If you want to save on your home insurance policy, it may pay to inquire about the discount opportunities from the insurers or agents you are getting quotes from.</li><li><strong>Consider a FAIR Plan.</strong> While in many cases a temporary solution, purchasing homeowners insurance coverage via your state’s FAIR Plan may be one way to obtain coverage while you search for a permanent option. However, FAIR Plan coverage may not be as robust as a private insurer policy and may also be more expensive than private coverage.</li><li><strong>Reduce your home’s burn risk.</strong> Installing fire prevention features may help you find more affordable coverage by reducing your home’s fire risk. Some updates can be simple, like swapping the mulch in your garden for gravel or more expensive, such as updating your siding to a fire-resistant material.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to reduce the risk to your home in a fire-prone area</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition to helping you secure lower home insurance rates, reducing your home’s fire exposure may also help reduce your losses in the event of a fire. Some strategies for reducing your home’s burn risk include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Installing a fire-resistant roof:</strong> Fire-resistant roofs could help with mitigating fire damage to your home. Materials that typically qualify for Class A roof coverings include concrete or clay tiles, fiberglass asphalt shingles or metal roofs.</li><li><strong>Retrofit your home:</strong> CalFire, California’s Department of Forestry and Fire Protection, has a list of ways you can retrofit your home to protect against wildfire. You may be able to retrofit vents, windows, walls and even rain gutters and fences to reduce your fire exposure risk.</li><li><strong>Create a defensible area around your home:</strong> The key to this strategy is to remove any vegetation that might be flammable away from your home. This could include clearing away plants and shrubs from windows, decks, balconies and stairs as well as removing other potential hazards near the exterior of the home that might catch on fire, including mulch, pine straw, firewood or debris.</li><li><strong>Plan for water access:</strong> When preparing to evacuate your home, fill tubs with water and place buckets of water in different areas of the house. For the exterior, connect long garden hoses or sprinklers to water spigots for firefighters to immediately access additional water.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your fire prevention strategy will look different based on your home type and location. Speaking with your local fire department may help you find other ways to protect your home, such as making sure your address is clearly marked and visible from the street. There may also be local or state grants available to help with the costs of fire-prevention measures.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bankrate.com/insurance/homeowners-insurance/finding-affordable-homeowners-insurance-in-a-fire-zone/#frequently-asked-questions\">click here.</a></p>\n<!-- /wp:paragraph -->','How to find affordable homeowners insurance in a high-risk fire zone','','inherit','closed','closed','','3348-revision-v1','','','2023-07-30 13:12:58','2023-07-30 13:12:58','',3348,'http://smartinsurance.tips/?p=3350',0,'revision','',0),(3351,1,'2023-07-31 01:59:21','2023-07-31 01:59:21','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3352,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-30.png\" alt=\"\" class=\"wp-image-3352\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Watercraft Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Watercraft insurance is an umbrella term for three types of insurance: boat insurance, yacht insurance, and personal watercraft insurance. It protects against damages to vessels powered by a motor that has a horsepower of at least 25 miles per hour (mph). Examples of the types of costs covered by watercraft insurance policies include physical loss or damage to the boat, theft of the boat, and towing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Watercraft insurance is an umbrella term for three types of insurance: boat insurance, yacht insurance, and personal watercraft insurance.</li><li>The type of coverage you buy is dictated by the size of your vessel.</li><li>Although watercraft insurance is not required in many states, many boat owners choose to purchase it anyway.</li><li>Boat-loan providers and marinas often require boat owners to have watercraft insurance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">How Watercraft Insurance Works</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-6\">Depending on the policy, there may also be watercraft liability coverage for bodily injury to people other than the boat’s owner and family, guest passengers using the boat by themselves, and medical payments for injury to the owner and their family. Some policies, however, require the purchase of additional liability coverage as an add-on. The specific type of insurance you buy is dictated by the size of your vessel.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">Watercraft insurance is similar to other types of insurance products. In exchange for paying a series of insurance premiums, the policyholder receives protection from certain rare but potentially costly risks. Depending on factors such as the size of the craft, its age, and its intended uses, the premium costs may range from relatively inexpensive to pricey. When underwriting a policy, an insurance company will also consider the policyholder’s track record of previous claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-10\">Boat Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-11\">Any vessel under 197 feet long is considered a boat, while ships are 197 feet or longer. The dividing line between boat and yacht is less settled. Some sources define a yacht as at least 30 feet long. Anything shorter is a pleasure boat.2 For insurance purposes, the National Boat Owners Association marks the dividing line at 27 feet.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Small craft, such as canoes, rowboats, small sailboats, and powerboats with less than 25 miles-per-hour horsepower may be covered under a standard homeowners or renter’s insurance policy. However, such coverage is unlikely to include liability insurance. Typical boat insurance covers theft; physical damage to the boat itself due to a collision or striking a submerged object; property damage to the boat caused by vandalism, a windstorm, or lightning; and medical payments for injured passengers and the owner and their family. For each coverage, there will be different deductibles, which is how much you must pay out of pocket before your insurance kicks in. Boat insurance will often provide better liability insurance than a homeowners policy, but it is often wise to purchase additional liability coverage as an add-on.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">In the event of a total loss, it is important to know whether your policy pays actual cash value (ACV) or agreed value (AV). ACV is cheaper because it only pays for what the boat was worth at the time of the loss, factoring in depreciation and wear and tear on the vessel. AV pays a price that you and your insurer agree upon in advance, an amount that is likely to be closer to the amount you paid for the boat when new.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Other considerations for boat insurance can include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-19\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Lay-up period</strong>—This covers your boat for property damage during the off-season, when it isn’t in the water.</li><li><strong>Navigational territory</strong>—Your insurance will generally specify where you can go in your boat and still be covered.</li><li><strong>Property damage</strong>—This is for damage your boat inflicts on someone else’s property.</li><li><strong>Hurricane haul-out provisions</strong>—This covers your costs of getting the boat out of harm’s way before a windstorm. </li><li><strong>On-water towing and assistance</strong>—This is for unexpected breakdowns or running aground.</li><li><strong>Fuel spill liability protection</strong>—Should there be an accidental discharge of fuel from your boat, this will cover the costs of a clean-up.</li><li><strong>Personal effects coverage</strong>—This will protect any expensive equipment you have on your boat, such as fishing gear</li><li><strong>Ice and freeze coverage</strong>—Should cold weather damage your boat’s engine and water systems, this will pay the bill.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-21\">Yacht Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">Most yacht coverage is broader and more specialized than pleasure boat coverage because larger vessels travel farther and are exposed to greater risks. It also generally costs more, in part because yachts cost more. In terms of a deductible, it is usually determined as a percentage of the insured value. With a 1% deductible, a boat insured for $175,000 would have a $1,750 deductible. Most lenders allow a maximum deductible of 2% of the insured value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\">Generally, yacht insurance coverage does not include wear and tear, gradual deterioration, marine life, marring, denting, scratching, animal damage, osmosis, blistering, electrolysis, manufacturer’s defects, defects in design, and ice and freezing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">There are two main parts of a yacht insurance policy: hull insurance and protection and indemnity (P&amp;I). The first is an all-risk, direct damage coverage that includes an AV for hull coverage, and in the case of a total loss, it will be paid out in full. Replacement cost coverage on partial losses is also available. However, sails, canvas, batteries, outboards, and sometimes outdrives are usually subject to depreciation instead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\">P&amp;I insurance is the broadest of all liability coverages, and because maritime law is particular, you will need coverages that are designed for those exposures. Longshore and harbor workers’ coverage and Jones Act coverage (for the yacht’s crew) are included and are important because your losses in these areas could run into six figures. P&amp;I will cover any judgments against you and also pay for your defense in admiralty courts.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-30\">Personal Watercraft Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">Personal watercraft insurance is for recreational vehicles such as Jet Skis, Sea-Doos, and Yamaha Wave Runners. These surface-skimming craft can have engines with horsepower anywhere from 60 mph to 310 mph. They usually are not covered by homeowners insurance, and even when they are, the coverage limits are low.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">Personal watercraft insurance covers the owner and anyone they allow to use the craft for risks such as:﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-35\" class=\"has-black-color has-text-color has-large-font-size\"><li>Bodily injury to another person</li><li>Bodily injury to you that is caused by an uninsured watercraft operator</li><li>Liability in the form of legal costs if you’re sued due to an accident (which can include water sports liability for things such as waterskiing risks)</li><li>Property damage to another watercraft, a boat, or a dock</li><li>Theft</li><li>Towing after an accident</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">Deductibles and liability limits will vary depending upon the policy and the company offering it. You can buy additional coverage for trailers and accessories and, if you own more than one craft, you may be able to bundle your insurance policies for a discount. These pleasure vehicles are easy to use but can also be dangerous, causing thousands of injuries every year, which makes personal watercraft insurance a wise investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Watercraft insurance policies may limit the geographic areas in which the boat or watercraft can be operated while maintaining coverage. These often include inland waterways, rivers, and lakes, as well as ocean waters within a certain number of miles from shore.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-41\">Do I Need Watercraft Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">Only a few states make it mandatory for boat owners to obtain watercraft insurance. However, many owners will opt to purchase it regardless, partly because doing so is required in order to obtain a boat loan. Marinas may also require owners to have watercraft insurance as a condition within their rental agreements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-44\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/w/watercraft-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Watercraft Insurance','','publish','closed','closed','','watercraft-insurance','','','2023-07-31 01:59:21','2023-07-31 01:59:21','',0,'http://smartinsurance.tips/?p=3351',0,'post','',0),(3352,1,'2023-07-31 01:53:24','2023-07-31 01:53:24','','My-project-1-30','','inherit','closed','closed','','my-project-1-30','','','2023-07-31 01:53:24','2023-07-31 01:53:24','',3351,'http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-30.png',0,'attachment','image/png',0),(3353,1,'2023-07-31 01:59:21','2023-07-31 01:59:21','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3352,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-30.png\" alt=\"\" class=\"wp-image-3352\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Watercraft Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Watercraft insurance is an umbrella term for three types of insurance: boat insurance, yacht insurance, and personal watercraft insurance. It protects against damages to vessels powered by a motor that has a horsepower of at least 25 miles per hour (mph). Examples of the types of costs covered by watercraft insurance policies include physical loss or damage to the boat, theft of the boat, and towing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Watercraft insurance is an umbrella term for three types of insurance: boat insurance, yacht insurance, and personal watercraft insurance.</li><li>The type of coverage you buy is dictated by the size of your vessel.</li><li>Although watercraft insurance is not required in many states, many boat owners choose to purchase it anyway.</li><li>Boat-loan providers and marinas often require boat owners to have watercraft insurance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">How Watercraft Insurance Works</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-6\">Depending on the policy, there may also be watercraft liability coverage for bodily injury to people other than the boat’s owner and family, guest passengers using the boat by themselves, and medical payments for injury to the owner and their family. Some policies, however, require the purchase of additional liability coverage as an add-on. The specific type of insurance you buy is dictated by the size of your vessel.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">Watercraft insurance is similar to other types of insurance products. In exchange for paying a series of insurance premiums, the policyholder receives protection from certain rare but potentially costly risks. Depending on factors such as the size of the craft, its age, and its intended uses, the premium costs may range from relatively inexpensive to pricey. When underwriting a policy, an insurance company will also consider the policyholder’s track record of previous claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-10\">Boat Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-11\">Any vessel under 197 feet long is considered a boat, while ships are 197 feet or longer. The dividing line between boat and yacht is less settled. Some sources define a yacht as at least 30 feet long. Anything shorter is a pleasure boat.2 For insurance purposes, the National Boat Owners Association marks the dividing line at 27 feet.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Small craft, such as canoes, rowboats, small sailboats, and powerboats with less than 25 miles-per-hour horsepower may be covered under a standard homeowners or renter’s insurance policy. However, such coverage is unlikely to include liability insurance. Typical boat insurance covers theft; physical damage to the boat itself due to a collision or striking a submerged object; property damage to the boat caused by vandalism, a windstorm, or lightning; and medical payments for injured passengers and the owner and their family. For each coverage, there will be different deductibles, which is how much you must pay out of pocket before your insurance kicks in. Boat insurance will often provide better liability insurance than a homeowners policy, but it is often wise to purchase additional liability coverage as an add-on.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">In the event of a total loss, it is important to know whether your policy pays actual cash value (ACV) or agreed value (AV). ACV is cheaper because it only pays for what the boat was worth at the time of the loss, factoring in depreciation and wear and tear on the vessel. AV pays a price that you and your insurer agree upon in advance, an amount that is likely to be closer to the amount you paid for the boat when new.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Other considerations for boat insurance can include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-19\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Lay-up period</strong>—This covers your boat for property damage during the off-season, when it isn’t in the water.</li><li><strong>Navigational territory</strong>—Your insurance will generally specify where you can go in your boat and still be covered.</li><li><strong>Property damage</strong>—This is for damage your boat inflicts on someone else’s property.</li><li><strong>Hurricane haul-out provisions</strong>—This covers your costs of getting the boat out of harm’s way before a windstorm. </li><li><strong>On-water towing and assistance</strong>—This is for unexpected breakdowns or running aground.</li><li><strong>Fuel spill liability protection</strong>—Should there be an accidental discharge of fuel from your boat, this will cover the costs of a clean-up.</li><li><strong>Personal effects coverage</strong>—This will protect any expensive equipment you have on your boat, such as fishing gear</li><li><strong>Ice and freeze coverage</strong>—Should cold weather damage your boat’s engine and water systems, this will pay the bill.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-21\">Yacht Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">Most yacht coverage is broader and more specialized than pleasure boat coverage because larger vessels travel farther and are exposed to greater risks. It also generally costs more, in part because yachts cost more. In terms of a deductible, it is usually determined as a percentage of the insured value. With a 1% deductible, a boat insured for $175,000 would have a $1,750 deductible. Most lenders allow a maximum deductible of 2% of the insured value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\">Generally, yacht insurance coverage does not include wear and tear, gradual deterioration, marine life, marring, denting, scratching, animal damage, osmosis, blistering, electrolysis, manufacturer’s defects, defects in design, and ice and freezing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">There are two main parts of a yacht insurance policy: hull insurance and protection and indemnity (P&amp;I). The first is an all-risk, direct damage coverage that includes an AV for hull coverage, and in the case of a total loss, it will be paid out in full. Replacement cost coverage on partial losses is also available. However, sails, canvas, batteries, outboards, and sometimes outdrives are usually subject to depreciation instead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\">P&amp;I insurance is the broadest of all liability coverages, and because maritime law is particular, you will need coverages that are designed for those exposures. Longshore and harbor workers’ coverage and Jones Act coverage (for the yacht’s crew) are included and are important because your losses in these areas could run into six figures. P&amp;I will cover any judgments against you and also pay for your defense in admiralty courts.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-30\">Personal Watercraft Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">Personal watercraft insurance is for recreational vehicles such as Jet Skis, Sea-Doos, and Yamaha Wave Runners. These surface-skimming craft can have engines with horsepower anywhere from 60 mph to 310 mph. They usually are not covered by homeowners insurance, and even when they are, the coverage limits are low.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">Personal watercraft insurance covers the owner and anyone they allow to use the craft for risks such as:﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-35\" class=\"has-black-color has-text-color has-large-font-size\"><li>Bodily injury to another person</li><li>Bodily injury to you that is caused by an uninsured watercraft operator</li><li>Liability in the form of legal costs if you’re sued due to an accident (which can include water sports liability for things such as waterskiing risks)</li><li>Property damage to another watercraft, a boat, or a dock</li><li>Theft</li><li>Towing after an accident</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">Deductibles and liability limits will vary depending upon the policy and the company offering it. You can buy additional coverage for trailers and accessories and, if you own more than one craft, you may be able to bundle your insurance policies for a discount. These pleasure vehicles are easy to use but can also be dangerous, causing thousands of injuries every year, which makes personal watercraft insurance a wise investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Watercraft insurance policies may limit the geographic areas in which the boat or watercraft can be operated while maintaining coverage. These often include inland waterways, rivers, and lakes, as well as ocean waters within a certain number of miles from shore.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-41\">Do I Need Watercraft Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">Only a few states make it mandatory for boat owners to obtain watercraft insurance. However, many owners will opt to purchase it regardless, partly because doing so is required in order to obtain a boat loan. Marinas may also require owners to have watercraft insurance as a condition within their rental agreements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-44\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/w/watercraft-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Watercraft Insurance','','inherit','closed','closed','','3351-revision-v1','','','2023-07-31 01:59:21','2023-07-31 01:59:21','',3351,'http://smartinsurance.tips/?p=3353',0,'revision','',0),(3354,1,'2023-07-31 02:00:01','2023-07-31 02:00:01','','My-project-1-30-1','','inherit','closed','closed','','my-project-1-30-1','','','2023-07-31 02:00:01','2023-07-31 02:00:01','',1828,'http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-30-1.png',0,'attachment','image/png',0),(3355,1,'2023-07-31 02:00:12','2023-07-31 02:00:12','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3354,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-30-1.png\" alt=\"\" class=\"wp-image-3354\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0\">What Is Watercraft Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Watercraft insurance is an umbrella term for three types of insurance: boat insurance, yacht insurance, and personal watercraft insurance. It protects against damages to vessels powered by a motor that has horsepower of at least 25 miles per hour (mph). Examples of the types of costs covered by watercraft insurance policies include physical loss or damage to the boat, theft of the boat, and towing.﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Depending on the policy, there may also be watercraft liability coverage for bodily injury to people other than the boat’s owner and family, guest passengers using the boat by themselves, and medical payments for injury to the owner and their family. Some policies, however, require the purchase of additional liability coverage as an add-on. The specific type of insurance you buy is dictated by the size of your vessel.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Key takaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Watercraft insurance is an umbrella term for three types of insurance: boat insurance, yacht insurance, and personal watercraft insurance.</li><li>The type of coverage you buy is dictated by the size of your vessel.</li><li>Although watercraft insurance is not required in many states, many boat owners choose to purchase it anyway.</li><li>Boat-loan providers and marinas often require boat owners to have watercraft insurance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-7\">How Watercraft Insurance Works?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-8\">Watercraft insurance is similar to other types of insurance products. In exchange for paying a series of insurance premiums, the policyholder receives protection from certain rare but potentially costly risks. Depending on factors such as the size of the craft, its age, and its intended uses, the premium costs may range from relatively inexpensive to pricey. When underwriting a policy, an insurance company will also consider the policyholder’s track record of previous claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-10\">Boat insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-11\">Any vessel under 197 feet long is considered a boat, while ships are 197 feet or longer. The dividing line between boat and yacht is less settled. Some sources define a yacht as at least 30 feet long. Anything shorter is a pleasure boat. For its purposes, the National Boat Owners Association marks the dividing line at 27 feet.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Small craft, such as canoes, rowboats, small sailboats, and powerboats with less than 25 miles-per-hour horsepower may be covered under a standard homeowners or renter’s insurance policy. However, such coverage is unlikely to include liability insurance. Typical boat insurance covers theft; physical damage to the boat itself due to a collision or striking a submerged object; property damage to the boat caused by vandalism, a windstorm, or lightning; and medical payments for injured passengers and the owner and their family. For each coverage there will be different deductibles, which is how much you must pay out of pocket before your insurance kicks in. Boat insurance will often provide better liability insurance than a homeowners policy, but it is often wise to purchase additional liability coverage as an add-on.﻿﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In the event of a total loss, it is important to know whether your policy pays actual cash value (ACV) or agreed value (AV). ACV is cheaper, because it only pays for what the boat was worth at the time of the loss, factoring in depreciation and wear and tear on the vessel. AV pays a price that you and your insurer agree upon in advance, an amount that is likely to be closer to the amount you paid for the boat when new.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Other considerations for boat insurance can include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-19\"><li><strong>Lay-up period</strong>—This covers your boat for property damage during the off-season, when it isn’t in the water.</li><li><strong>Navigational territory</strong>—Your insurance will generally specify where you can go in your boat and still be covered.</li><li><strong>Property damage</strong>—This is for damage your boat inflicts on someone else’s property.</li><li><strong>Hurricane haul-out provisions</strong>—This covers your costs of getting the boat out of harm’s way before a windstorm.&nbsp;</li><li><strong>On-water towing and assistance</strong>—This is for unexpected breakdowns or running aground.</li><li><strong>Fuel spill liability protection</strong>—Should there be an accidental discharge of fuel from your boat, this will cover the costs of a clean-up.</li><li><strong>Personal effects coverage</strong>—This will protect any expensive equipment you have on your boat, such as fishing gear</li><li><strong>Ice and freeze coverage</strong>—Should cold weather damage your boat’s engine and water systems, this will pay the bill.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-21\">Yacht insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Most yacht coverage is broader and more specialized than pleasure boat coverage because larger vessels travel farther and are exposed to greater risks. It also generally costs more, in part because yachts cost more. In terms of a deductible, it is usually determined as a percentage of the insured value. With a 1% deductible, a boat insured for $175,000 would have a $1,750 deductible. Most lenders allow a maximum deductible of 2% of the insured value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Generally, yacht insurance coverage does not include wear and tear, gradual deterioration, marine life, marring, denting, scratching, animal damage, osmosis, blistering, electrolysis, manufacturer’s defects, defects in design, and ice and freezing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>There are two main parts of a yacht insurance policy: hull insurance and protection and indemnity (P&amp;I). The first is an all-risk, direct damage coverage that includes an AV for hull coverage, and in the case of a total loss it will be paid out in full. Replacement cost coverage on partial losses is also available. However, sails, canvas, batteries, outboards, and sometimes outdrives are usually subject to depreciation instead.6﻿﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>P&amp;I insurance is the broadest of all liability coverages, and because maritime law is particular, you will need coverages that are designed for those exposures. Long shore and harbor workers’ coverage and Jones Act coverage (for the yacht’s crew) are included and are important because your losses in these areas could run into six figures. P&amp;I will cover any judgements against you and also pay for your defense in admiralty courts.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-30\">Personal watercraft insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-31\">Personal watercraft insurance is for recreational vehicles such as Jet Skis, Sea-Doos, and Yamaha Wave Runners. These surface-skimming craft can have engines with horsepower anywhere from 60 mph to 310 mph. They usually are not covered by homeowners insurance, and even when they are, the coverage limits are low.﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-33\">Personal watercraft insurance covers the owner and anyone they allow to use the craft for risks such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-35\"><li>Bodily injury to another person</li><li>Bodily injury to you that is caused by an uninsured watercraft operator</li><li>Liability in the form of legal costs if you’re sued due to an accident (which can include water sports liability for things such as water skiing risks)</li><li>Property damage to another watercraft, a boat, or a dock</li><li>Theft</li><li>Towing after an accident</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Deductibles and liability limits will vary depending upon the policy and the company offering it. You can buy additional coverage for trailers and accessories and, if you own more than one craft, you may be able to bundle your insurance policies for a discount. These pleasure vehicles are easy to use but can also be dangerous, causing thousands of injuries every year, which makes personal watercraft insurance a wise investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Watercraft insurance policies may limit the geographic areas in which the boat or watercraft can be operated while maintaining coverage. These often include inland waterways, rivers, and lakes, as well as ocean waters within a certain number of miles from shore.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-41\">Do I Need Watercraft Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Only a few states make it mandatory for boat owners to obtain watercraft insurance. However, many owners will opt to purchase it regardless, partly because doing so is required in order to obtain a boat loan. Marinas may also require owners to have watercraft insurance as a condition within their rental agreements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Even if your craft isn’t worth much money, obtaining watercraft insurance is a good idea because of the risk of injury on the water, especially from a collision. Even if you aren’t at fault, you could spend a lot of money in legal fees defending yourself—much more than your insurance premiums. If you do decide to purchase this insurance, make a point of comparing policies from multiple companies before deciding on which is best for you. As with all insurance, the question is what price you put on having peace of mind.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/terms/w/watercraft-insurance.asp\">click here</a>.</p>\n<!-- /wp:paragraph -->','Watercraft Insurance','','inherit','closed','closed','','1828-revision-v1','','','2023-07-31 02:00:12','2023-07-31 02:00:12','',1828,'http://smartinsurance.tips/?p=3355',0,'revision','',0),(3356,1,'2023-07-31 02:02:30','2023-07-31 02:02:30','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3354,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-30-1.png\" alt=\"\" class=\"wp-image-3354\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Watercraft Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Watercraft insurance is an umbrella term for three types of insurance: boat insurance, yacht insurance, and personal watercraft insurance. It protects against damages to vessels powered by a motor that has horsepower of at least 25 miles per hour (mph). Examples of the types of costs covered by watercraft insurance policies include physical loss or damage to the boat, theft of the boat, and towing.﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Depending on the policy, there may also be watercraft liability coverage for bodily injury to people other than the boat’s owner and family, guest passengers using the boat by themselves, and medical payments for injury to the owner and their family. Some policies, however, require the purchase of additional liability coverage as an add-on. The specific type of insurance you buy is dictated by the size of your vessel.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Key takaways:</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Watercraft insurance is an umbrella term for three types of insurance: boat insurance, yacht insurance, and personal watercraft insurance.</li><li>The type of coverage you buy is dictated by the size of your vessel.</li><li>Although watercraft insurance is not required in many states, many boat owners choose to purchase it anyway.</li><li>Boat-loan providers and marinas often require boat owners to have watercraft insurance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-7\">How Watercraft Insurance Works?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">Watercraft insurance is similar to other types of insurance products. In exchange for paying a series of insurance premiums, the policyholder receives protection from certain rare but potentially costly risks. Depending on factors such as the size of the craft, its age, and its intended uses, the premium costs may range from relatively inexpensive to pricey. When underwriting a policy, an insurance company will also consider the policyholder’s track record of previous claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-10\">Boat insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-11\">Any vessel under 197 feet long is considered a boat, while ships are 197 feet or longer. The dividing line between boat and yacht is less settled. Some sources define a yacht as at least 30 feet long. Anything shorter is a pleasure boat. For its purposes, the National Boat Owners Association marks the dividing line at 27 feet.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Small craft, such as canoes, rowboats, small sailboats, and powerboats with less than 25 miles-per-hour horsepower may be covered under a standard homeowners or renter’s insurance policy. However, such coverage is unlikely to include liability insurance. Typical boat insurance covers theft; physical damage to the boat itself due to a collision or striking a submerged object; property damage to the boat caused by vandalism, a windstorm, or lightning; and medical payments for injured passengers and the owner and their family. For each coverage there will be different deductibles, which is how much you must pay out of pocket before your insurance kicks in. Boat insurance will often provide better liability insurance than a homeowners policy, but it is often wise to purchase additional liability coverage as an add-on.﻿﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the event of a total loss, it is important to know whether your policy pays actual cash value (ACV) or agreed value (AV). ACV is cheaper, because it only pays for what the boat was worth at the time of the loss, factoring in depreciation and wear and tear on the vessel. AV pays a price that you and your insurer agree upon in advance, an amount that is likely to be closer to the amount you paid for the boat when new.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Other considerations for boat insurance can include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-19\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Lay-up period</strong>—This covers your boat for property damage during the off-season, when it isn’t in the water.</li><li><strong>Navigational territory</strong>—Your insurance will generally specify where you can go in your boat and still be covered.</li><li><strong>Property damage</strong>—This is for damage your boat inflicts on someone else’s property.</li><li><strong>Hurricane haul-out provisions</strong>—This covers your costs of getting the boat out of harm’s way before a windstorm.&nbsp;</li><li><strong>On-water towing and assistance</strong>—This is for unexpected breakdowns or running aground.</li><li><strong>Fuel spill liability protection</strong>—Should there be an accidental discharge of fuel from your boat, this will cover the costs of a clean-up.</li><li><strong>Personal effects coverage</strong>—This will protect any expensive equipment you have on your boat, such as fishing gear</li><li><strong>Ice and freeze coverage</strong>—Should cold weather damage your boat’s engine and water systems, this will pay the bill.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-21\">Yacht insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Most yacht coverage is broader and more specialized than pleasure boat coverage because larger vessels travel farther and are exposed to greater risks. It also generally costs more, in part because yachts cost more. In terms of a deductible, it is usually determined as a percentage of the insured value. With a 1% deductible, a boat insured for $175,000 would have a $1,750 deductible. Most lenders allow a maximum deductible of 2% of the insured value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Generally, yacht insurance coverage does not include wear and tear, gradual deterioration, marine life, marring, denting, scratching, animal damage, osmosis, blistering, electrolysis, manufacturer’s defects, defects in design, and ice and freezing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are two main parts of a yacht insurance policy: hull insurance and protection and indemnity (P&amp;I). The first is an all-risk, direct damage coverage that includes an AV for hull coverage, and in the case of a total loss it will be paid out in full. Replacement cost coverage on partial losses is also available. However, sails, canvas, batteries, outboards, and sometimes outdrives are usually subject to depreciation instead.6﻿﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">P&amp;I insurance is the broadest of all liability coverages, and because maritime law is particular, you will need coverages that are designed for those exposures. Long shore and harbor workers’ coverage and Jones Act coverage (for the yacht’s crew) are included and are important because your losses in these areas could run into six figures. P&amp;I will cover any judgements against you and also pay for your defense in admiralty courts.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-30\">Personal watercraft insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">Personal watercraft insurance is for recreational vehicles such as Jet Skis, Sea-Doos, and Yamaha Wave Runners. These surface-skimming craft can have engines with horsepower anywhere from 60 mph to 310 mph. They usually are not covered by homeowners insurance, and even when they are, the coverage limits are low.﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">Personal watercraft insurance covers the owner and anyone they allow to use the craft for risks such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-35\" class=\"has-black-color has-text-color has-large-font-size\"><li>Bodily injury to another person</li><li>Bodily injury to you that is caused by an uninsured watercraft operator</li><li>Liability in the form of legal costs if you’re sued due to an accident (which can include water sports liability for things such as water skiing risks)</li><li>Property damage to another watercraft, a boat, or a dock</li><li>Theft</li><li>Towing after an accident</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Deductibles and liability limits will vary depending upon the policy and the company offering it. You can buy additional coverage for trailers and accessories and, if you own more than one craft, you may be able to bundle your insurance policies for a discount. These pleasure vehicles are easy to use but can also be dangerous, causing thousands of injuries every year, which makes personal watercraft insurance a wise investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Watercraft insurance policies may limit the geographic areas in which the boat or watercraft can be operated while maintaining coverage. These often include inland waterways, rivers, and lakes, as well as ocean waters within a certain number of miles from shore.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-41\">Do I Need Watercraft Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Only a few states make it mandatory for boat owners to obtain watercraft insurance. However, many owners will opt to purchase it regardless, partly because doing so is required in order to obtain a boat loan. Marinas may also require owners to have watercraft insurance as a condition within their rental agreements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Even if your craft isn’t worth much money, obtaining watercraft insurance is a good idea because of the risk of injury on the water, especially from a collision. Even if you aren’t at fault, you could spend a lot of money in legal fees defending yourself—much more than your insurance premiums. If you do decide to purchase this insurance, make a point of comparing policies from multiple companies before deciding on which is best for you. As with all insurance, the question is what price you put on having peace of mind.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/terms/w/watercraft-insurance.asp\">click here</a>.</p>\n<!-- /wp:paragraph -->','Watercraft Insurance','','inherit','closed','closed','','1828-autosave-v1','','','2023-07-31 02:02:30','2023-07-31 02:02:30','',1828,'http://smartinsurance.tips/?p=3356',0,'revision','',0),(3357,1,'2023-07-31 02:02:58','2023-07-31 02:02:58','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3354,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-30-1.png\" alt=\"\" class=\"wp-image-3354\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Watercraft Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Watercraft insurance is an umbrella term for three types of insurance: boat insurance, yacht insurance, and personal watercraft insurance. It protects against damages to vessels powered by a motor that has horsepower of at least 25 miles per hour (mph). Examples of the types of costs covered by watercraft insurance policies include physical loss or damage to the boat, theft of the boat, and towing.﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Depending on the policy, there may also be watercraft liability coverage for bodily injury to people other than the boat’s owner and family, guest passengers using the boat by themselves, and medical payments for injury to the owner and their family. Some policies, however, require the purchase of additional liability coverage as an add-on. The specific type of insurance you buy is dictated by the size of your vessel.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Key takaways:</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Watercraft insurance is an umbrella term for three types of insurance: boat insurance, yacht insurance, and personal watercraft insurance.</li><li>The type of coverage you buy is dictated by the size of your vessel.</li><li>Although watercraft insurance is not required in many states, many boat owners choose to purchase it anyway.</li><li>Boat-loan providers and marinas often require boat owners to have watercraft insurance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-7\">How Watercraft Insurance Works?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">Watercraft insurance is similar to other types of insurance products. In exchange for paying a series of insurance premiums, the policyholder receives protection from certain rare but potentially costly risks. Depending on factors such as the size of the craft, its age, and its intended uses, the premium costs may range from relatively inexpensive to pricey. When underwriting a policy, an insurance company will also consider the policyholder’s track record of previous claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-10\">Boat insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-11\">Any vessel under 197 feet long is considered a boat, while ships are 197 feet or longer. The dividing line between boat and yacht is less settled. Some sources define a yacht as at least 30 feet long. Anything shorter is a pleasure boat. For its purposes, the National Boat Owners Association marks the dividing line at 27 feet.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Small craft, such as canoes, rowboats, small sailboats, and powerboats with less than 25 miles-per-hour horsepower may be covered under a standard homeowners or renter’s insurance policy. However, such coverage is unlikely to include liability insurance. Typical boat insurance covers theft; physical damage to the boat itself due to a collision or striking a submerged object; property damage to the boat caused by vandalism, a windstorm, or lightning; and medical payments for injured passengers and the owner and their family. For each coverage there will be different deductibles, which is how much you must pay out of pocket before your insurance kicks in. Boat insurance will often provide better liability insurance than a homeowners policy, but it is often wise to purchase additional liability coverage as an add-on.﻿﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the event of a total loss, it is important to know whether your policy pays actual cash value (ACV) or agreed value (AV). ACV is cheaper, because it only pays for what the boat was worth at the time of the loss, factoring in depreciation and wear and tear on the vessel. AV pays a price that you and your insurer agree upon in advance, an amount that is likely to be closer to the amount you paid for the boat when new.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Other considerations for boat insurance can include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-19\" class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Lay-up period</strong>—This covers your boat for property damage during the off-season, when it isn’t in the water.</li><li><strong>Navigational territory</strong>—Your insurance will generally specify where you can go in your boat and still be covered.</li><li><strong>Property damage</strong>—This is for damage your boat inflicts on someone else’s property.</li><li><strong>Hurricane haul-out provisions</strong>—This covers your costs of getting the boat out of harm’s way before a windstorm.&nbsp;</li><li><strong>On-water towing and assistance</strong>—This is for unexpected breakdowns or running aground.</li><li><strong>Fuel spill liability protection</strong>—Should there be an accidental discharge of fuel from your boat, this will cover the costs of a clean-up.</li><li><strong>Personal effects coverage</strong>—This will protect any expensive equipment you have on your boat, such as fishing gear</li><li><strong>Ice and freeze coverage</strong>—Should cold weather damage your boat’s engine and water systems, this will pay the bill.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-21\">Yacht insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Most yacht coverage is broader and more specialized than pleasure boat coverage because larger vessels travel farther and are exposed to greater risks. It also generally costs more, in part because yachts cost more. In terms of a deductible, it is usually determined as a percentage of the insured value. With a 1% deductible, a boat insured for $175,000 would have a $1,750 deductible. Most lenders allow a maximum deductible of 2% of the insured value.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Generally, yacht insurance coverage does not include wear and tear, gradual deterioration, marine life, marring, denting, scratching, animal damage, osmosis, blistering, electrolysis, manufacturer’s defects, defects in design, and ice and freezing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are two main parts of a yacht insurance policy: hull insurance and protection and indemnity (P&amp;I). The first is an all-risk, direct damage coverage that includes an AV for hull coverage, and in the case of a total loss it will be paid out in full. Replacement cost coverage on partial losses is also available. However, sails, canvas, batteries, outboards, and sometimes outdrives are usually subject to depreciation instead.6﻿﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">P&amp;I insurance is the broadest of all liability coverages, and because maritime law is particular, you will need coverages that are designed for those exposures. Long shore and harbor workers’ coverage and Jones Act coverage (for the yacht’s crew) are included and are important because your losses in these areas could run into six figures. P&amp;I will cover any judgements against you and also pay for your defense in admiralty courts.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-30\">Personal watercraft insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">Personal watercraft insurance is for recreational vehicles such as Jet Skis, Sea-Doos, and Yamaha Wave Runners. These surface-skimming craft can have engines with horsepower anywhere from 60 mph to 310 mph. They usually are not covered by homeowners insurance, and even when they are, the coverage limits are low.﻿</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">Personal watercraft insurance covers the owner and anyone they allow to use the craft for risks such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-35\" class=\"has-black-color has-text-color has-large-font-size\"><li>Bodily injury to another person</li><li>Bodily injury to you that is caused by an uninsured watercraft operator</li><li>Liability in the form of legal costs if you’re sued due to an accident (which can include water sports liability for things such as water skiing risks)</li><li>Property damage to another watercraft, a boat, or a dock</li><li>Theft</li><li>Towing after an accident</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Deductibles and liability limits will vary depending upon the policy and the company offering it. You can buy additional coverage for trailers and accessories and, if you own more than one craft, you may be able to bundle your insurance policies for a discount. These pleasure vehicles are easy to use but can also be dangerous, causing thousands of injuries every year, which makes personal watercraft insurance a wise investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Important: Watercraft insurance policies may limit the geographic areas in which the boat or watercraft can be operated while maintaining coverage. These often include inland waterways, rivers, and lakes, as well as ocean waters within a certain number of miles from shore.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-41\">Do I Need Watercraft Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Only a few states make it mandatory for boat owners to obtain watercraft insurance. However, many owners will opt to purchase it regardless, partly because doing so is required in order to obtain a boat loan. Marinas may also require owners to have watercraft insurance as a condition within their rental agreements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.investopedia.com/terms/w/watercraft-insurance.asp\">click here</a>.</p>\n<!-- /wp:paragraph -->','Watercraft Insurance','','inherit','closed','closed','','1828-revision-v1','','','2023-07-31 02:02:58','2023-07-31 02:02:58','',1828,'http://smartinsurance.tips/?p=3357',0,'revision','',0),(3358,1,'2023-07-31 02:15:57','2023-07-31 02:15:57','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3359,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-31.png\" alt=\"\" class=\"wp-image-3359\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Wrap-Up Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Wrap-up insurance is a liability policy that serves as all-encompassing insurance that protects all contractors and subcontractors working on large projects costing over $10 million. The two types of wrap-up insurance are owner-controlled and contractor-controlled. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-3\">Owner-controlled insurance&nbsp;is set up by the owner of a&nbsp;project for the benefit of the builder or contractor to cover all listed contractors.&nbsp;The general contractor, meanwhile, may use a contractor-controlled insurance program&nbsp;to extend coverage to all the contractors and subcontractors signed up on the project.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Wrap-up insurance is a liability policy that acts as all-encompassing insurance protecting contractors and subcontractors.</li><li>Owner-controlled insurance is set up by the owner of a project for the benefit of the builder or contractor to cover all listed contractors. </li><li>A contractor-controlled insurance program extends coverage to all the contractors and subcontractors signed up on the project.</li><li>Be aware that wrap-up insurance policies may have explicit exclusions from them.</li><li>Upon completion of the development project, the site owner will want to transition to more individual coverage as needed.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-7\">Understanding Wrap-Up Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">The intent of a wrap-up insurance policy is to provide peace of mind that everyone involved in a project is insured properly. Wrap-up insurance is sweeping blanket coverage that protects the owner, contractors, and subcontractors. Wrap-up insurance is important because it avoids the need for every contractor and subcontractor to obtain their own liability insurance. If there were several policies, there might be gaps in the coverage or insufficient limits. Instead, wrap-up insurance is more effective at making sure that all of the liability risks are covered adequately.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">For example, consider an owner-controlled insurance program purchased by the owner on behalf of the builder or contractor. Counting add-ons, the insurance includes workers compensation, general liability, excess liability, pollution liability, professional liability, builder\'s risk, and railroad protective liability. While the cost of wrap-up insurance can be expensive, the cost can be divided among the general contractors and sub-contractors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-12\">Types of Wrap-Up Insurance Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-13\">Wrap insurance covers a number of risks&nbsp;for you, your project, and your workers. Policies can vary, but may include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\"><strong>General Liability with a Broad Form Endorsement</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-16\">This covers all liabilities&nbsp;for a&nbsp;project, including bodily injury coverage&nbsp;against third-party injuries that occur on the site or if those injuries are the result of work-related activities by the contractor, subcontractor, or owner. Also, it protects third-party property against damage&nbsp;caused by anyone covered under the&nbsp;policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-18\"><strong>Builders Risk </strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">Builders risk covers for any water, weather, and fire damages to a building under construction. In other words, builders risk is essentially the same as property insurance except this covers buildings under construction.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-21\"><strong>Umbrella Liability </strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">Umbrella insurance provides coverage beyond the coverage limit for a general liability policy. For example, let\'s say a general liability policy covers up to $2 million in damages and the umbrella liability policy provides $10 million in coverage. If there was a $8 million dollar claim, the general policy would cover first $2 million while the remaining $6 million from the claim would be covered by the umbrella policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\"><strong>Workers\' Compensation</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-25\">Workers\' compensation provides coverage for workers\' compensation insurance to all of the enrolled contractors or subcontractors on the project.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-27\"><strong>Commercial Vehicle</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\">Commercial vehicle insurance covers&nbsp;cars, vans, trucks, or specialty vehicles used on the construction project against liability claims and property damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-30\"><strong>Property Damage</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">This covers property damage of all the parties named on your policy. Also, equipment floaters for specialized equipment and tools can be added as well as inland marine insurance for tools and equipment that has been transported to and from the job site.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Wrap-up insurance policies may have specific exclusions; be aware that any of the items mentioned above may be explicitly disallowed from coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-35\">How to Secure Wrap-Up Insurance Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">There are specific steps that often must be taken in sequential order for wrap-up insurance coverage to be secured. First, the development team must examine the project\'s scope, size, and length to determine whether wrap-up insurance is appropriate. Think about things like the project\'s type, projected costs, schedule for completion, and any potential risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-38\">To discuss the project and the potential inclusion of a wrap-up insurance program, hold pre-bid meetings with prospective contractors, subcontractors, and insurance providers. This enables stakeholders to know what to expect and what is expected of them right away. This will also flag limitations early in the construction schedule process.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-40\">The project owner often chooses whether to undertake a wrap-up insurance program based on the advice and evaluation given by insurance experts. It is up to the project owner to select an insurance provider or underwriter. The choice is made based on the provider\'s qualifications, standing, financial stability, scope of coverage, and cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">The terms and conditions of wrap-up insurance may be negotiated, though be mindful that underwritten calculations have often been substantiated and approved by the issuing company. You must also be mindful of specific terms such as coverage limits, the length of the insurance, the precise coverages included, the deductibles, the exclusions, and any further endorsements necessary.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-44\">After acquiring the wrap-up insurance policy, inform all contractors and subcontractors participating in the project of the coverage. Make sure they are aware of the policy\'s roles, obligations, and responsibilities. Establish processes for reporting, documenting, and addressing claims as well as ongoing oversight and policy compliance with each impacted party.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-48\">Limitations of Wrap-Up Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">Wrap-up insurance has some restrictions. Wrap-up insurance policies are intricate and call for careful planning and coordinating. They require input from the project owner, general contractors, subcontractors, and insurance firms; therefore, coverage requires substantial collaboration as it can be difficult to coordinate coverage, secure suitable restrictions, and manage the different stakeholders.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-51\">Given the size and high value of the projects it covers, wrap-up insurance can be pricey. The premiums, deductibles, and other expenses related to obtaining and managing the insurance, as well as any administrative fees, may be substantial. Due due to complexity and uncertainty with long-term projects, the project budget may need to account for these higher expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-53\">Wrap-up insurance frequently offers protection for particular projects or construction phases but may not cover all facets of a project. A wrap-up policy may not cover some risks such as professional responsibility, design flaws, or pollution liabilities. Project leads must be mindful of these gaps that may call for additional insurance coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\">On a related note, wrap-up insurance contracts frequently contain a number of exclusions, limitations, and conditions even in the realms they do cover. For instance, these might restrict coverage for particular types of claims or losses. For example, the Office of General Counsel for New York has set forth restrictions for wrap-up insurance for public development projects.1</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-57\">Last, wrap-up insurance may not always be easily accessible or reasonably priced, depending on the location and nature of the project. Insurance companies may have special requirements or limits before selling them. In addition, the inherent risk of a specific build may be so large that it is cost prohibit or administratively not feasible for any third-party insurer to agree to take on the risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is the Difference Between an OCIP and Wrap-Up Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">OCIP (Owner Controlled Insurance Program) and wrap-up Insurance are both types of insurance policies used in construction projects. The main difference lies in who obtains and controls the insurance coverage. In an OCIP, the project owner purchases and manages the insurance, while with wrap-up coverage, the general contractor or project sponsor obtains and oversees the policy. The coverage provided and the parties covered may vary in each type of insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is the Primary Benefit of Wrap-Up Insurance Coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The primary benefit of wrap-up insurance coverage is that it consolidates insurance coverage for all contractors and subcontractors involved in a construction project under a single policy. This streamlines the insurance process, reduces administrative burdens, and can lead to cost savings for project stakeholders.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is a Wrap-Up Exclusion?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A wrap-up insurance exclusion refers to specific risks or coverages that are explicitly excluded from the coverage provided by a wrap-up insurance policy. These exclusions outline the risks or situations that are not protected under the policy and may require separate insurance arrangements or endorsements to address those excluded risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-65\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-66\">Wrap-up insurance is a comprehensive insurance policy used in construction projects. It provides coverage for all contractors and subcontractors involved in the project under a single policy. It simplifies the insurance process, reduces administrative costs, and offers potentially significant cost savings. The policy typically includes general liability, workers\' compensation, and excess liability coverage for the duration of the project.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/w/wrap-up-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Wrap-Up Insurance: Definition, 2 Main Types, and Coverage Example','','publish','closed','closed','','wrap-up-insurance-definition-2-main-types-and-coverage-example','','','2023-07-31 02:15:57','2023-07-31 02:15:57','',0,'http://smartinsurance.tips/?p=3358',0,'post','',0),(3359,1,'2023-07-31 02:10:04','2023-07-31 02:10:04','','My-project-1-31','','inherit','closed','closed','','my-project-1-31','','','2023-07-31 02:10:04','2023-07-31 02:10:04','',3358,'http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-31.png',0,'attachment','image/png',0),(3360,1,'2023-07-31 02:15:57','2023-07-31 02:15:57','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3359,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-31.png\" alt=\"\" class=\"wp-image-3359\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Wrap-Up Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Wrap-up insurance is a liability policy that serves as all-encompassing insurance that protects all contractors and subcontractors working on large projects costing over $10 million. The two types of wrap-up insurance are owner-controlled and contractor-controlled. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-3\">Owner-controlled insurance&nbsp;is set up by the owner of a&nbsp;project for the benefit of the builder or contractor to cover all listed contractors.&nbsp;The general contractor, meanwhile, may use a contractor-controlled insurance program&nbsp;to extend coverage to all the contractors and subcontractors signed up on the project.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Wrap-up insurance is a liability policy that acts as all-encompassing insurance protecting contractors and subcontractors.</li><li>Owner-controlled insurance is set up by the owner of a project for the benefit of the builder or contractor to cover all listed contractors. </li><li>A contractor-controlled insurance program extends coverage to all the contractors and subcontractors signed up on the project.</li><li>Be aware that wrap-up insurance policies may have explicit exclusions from them.</li><li>Upon completion of the development project, the site owner will want to transition to more individual coverage as needed.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-7\">Understanding Wrap-Up Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">The intent of a wrap-up insurance policy is to provide peace of mind that everyone involved in a project is insured properly. Wrap-up insurance is sweeping blanket coverage that protects the owner, contractors, and subcontractors. Wrap-up insurance is important because it avoids the need for every contractor and subcontractor to obtain their own liability insurance. If there were several policies, there might be gaps in the coverage or insufficient limits. Instead, wrap-up insurance is more effective at making sure that all of the liability risks are covered adequately.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">For example, consider an owner-controlled insurance program purchased by the owner on behalf of the builder or contractor. Counting add-ons, the insurance includes workers compensation, general liability, excess liability, pollution liability, professional liability, builder\'s risk, and railroad protective liability. While the cost of wrap-up insurance can be expensive, the cost can be divided among the general contractors and sub-contractors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-12\">Types of Wrap-Up Insurance Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-13\">Wrap insurance covers a number of risks&nbsp;for you, your project, and your workers. Policies can vary, but may include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\"><strong>General Liability with a Broad Form Endorsement</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-16\">This covers all liabilities&nbsp;for a&nbsp;project, including bodily injury coverage&nbsp;against third-party injuries that occur on the site or if those injuries are the result of work-related activities by the contractor, subcontractor, or owner. Also, it protects third-party property against damage&nbsp;caused by anyone covered under the&nbsp;policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-18\"><strong>Builders Risk </strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">Builders risk covers for any water, weather, and fire damages to a building under construction. In other words, builders risk is essentially the same as property insurance except this covers buildings under construction.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-21\"><strong>Umbrella Liability </strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">Umbrella insurance provides coverage beyond the coverage limit for a general liability policy. For example, let\'s say a general liability policy covers up to $2 million in damages and the umbrella liability policy provides $10 million in coverage. If there was a $8 million dollar claim, the general policy would cover first $2 million while the remaining $6 million from the claim would be covered by the umbrella policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\"><strong>Workers\' Compensation</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-25\">Workers\' compensation provides coverage for workers\' compensation insurance to all of the enrolled contractors or subcontractors on the project.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-27\"><strong>Commercial Vehicle</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-28\">Commercial vehicle insurance covers&nbsp;cars, vans, trucks, or specialty vehicles used on the construction project against liability claims and property damage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-30\"><strong>Property Damage</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">This covers property damage of all the parties named on your policy. Also, equipment floaters for specialized equipment and tools can be added as well as inland marine insurance for tools and equipment that has been transported to and from the job site.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Important:</strong> Wrap-up insurance policies may have specific exclusions; be aware that any of the items mentioned above may be explicitly disallowed from coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-35\">How to Secure Wrap-Up Insurance Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-36\">There are specific steps that often must be taken in sequential order for wrap-up insurance coverage to be secured. First, the development team must examine the project\'s scope, size, and length to determine whether wrap-up insurance is appropriate. Think about things like the project\'s type, projected costs, schedule for completion, and any potential risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-38\">To discuss the project and the potential inclusion of a wrap-up insurance program, hold pre-bid meetings with prospective contractors, subcontractors, and insurance providers. This enables stakeholders to know what to expect and what is expected of them right away. This will also flag limitations early in the construction schedule process.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-40\">The project owner often chooses whether to undertake a wrap-up insurance program based on the advice and evaluation given by insurance experts. It is up to the project owner to select an insurance provider or underwriter. The choice is made based on the provider\'s qualifications, standing, financial stability, scope of coverage, and cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">The terms and conditions of wrap-up insurance may be negotiated, though be mindful that underwritten calculations have often been substantiated and approved by the issuing company. You must also be mindful of specific terms such as coverage limits, the length of the insurance, the precise coverages included, the deductibles, the exclusions, and any further endorsements necessary.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-44\">After acquiring the wrap-up insurance policy, inform all contractors and subcontractors participating in the project of the coverage. Make sure they are aware of the policy\'s roles, obligations, and responsibilities. Establish processes for reporting, documenting, and addressing claims as well as ongoing oversight and policy compliance with each impacted party.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-48\">Limitations of Wrap-Up Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-49\">Wrap-up insurance has some restrictions. Wrap-up insurance policies are intricate and call for careful planning and coordinating. They require input from the project owner, general contractors, subcontractors, and insurance firms; therefore, coverage requires substantial collaboration as it can be difficult to coordinate coverage, secure suitable restrictions, and manage the different stakeholders.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-51\">Given the size and high value of the projects it covers, wrap-up insurance can be pricey. The premiums, deductibles, and other expenses related to obtaining and managing the insurance, as well as any administrative fees, may be substantial. Due due to complexity and uncertainty with long-term projects, the project budget may need to account for these higher expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-53\">Wrap-up insurance frequently offers protection for particular projects or construction phases but may not cover all facets of a project. A wrap-up policy may not cover some risks such as professional responsibility, design flaws, or pollution liabilities. Project leads must be mindful of these gaps that may call for additional insurance coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-55\">On a related note, wrap-up insurance contracts frequently contain a number of exclusions, limitations, and conditions even in the realms they do cover. For instance, these might restrict coverage for particular types of claims or losses. For example, the Office of General Counsel for New York has set forth restrictions for wrap-up insurance for public development projects.1</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-57\">Last, wrap-up insurance may not always be easily accessible or reasonably priced, depending on the location and nature of the project. Insurance companies may have special requirements or limits before selling them. In addition, the inherent risk of a specific build may be so large that it is cost prohibit or administratively not feasible for any third-party insurer to agree to take on the risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is the Difference Between an OCIP and Wrap-Up Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">OCIP (Owner Controlled Insurance Program) and wrap-up Insurance are both types of insurance policies used in construction projects. The main difference lies in who obtains and controls the insurance coverage. In an OCIP, the project owner purchases and manages the insurance, while with wrap-up coverage, the general contractor or project sponsor obtains and oversees the policy. The coverage provided and the parties covered may vary in each type of insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is the Primary Benefit of Wrap-Up Insurance Coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The primary benefit of wrap-up insurance coverage is that it consolidates insurance coverage for all contractors and subcontractors involved in a construction project under a single policy. This streamlines the insurance process, reduces administrative burdens, and can lead to cost savings for project stakeholders.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is a Wrap-Up Exclusion?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A wrap-up insurance exclusion refers to specific risks or coverages that are explicitly excluded from the coverage provided by a wrap-up insurance policy. These exclusions outline the risks or situations that are not protected under the policy and may require separate insurance arrangements or endorsements to address those excluded risks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-65\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-66\">Wrap-up insurance is a comprehensive insurance policy used in construction projects. It provides coverage for all contractors and subcontractors involved in the project under a single policy. It simplifies the insurance process, reduces administrative costs, and offers potentially significant cost savings. The policy typically includes general liability, workers\' compensation, and excess liability coverage for the duration of the project.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/w/wrap-up-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Wrap-Up Insurance: Definition, 2 Main Types, and Coverage Example','','inherit','closed','closed','','3358-revision-v1','','','2023-07-31 02:15:57','2023-07-31 02:15:57','',3358,'http://smartinsurance.tips/?p=3360',0,'revision','',0),(3394,1,'2023-09-01 05:37:14','2023-09-01 05:37:14','','My-project-1-56','','inherit','closed','closed','','my-project-1-56','','','2023-09-01 05:37:14','2023-09-01 05:37:14','',3393,'http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-56.png',0,'attachment','image/png',0),(3362,1,'2023-07-31 03:00:00','2023-07-31 03:00:00','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3363,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-32.png\" alt=\"\" class=\"wp-image-3363\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"1\">A classic, custom, collectible or antique car requires insurance that reflects your vehicle’s uniqueness and value. If you own—or are thinking of owning—a special set of wheels, find out about the kind of policy you need.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator\"/>\n<!-- /wp:separator -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>What types of vehicles need special insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A classic, collectible or antique car is no ordinary car—and regular auto insurance is not sufficient to protect such a vehicle against damage or loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">That said, there is no uniform definition of a classic car. If a car’s value exceeds its original selling price, then it might be considered collectible and a candidate for specialized classic car insurance. In general, vehicles that might warrant classic car auto insurance include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Antique and classic cars, usually at least 25 to 30 years old</li><li>Hotrods and modified vehicles</li><li>Exotic and luxury autos—think James Bond</li><li>Muscle cars</li><li>Classic trucks</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You might also seek specialized insurance for vintage military vehicles, classic motorcycles and antique tractors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>Qualifying for classic car coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A car\'s age is not enough to qualify for specialized classic car insurance. While requirements differ from company to company, most cars need to meet the following criteria in order to qualify:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Limited use</strong>&nbsp;– Your classic car cannot be used for everyday commuting or errands, and your policy may include mileage limitations and proof the car is being properly garaged if you do travel with it. In some cases, insurers may require that you also own a primary car for everyday use.</li><li><strong>Car shows and meetings</strong>&nbsp;– The limited use provision of a classic car policy allows for travel to car shows and auto club meet-ups; however, this coverage may be restricted by some insurers. If this is the case, there are insurers that can provide specialized coverage for car shows and meetings. Before choosing a classic car insurer, it’s worth checking whether they have travel restrictions if you plan to take your car on regular, multi-day, high mileage drives.</li><li><strong>Secure storage</strong>&nbsp;– When not in use, your special vehicle must be stored in a locked, enclosed, private structure, such as a residential garage or storage unit.</li><li><strong>A clean driving record</strong>&nbsp;– You may be disqualified from classic auto insurance if you have serious offenses on your driving record, such as reckless driving, repeat speeding violations or driving while intoxicated.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Not every vehicle, however special, will meet the qualifications of every insurer. For instance, some insurers may not cover vintage off-road vehicles. Insurers may also decline to insure vehicles that are in poor condition or have been previously damaged.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>What you should know about classic car policies</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your classic car policy will include provisions found in standard auto insurance policies, notably property damage and bodily injury liability coverage. But there are some differences, as well:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Your car\'s value&nbsp;</strong>– Because each car\'s condition is unique, there is no set \"book value\" for specific makes and models. The first step in insuring your classic car is for you and your insurer to reach an agreement on the value of the vehicle. This value will be specified in your policy and your car will be covered up to that value without depreciation.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Note that, unlike everyday vehicles that depreciate over time as you add miles to them, classic cars may&nbsp;<em>gain</em>&nbsp;value. Make sure you adjust your coverage as the value of your auto appreciates.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Specialized repair or restoration</strong> – Your policy should you the flexibility to bring your vintage Mercedes, Ferrari or Corvette to a specialist—even if the rates may be twice, or three times, the cost of a typical car repair at a traditional auto body shop.</li><li><strong>Special towing and spare parts </strong>– Coverage for towing is commensurate with the special demands of transporting a classic car. Spare parts coverage, too, needs to be aligned with the cost of replacing valuable and perhaps hard-to-find vehicle components, such as wheels, transmissions, and engine parts.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.iii.org/article/insuring-your-classic-car\">click here.</a></p>\n<!-- /wp:paragraph -->','Insuring Your Classic Car - Unique vehicles require special auto coverage','','publish','closed','closed','','insuring-your-classic-car-unique-vehicles-require-special-auto-coverage','','','2023-07-31 03:00:00','2023-07-31 03:00:00','',0,'http://smartinsurance.tips/?p=3362',0,'post','',0),(3363,1,'2023-07-31 02:57:39','2023-07-31 02:57:39','','My-project-1-32','','inherit','closed','closed','','my-project-1-32','','','2023-07-31 02:57:39','2023-07-31 02:57:39','',3362,'http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-32.png',0,'attachment','image/png',0),(3364,1,'2023-07-31 03:00:00','2023-07-31 03:00:00','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3363,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-32.png\" alt=\"\" class=\"wp-image-3363\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"1\">A classic, custom, collectible or antique car requires insurance that reflects your vehicle’s uniqueness and value. If you own—or are thinking of owning—a special set of wheels, find out about the kind of policy you need.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator\"/>\n<!-- /wp:separator -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>What types of vehicles need special insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A classic, collectible or antique car is no ordinary car—and regular auto insurance is not sufficient to protect such a vehicle against damage or loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">That said, there is no uniform definition of a classic car. If a car’s value exceeds its original selling price, then it might be considered collectible and a candidate for specialized classic car insurance. In general, vehicles that might warrant classic car auto insurance include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Antique and classic cars, usually at least 25 to 30 years old</li><li>Hotrods and modified vehicles</li><li>Exotic and luxury autos—think James Bond</li><li>Muscle cars</li><li>Classic trucks</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You might also seek specialized insurance for vintage military vehicles, classic motorcycles and antique tractors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>Qualifying for classic car coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A car\'s age is not enough to qualify for specialized classic car insurance. While requirements differ from company to company, most cars need to meet the following criteria in order to qualify:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Limited use</strong>&nbsp;– Your classic car cannot be used for everyday commuting or errands, and your policy may include mileage limitations and proof the car is being properly garaged if you do travel with it. In some cases, insurers may require that you also own a primary car for everyday use.</li><li><strong>Car shows and meetings</strong>&nbsp;– The limited use provision of a classic car policy allows for travel to car shows and auto club meet-ups; however, this coverage may be restricted by some insurers. If this is the case, there are insurers that can provide specialized coverage for car shows and meetings. Before choosing a classic car insurer, it’s worth checking whether they have travel restrictions if you plan to take your car on regular, multi-day, high mileage drives.</li><li><strong>Secure storage</strong>&nbsp;– When not in use, your special vehicle must be stored in a locked, enclosed, private structure, such as a residential garage or storage unit.</li><li><strong>A clean driving record</strong>&nbsp;– You may be disqualified from classic auto insurance if you have serious offenses on your driving record, such as reckless driving, repeat speeding violations or driving while intoxicated.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Not every vehicle, however special, will meet the qualifications of every insurer. For instance, some insurers may not cover vintage off-road vehicles. Insurers may also decline to insure vehicles that are in poor condition or have been previously damaged.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><a></a>What you should know about classic car policies</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your classic car policy will include provisions found in standard auto insurance policies, notably property damage and bodily injury liability coverage. But there are some differences, as well:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Your car\'s value&nbsp;</strong>– Because each car\'s condition is unique, there is no set \"book value\" for specific makes and models. The first step in insuring your classic car is for you and your insurer to reach an agreement on the value of the vehicle. This value will be specified in your policy and your car will be covered up to that value without depreciation.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Note that, unlike everyday vehicles that depreciate over time as you add miles to them, classic cars may&nbsp;<em>gain</em>&nbsp;value. Make sure you adjust your coverage as the value of your auto appreciates.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Specialized repair or restoration</strong> – Your policy should you the flexibility to bring your vintage Mercedes, Ferrari or Corvette to a specialist—even if the rates may be twice, or three times, the cost of a typical car repair at a traditional auto body shop.</li><li><strong>Special towing and spare parts </strong>– Coverage for towing is commensurate with the special demands of transporting a classic car. Spare parts coverage, too, needs to be aligned with the cost of replacing valuable and perhaps hard-to-find vehicle components, such as wheels, transmissions, and engine parts.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.iii.org/article/insuring-your-classic-car\">click here.</a></p>\n<!-- /wp:paragraph -->','Insuring Your Classic Car - Unique vehicles require special auto coverage','','inherit','closed','closed','','3362-revision-v1','','','2023-07-31 03:00:00','2023-07-31 03:00:00','',3362,'http://smartinsurance.tips/?p=3364',0,'revision','',0),(3365,1,'2023-07-31 03:33:19','2023-07-31 03:33:19','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3366,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-33.png\" alt=\"\" class=\"wp-image-3366\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">From a driver’s perspective, understanding how car insurance companies set prices can be puzzling. Auto insurance companies use multiple pricing factors to determine your risk, meaning how likely it will be that you’ll file a car insurance claim. The lower your perceived risk, the better your car insurance rates.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Factors That Affect Your Car Insurance Rates</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Not all insurance companies weigh pricing factors the same. A car insurance quote you get at one company might be significantly cheaper at a different company for the exact same coverage. Here’s the main factors in the pricing formulas:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ol class=\"has-black-color has-text-color has-large-font-size\"><li>Driving Record</li><li>Credit History</li><li>Coverage Selections</li><li>Deductible Amount</li><li>Car Insurance History</li><li>Car Make and Model</li><li>Age and Driving Experience</li><li>ZIP Code</li><li>Other Non-driving Factors</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"1\">Your Driving Record Will Follow You</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your driving record includes your history of moving traffic violations and at-fault accidents. It’s one of the biggest factors that determines your car insurance rates. Car insurance companies look at your driving history for the past three to five years, depending on your state. If you have caused a car accident or received traffic tickets, expect to pay more for car insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you have an extensive history of at-fault accidents, traffic violations and/or a DUI/DWI conviction, you might have a tough time finding car insurance. If insurance companies deny you coverage, you may end up with non-standard car insurance, which is for “risky” drivers. Or as a last resort you’ll have to buy car insurance from your state’s assigned risk pool.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But here’s the good news: No matter what’s on your driving history, you can immediately work to improve it. Practicing safe driving habits and avoiding transgressions like speeding tickets and accidents will pay off. It may take a few years, but the longer you drive without any incidents will result in better car insurance rates.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"2\">Credit Has Traction</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Many auto insurance companies make heavy use of credit-based insurance scores when setting rates. They contend that credit predicts the likelihood that you’ll make a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The use of credit-based insurance scores for car insurance pricing is banned in California, Hawaii, Massachusetts and Michigan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"3\">Your Coverage Selections</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The coverage you choose will have a major impact on your car insurance prices. But don’t be so focused on cheaper prices that you skimp out on the coverage types that you actually need.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, don’t only buy your state’s minimum requirements when you need full coverage car insurance. Not having enough car insurance could be a recipe for financial disaster.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are some coverage types:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Liability car insurance:</strong> This is the foundation of your car insurance policy and required in most states. Liability car insurance pays others for injuries and property damage if you cause a car crash. It also pays for a legal defense in case you are sued because of a car accident.</li><li><strong>Uninsured motorist insurance:</strong> This coverage is required in some states and optional in others. Uninsured motorist coverage pays for your own medical expenses if you are hit by someone who doesn’t carry liability insurance or doesn’t have enough.</li><li><strong>Collision and comprehensive coverage:</strong> These are two separate optional coverage types which are often sold together.</li><li><strong>Collision pays for car repair bills if you get into a car accident.</strong> Comprehensive pays for car repair bills for theft, vandalism, collisions with animals, fire, floods, falling objects and hail. If you have a car loan or lease, you’ll likely be required to buy collision and comprehensive insurance.</li><li><strong>Medical expense coverage:</strong> This type varies by state, but generally pays for your medical bills and other expenses (like lost wages) if you are injured in a car accident. In some states, you may be required to buy personal injury protection insurance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your car insurance company might offer additional options such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Accident forgiveness:</strong> Some car insurance companies will “forgive” an at-fault car accident. But you typically have to pay extra for accident forgiveness and there may be some limitations, such as one forgiveness per policy every three years.</li><li><strong>Gap insurance:</strong> If you have a car loan, gap insurance pays the “gap” between what you owe on your loan and the vehicle’s actual value if it’s totaled in an accident covered by your policy.</li><li><strong>Rental reimbursement insurance:</strong> This pays for a rental car or substitute transportation (such as train or bus fare) if your car is in the shop for a problem covered by your policy, like a car accident. Rental reimbursement coverage is optional.</li><li><strong>Roadside assistance insurance:</strong> If your car is disabled, roadside assistance insurance pays for services like towing, battery jump-start, locksmiths and flat tire repair.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"4\">Car Insurance Deductible</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your deductible amount will also factor into your pricing. The deductible is what you pay out-of-pocket if you file a claim for car repair bills. You can typically choose deductible amounts that range from $250 to $2,500. The higher the deductible, the less you’ll pay in insurance premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"5\">Your Car Insurance History</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you are a new driver and this is your first car insurance policy, you can expect to pay a higher rate. That’s because car insurance companies won’t have much information to evaluate your risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A “coverage gap” can also cause higher rates when you buy auto insurance. This is a period of time when you don’t have car insurance. For example, if your car insurance company canceled you for non-payment or you were between cars and didn’t have auto insurance. Insurers see the coverage gap as a higher risk, which often translates to higher insurance premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you don’t have car insurance but want to avoid a coverage gap (for example, if you are between cars), non-owner car insurance is a good option to maintain continuous car insurance coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"6\">The Type of Car You Drive</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The type of car you drive also plays a significant role in setting your car insurance rates. They’ll look at past claims from similar models and evaluate repair costs, theft rates and payments made for comprehensive claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"7\">Age and Driving Experience</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Young and inexperienced drivers will pay higher car insurance rates because they pose a higher risk for car accidents. For example, drivers between the ages 16 and 19 are three times more likely to be involved in a fatal crash than drivers over the age of 20, according to the Insurance Institute for Highway Safety.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"8\">Your ZIP Code</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing factors driven by location include weather claims (such as hail), accidents and car theft. Drivers who live in metropolitan areas tend to pay more for coverage than those who live in suburbia due to higher rates of theft, vandalism and car accidents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Other location-related factors include the cost of medical care, car repair costs and the frequency of auto accident lawsuits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"9\">Other Car Insurance Pricing Factors</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Car insurance companies often look at several non-driving factors when setting their rates, such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Home ownership</li><li>Marital status</li><li>Education</li><li>Occupation</li><li>Gender</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Some consumer advocacy groups have raised concerns that these non-driving factors are inherently discriminatory. In late 2020, insurance regulators pledged to address racism and discrimination within the insurance industry.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to Save Money on Car Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are some ways to cut your auto insurance costs:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Lower your deductible.</strong> You can save money by choosing a higher deductible. If you are a safe driver who avoids accidents, it’s not a bad idea to bet on yourself. Just be sure you can afford to pay your deductible amount out-of-pocket if you need to file a car insurance claim.</li><li><strong>Take a defensive driving course.</strong> A state-approved defensive driving course can benefit you in two ways. First, in some states it can help reduce any points you may have accumulated on your driving record for traffic citations, which can land you cheaper rates. Second, many insurance companies offer discounts to drivers who have completed a driving course, especially drivers age 55 and older.</li><li><strong>Ask for discounts.</strong> You might be eligible for car insurance discounts such as safe driver discounts, good student discounts, pay-in-full discounts, car safety feature discounts and multi-policy discounts. Ask your auto insurance agent for a review of potential discounts.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.forbes.com/advisor/car-insurance/factors-in-rates/\">click here.</a></p>\n<!-- /wp:paragraph -->','9 Key Factors That Affect Car Insurance Rates','','publish','closed','closed','','9-key-factors-that-affect-car-insurance-rates','','','2023-07-31 03:33:19','2023-07-31 03:33:19','',0,'http://smartinsurance.tips/?p=3365',0,'post','',0),(3366,1,'2023-07-31 03:16:29','2023-07-31 03:16:29','','My-project-1-33','','inherit','closed','closed','','my-project-1-33','','','2023-07-31 03:16:29','2023-07-31 03:16:29','',3365,'http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-33.png',0,'attachment','image/png',0),(3367,1,'2023-07-31 03:33:19','2023-07-31 03:33:19','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3366,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-33.png\" alt=\"\" class=\"wp-image-3366\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">From a driver’s perspective, understanding how car insurance companies set prices can be puzzling. Auto insurance companies use multiple pricing factors to determine your risk, meaning how likely it will be that you’ll file a car insurance claim. The lower your perceived risk, the better your car insurance rates.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Factors That Affect Your Car Insurance Rates</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Not all insurance companies weigh pricing factors the same. A car insurance quote you get at one company might be significantly cheaper at a different company for the exact same coverage. Here’s the main factors in the pricing formulas:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ol class=\"has-black-color has-text-color has-large-font-size\"><li>Driving Record</li><li>Credit History</li><li>Coverage Selections</li><li>Deductible Amount</li><li>Car Insurance History</li><li>Car Make and Model</li><li>Age and Driving Experience</li><li>ZIP Code</li><li>Other Non-driving Factors</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"1\">Your Driving Record Will Follow You</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your driving record includes your history of moving traffic violations and at-fault accidents. It’s one of the biggest factors that determines your car insurance rates. Car insurance companies look at your driving history for the past three to five years, depending on your state. If you have caused a car accident or received traffic tickets, expect to pay more for car insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you have an extensive history of at-fault accidents, traffic violations and/or a DUI/DWI conviction, you might have a tough time finding car insurance. If insurance companies deny you coverage, you may end up with non-standard car insurance, which is for “risky” drivers. Or as a last resort you’ll have to buy car insurance from your state’s assigned risk pool.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But here’s the good news: No matter what’s on your driving history, you can immediately work to improve it. Practicing safe driving habits and avoiding transgressions like speeding tickets and accidents will pay off. It may take a few years, but the longer you drive without any incidents will result in better car insurance rates.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"2\">Credit Has Traction</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Many auto insurance companies make heavy use of credit-based insurance scores when setting rates. They contend that credit predicts the likelihood that you’ll make a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The use of credit-based insurance scores for car insurance pricing is banned in California, Hawaii, Massachusetts and Michigan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"3\">Your Coverage Selections</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The coverage you choose will have a major impact on your car insurance prices. But don’t be so focused on cheaper prices that you skimp out on the coverage types that you actually need.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, don’t only buy your state’s minimum requirements when you need full coverage car insurance. Not having enough car insurance could be a recipe for financial disaster.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are some coverage types:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Liability car insurance:</strong> This is the foundation of your car insurance policy and required in most states. Liability car insurance pays others for injuries and property damage if you cause a car crash. It also pays for a legal defense in case you are sued because of a car accident.</li><li><strong>Uninsured motorist insurance:</strong> This coverage is required in some states and optional in others. Uninsured motorist coverage pays for your own medical expenses if you are hit by someone who doesn’t carry liability insurance or doesn’t have enough.</li><li><strong>Collision and comprehensive coverage:</strong> These are two separate optional coverage types which are often sold together.</li><li><strong>Collision pays for car repair bills if you get into a car accident.</strong> Comprehensive pays for car repair bills for theft, vandalism, collisions with animals, fire, floods, falling objects and hail. If you have a car loan or lease, you’ll likely be required to buy collision and comprehensive insurance.</li><li><strong>Medical expense coverage:</strong> This type varies by state, but generally pays for your medical bills and other expenses (like lost wages) if you are injured in a car accident. In some states, you may be required to buy personal injury protection insurance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your car insurance company might offer additional options such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Accident forgiveness:</strong> Some car insurance companies will “forgive” an at-fault car accident. But you typically have to pay extra for accident forgiveness and there may be some limitations, such as one forgiveness per policy every three years.</li><li><strong>Gap insurance:</strong> If you have a car loan, gap insurance pays the “gap” between what you owe on your loan and the vehicle’s actual value if it’s totaled in an accident covered by your policy.</li><li><strong>Rental reimbursement insurance:</strong> This pays for a rental car or substitute transportation (such as train or bus fare) if your car is in the shop for a problem covered by your policy, like a car accident. Rental reimbursement coverage is optional.</li><li><strong>Roadside assistance insurance:</strong> If your car is disabled, roadside assistance insurance pays for services like towing, battery jump-start, locksmiths and flat tire repair.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"4\">Car Insurance Deductible</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your deductible amount will also factor into your pricing. The deductible is what you pay out-of-pocket if you file a claim for car repair bills. You can typically choose deductible amounts that range from $250 to $2,500. The higher the deductible, the less you’ll pay in insurance premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"5\">Your Car Insurance History</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you are a new driver and this is your first car insurance policy, you can expect to pay a higher rate. That’s because car insurance companies won’t have much information to evaluate your risk.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A “coverage gap” can also cause higher rates when you buy auto insurance. This is a period of time when you don’t have car insurance. For example, if your car insurance company canceled you for non-payment or you were between cars and didn’t have auto insurance. Insurers see the coverage gap as a higher risk, which often translates to higher insurance premiums.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you don’t have car insurance but want to avoid a coverage gap (for example, if you are between cars), non-owner car insurance is a good option to maintain continuous car insurance coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"6\">The Type of Car You Drive</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The type of car you drive also plays a significant role in setting your car insurance rates. They’ll look at past claims from similar models and evaluate repair costs, theft rates and payments made for comprehensive claims.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"7\">Age and Driving Experience</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Young and inexperienced drivers will pay higher car insurance rates because they pose a higher risk for car accidents. For example, drivers between the ages 16 and 19 are three times more likely to be involved in a fatal crash than drivers over the age of 20, according to the Insurance Institute for Highway Safety.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"8\">Your ZIP Code</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Pricing factors driven by location include weather claims (such as hail), accidents and car theft. Drivers who live in metropolitan areas tend to pay more for coverage than those who live in suburbia due to higher rates of theft, vandalism and car accidents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Other location-related factors include the cost of medical care, car repair costs and the frequency of auto accident lawsuits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"9\">Other Car Insurance Pricing Factors</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Car insurance companies often look at several non-driving factors when setting their rates, such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Home ownership</li><li>Marital status</li><li>Education</li><li>Occupation</li><li>Gender</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Some consumer advocacy groups have raised concerns that these non-driving factors are inherently discriminatory. In late 2020, insurance regulators pledged to address racism and discrimination within the insurance industry.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to Save Money on Car Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are some ways to cut your auto insurance costs:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Lower your deductible.</strong> You can save money by choosing a higher deductible. If you are a safe driver who avoids accidents, it’s not a bad idea to bet on yourself. Just be sure you can afford to pay your deductible amount out-of-pocket if you need to file a car insurance claim.</li><li><strong>Take a defensive driving course.</strong> A state-approved defensive driving course can benefit you in two ways. First, in some states it can help reduce any points you may have accumulated on your driving record for traffic citations, which can land you cheaper rates. Second, many insurance companies offer discounts to drivers who have completed a driving course, especially drivers age 55 and older.</li><li><strong>Ask for discounts.</strong> You might be eligible for car insurance discounts such as safe driver discounts, good student discounts, pay-in-full discounts, car safety feature discounts and multi-policy discounts. Ask your auto insurance agent for a review of potential discounts.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.forbes.com/advisor/car-insurance/factors-in-rates/\">click here.</a></p>\n<!-- /wp:paragraph -->','9 Key Factors That Affect Car Insurance Rates','','inherit','closed','closed','','3365-revision-v1','','','2023-07-31 03:33:19','2023-07-31 03:33:19','',3365,'http://smartinsurance.tips/?p=3367',0,'revision','',0),(3393,1,'2023-09-01 05:57:04','2023-09-01 05:57:04','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3394,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-56-1024x536.png\" alt=\"\" class=\"wp-image-3394\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Maybe you’re looking to build an emergency fund, save for a vacation or pay off your student loans quicker. Whatever your financial goals may be, finding different ways to save money each month can help. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can try making a small change, like canceling a subscription you’re not using. Or you might make a more consistent change, like actively cutting expenses to put a designated amount of money into savings each month. Read on for more creative ways to save money.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Key takeaways</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>By making small or large changes to your day-to-day spending habits, you might be able to cut costs and put that extra money toward savings.</li><li>You can identify different ways to save money on monthly expenses with a bit of research and planning.</li><li>Different budgeting techniques might also help you create a plan to track your savings and spending.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\">Creative ways to save on food and drinks</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Check out these different ways to reduce your food spending.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">1. Give meal planning a try</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Before you head to the grocery store, come up with a plan for the meals and snacks you want to make for the week. This can help you stick to a plan to avoid impulse buys and overspending.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">2. Ditch the takeout&nbsp;</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Even though takeout can be convenient, regularly ordering to-go meals can really eat up your budget. Try keeping up on groceries and exploring time-saving recipes to avoid the temptation of placing a spontaneous order at your favorite eatery.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">3. Buy in bulk&nbsp;</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may be able to save money by buying groceries in bulk. There’s an upfront cost, but depending on the items you purchase, you may be able to save more money over time.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, you can buy meat that’s on sale and freeze it to use later. Or stock up on big containers of grains, beans and nuts. To save more money, keep track of pricing and try to buy items when they’ve been marked down.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">4. Pack a lunch instead</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Instead of spending money to eat out at lunchtime, consider packing food from home. Avoiding takeout is even easier if you’re working remotely. You can use leftovers from dinner the night before or prep meals on the weekend for a convenient, grab-and-go lunch that helps you avoid extra spending.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">5. Look for dining specials</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Consider searching for dining specials before eating out. You can look for coupons, check the restaurant for a daily special or—if you’re a parent—find “kids eat free” promotions to keep more cash in your wallet.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Creative savings ideas for monthly expenses</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Browse through some of these ways you can save money on recurring monthly expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">6. Compare insurance rates and adjust your policy</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may be able to save money by adjusting your insurance policies. You can start by comparing rates and plans across insurance carriers. Then, you can begin the process of adjusting your plan or carrier to help you save some money. Keep in mind you’ll also need to cancel your current plan and ensure there are no lapses in coverage.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">7. Cut down on subscriptions</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Subscriptions to entertainment streaming services, meal delivery kits and news platforms can be a convenient way to access the things you like. But month over month, they can cut into your overall budget. And sometimes you might not even realize you’re paying for them. So try carving out some time to manage the subscriptions you’re paying for to see if there are any areas you can cut.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">8. Save on utilities</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It can be helpful to review the cost of utilities in your home and find ways to cut costs. Here are a few tips from the Department of Energy:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Opt for energy-efficient appliances, lightbulbs and electronics.</li><li>Seal air leaks in windows and door frames.&nbsp;</li><li>Turn off your kitchen or bath fans after 20 minutes.</li><li>Lower your water heater’s thermostat to 120 degrees Fahrenheit.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">9. Consider your credit card use</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re using a credit card to make purchases, you can avoid credit card interest on new purchases by paying off your balance each month. You can also cut costs by finding ways to avoid some of the common credit card fees. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may consider a cash back credit card for everyday expenses, too. A cash back card may not help you save money directly, but it could offer rewards to help offset the cost of things you’re already buying. And some cash back cards provide rewards for certain categories, like groceries or dining. So if you have a specific rewards goal in mind, you could compare credit cards to find the best option for your financial goals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But applying for a new credit card may affect your credit score temporarily. So it may be a good idea to space out credit applications and consider checking whether you’re preapproved before applying.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Budgeting strategies to help you save money</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are some budgeting techniques you can use as part of a savings strategy.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">10. Avoid impulse buys</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While the occasional unexpected purchase is normal, making impulse buying a habit can add up over time. You can save money and avoid buyer’s remorse by trying a few of these strategies:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Stick to a budget.</li><li>Delay gratification—or wait a period of time before purchasing an item you’re interested in.</li><li>Unsubscribe from tempting promotional emails.</li><li>Make a shopping plan or list before going to the store.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">11. Consider zero-based budgeting</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Zero-based budgeting accounts for every dollar that you earn in a set period of time—typically on a monthly basis. This means all of your monthly expenses, debt payments and savings contributions, subtracted from your income, should equal zero at the end of a given period. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can create a zero-based budget by adding up all of your sources of income. Then, categorize your monthly spending based on fixed vs. variable expenses and savings contributions. From there, allocate every dollar from your income toward a category until you hit a zero balance.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">12. Pay yourself first</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Paying yourself first works by setting aside money toward your savings goals from each paycheck—before paying other expenses. The 50/20/30 budgeting approach—which entails allocating 50% of your income toward needs, 20% toward savings and 30% toward wants—can also be considered a pay-yourself-first type of budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">13. Try out digital money-saving options</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Having different budgeting platforms at your fingertips can help you set a budget and stick to it. There are a wide variety of platforms available to help you save money, depending on your preferences, financial goals and price point. Here are a few offerings from Capital One:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Budget with a card. </strong>You can use your Capital One credit card to further your budgeting goals by setting up account alerts, auto-pay and creating spending limits. Check out 7 tips to budget with a credit card for more information.  </li><li><strong>Capital One Mobile app.</strong> You can use some of the Capital One Mobile app tools, like monitoring upcoming bills and subscription charges and blocking recurring charges, to better manage your finances. </li><li><strong>Eno, your Capital One assistant. </strong>Eno is an intelligent assistant that makes account management easier so you can spend more time doing the things you love. </li><li><strong>CreditWise from Capital One. </strong>CreditWise is a digital tool that can help you monitor your credit health, understand your credit score and keep up with changes to your credit reports. It’s free, and using it won’t hurt your credit.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">14. Set up automatic transfers to a savings account</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Make saving money a routine by scheduling automatic transfers to your savings account. You can choose a small amount of money to start with and then increase it to bulk up the funds in your account. Plus, Capital One customers may be able to get paid sooner by setting up direct deposit.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Other creative ways to save money</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are a few other ways you can cut costs to further your savings goals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">15. Reevaluate your gym membership&nbsp;</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can prioritize your fitness goals without sacrificing your budget. If you already have a gym membership, see if there’s a lower rate that’s being offered that you can take advantage of. You can also check if your employer or insurance will offset some or all of your gym membership cost.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">16. Look for free events</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can save money by looking for free entertainment and recreational activities. Consider a free outdoor activity like hiking or going to a park. Or check out a local festival or parade to pass the time without breaking the bank. If you want to stay inside, check to see if any local museums offer low-cost entrance fees or free hours or days.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">17. Remember your local library</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Don’t forget about the resources your local library may offer before purchasing things of your own.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition to books, some libraries offer movies and game rentals, as well as events you can attend for free or at a low cost.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">18. Learn to DIY</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Maybe you can forgo the nail salon and learn how to do an at-home manicure. Or maybe you can make homemade treats to give as gifts instead of purchasing expensive presents. Get creative and think of ways you can DIY to keep more cash in your wallet.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">19. Keep the change</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re paying for something in cash, set aside any loose change in a separate jar and keep it for a rainy day. Over time, this spare change can add up, and you can put it back into your savings account or use it toward a larger purchase.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Creative savings ideas in a nutshell</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Putting away extra cash each month can add up over time to help you reach your savings goals. And you don’t necessarily have to make large changes to your spending habits to save money.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.capitalone.com/learn-grow/money-management/creative-savings-ideas/\">click here.</a></p>\n<!-- /wp:paragraph -->','19 Creative Ways to Save Money','','publish','closed','closed','','19-creative-ways-to-save-money','','','2023-09-01 05:57:04','2023-09-01 05:57:04','',0,'http://smartinsurance.tips/?p=3393',0,'post','',0),(3369,1,'2023-07-31 04:51:50','2023-07-31 04:51:50','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3370,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-34.png\" alt=\"\" class=\"wp-image-3370\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Commercial General Liability (CGL)?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Commercial general liability (CGL) is a type of insurance policy that provides coverage to a business for bodily injury, personal injury, and property damage caused by the business’s operations, products, or injuries that occur on the business’s premises. Commercial general liability is considered comprehensive business insurance, though it does not cover all risks a business may face.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Commercial general liability (CGL) insurance is a form of comprehensive insurance that offers coverage in case of damage or injury caused by a business’s operations or products, or on its premises.&nbsp;</li><li>There are two types of CGL policies: a claims-made policy that covers claims regardless of when the event took place, and an occurrence policy where the event must take place during a set period.&nbsp;</li><li>Companies can add other companies or individuals they contract with to their commercial liability insurance policy as an “additional insured.”</li><li>Commercial general liability policies may cover the cost of any accidental damages as a result of the business\' operations or the legal costs of defending a suit.</li><li>Commercial general liability does not provide protection against intentional damages, or any type of accident involving automobiles, aircraft, or watercraft.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">Understanding Commercial General Liability (CGL)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-6\">Commercial general liability policies have different levels of coverage. A policy may include premises coverage, which protects the business from claims that occur on the business’s physical location during regular business operations. It may also include coverage for bodily injury and property damage that is the result of a finished product or service done at another location.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">Commercial insurance companies also sell excess liability coverage, which can be purchased in order to cover claims that exceed the limit of the CGL policy. Some commercial general liability policies may have exclusions that restrict what actions are covered. For example, a policy may not cover the costs associated with a product recall.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">When purchasing commercial general liability insurance, it is important for the business to differentiate between a claims-made policy and an occurrence policy. A claims-made policy provides coverage for whenever a claim is made, regardless of when the claim event happened. An occurrence policy is different in that it covers claims where the claim event occurred during the time of the policy even if the policy is now expired.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition to commercial general liability policies, businesses may also purchase policies that provide coverage for other business risks. For example, the business may purchase employment practices liability coverage to protect itself from claims associated with sexual harassment, wrongful termination, and discrimination.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Insurance Information Institute. \"What Is Employment Practices Liability Insurance?\" It may also purchase insurance to cover errors and omissions made in financial reporting statements, as well as coverage for damages, resulting from the actions of its directors and officers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Warning:</strong> A typical commercial general insurance policy covers accidental damage or injuries but does not cover injuries that are intentional or could be expected to happen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Special Considerations&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Depending on its business needs, a company may need to name other companies or persons as \"additional insured\" under their commercial liability insurance policy. This is common when businesses enter into a contract with another entity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">For example, if an automobile repair garage enters into a contract with ABC Co. to provide cleaning services for their facility, ABC Co. may require the garage owners to add ABC Co. as \"additional insured\" on their commercial general liability coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-21\">Example of Commercial General Liability</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">Some examples that would require CGL include the following:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-24\" class=\"has-black-color has-text-color has-large-font-size\"><li>A customer enters a place of business where the floors have recently been cleaned and polished, and as a result, are very slippery. The customer slips on the floor and breaks a leg.</li><li>One of the employees of an electrical company visits a home for an electrical wiring job and accidentally causes a fire in the customer\'s home.</li><li>An advertisement placed by the business results in an individual claiming libel or slander.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">In each of these cases, a commercial general liability policy might cover the cost of hiring lawyers to defend the company or the cost of settling the claims. If a business has frequent claims against its CGL insurance, the insurer might raise the premium costs of the policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Damages Does CGL Insurance Cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Commercial general liability insurance covers injuries to a person or property damage that occurs on the premises of a business. This type of policy can also protect a business from claims of slander, libel, or advertising injury.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Much Does Commercial General Liability Insurance Cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Naturally, the cost of commercial general liability Insurance will depend on the size of the business being insured, the riskiness of its business operations, and the amount of coverage needed. Some insurers say that their clients pay between $300 and $600 for a million dollars of insurance coverage. Others say their clients may pay as much as $1,000.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is Not Covered Under Commercial General Liability Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Most CGL policies do not cover intentional or expected damage by the insured. They also do not cover damages due to intoxication (in alcohol-related businesses), pollution, automobiles or other vehicles, damage to a business\' work, or additional liabilities that the insured might take on. A business that is involved in these types of risks should purchase additional insurance in order to be fully covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-34\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-35\">You can protect your business from a variety of risks, including the risk of a lawsuit arising from everyday business activities, with the purchase of a commercial general liability policy. CGL policies cover claims of property damage, personal injury (such as libel or slander), bodily injury, and advertising injury. This coverage will help you pay attorney fees or settlement costs in the event of a lawsuit, and you can augment your coverage with extensions that cover errors and omissions, excess liability, or employment practices liability.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">You can\'t predict what will happen in the future, but you can cover your business and reduce your risk with a CGL policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/c/commercial-general-liability-cgl.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','What Does Commercial General Liability (CGL) Insurance Cover?','','publish','closed','closed','','what-does-commercial-general-liability-cgl-insurance-cover','','','2023-07-31 04:51:50','2023-07-31 04:51:50','',0,'http://smartinsurance.tips/?p=3369',0,'post','',0),(3370,1,'2023-07-31 04:47:14','2023-07-31 04:47:14','','My-project-1-34','','inherit','closed','closed','','my-project-1-34','','','2023-07-31 04:47:14','2023-07-31 04:47:14','',3369,'http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-34.png',0,'attachment','image/png',0),(3371,1,'2023-07-31 04:51:50','2023-07-31 04:51:50','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3370,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-34.png\" alt=\"\" class=\"wp-image-3370\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Commercial General Liability (CGL)?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Commercial general liability (CGL) is a type of insurance policy that provides coverage to a business for bodily injury, personal injury, and property damage caused by the business’s operations, products, or injuries that occur on the business’s premises. Commercial general liability is considered comprehensive business insurance, though it does not cover all risks a business may face.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Commercial general liability (CGL) insurance is a form of comprehensive insurance that offers coverage in case of damage or injury caused by a business’s operations or products, or on its premises.&nbsp;</li><li>There are two types of CGL policies: a claims-made policy that covers claims regardless of when the event took place, and an occurrence policy where the event must take place during a set period.&nbsp;</li><li>Companies can add other companies or individuals they contract with to their commercial liability insurance policy as an “additional insured.”</li><li>Commercial general liability policies may cover the cost of any accidental damages as a result of the business\' operations or the legal costs of defending a suit.</li><li>Commercial general liability does not provide protection against intentional damages, or any type of accident involving automobiles, aircraft, or watercraft.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">Understanding Commercial General Liability (CGL)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-6\">Commercial general liability policies have different levels of coverage. A policy may include premises coverage, which protects the business from claims that occur on the business’s physical location during regular business operations. It may also include coverage for bodily injury and property damage that is the result of a finished product or service done at another location.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">Commercial insurance companies also sell excess liability coverage, which can be purchased in order to cover claims that exceed the limit of the CGL policy. Some commercial general liability policies may have exclusions that restrict what actions are covered. For example, a policy may not cover the costs associated with a product recall.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">When purchasing commercial general liability insurance, it is important for the business to differentiate between a claims-made policy and an occurrence policy. A claims-made policy provides coverage for whenever a claim is made, regardless of when the claim event happened. An occurrence policy is different in that it covers claims where the claim event occurred during the time of the policy even if the policy is now expired.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition to commercial general liability policies, businesses may also purchase policies that provide coverage for other business risks. For example, the business may purchase employment practices liability coverage to protect itself from claims associated with sexual harassment, wrongful termination, and discrimination.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Insurance Information Institute. \"What Is Employment Practices Liability Insurance?\" It may also purchase insurance to cover errors and omissions made in financial reporting statements, as well as coverage for damages, resulting from the actions of its directors and officers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Warning:</strong> A typical commercial general insurance policy covers accidental damage or injuries but does not cover injuries that are intentional or could be expected to happen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Special Considerations&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Depending on its business needs, a company may need to name other companies or persons as \"additional insured\" under their commercial liability insurance policy. This is common when businesses enter into a contract with another entity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\">For example, if an automobile repair garage enters into a contract with ABC Co. to provide cleaning services for their facility, ABC Co. may require the garage owners to add ABC Co. as \"additional insured\" on their commercial general liability coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-21\">Example of Commercial General Liability</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-22\">Some examples that would require CGL include the following:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-24\" class=\"has-black-color has-text-color has-large-font-size\"><li>A customer enters a place of business where the floors have recently been cleaned and polished, and as a result, are very slippery. The customer slips on the floor and breaks a leg.</li><li>One of the employees of an electrical company visits a home for an electrical wiring job and accidentally causes a fire in the customer\'s home.</li><li>An advertisement placed by the business results in an individual claiming libel or slander.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-26\">In each of these cases, a commercial general liability policy might cover the cost of hiring lawyers to defend the company or the cost of settling the claims. If a business has frequent claims against its CGL insurance, the insurer might raise the premium costs of the policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Damages Does CGL Insurance Cover?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Commercial general liability insurance covers injuries to a person or property damage that occurs on the premises of a business. This type of policy can also protect a business from claims of slander, libel, or advertising injury.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Much Does Commercial General Liability Insurance Cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Naturally, the cost of commercial general liability Insurance will depend on the size of the business being insured, the riskiness of its business operations, and the amount of coverage needed. Some insurers say that their clients pay between $300 and $600 for a million dollars of insurance coverage. Others say their clients may pay as much as $1,000.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is Not Covered Under Commercial General Liability Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Most CGL policies do not cover intentional or expected damage by the insured. They also do not cover damages due to intoxication (in alcohol-related businesses), pollution, automobiles or other vehicles, damage to a business\' work, or additional liabilities that the insured might take on. A business that is involved in these types of risks should purchase additional insurance in order to be fully covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-34\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-35\">You can protect your business from a variety of risks, including the risk of a lawsuit arising from everyday business activities, with the purchase of a commercial general liability policy. CGL policies cover claims of property damage, personal injury (such as libel or slander), bodily injury, and advertising injury. This coverage will help you pay attorney fees or settlement costs in the event of a lawsuit, and you can augment your coverage with extensions that cover errors and omissions, excess liability, or employment practices liability.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-37\">You can\'t predict what will happen in the future, but you can cover your business and reduce your risk with a CGL policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/c/commercial-general-liability-cgl.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','What Does Commercial General Liability (CGL) Insurance Cover?','','inherit','closed','closed','','3369-revision-v1','','','2023-07-31 04:51:50','2023-07-31 04:51:50','',3369,'http://smartinsurance.tips/?p=3371',0,'revision','',0),(3372,1,'2023-07-31 04:59:17','2023-07-31 04:59:17','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3373,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-35.png\" alt=\"\" class=\"wp-image-3373\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are more than 33 million small businesses in the U.S., and about half of them are home-based, according to the Small Business Administration. This includes all types of businesses like accountants, artists, caterers, cleaning services, dog walkers, freelance writers, personal trainers, translators and tutors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While starting a home business is an exciting endeavor, new entrepreneurs may be unaware of the risks involved. You need the right type of home-based business insurance to help protect your business from financial disaster.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is Home-Based Business Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When you run a company out of your residence or on the property, home-based business insurance can pay out for property damage, injuries related to the business (like a client who takes a fall in your office), employee injuries and lawsuits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While some entrepreneurs rely on their homeowners insurance policies, these policies may not be sufficient at all:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>A standard home insurance policy covers only up to $2,500 of business property. So if you lose more than that in a house fire, for example, your reimbursement is limited to $2,500. For example, if you’re selling clothes in a home-based business and your inventory is destroyed in a fire, you may not have enough coverage under your home insurance policy.</li><li>A home insurance policy usually excludes coverage for “other structures” that are used for business purposes, such as a detached garage where you run the business.</li><li>Standard home insurance has a $500 limit on business property that’s away from the residence premises. So if you’re using an expensive video camera away from home, coverage is limited.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can get better home-based business insurance from either an endorsement to your homeowners insurance policy or as a separate small business insurance policy. State Farm, for example, offers both types.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Types of Home-Based Businesses That May Need Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While you may assume insurance isn’t necessary for your particular business, here are a few examples of businesses that may need home-based business insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Accountants and tax preparers</li><li>Web design firms</li><li>Photographers</li><li>Online goods sales</li><li>Caterers and food sales</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to Buy Home-Based Business Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An endorsement to your home insurance policy will add extra coverage for a small operation out of a home. But larger businesses or professions that need specialized coverage may need a stand-alone business insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Add an Endorsement to Your Homeowners Insurance Policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Homeowners insurance companies typically offer endorsements that you can add to a homeowners policy to get more business-related coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With a standard home-based business endorsement, it’s possible to double your standard policy limits for business property from $2,500 to $5,000 for less than $20 annually, according to the Insurance Information Institute. This would be good for a very small business with annual sales of around $5,000 or under.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may be able to purchase an endorsement specific to your business needs, such as The Hanover’s Permitted Incidental Occupancies. This coverage can protect the inventory of a home-based business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Purchase a Standalone Business Insurance Policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Stand-alone business insurance policies can offer more robust coverage and with higher coverage limits. This type of policy can provide better coverage limits for business equipment and liability over a typical home insurance policy endorsement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, a business owners policy (BOP) combines coverage for business property and liability.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Stand-alone business insurance policies are good for a business that has visitors coming and going. They are also better than a homeowners endorsement if you have a lot of business property to insure.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Types of Home-Based Businesses Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re running a home-based business, one of the best ways to get coverage is with a business owners policy (BOP). A BOP bundles together three important coverage types: general liability insurance, commercial property insurance and business interruption insurance. It’s typically cheaper to buy a BOP compared to buying each policy separately and you can add additional coverage types as needed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">General Liability Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A general liability insurance policy covers accidental injuries and property damage your business operations cause to others. For example, if you run a painting company out of your home and accidentally spill paint on your client’s furniture, your general liability would pay to repair or replace the furniture. It also covers your legal fees, judgments and settlements in case you get sued over an accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">General liability insurance also covers other types of problems, such as claims of copyright infringement, reputational harm and advertising injury.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Commercial Property Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Commercial property insurance covers your business property if it is stolen, lost or damaged by a problem covered by your policy, such as a fire. Commercial property insurance is also called “business property insurance.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Business Interruption Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you are forced to close your business due to a problem covered by your policy (like a fire), business interruption insurance covers expenses such as lost income, payroll and relocation costs if you have to temporarily move to a new location. Business interruption insurance is also known as “business income insurance.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Commercial Auto Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you use a car for work purposes, such as delivering a product or meeting with clients, you’ll need commercial auto insurance. Your personal car insurance policy won’t cover work-related accidents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Professional Liability Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Professional liability insurance covers your business from claims of mistakes made during the course of running your business. For example, if you are an accountant and a client claims you provided them with bad advice, your professional liability insurance can cover your legal fees, judgments and settlements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Professional liability insurance is also known as errors and omissions insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Workers Compensation Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If one of your employees gets injured or sick due to a work occurrence, workers compensation insurance pays medical bills. Sole proprietors are often exempt from workers comp requirements, but if you have employees make sure you understand your state’s workers comp laws.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The National Federation of Independent Business has a state-by-state comparison of workers comp laws.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Other Home-Based Business Insurance Options</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Depending on your business type, you may need specialized coverage such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Commercial umbrella insurance.</strong> Once you reach your liability limit on your business insurance, commercial umbrella insurance kicks in. For example, if you are sued for $1 million but only have $500,000 in business liability coverage, your umbrella policy will kick in to cover the shortfall (up to your umbrella policy’s limit).</li><li><strong>Cyber liability insurance.</strong> If your business is the victim of a cyberattack or data breach, cyber liability insurance covers expenses such as data recovery, investigative services and identity recovery. It also includes legal fees, judgments and settlements.</li><li><strong>Employment practices liability insurance.</strong> This pays for settlements of claims brought against you by employees, such as violation of employee rights or wrongful termination. Employment practices liability insurance also covers your legal defense costs.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Much Does Home-Based Business Insurance Cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>A business owners policy costs an average of $57 per month</strong>. That includes general liability insurance, commercial property insurance and business interruption insurance. Your home-based business insurance costs will depend on several factors, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>The type of business</li><li>The types of coverage you buy</li><li>Number of employees</li><li>Business equipment and property</li><li>Location</li><li>Coverage limits and deductibles</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do You Need Home-Based Business Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re deciding whether to buy home-based insurance, the Insurance Information Institute recommends asking yourself these questions:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>What is my home-based business?</li><li>What are the unique risks my business may face?</li><li>How many employees do I have?</li><li>Do clients visit my property to conduct business?</li><li>Does my business require a vehicle?</li><li>Does my company have technology that stores the personal or financial information of clients?</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Dick Lavey,&nbsp;president of Agency Markets at The Hanover, says he recommends home-based business insurance even for the simplest business pursuits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A business insurance agent can help you work through these questions to determine where your business may be vulnerable, and where home-based insurance business can help.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.forbes.com/advisor/business-insurance/home-based-business-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','Home-Based Business Insurance Explained','','publish','closed','closed','','home-based-business-insurance-explained','','','2023-07-31 04:59:17','2023-07-31 04:59:17','',0,'http://smartinsurance.tips/?p=3372',0,'post','',0),(3373,1,'2023-07-31 04:52:55','2023-07-31 04:52:55','','My-project-1-35','','inherit','closed','closed','','my-project-1-35-2','','','2023-07-31 04:52:55','2023-07-31 04:52:55','',3372,'http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-35.png',0,'attachment','image/png',0),(3374,1,'2023-07-31 04:59:17','2023-07-31 04:59:17','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3373,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-35.png\" alt=\"\" class=\"wp-image-3373\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are more than 33 million small businesses in the U.S., and about half of them are home-based, according to the Small Business Administration. This includes all types of businesses like accountants, artists, caterers, cleaning services, dog walkers, freelance writers, personal trainers, translators and tutors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While starting a home business is an exciting endeavor, new entrepreneurs may be unaware of the risks involved. You need the right type of home-based business insurance to help protect your business from financial disaster.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What Is Home-Based Business Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When you run a company out of your residence or on the property, home-based business insurance can pay out for property damage, injuries related to the business (like a client who takes a fall in your office), employee injuries and lawsuits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While some entrepreneurs rely on their homeowners insurance policies, these policies may not be sufficient at all:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>A standard home insurance policy covers only up to $2,500 of business property. So if you lose more than that in a house fire, for example, your reimbursement is limited to $2,500. For example, if you’re selling clothes in a home-based business and your inventory is destroyed in a fire, you may not have enough coverage under your home insurance policy.</li><li>A home insurance policy usually excludes coverage for “other structures” that are used for business purposes, such as a detached garage where you run the business.</li><li>Standard home insurance has a $500 limit on business property that’s away from the residence premises. So if you’re using an expensive video camera away from home, coverage is limited.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can get better home-based business insurance from either an endorsement to your homeowners insurance policy or as a separate small business insurance policy. State Farm, for example, offers both types.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Types of Home-Based Businesses That May Need Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While you may assume insurance isn’t necessary for your particular business, here are a few examples of businesses that may need home-based business insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Accountants and tax preparers</li><li>Web design firms</li><li>Photographers</li><li>Online goods sales</li><li>Caterers and food sales</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to Buy Home-Based Business Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An endorsement to your home insurance policy will add extra coverage for a small operation out of a home. But larger businesses or professions that need specialized coverage may need a stand-alone business insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Add an Endorsement to Your Homeowners Insurance Policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Homeowners insurance companies typically offer endorsements that you can add to a homeowners policy to get more business-related coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With a standard home-based business endorsement, it’s possible to double your standard policy limits for business property from $2,500 to $5,000 for less than $20 annually, according to the Insurance Information Institute. This would be good for a very small business with annual sales of around $5,000 or under.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may be able to purchase an endorsement specific to your business needs, such as The Hanover’s Permitted Incidental Occupancies. This coverage can protect the inventory of a home-based business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Purchase a Standalone Business Insurance Policy</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Stand-alone business insurance policies can offer more robust coverage and with higher coverage limits. This type of policy can provide better coverage limits for business equipment and liability over a typical home insurance policy endorsement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, a business owners policy (BOP) combines coverage for business property and liability.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Stand-alone business insurance policies are good for a business that has visitors coming and going. They are also better than a homeowners endorsement if you have a lot of business property to insure.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Types of Home-Based Businesses Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re running a home-based business, one of the best ways to get coverage is with a business owners policy (BOP). A BOP bundles together three important coverage types: general liability insurance, commercial property insurance and business interruption insurance. It’s typically cheaper to buy a BOP compared to buying each policy separately and you can add additional coverage types as needed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">General Liability Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A general liability insurance policy covers accidental injuries and property damage your business operations cause to others. For example, if you run a painting company out of your home and accidentally spill paint on your client’s furniture, your general liability would pay to repair or replace the furniture. It also covers your legal fees, judgments and settlements in case you get sued over an accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">General liability insurance also covers other types of problems, such as claims of copyright infringement, reputational harm and advertising injury.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Commercial Property Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Commercial property insurance covers your business property if it is stolen, lost or damaged by a problem covered by your policy, such as a fire. Commercial property insurance is also called “business property insurance.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Business Interruption Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you are forced to close your business due to a problem covered by your policy (like a fire), business interruption insurance covers expenses such as lost income, payroll and relocation costs if you have to temporarily move to a new location. Business interruption insurance is also known as “business income insurance.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Commercial Auto Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you use a car for work purposes, such as delivering a product or meeting with clients, you’ll need commercial auto insurance. Your personal car insurance policy won’t cover work-related accidents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Professional Liability Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Professional liability insurance covers your business from claims of mistakes made during the course of running your business. For example, if you are an accountant and a client claims you provided them with bad advice, your professional liability insurance can cover your legal fees, judgments and settlements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Professional liability insurance is also known as errors and omissions insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Workers Compensation Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If one of your employees gets injured or sick due to a work occurrence, workers compensation insurance pays medical bills. Sole proprietors are often exempt from workers comp requirements, but if you have employees make sure you understand your state’s workers comp laws.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The National Federation of Independent Business has a state-by-state comparison of workers comp laws.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Other Home-Based Business Insurance Options</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Depending on your business type, you may need specialized coverage such as:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Commercial umbrella insurance.</strong> Once you reach your liability limit on your business insurance, commercial umbrella insurance kicks in. For example, if you are sued for $1 million but only have $500,000 in business liability coverage, your umbrella policy will kick in to cover the shortfall (up to your umbrella policy’s limit).</li><li><strong>Cyber liability insurance.</strong> If your business is the victim of a cyberattack or data breach, cyber liability insurance covers expenses such as data recovery, investigative services and identity recovery. It also includes legal fees, judgments and settlements.</li><li><strong>Employment practices liability insurance.</strong> This pays for settlements of claims brought against you by employees, such as violation of employee rights or wrongful termination. Employment practices liability insurance also covers your legal defense costs.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Much Does Home-Based Business Insurance Cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>A business owners policy costs an average of $57 per month</strong>. That includes general liability insurance, commercial property insurance and business interruption insurance. Your home-based business insurance costs will depend on several factors, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>The type of business</li><li>The types of coverage you buy</li><li>Number of employees</li><li>Business equipment and property</li><li>Location</li><li>Coverage limits and deductibles</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Do You Need Home-Based Business Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re deciding whether to buy home-based insurance, the Insurance Information Institute recommends asking yourself these questions:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>What is my home-based business?</li><li>What are the unique risks my business may face?</li><li>How many employees do I have?</li><li>Do clients visit my property to conduct business?</li><li>Does my business require a vehicle?</li><li>Does my company have technology that stores the personal or financial information of clients?</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Dick Lavey,&nbsp;president of Agency Markets at The Hanover, says he recommends home-based business insurance even for the simplest business pursuits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A business insurance agent can help you work through these questions to determine where your business may be vulnerable, and where home-based insurance business can help.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.forbes.com/advisor/business-insurance/home-based-business-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','Home-Based Business Insurance Explained','','inherit','closed','closed','','3372-revision-v1','','','2023-07-31 04:59:17','2023-07-31 04:59:17','',3372,'http://smartinsurance.tips/?p=3374',0,'revision','',0),(3375,1,'2023-07-31 05:02:46','2023-07-31 05:02:46','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3376,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-36.png\" alt=\"\" class=\"wp-image-3376\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Garage Liability Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Garage liability insurance is specialty insurance targeted to the automotive industry.&nbsp;Automobile dealerships, parking lots or parking garages operators,&nbsp;tow-truck operators, service stations, and&nbsp;customization and repair shops will add garage liability insurance to their business liability coverage. The policy protects property damage&nbsp;and bodily injury resulting from operations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-3\">This insurance is not the same thing as garage-keepers coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">How Garage Liability Insurance Works</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-6\">​​​​​​​Garage liability insurance is a type of umbrella policy that provides coverage for the day-to-day operations of the businesses in the automotive industry. This insurance will add a layer of protection to the business\' general liability policy. Coverage includes bodily injury and property damage from direct garage operations, not covered under most commercial or business liability insurance. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">Before buying a policy, the business owner should verify that the garage liability coverage will add to, and not merely replace, their basic business liability coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Coverage will include injuries to customers while on the business grounds up to the chosen&nbsp;limits of the policy. Also, most garage insurance will consist of an employee dishonesty provision for theft or vandalism done by an employee of a customer\'s car. For an added premium, any autos used in the conducting of business, such as courtesy vans and parts delivery trucks, may be added. Additional protections can&nbsp;include damages from parts or products sold by the company and coverage for&nbsp;loss from faulty parts installed on a client\'s vehicle.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-12\">Garage liability insurance will not cover the tools, building, personal, or business property of the policyholder. It does not provide coverage for vandalism, stolen vehicles, or damage from events such as hail. The policy does not cover accidents or damage to the customer\'s cars on-site for service. Also, all policy basic and additional items will have a listed maximum liability coverage amount and may have aggregate limits by claim or by year. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\">Commercial general liability (CGL) insurance policies have varying levels of coverage. This insurance may include coverage for the premises, which protects the business from claims on location during regular business operations. It may also include coverage for bodily injury and property damage resulting from finished products.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Garage Liability Is Not Garage-Keeper Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Garage-keepers insurance is a separate policy that covers the property damage to a client\'s car while it is in the care of the policyholder. This can include damage during road test drives and while storing the vehicle during non-working hours. The keeper\'s insurance will cover vandalism and theft of a customer\'s car. Businesses with multiple locations require policies for each site.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-19\">Other Business Insurance Products</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-20\">Businesses may purchase coverage for other business risks as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-22\" class=\"has-black-color has-text-color has-large-font-size\"><li>Employment practices liability insurance covers claims associated with sexual harassment and discrimination.</li><li>Professional liability coverage insures against negligence claims that result from mistakes or failure to perform. </li><li>Property insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm, or theft. However, additional coverage is needed to cover events such as floods or earthquakes. </li><li>Business interruption insurance compensates for lost income during events that prevent normal business operations, such as an extended power outage.</li><li>Workers\' compensation insurance is mandatory for employers to protect employees and to cover an injured employee’s medical care. It also provides lost wages and death benefits to a deceased worker’s immediate family.</li><li>A company may name other companies or individuals as additional insured under its commercial liability insurance policy. For example, if an automobile repair garage enters into a contract with another company to provide car washing services, that company may require the garage owners to add it as additional insured on their garage liability coverage. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/g/garage-liability-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Garage Liability Insurance: What it is, How it Works','','publish','closed','closed','','garage-liability-insurance-what-it-is-how-it-works','','','2023-07-31 05:02:46','2023-07-31 05:02:46','',0,'http://smartinsurance.tips/?p=3375',0,'post','',0),(3376,1,'2023-07-31 05:00:24','2023-07-31 05:00:24','','My-project-1-36','','inherit','closed','closed','','my-project-1-36-2','','','2023-07-31 05:00:24','2023-07-31 05:00:24','',3375,'http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-36.png',0,'attachment','image/png',0),(3377,1,'2023-07-31 05:02:46','2023-07-31 05:02:46','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3376,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-36.png\" alt=\"\" class=\"wp-image-3376\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0\">What Is Garage Liability Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-1\">Garage liability insurance is specialty insurance targeted to the automotive industry.&nbsp;Automobile dealerships, parking lots or parking garages operators,&nbsp;tow-truck operators, service stations, and&nbsp;customization and repair shops will add garage liability insurance to their business liability coverage. The policy protects property damage&nbsp;and bodily injury resulting from operations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-3\">This insurance is not the same thing as garage-keepers coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-5\">How Garage Liability Insurance Works</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-6\">​​​​​​​Garage liability insurance is a type of umbrella policy that provides coverage for the day-to-day operations of the businesses in the automotive industry. This insurance will add a layer of protection to the business\' general liability policy. Coverage includes bodily injury and property damage from direct garage operations, not covered under most commercial or business liability insurance. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">Before buying a policy, the business owner should verify that the garage liability coverage will add to, and not merely replace, their basic business liability coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Coverage will include injuries to customers while on the business grounds up to the chosen&nbsp;limits of the policy. Also, most garage insurance will consist of an employee dishonesty provision for theft or vandalism done by an employee of a customer\'s car. For an added premium, any autos used in the conducting of business, such as courtesy vans and parts delivery trucks, may be added. Additional protections can&nbsp;include damages from parts or products sold by the company and coverage for&nbsp;loss from faulty parts installed on a client\'s vehicle.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-12\">Garage liability insurance will not cover the tools, building, personal, or business property of the policyholder. It does not provide coverage for vandalism, stolen vehicles, or damage from events such as hail. The policy does not cover accidents or damage to the customer\'s cars on-site for service. Also, all policy basic and additional items will have a listed maximum liability coverage amount and may have aggregate limits by claim or by year. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\">Commercial general liability (CGL) insurance policies have varying levels of coverage. This insurance may include coverage for the premises, which protects the business from claims on location during regular business operations. It may also include coverage for bodily injury and property damage resulting from finished products.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-16\">Garage Liability Is Not Garage-Keeper Coverage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">Garage-keepers insurance is a separate policy that covers the property damage to a client\'s car while it is in the care of the policyholder. This can include damage during road test drives and while storing the vehicle during non-working hours. The keeper\'s insurance will cover vandalism and theft of a customer\'s car. Businesses with multiple locations require policies for each site.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-19\">Other Business Insurance Products</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-20\">Businesses may purchase coverage for other business risks as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul id=\"mntl-sc-block_1-0-22\" class=\"has-black-color has-text-color has-large-font-size\"><li>Employment practices liability insurance covers claims associated with sexual harassment and discrimination.</li><li>Professional liability coverage insures against negligence claims that result from mistakes or failure to perform. </li><li>Property insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm, or theft. However, additional coverage is needed to cover events such as floods or earthquakes. </li><li>Business interruption insurance compensates for lost income during events that prevent normal business operations, such as an extended power outage.</li><li>Workers\' compensation insurance is mandatory for employers to protect employees and to cover an injured employee’s medical care. It also provides lost wages and death benefits to a deceased worker’s immediate family.</li><li>A company may name other companies or individuals as additional insured under its commercial liability insurance policy. For example, if an automobile repair garage enters into a contract with another company to provide car washing services, that company may require the garage owners to add it as additional insured on their garage liability coverage. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/g/garage-liability-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','Garage Liability Insurance: What it is, How it Works','','inherit','closed','closed','','3375-revision-v1','','','2023-07-31 05:02:46','2023-07-31 05:02:46','',3375,'http://smartinsurance.tips/?p=3377',0,'revision','',0),(3378,1,'2023-07-31 05:21:41','2023-07-31 05:21:41','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Owners of rental properties may wonder, “Do I need landlord insurance?” In most cases, landlord insurance can provide coverage for the home for damage caused by tenants and certain perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3379,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-37.png\" alt=\"\" class=\"wp-image-3379\"/></figure>\n<!-- /wp:image --><figcaption class=\"blocks-gallery-caption\"><br></figcaption></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"q:-i-just-moved-into-a-new-home-and-want-to-start-renting-out-my-old-house-i-currently-have-a-homeow\"><strong>Q: </strong>I just moved into a new home and want to start renting out my old house. I currently have a homeowners insurance policy. Will that still cover my house now that it’s a rental property, or do I need landlord insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>A:</strong> Owning a rental property is a great way to earn extra income. Homeowners who decide to rent their properties may wonder, “Do I need landlord insurance, or will a homeowners insurance policy suffice?” Generally, a landlord will need to purchase a landlord insurance policy to cover the rental property, as a homeowners insurance policy doesn’t provide the same type of coverage as a landlord insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Landlord coverage protects the property owner if the home sustains damage from a list of named perils. It can also provide financial protection if the landlord is found legally liable in certain situations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Homeowners insurance typically only covers a dwelling that is occupied by the owner, so owners of rental properties will want to get landlord insurance coverage.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Homeowners insurance helps protect policyholders from unexpected expenses as a result of damage to their home caused by a covered event. As an example, if a windstorm knocks a tree branch onto the roof of a home, creating a hole and causing damage to the home’s contents, homeowners insurance would typically cover the cost of repairing the damage, replacing damaged contents, and the cost of the cleanup, less the deductible. If this same scenario were to happen in a rental home, the landlord insurance policy would pay to repair the damages to the home, but the renter’s personal property would not be covered under the landlord policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Before renting out their property, landlords may want to look at the best landlord insurance companies. Comparing landlord’s rental insurance quotes from different carriers makes it easier for a rental property owner to find the best combination of coverage and affordability.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Landlord insurance offers coverage for property damage caused by a covered event.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When comparing landlord insurance vs. homeowners insurance, customers will see that both types of policies offer dwelling coverage for the insured property. Dwelling coverage applies to the physical structure of the rental building. If the building experiences damage from a covered event, landlord insurance helps cover the cost of repairs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As an example, if a burst pipe in the rental home causes flooding in one of the bathrooms and damages the floors and walls, the landlord’s insurance policy generally helps pay to clean up water and repair the damaged floors and walls.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Some landlord insurance policies include coverage for other structures. This protection extends the dwelling coverage to detached structures on the property, such as a garden shed, fence, or detached garage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>While some insurers may offer actual cash value coverage, it’s recommended that landlords take out replacement cost coverage.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Similar to how a homeowners insurance policy works, a landlord insurance policy will pay out claims in one of two ways: actual cash value or replacement cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Actual cash value:</strong>&nbsp;Actual cash value coverage calculates the cost to repair or rebuild a rental property at its current value, minus depreciation (which accounts for age, condition of the home, etc).</li><li><strong>Replacement cost:</strong>&nbsp;Replacement cost coverage pays for the cost to repair or rebuild the property at today’s prices, without depreciation.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It’s often suggested that landlords choose replacement cost coverage for their rental units. While replacement cost coverage will typically cost more up front, it can prevent a policyholder from having to pay a substantial amount out of picket in the event of a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For instance, if a fire destroys an older rental property, a policyholder with an actual cash value policy would receive a claim payout that accounts for the long-term depreciation of the home. If the landlord has replacement cost coverage in this type of scenario, the insurance company would pay to repair or rebuild the home at today’s prices, and depreciation would not be a consideration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Landlord insurance can provide coverage for lost rental income if the property is uninhabitable and the renters must move out.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Many events covered by landlord insurance could potentially cause a rental to be uninhabitable. Fire damage and water damage, for example, could require several weeks, months, or longer to mitigate. Tenants can’t live in the property during this time, and the landlord won’t receive rent payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Landlord insurance can provide coverage for lost rental income if the property is uninhabitable and the renters must move out.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Many events covered by landlord insurance could potentially cause a rental to be uninhabitable. Fire damage and water damage, for example, could require several weeks, months, or longer to mitigate. Tenants can’t live in the property during this time, and the landlord won’t receive rent payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Landlord insurance may offer lost rental income coverage if the property is uninhabitable due to covered damages. This coverage is usually limited to situations where a tenant must leave the property, however. There are other types of coverage a landlord can look into purchasing that can provide protection if a tenant falls behind on their payments. For this reason, landlords will want to check their landlord insurance policies carefully to find out what is and isn’t covered as it pertains to landlord rent insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>A landlord insurance policy will also offer liability coverage for medical or legal costs.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Accidents are unpredictable and sometimes unavoidable. When a landlord rents their property to a tenant, they may want to make sure they have the necessary tenancy liability insurance coverage in case of landlord liabilities. This coverage helps protect the landlord if a tenant, guest, or even a third-party contractor is hurt on the property. If an accident occurs, the landlord liability insurance can help cover the injured party’s medical costs, and it can also provide financial protection to the landlord if the injured party decides to pursue legal action.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, if a tenant breaks a leg when on the property by falling through a rotten deck board, the landlord’s liability insurance for rental properties could help pay the medical bills of the injured tenant, as well as the costs of potential lawsuits against the landlord related to the accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Depending on their needs, landlords may want to opt for additional coverage such as guaranteed income insurance, flood insurance, emergency coverage, or additional construction expenses.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Landlords can generally customize their landlord insurance to fit their individual needs. Many landlords add extra coverage to tailor their policy for unique risks their property faces. For example, a standard landlord insurance policy doesn’t cover damage related to flooding. Landlords can opt to purchase additional flood insurance for their rental property if the property is located in an area at high risk for a flood.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Other coverage options for landlords include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Guaranteed income insurance:</strong>&nbsp;This protection helps cover monthly rental fees if a tenant misses a payment or can’t pay the full amount.</li><li><strong>Emergency coverage:</strong>&nbsp;Emergency coverage can help cover the cost for a landlord to travel to their property and fix any emergency issues their tenant has, such as a leaking appliance.</li><li><strong>Additional construction expenses coverage:</strong>&nbsp;After damage, such as a fire or burst pipe, the rental property may need additional repairs to bring it back up to code. Additional construction expenses coverage helps pay for these additional repairs.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Landlord insurance premiums tend to be slightly higher than homeowners insurance premiums because rental properties are more likely to sustain damage.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The average cost of landlord insurance is generally higher than the cost to insure the property with homeowners insurance. In general, rental properties are more likely to sustain damage than an owner-occupied home because tenants often don’t feel a sense of ownership when renting a home. This can lead them to skip general maintenance or let small issues develop into large ones before contacting their landlord.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition, the cost of landlord insurance can vary depending on the property. Several factors go into determining landlord insurance rates, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Location of the property</li><li>Size of the unit or home</li><li>Value of the property</li><li>Age of the home</li><li>Long-term versus short-term tenants</li><li>Deductible and coverage amount</li><li>Additional coverages</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Premiums may be even higher for a short-term rental property than for a property with long-term tenants.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With the rise in privately owned vacation rentals, more homeowners are renting out their vacation properties as short-term rentals. These homeowners might be surprised to learn landlord insurance often costs more for short-term rentals than for long-term rentals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With a long-term rental, where the same tenant might rent a property for months or years, there’s less risk. A long-term renter often wants their home to stay in good condition. This makes it more likely they’ll contact their landlord with maintenance issues or property concerns.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Short-term rentals, such as weeklong vacation rentals, have more tenants coming in and out over a short period of time. More tenants mean more chances for damage to the property. Additionally, short-term renters often aren’t at the property long enough to notice issues or report them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As an example, a landlord who owns a beachfront condo and rents it out on a short-term basis could have several different families come to stay at the property over the course of a month. Since each family would only be residing in the home for around a week, it’s likely that none of them would notice a leak under the sink. Over time, a leak could turn into a catastrophic failure and lead to water damage, but the landlord may not know until it’s too late.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Since landlord insurance doesn’t cover a renter’s personal belongings, property owners may want to consider requiring tenants to carry renters insurance as part of their rental agreement.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Renters insurance isn’t required by law, but landlords can choose to require it for their tenants. In most cases, requiring renters insurance is a good idea for both the landlord and the tenant.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are many reasons for tenants to get renters insurance to protect their belongings. Landlord insurance only protects the landlord; renters insurance helps protect the tenant. Tenants generally need their own policy to protect their belongings such as furniture and clothing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Additionally, requiring renters insurance for tenants can be helpful to landlords. A tenant who’s willing to purchase renters insurance shows they’re willing to work with the landlord. It can also show responsibility, meaning the tenant may take better care of the property over someone who refuses to protect their own belongings. Landlords can suggest one of the best renters insurance companies, such as Lemonade, to their tenants.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bobvila.com/articles/do-i-need-landlord-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','I’m a Landlord — Do I Really Need Landlord Insurance?','','publish','closed','closed','','im-a-landlord-do-i-really-need-landlord-insurance','','','2023-07-31 05:21:41','2023-07-31 05:21:41','',0,'http://smartinsurance.tips/?p=3378',0,'post','',0),(3379,1,'2023-07-31 05:04:37','2023-07-31 05:04:37','','My-project-1-37','','inherit','closed','closed','','my-project-1-37-2','','','2023-07-31 05:04:37','2023-07-31 05:04:37','',3378,'http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-37.png',0,'attachment','image/png',0),(3380,1,'2023-07-31 05:21:41','2023-07-31 05:21:41','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Owners of rental properties may wonder, “Do I need landlord insurance?” In most cases, landlord insurance can provide coverage for the home for damage caused by tenants and certain perils.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3379,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-37.png\" alt=\"\" class=\"wp-image-3379\"/></figure>\n<!-- /wp:image --><figcaption class=\"blocks-gallery-caption\"><br></figcaption></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"q:-i-just-moved-into-a-new-home-and-want-to-start-renting-out-my-old-house-i-currently-have-a-homeow\"><strong>Q: </strong>I just moved into a new home and want to start renting out my old house. I currently have a homeowners insurance policy. Will that still cover my house now that it’s a rental property, or do I need landlord insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>A:</strong> Owning a rental property is a great way to earn extra income. Homeowners who decide to rent their properties may wonder, “Do I need landlord insurance, or will a homeowners insurance policy suffice?” Generally, a landlord will need to purchase a landlord insurance policy to cover the rental property, as a homeowners insurance policy doesn’t provide the same type of coverage as a landlord insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Landlord coverage protects the property owner if the home sustains damage from a list of named perils. It can also provide financial protection if the landlord is found legally liable in certain situations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Homeowners insurance typically only covers a dwelling that is occupied by the owner, so owners of rental properties will want to get landlord insurance coverage.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Homeowners insurance helps protect policyholders from unexpected expenses as a result of damage to their home caused by a covered event. As an example, if a windstorm knocks a tree branch onto the roof of a home, creating a hole and causing damage to the home’s contents, homeowners insurance would typically cover the cost of repairing the damage, replacing damaged contents, and the cost of the cleanup, less the deductible. If this same scenario were to happen in a rental home, the landlord insurance policy would pay to repair the damages to the home, but the renter’s personal property would not be covered under the landlord policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Before renting out their property, landlords may want to look at the best landlord insurance companies. Comparing landlord’s rental insurance quotes from different carriers makes it easier for a rental property owner to find the best combination of coverage and affordability.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Landlord insurance offers coverage for property damage caused by a covered event.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When comparing landlord insurance vs. homeowners insurance, customers will see that both types of policies offer dwelling coverage for the insured property. Dwelling coverage applies to the physical structure of the rental building. If the building experiences damage from a covered event, landlord insurance helps cover the cost of repairs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As an example, if a burst pipe in the rental home causes flooding in one of the bathrooms and damages the floors and walls, the landlord’s insurance policy generally helps pay to clean up water and repair the damaged floors and walls.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Some landlord insurance policies include coverage for other structures. This protection extends the dwelling coverage to detached structures on the property, such as a garden shed, fence, or detached garage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>While some insurers may offer actual cash value coverage, it’s recommended that landlords take out replacement cost coverage.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Similar to how a homeowners insurance policy works, a landlord insurance policy will pay out claims in one of two ways: actual cash value or replacement cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Actual cash value:</strong>&nbsp;Actual cash value coverage calculates the cost to repair or rebuild a rental property at its current value, minus depreciation (which accounts for age, condition of the home, etc).</li><li><strong>Replacement cost:</strong>&nbsp;Replacement cost coverage pays for the cost to repair or rebuild the property at today’s prices, without depreciation.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It’s often suggested that landlords choose replacement cost coverage for their rental units. While replacement cost coverage will typically cost more up front, it can prevent a policyholder from having to pay a substantial amount out of picket in the event of a claim.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For instance, if a fire destroys an older rental property, a policyholder with an actual cash value policy would receive a claim payout that accounts for the long-term depreciation of the home. If the landlord has replacement cost coverage in this type of scenario, the insurance company would pay to repair or rebuild the home at today’s prices, and depreciation would not be a consideration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Landlord insurance can provide coverage for lost rental income if the property is uninhabitable and the renters must move out.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Many events covered by landlord insurance could potentially cause a rental to be uninhabitable. Fire damage and water damage, for example, could require several weeks, months, or longer to mitigate. Tenants can’t live in the property during this time, and the landlord won’t receive rent payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Landlord insurance can provide coverage for lost rental income if the property is uninhabitable and the renters must move out.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Many events covered by landlord insurance could potentially cause a rental to be uninhabitable. Fire damage and water damage, for example, could require several weeks, months, or longer to mitigate. Tenants can’t live in the property during this time, and the landlord won’t receive rent payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Landlord insurance may offer lost rental income coverage if the property is uninhabitable due to covered damages. This coverage is usually limited to situations where a tenant must leave the property, however. There are other types of coverage a landlord can look into purchasing that can provide protection if a tenant falls behind on their payments. For this reason, landlords will want to check their landlord insurance policies carefully to find out what is and isn’t covered as it pertains to landlord rent insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>A landlord insurance policy will also offer liability coverage for medical or legal costs.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Accidents are unpredictable and sometimes unavoidable. When a landlord rents their property to a tenant, they may want to make sure they have the necessary tenancy liability insurance coverage in case of landlord liabilities. This coverage helps protect the landlord if a tenant, guest, or even a third-party contractor is hurt on the property. If an accident occurs, the landlord liability insurance can help cover the injured party’s medical costs, and it can also provide financial protection to the landlord if the injured party decides to pursue legal action.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, if a tenant breaks a leg when on the property by falling through a rotten deck board, the landlord’s liability insurance for rental properties could help pay the medical bills of the injured tenant, as well as the costs of potential lawsuits against the landlord related to the accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Depending on their needs, landlords may want to opt for additional coverage such as guaranteed income insurance, flood insurance, emergency coverage, or additional construction expenses.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Landlords can generally customize their landlord insurance to fit their individual needs. Many landlords add extra coverage to tailor their policy for unique risks their property faces. For example, a standard landlord insurance policy doesn’t cover damage related to flooding. Landlords can opt to purchase additional flood insurance for their rental property if the property is located in an area at high risk for a flood.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Other coverage options for landlords include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Guaranteed income insurance:</strong>&nbsp;This protection helps cover monthly rental fees if a tenant misses a payment or can’t pay the full amount.</li><li><strong>Emergency coverage:</strong>&nbsp;Emergency coverage can help cover the cost for a landlord to travel to their property and fix any emergency issues their tenant has, such as a leaking appliance.</li><li><strong>Additional construction expenses coverage:</strong>&nbsp;After damage, such as a fire or burst pipe, the rental property may need additional repairs to bring it back up to code. Additional construction expenses coverage helps pay for these additional repairs.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Landlord insurance premiums tend to be slightly higher than homeowners insurance premiums because rental properties are more likely to sustain damage.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The average cost of landlord insurance is generally higher than the cost to insure the property with homeowners insurance. In general, rental properties are more likely to sustain damage than an owner-occupied home because tenants often don’t feel a sense of ownership when renting a home. This can lead them to skip general maintenance or let small issues develop into large ones before contacting their landlord.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition, the cost of landlord insurance can vary depending on the property. Several factors go into determining landlord insurance rates, including:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Location of the property</li><li>Size of the unit or home</li><li>Value of the property</li><li>Age of the home</li><li>Long-term versus short-term tenants</li><li>Deductible and coverage amount</li><li>Additional coverages</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Premiums may be even higher for a short-term rental property than for a property with long-term tenants.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With the rise in privately owned vacation rentals, more homeowners are renting out their vacation properties as short-term rentals. These homeowners might be surprised to learn landlord insurance often costs more for short-term rentals than for long-term rentals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With a long-term rental, where the same tenant might rent a property for months or years, there’s less risk. A long-term renter often wants their home to stay in good condition. This makes it more likely they’ll contact their landlord with maintenance issues or property concerns.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Short-term rentals, such as weeklong vacation rentals, have more tenants coming in and out over a short period of time. More tenants mean more chances for damage to the property. Additionally, short-term renters often aren’t at the property long enough to notice issues or report them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As an example, a landlord who owns a beachfront condo and rents it out on a short-term basis could have several different families come to stay at the property over the course of a month. Since each family would only be residing in the home for around a week, it’s likely that none of them would notice a leak under the sink. Over time, a leak could turn into a catastrophic failure and lead to water damage, but the landlord may not know until it’s too late.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Since landlord insurance doesn’t cover a renter’s personal belongings, property owners may want to consider requiring tenants to carry renters insurance as part of their rental agreement.</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Renters insurance isn’t required by law, but landlords can choose to require it for their tenants. In most cases, requiring renters insurance is a good idea for both the landlord and the tenant.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are many reasons for tenants to get renters insurance to protect their belongings. Landlord insurance only protects the landlord; renters insurance helps protect the tenant. Tenants generally need their own policy to protect their belongings such as furniture and clothing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Additionally, requiring renters insurance for tenants can be helpful to landlords. A tenant who’s willing to purchase renters insurance shows they’re willing to work with the landlord. It can also show responsibility, meaning the tenant may take better care of the property over someone who refuses to protect their own belongings. Landlords can suggest one of the best renters insurance companies, such as Lemonade, to their tenants.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bobvila.com/articles/do-i-need-landlord-insurance/\">click here.</a></p>\n<!-- /wp:paragraph -->','I’m a Landlord — Do I Really Need Landlord Insurance?','','inherit','closed','closed','','3378-revision-v1','','','2023-07-31 05:21:41','2023-07-31 05:21:41','',3378,'http://smartinsurance.tips/?p=3380',0,'revision','',0),(3381,1,'2023-07-31 05:29:52','2023-07-31 05:29:52','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Many consumers don’t pay much attention to the cost of homeowner’s insurance, simply accepting the fact that they have to pay steep prices to protect their biggest asset. That\'s a mistake; according to industry estimates, the average cost of homeowners insurance nationwide is approaching $1,000 and is only on the rise. It doesn\'t have to be that way, though. Homeowners do have some power to prevent rate increases, but it takes some cunning and a few changes at home. Check out our list to see what\'s spiking your rates and what you can do about it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3382,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-38.png\" alt=\"\" class=\"wp-image-3382\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Reconsider Adopting a New Pet</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As much as you love the littlest members of your family, insurance companies don\'t share your love for dogs. Man\'s best friend is considered one of the most dangerous things in your home, accounting for roughly one-third of all home insurance liability claims. Even the friendliest mutt is deemed a potential risk—and children are especially vulnerable to injury by dog bite. And if you own an exotic pet—like a hedgehog or monkey, for instance—expect even higher premiums to cover potential attacks on guests or passersby. By all means, keep your current pet, but if you can\'t afford a rate increase, maybe reconsider bringing home any additional animals. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Cordon Off the Swimming Pool</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Having a pool is a great way to cool off during the summer months, but all that relaxation comes at a cost. Swimming pools are considered an “attractive nuisance,” a potential danger that can cause rate spikes in your home insurance. The most at-risk users, of course, are the children in your household, but you can also be liable for harm done by people who use your pool—even without your permission. Want to keep little ones safe and yourself protected? Keep your pool area secure by installing fences, self-locking gates and by having safety equipment and first aid kits readily accessible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Skip This Backyard Hazard</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Jumping on a trampoline is all fun and games until one accidental bounce leads to a fall and a broken bone. Trampolines are a leading cause of childhood injury, so it\'s no surprise they come with a hefty insurance spike for owners. You\'ll be held responsible for any trampoline-related injuries that occur, even if the injured parties are playing in your backyard without permission. If you must have a trampoline, consider placing it in a securely fenced area, then surround it with a safety net to reduce the chance of injury. Supervise play time to keep roughhousing to a minimum and be prepared with a first aid kit and a mobile phone so that if accidents do happen you can dial for help if you need it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Keep Wood-Burners Up to Code</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When the weather outside is frightening, there\'s nothing like cuddling up in front of a cozy fire. But the wintertime cozy factor associated with a wood-burning fireplace or stove comes at a cost in the form of higher home insurance rates. It\'s only natural that insurance companies hike the cost of coverage—these toasty home features account for 36 percent of rural and residential home fires each year, according to the U.S. Fire Administration. To minimize potential premium increases, provide your insurance carrier with proof that your wood-burning stove was installed by a licensed contractor and meets code requirements. Also, you should install smoke detectors on all levels of your home, and keep a fire extinguisher in an easily-accessible location—and make sure all household members know how to use it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Get a Home Business Insurance Policy</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Doing business from the home office means owning a lot of specialized and pricy gear, including computers, scanners, printers, phones, desk chairs, filing cabinets and office supplies. All of this extra equipment is at risk for fire, burglary or water damage, which may convince insurers to hike rates. If your business requires that customers or clients come to your house for meetings—expect additional increases to cover business contacts in case of accidents that standard homeowner’s insurance may not cover. And keep in mind, a home business may require a separate rider or even a totally separate business insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Improve Your Credit Score</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If your credit score drops, you may wind up paying a lot more for insurance coverage. In many states, insurers are allowed to use your credit report to predict the likelihood you\'ll file a claim. Homeowners with better credit scores are considered a safer risk, and therefore pay less, while people with lower credit scores are stuck paying more. To keep your rates low, maintain a solid credit history by paying your bills on time, keeping credit card balances low, regularly verifying the accuracy of the information on your credit report and notifying credit agencies of any errors in your report.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Cover Your Assets</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Luxury items like engagement rings, high-priced watches, diamond earrings and other costly charms make your home a target for burglary—indeed, stolen or damaged jewelry is the most-claimed insurance item based on total value. Most modestly priced watches, earrings, clothing, and artwork are covered under standard home contents insurance and won\'t affect your premium much, but if you have expensive tastes in jewelry and home accessories, consider purchasing separate riders to protect your big-ticket items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Remodel Wisely</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re considering a home remodeling project, be aware that certain structural elements can up your insurance rates. Balconies and winding staircases top the list for their likelihood to increase slips and falls, which according to the National Safety Council, are the single largest cause of emergency room visits. It\'s not just new additions that you have to worry about; the age of the other elements like the roof, plumbing, appliances and wiring can make your home more susceptible to damage, which in turn makes it more costly to insure. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>File at Your Own Risk</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here\'s a classic case of irony: Filing an insurance claim could result in higher premiums. Don\'t fret quite yet: Filing a single claim generally won\'t result in higher premiums, especially if those claims are related to weather or other natural disasters. That said, filing multiple claims within a two- or three-year period sets off alarm bells for insurance companies. The more claims you have, the higher your perceived risk to insurers, and that could mean higher premiums, loss of coverage and difficulties obtaining a new insurance policy down the line.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bobvila.com/slideshow/9-ways-to-pay-less-for-home-insurance-51326\">click here.</a></p>\n<!-- /wp:paragraph -->','9 Ways to Pay Less for Home Insurance','','publish','closed','closed','','9-ways-to-pay-less-for-home-insurance','','','2023-07-31 05:29:52','2023-07-31 05:29:52','',0,'http://smartinsurance.tips/?p=3381',0,'post','',0),(3382,1,'2023-07-31 05:23:50','2023-07-31 05:23:50','','My-project-1-38','','inherit','closed','closed','','my-project-1-38-2','','','2023-07-31 05:23:50','2023-07-31 05:23:50','',3381,'http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-38.png',0,'attachment','image/png',0),(3383,1,'2023-07-31 05:29:52','2023-07-31 05:29:52','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Many consumers don’t pay much attention to the cost of homeowner’s insurance, simply accepting the fact that they have to pay steep prices to protect their biggest asset. That\'s a mistake; according to industry estimates, the average cost of homeowners insurance nationwide is approaching $1,000 and is only on the rise. It doesn\'t have to be that way, though. Homeowners do have some power to prevent rate increases, but it takes some cunning and a few changes at home. Check out our list to see what\'s spiking your rates and what you can do about it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3382,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-38.png\" alt=\"\" class=\"wp-image-3382\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Reconsider Adopting a New Pet</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As much as you love the littlest members of your family, insurance companies don\'t share your love for dogs. Man\'s best friend is considered one of the most dangerous things in your home, accounting for roughly one-third of all home insurance liability claims. Even the friendliest mutt is deemed a potential risk—and children are especially vulnerable to injury by dog bite. And if you own an exotic pet—like a hedgehog or monkey, for instance—expect even higher premiums to cover potential attacks on guests or passersby. By all means, keep your current pet, but if you can\'t afford a rate increase, maybe reconsider bringing home any additional animals. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Cordon Off the Swimming Pool</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Having a pool is a great way to cool off during the summer months, but all that relaxation comes at a cost. Swimming pools are considered an “attractive nuisance,” a potential danger that can cause rate spikes in your home insurance. The most at-risk users, of course, are the children in your household, but you can also be liable for harm done by people who use your pool—even without your permission. Want to keep little ones safe and yourself protected? Keep your pool area secure by installing fences, self-locking gates and by having safety equipment and first aid kits readily accessible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Skip This Backyard Hazard</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Jumping on a trampoline is all fun and games until one accidental bounce leads to a fall and a broken bone. Trampolines are a leading cause of childhood injury, so it\'s no surprise they come with a hefty insurance spike for owners. You\'ll be held responsible for any trampoline-related injuries that occur, even if the injured parties are playing in your backyard without permission. If you must have a trampoline, consider placing it in a securely fenced area, then surround it with a safety net to reduce the chance of injury. Supervise play time to keep roughhousing to a minimum and be prepared with a first aid kit and a mobile phone so that if accidents do happen you can dial for help if you need it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Keep Wood-Burners Up to Code</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When the weather outside is frightening, there\'s nothing like cuddling up in front of a cozy fire. But the wintertime cozy factor associated with a wood-burning fireplace or stove comes at a cost in the form of higher home insurance rates. It\'s only natural that insurance companies hike the cost of coverage—these toasty home features account for 36 percent of rural and residential home fires each year, according to the U.S. Fire Administration. To minimize potential premium increases, provide your insurance carrier with proof that your wood-burning stove was installed by a licensed contractor and meets code requirements. Also, you should install smoke detectors on all levels of your home, and keep a fire extinguisher in an easily-accessible location—and make sure all household members know how to use it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Get a Home Business Insurance Policy</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Doing business from the home office means owning a lot of specialized and pricy gear, including computers, scanners, printers, phones, desk chairs, filing cabinets and office supplies. All of this extra equipment is at risk for fire, burglary or water damage, which may convince insurers to hike rates. If your business requires that customers or clients come to your house for meetings—expect additional increases to cover business contacts in case of accidents that standard homeowner’s insurance may not cover. And keep in mind, a home business may require a separate rider or even a totally separate business insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Improve Your Credit Score</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If your credit score drops, you may wind up paying a lot more for insurance coverage. In many states, insurers are allowed to use your credit report to predict the likelihood you\'ll file a claim. Homeowners with better credit scores are considered a safer risk, and therefore pay less, while people with lower credit scores are stuck paying more. To keep your rates low, maintain a solid credit history by paying your bills on time, keeping credit card balances low, regularly verifying the accuracy of the information on your credit report and notifying credit agencies of any errors in your report.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Cover Your Assets</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Luxury items like engagement rings, high-priced watches, diamond earrings and other costly charms make your home a target for burglary—indeed, stolen or damaged jewelry is the most-claimed insurance item based on total value. Most modestly priced watches, earrings, clothing, and artwork are covered under standard home contents insurance and won\'t affect your premium much, but if you have expensive tastes in jewelry and home accessories, consider purchasing separate riders to protect your big-ticket items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Remodel Wisely</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re considering a home remodeling project, be aware that certain structural elements can up your insurance rates. Balconies and winding staircases top the list for their likelihood to increase slips and falls, which according to the National Safety Council, are the single largest cause of emergency room visits. It\'s not just new additions that you have to worry about; the age of the other elements like the roof, plumbing, appliances and wiring can make your home more susceptible to damage, which in turn makes it more costly to insure. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>File at Your Own Risk</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here\'s a classic case of irony: Filing an insurance claim could result in higher premiums. Don\'t fret quite yet: Filing a single claim generally won\'t result in higher premiums, especially if those claims are related to weather or other natural disasters. That said, filing multiple claims within a two- or three-year period sets off alarm bells for insurance companies. The more claims you have, the higher your perceived risk to insurers, and that could mean higher premiums, loss of coverage and difficulties obtaining a new insurance policy down the line.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.bobvila.com/slideshow/9-ways-to-pay-less-for-home-insurance-51326\">click here.</a></p>\n<!-- /wp:paragraph -->','9 Ways to Pay Less for Home Insurance','','inherit','closed','closed','','3381-revision-v1','','','2023-07-31 05:29:52','2023-07-31 05:29:52','',3381,'http://smartinsurance.tips/?p=3383',0,'revision','',0),(3384,1,'2023-07-31 05:39:18','2023-07-31 05:39:18','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Cyber insurance can protect your business in case of a hack. You may be able to add it onto a business owner’s policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3385,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-39.png\" alt=\"\" class=\"wp-image-3385\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Nerdy takeaways</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You should have cybersecurity insurance if you handle customer data or store information about your business online.</li><li>Cybersecurity insurance can cover the cost of notifying your customers about a breach, legal defense and more.</li><li>Data breach insurance and cyber liability insurance are types of cybersecurity insurance.</li><li>You may be able to add some cyber coverage to your business owner’s policy.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Cybersecurity insurance protects businesses against financial losses caused by incidents like data breaches and theft, system hacking, ransomware extortion payments and more. If your small business stores sensitive information online or on a computer, you should carry at least some cyber insurance coverage.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Some insurers offer cyber insurance as an add-on to a business owner’s policy, but you can also purchase this coverage separately. Here\'s what cybersecurity insurance covers and where you can buy a policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What are the types of cybersecurity coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Cybersecurity insurance generally comes as either first-party or liability coverage; these policies protect companies in different circumstances. If you’re a technology business, you’ll want to consider adding the different, but related, technology errors and omissions coverage, as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>First-party coverage</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">First-party cybersecurity insurance covers the costs of things like:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Investigation of the incident.</li><li>Risk assessment of future cyber incidents.</li><li>Lost revenue due to business interruption.</li><li>Ransomware attack payments based on coverage limits.</li><li>Notifying customers about the cyber incident and providing them with anti-fraud services such as credit monitoring.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The most common first-party cybersecurity coverage is data breach insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Third-party or cyber liability coverage</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Cyber liability coverage can protect your business if a third party sues you for damages as a result of a cybersecurity incident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Cyber liability coverage generally pays for:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Attorney and court fees associated with legal proceedings.</li><li>Settlements and court judgments.</li><li>Regulatory fines for noncompliance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">General liability insurance excludes coverage for data-breach-related liability claims, so if your business stores customer data, you’ll want to consider a separate cyber liability insurance policy. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Technology errors and omissions</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A technology errors and omissions, or E&amp;O, policy kicks in if a cybersecurity incident occurs in a customer’s business because of an error on your part. You should consider buying this coverage if your business manufactures a technology product or provides technology services. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, if a customer’s financial data is stolen from your computer, first-party or liability insurance would provide coverage. However, if you write an accounting software program that has an error in the code and the customer’s data is stolen directly from their computer as a result, you’re now in tech E&amp;O territory.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Technology E&amp;O pays for items similar to that of cybersecurity liability insurance, such as legal fees, court costs, and judgments or settlements but only in covered circumstances relating to products or services.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Which businesses need cybersecurity insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Almost any business — no matter its size — can be at risk for cybercrime. But cybersecurity insurance is especially important for:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Businesses that store important data online or on computers.</strong> If your business stores important data, such as phone numbers, credit card numbers or Social Security numbers — either online or on a computer — you are at risk of a cyberattack. You should consider data breach insurance. If you store sensitive customer data, consider cyber liability coverage, too.&nbsp;</li><li><strong>Businesses with large customer bases. </strong>Insurance can help cover certain regulatory fines these businesses might be subject to following a data breach. Notifying customers of data breaches is often required by state law, and first-party policies can cover this cost, which can be significant for companies with large consumer bases.</li><li><strong>Businesses with high revenue or valuable digital assets. </strong>The costs associated with cyber incidents can be difficult to predict, and larger companies are likely to have more valuable data, which could come with a more expensive ransom.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you are unsure whether you need cybersecurity insurance, consider speaking to a business insurance agent near you to assess your risk level and potential premiums to determine if it\'s the right investment for your company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>What does cybersecurity insurance exclude?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Cybersecurity insurance does not pay for the following:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Property damage.</strong> Cybersecurity insurance generally doesn’t pay for any property damage stemming from a data breach or cyberattack, such as hardware that was fried during the cyber incident. These sorts of claims are usually covered by commercial property insurance.</li><li><strong>Intellectual property.</strong> During a cyber incident, intellectual property losses and any lost income associated with it are commonly excluded from cybersecurity insurance coverage. </li><li><strong>Crimes or self-inflicted cyber incidents.</strong> Virtually no cybersecurity policy is going to cover a business that is charged with committing a crime related to or causing a cyber incident. Commercial crime insurance generally covers theft by employees, though.</li><li><strong>Costs for proactive preventive measures.</strong> Protective measures to avoid a future cyberattack, like training employees on cybersecurity and setting up a virtual private network, probably won’t be covered by a cyber insurance policy. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>How do I get cybersecurity insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can purchase cybersecurity insurance through most business insurance providers. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Many business insurance companies offer cybersecurity or data breach insurance as an add-on to their business owner’s policies, though this may not be enough coverage for businesses with more complex needs. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">To get a sense of how much cybersecurity insurance is likely to cost for your business, get multiple business insurance quotes. You can do this in a few minutes from online business insurance companies or work with a business insurance agent, who can help you compare quotes and find the best coverage at the best price.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.nerdwallet.com/article/small-business/cybersecurity-insurance#:~:text=You%20should%20have%20cybersecurity%20insurance,are%20types%20of%20cybersecurity%20insurance.\">click here.</a></p>\n<!-- /wp:paragraph -->','Cybersecurity Insurance: What It Covers, Who Needs It','','publish','closed','closed','','cybersecurity-insurance-what-it-covers-who-needs-it','','','2023-07-31 05:39:18','2023-07-31 05:39:18','',0,'http://smartinsurance.tips/?p=3384',0,'post','',0),(3385,1,'2023-07-31 05:33:25','2023-07-31 05:33:25','','My-project-1-39','','inherit','closed','closed','','my-project-1-39-2','','','2023-07-31 05:33:25','2023-07-31 05:33:25','',3384,'http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-39.png',0,'attachment','image/png',0),(3386,1,'2023-07-31 05:39:18','2023-07-31 05:39:18','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Cyber insurance can protect your business in case of a hack. You may be able to add it onto a business owner’s policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3385,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-39.png\" alt=\"\" class=\"wp-image-3385\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Nerdy takeaways</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>You should have cybersecurity insurance if you handle customer data or store information about your business online.</li><li>Cybersecurity insurance can cover the cost of notifying your customers about a breach, legal defense and more.</li><li>Data breach insurance and cyber liability insurance are types of cybersecurity insurance.</li><li>You may be able to add some cyber coverage to your business owner’s policy.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Cybersecurity insurance protects businesses against financial losses caused by incidents like data breaches and theft, system hacking, ransomware extortion payments and more. If your small business stores sensitive information online or on a computer, you should carry at least some cyber insurance coverage.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Some insurers offer cyber insurance as an add-on to a business owner’s policy, but you can also purchase this coverage separately. Here\'s what cybersecurity insurance covers and where you can buy a policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">What are the types of cybersecurity coverage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Cybersecurity insurance generally comes as either first-party or liability coverage; these policies protect companies in different circumstances. If you’re a technology business, you’ll want to consider adding the different, but related, technology errors and omissions coverage, as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>First-party coverage</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">First-party cybersecurity insurance covers the costs of things like:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Investigation of the incident.</li><li>Risk assessment of future cyber incidents.</li><li>Lost revenue due to business interruption.</li><li>Ransomware attack payments based on coverage limits.</li><li>Notifying customers about the cyber incident and providing them with anti-fraud services such as credit monitoring.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The most common first-party cybersecurity coverage is data breach insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Third-party or cyber liability coverage</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Cyber liability coverage can protect your business if a third party sues you for damages as a result of a cybersecurity incident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Cyber liability coverage generally pays for:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Attorney and court fees associated with legal proceedings.</li><li>Settlements and court judgments.</li><li>Regulatory fines for noncompliance.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">General liability insurance excludes coverage for data-breach-related liability claims, so if your business stores customer data, you’ll want to consider a separate cyber liability insurance policy. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\"><strong>Technology errors and omissions</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A technology errors and omissions, or E&amp;O, policy kicks in if a cybersecurity incident occurs in a customer’s business because of an error on your part. You should consider buying this coverage if your business manufactures a technology product or provides technology services. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, if a customer’s financial data is stolen from your computer, first-party or liability insurance would provide coverage. However, if you write an accounting software program that has an error in the code and the customer’s data is stolen directly from their computer as a result, you’re now in tech E&amp;O territory.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Technology E&amp;O pays for items similar to that of cybersecurity liability insurance, such as legal fees, court costs, and judgments or settlements but only in covered circumstances relating to products or services.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Which businesses need cybersecurity insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Almost any business — no matter its size — can be at risk for cybercrime. But cybersecurity insurance is especially important for:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Businesses that store important data online or on computers.</strong> If your business stores important data, such as phone numbers, credit card numbers or Social Security numbers — either online or on a computer — you are at risk of a cyberattack. You should consider data breach insurance. If you store sensitive customer data, consider cyber liability coverage, too.&nbsp;</li><li><strong>Businesses with large customer bases. </strong>Insurance can help cover certain regulatory fines these businesses might be subject to following a data breach. Notifying customers of data breaches is often required by state law, and first-party policies can cover this cost, which can be significant for companies with large consumer bases.</li><li><strong>Businesses with high revenue or valuable digital assets. </strong>The costs associated with cyber incidents can be difficult to predict, and larger companies are likely to have more valuable data, which could come with a more expensive ransom.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you are unsure whether you need cybersecurity insurance, consider speaking to a business insurance agent near you to assess your risk level and potential premiums to determine if it\'s the right investment for your company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>What does cybersecurity insurance exclude?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Cybersecurity insurance does not pay for the following:&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Property damage.</strong> Cybersecurity insurance generally doesn’t pay for any property damage stemming from a data breach or cyberattack, such as hardware that was fried during the cyber incident. These sorts of claims are usually covered by commercial property insurance.</li><li><strong>Intellectual property.</strong> During a cyber incident, intellectual property losses and any lost income associated with it are commonly excluded from cybersecurity insurance coverage. </li><li><strong>Crimes or self-inflicted cyber incidents.</strong> Virtually no cybersecurity policy is going to cover a business that is charged with committing a crime related to or causing a cyber incident. Commercial crime insurance generally covers theft by employees, though.</li><li><strong>Costs for proactive preventive measures.</strong> Protective measures to avoid a future cyberattack, like training employees on cybersecurity and setting up a virtual private network, probably won’t be covered by a cyber insurance policy. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>How do I get cybersecurity insurance?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can purchase cybersecurity insurance through most business insurance providers. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Many business insurance companies offer cybersecurity or data breach insurance as an add-on to their business owner’s policies, though this may not be enough coverage for businesses with more complex needs. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">To get a sense of how much cybersecurity insurance is likely to cost for your business, get multiple business insurance quotes. You can do this in a few minutes from online business insurance companies or work with a business insurance agent, who can help you compare quotes and find the best coverage at the best price.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.nerdwallet.com/article/small-business/cybersecurity-insurance#:~:text=You%20should%20have%20cybersecurity%20insurance,are%20types%20of%20cybersecurity%20insurance.\">click here.</a></p>\n<!-- /wp:paragraph -->','Cybersecurity Insurance: What It Covers, Who Needs It','','inherit','closed','closed','','3384-revision-v1','','','2023-07-31 05:39:18','2023-07-31 05:39:18','',3384,'http://smartinsurance.tips/?p=3386',0,'revision','',0),(3388,1,'2023-07-31 06:18:08','2023-07-31 06:18:08','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Blacks and Hispanics are denied home loans at nearly twice the rate as whites. Here’s how to get negative decisions reversed, or find a loan elsewhere.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3321,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/07/My-project-1-65.png\" alt=\"\" class=\"wp-image-3321\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Earlier this year, the Department of Justice sued&nbsp;City National Bank in Los Angeles for an alleged&nbsp;pattern of unlawful redlining, which the DOJ defined as \"when lenders deny or discourage applications or avoid providing loans and other credit services in neighborhoods based on the race, color, or national origin of the residents of those neighborhoods.\"&nbsp;The DOJ alleged that during a roughly four-year span, City National Bank provided&nbsp;mortgage loans almost exclusively to customers in majority-white census tracts,&nbsp;even though in most of the communities in Los Angeles at least half of the residents are Black and Latino.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">By way of comparison, the DOJ said competitor banks in the same area gave out six times as many mortgages to Black and Latino customers over the same four years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While you might think that redlining—the discriminatory practice of denying financial services like mortgage loans to someone based on the location and ethnic or racial makeup of their neighborhood—is a thing of the past, the case suggests it’s still happening. (Watch BAD INPUT: Mortgage Lending, below, for more on how discriminatory practices in mortgage lending persist today.)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">And alarmingly, City National Bank isn’t the only bank caught doing it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the last two years, the DOJ sued four other banks across the country over the practice, settling for a total of $73 million. The lawsuits are part of a DOJ initiative that began in October 2021 to combat redlining across the U.S.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">“In the words of Dr. Martin Luther King Jr., the issue of fair housing is a moral issue,” said Martin Estrada, U.S. Attorney for the Central District of California when the settlement with National City Bank was announced. “Ending redlining is a critical step to closing the widening gaps in homeownership and wealth.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">City National Bank, which agreed to settle the DOJ’s lawsuit for a record $31 million—the highest ever settlement in a redlining lawsuit to date—said in a statement that “we disagree with the allegations, but nonetheless support the DOJ in its efforts to ensure equal access to credit for all consumers, regardless of race.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Persistent Racial Inequity in Mortgage Lending</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Redlining is not the only reason there is a shockingly large racial disparity when it comes to home ownership. In 2019, there was a 30-percentage point gap between Black and white homeownership levels, according to a recent study from Urban Institute, a social policy research organization—larger than it was in 1960. But other explanations are also rooted in historically discriminatory practices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">“Homeownership is the biggest source of wealth for most families, and families that built that wealth over the last few decades did so on policies that deliberately discriminated against Black and Latino consumers,” says Chi Chi Wu, an expert on consumer credit and lending and senior attorney at the National Consumer Law Center. She points to the exclusion of Black and Latinos from the GI Bill after WWII. “That’s how a lot of white consumers built their wealth.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition, the&nbsp;credit scoring system lenders use&nbsp;to determine eligibility for a loan also disadvantages people in marginalized communities, who tend to have lower scores compared with white borrowers. (A too-low credit score is one of the two most common reasons for being denied a mortgage loan. A high debt-to-income ratio is the second one.)&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">That these groups have lower scores is at least partly due to the way scores are calculated. The current scoring models favor certain kinds of on-time payments, like those for credit cards, over others, like payments for rent and utilities.&nbsp;&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">“To end systemic racism in the mortgage lending system will take a coordinated effort to overhaul the credit scoring system and loan application process,” says Delicia Hand, director of financial fairness at Consumer Reports. “There is no inherent difference between a consumer’s ability to make a credit card versus, say, a rent or utility payment. But the lack of inclusion of these data into a credit score has excluded people for loans who might otherwise qualify.”&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Fortunately, efforts to change this are underway. The Federal Housing Finance Agency (FHFA) announced last fall that once finalized, a new rule will require lenders of federally backed mortgages to use new&nbsp;types of credit scores—called FICO 10T and VantageScore 4.0—that will, among other things, take a person’s rent and utility payments into consideration.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The new scoring models are intended to be more inclusive, says FICO, and will replace older FICO credit scores (also known as FICO “Classic” scores) used for the last two decades.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the meantime, anyone who’s applied for a mortgage but was denied should know that all is not lost, says Mike Calhoun, president of the Center for Responsible Lending, a nonprofit research and policy group. “Shop around,” he says, because “this is one of the most consequential financial decisions you can make.” And, you stand to potentially get a better deal, Calhoun says.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are some steps to take if you were denied a mortgage and want to either salvage your loan or look for alternatives.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to Save on Your Loan Application</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If your application for a mortgage was denied and you want to save it, time is of the essence.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">That’s because you’ll have as little as a day or two between the time your loan officer lets you know of the denial and when the bank’s formal denial letter is issued to try to salvage the loan, if you choose to try to do that.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Ask for an Explanation of Your Denial</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">By law, lenders are required to provide a detailed explanation<strong>&nbsp;</strong>about why your application was denied. In fact, the Consumer Financial Protection Bureau underscored this last year when it reminded all lenders of this obligation—even those lenders who say they use complex algorithms to determine loan qualifications that are not easily explained. If you don’t receive an explanation, press your loan officer for one. And if that doesn’t work, ask for their manager or the branch manager for more details.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">“You have a legal right to understand what it is about your financial situation that caused you to be denied,” says CR’s Hand.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Provide Additional Documentation</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Incomplete or unverifiable information is another primary reason for mortgage loan denials, according to a 2020 analysis from the National Community Reinvestment Coalition, a national organization of community groups. Besides paystubs, tax returns, and W-2 income statements from your employer, lenders may look for verification of where your down payment is coming from, for example. Is it a gift from a family member, or a withdrawal from a retirement account? Providing a letter explaining the source, or anything else that the lender may not be clear about, such as reasons for gaps in employment along with supporting documentation, could salvage your loan application.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Ask if You Might Qualify for a Smaller Loan</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Although that might mean you’d need a larger down payment, a loan for less money could improve what’s known as your debt-to-income ratio, which the lender is looking to have come out at upward of 50 percent or so, says Alex Kellam, loan officer at Southern Trust Mortgage in Virginia Beach, Va.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Ask if a Cosigner Would Help</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Understandably, not everyone has a parent or relative who is willing to cosign a 30-year mortgage. But if you have a relative willing to make that commitment, it could make the difference between getting the mortgage or not. Kellam says it is common among his bank’s clients for there to be cosigners. In a year or two, if you are in a better position to qualify for a loan on your own, you could refinance and possibly get a better loan deal, without the need for a cosigner.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Ask if the Appraisal Was Too Low</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If the price you agreed to pay for the property is higher than the bank’s appraisal of it, the bank would look to you to make up the difference.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">So for example, if you agreed to buy the home for $500,000, but the bank’s appraiser said the home is only worth $425,000, the bank will likely be unwilling to lend you that additional $75,000.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While this situation is not technically a mortgage denial, it leaves you with two options. One is to ask the bank to reconsider its appraisal, Kellam says. “In some cases, the listing agent and your realtor can provide prices of similar properties to compare so that the lender and their appraiser can review it and have a reconsideration of value.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Another option is to either ask the seller to lower their price to the appraised value, or find funds on your own to make up the difference. Understandably, if your available funds are already stretched thin, you might not have enough to make the bank feel comfortable giving you a loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Shop Around for a New Mortgage</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Time also matters if you decide to try to shop for a new loan instead. You have 14 days, starting with the first day the original lender did a “hard check” of your credit score, to shop around for a new mortgage without further hurting your credit score. That’s because each hard check from a potential lender will cost your score several points, but all hard checks done for the same purpose and within 14 days count only once.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Consider a Lender That Participates in a \"Special Purpose Credit Program\"</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Although these programs have been available since 1974, they remain lesser-known mechanisms to help Americans gain access to mortgages. Nearly any lender can apply for an SPCP, which allows them to specifically assist disadvantaged borrowers of color, women, people with disabilities, and other underserved groups. The CFPB recently championed SPCPs to help increase the number of homeowners and to help close the racial homeownership gap.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The National Fair Housing Alliance recently partnered with the Mortgage Bankers Association, an industry group, to expand the number of lenders that offer SPCP loans. That program is an “excellent tool for expanding credit access for underserved markets,” said Lisa Rice, president of the NFHA, in a statement announcing that partnership.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Larger traditional banks in particular may have limited, special SPCP programs, says Jonathan Wilson, vice president of mortgages from Liberty Bank, one of the largest Black-owned banks in the U.S. with branches throughout the South and Midwest. For example, Bank of America announced last August that it would offer no-down-payment and no-closing costs mortgages in some areas, including certain Black and Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami, through a new SPCP program, the Community Affordable Loan Solution.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Citibank announced a similar SPCP through its HomeRun program that helps greater numbers of Blacks and Hispanics qualify for mortgages by requiring low downpayments and removing the need to buy mortgage insurance.&nbsp;Citibank said the program would be available even in areas where the company doesn’t have any branches.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">To find a bank offering an SPCP near you by, go to the&nbsp;NFHA’s website&nbsp;&nbsp;or call 202-898-1661.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Consider a Community Development Financial Institution</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">CDFI is a special designation awarded by the Department of the Treasury to banks and credit unions that have a stated mission of making banking services, including mortgages, more available to underserved populations and communities.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As part of that, CDFI lenders can offer loan rates and terms that are more flexible than traditional lenders, says Calhoun of the Center for Responsible Lending, as well as provide downpayment assistance, or even help to bulk up a rainy-day fund in case you hit a rough patch with your monthly mortgage payment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">“We want to help people buy the house,” says Wilson at Liberty Bank, itself a CDFI. “We live in the communities we serve and these are not just numbers to us. These are people that we see at church and who we run into in the grocery store.”&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The first step is to call around to your local credit unions and small banks and ask if they’re a CDFI and about what kind of loans they offer, says Calhoun. You can also look up CDFIs by ZIP code.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Ask if the Bank Will Consider a \"Portfolio\" Loan</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This refers to a bank opting to keep the loan in house rather than selling it to an investor. While less common, it can be an effective way to get a mortgage, if, for example, you have an unusual situation such as you’ve been self-employed for less than two years, or have a single item on your credit report that is pulling the whole thing down. By keeping the loan in their portfolio, the lender has greater control over who they accept or deny.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">\"With a portfolio loan, your application doesn’t have to fit into a traditional ‘box’,” Wilson says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">One recent example, he says, involved a couple who’d cosigned on a loan for their adult child, who then unexpectedly passed away. Payments were missed, hurting the couple’s credit score. So when the couple applied for a mortgage for themselves, Wilson says Liberty Bank was able to assess their total financial situation, consider their unique circumstances, and give the couple a mortgage anyway. “If you’ve been close enough to anyone who’s passed, you know that their bills and things can get missed, and the current model doesn’t consider that,” Wilson says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">Consider a Private Lender</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This could be an individual, such as a family member, or a business, the owner of the property you are trying to buy, or a contractor. It could also be a nonbank mortgage lender, which are companies that are not banks or credit unions but offer home loans. &nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Getting a loan from such a lender could have&nbsp; drawbacks: It might mean your loan won’t be federally protected as other mortgages are in situations involving bankruptcy, foreclosure, and forbearance (the allowance of delayed payments, say, during a public health crisis such as Covid-19).&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But because private loans typically have fewer federal rules to follow, lenders have much greater flexibility with loan requirements. A lender may, for example, accept a lower credit score when a buyer makes a larger down payment, for example, or accepts a higher interest rate. So they can be a good option if you’ve got a slight hitch in your application, say, or a low credit score or a high debt-to-income ratio.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition, private lenders can already use the FICO 10T score, FICO says, without having to wait until 2025 before it will be used for all federally backed loans. Asking a private lender to run this score, versus your FICO classic, could help you secure better loan terms.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\">File a Complaint if You Think You Are a Victim of Redlining or Financial Discrimination</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are several places you can file a complaint:<br>• DOJ’s housing discrimination tip line at 833-591-0291 or submit a report&nbsp;online.<br>• CFPB at 855-411-2372 or submit&nbsp;online.<br>• Housing and Urban Development at 800-669-9777 or submit&nbsp;online.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Correction</strong>: This article was updated to more accurately reflect the allegations in the Department of Justice’s complaint against City National Bank, and to clarify that outcome of the suit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.consumerreports.org/money/buying-a-home/what-to-do-if-you-are-denied-a-mortgage-a5962702267/\">click here.</a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><a href=\"https://www.consumerreports.org/badinput/\"></a></p>\n<!-- /wp:paragraph -->','What to Do if You Are Denied a Mortgage','','inherit','closed','closed','','3320-revision-v1','','','2023-07-31 06:18:08','2023-07-31 06:18:08','',3320,'http://smartinsurance.tips/?p=3388',0,'revision','',0),(3395,1,'2023-09-01 05:57:04','2023-09-01 05:57:04','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3394,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-56-1024x536.png\" alt=\"\" class=\"wp-image-3394\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Maybe you’re looking to build an emergency fund, save for a vacation or pay off your student loans quicker. Whatever your financial goals may be, finding different ways to save money each month can help. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can try making a small change, like canceling a subscription you’re not using. Or you might make a more consistent change, like actively cutting expenses to put a designated amount of money into savings each month. Read on for more creative ways to save money.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><strong>Key takeaways</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>By making small or large changes to your day-to-day spending habits, you might be able to cut costs and put that extra money toward savings.</li><li>You can identify different ways to save money on monthly expenses with a bit of research and planning.</li><li>Different budgeting techniques might also help you create a plan to track your savings and spending.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\">Creative ways to save on food and drinks</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Check out these different ways to reduce your food spending.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">1. Give meal planning a try</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Before you head to the grocery store, come up with a plan for the meals and snacks you want to make for the week. This can help you stick to a plan to avoid impulse buys and overspending.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">2. Ditch the takeout&nbsp;</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Even though takeout can be convenient, regularly ordering to-go meals can really eat up your budget. Try keeping up on groceries and exploring time-saving recipes to avoid the temptation of placing a spontaneous order at your favorite eatery.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">3. Buy in bulk&nbsp;</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may be able to save money by buying groceries in bulk. There’s an upfront cost, but depending on the items you purchase, you may be able to save more money over time.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, you can buy meat that’s on sale and freeze it to use later. Or stock up on big containers of grains, beans and nuts. To save more money, keep track of pricing and try to buy items when they’ve been marked down.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">4. Pack a lunch instead</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Instead of spending money to eat out at lunchtime, consider packing food from home. Avoiding takeout is even easier if you’re working remotely. You can use leftovers from dinner the night before or prep meals on the weekend for a convenient, grab-and-go lunch that helps you avoid extra spending.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">5. Look for dining specials</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Consider searching for dining specials before eating out. You can look for coupons, check the restaurant for a daily special or—if you’re a parent—find “kids eat free” promotions to keep more cash in your wallet.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Creative savings ideas for monthly expenses</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Browse through some of these ways you can save money on recurring monthly expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">6. Compare insurance rates and adjust your policy</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may be able to save money by adjusting your insurance policies. You can start by comparing rates and plans across insurance carriers. Then, you can begin the process of adjusting your plan or carrier to help you save some money. Keep in mind you’ll also need to cancel your current plan and ensure there are no lapses in coverage.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">7. Cut down on subscriptions</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Subscriptions to entertainment streaming services, meal delivery kits and news platforms can be a convenient way to access the things you like. But month over month, they can cut into your overall budget. And sometimes you might not even realize you’re paying for them. So try carving out some time to manage the subscriptions you’re paying for to see if there are any areas you can cut.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">8. Save on utilities</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">It can be helpful to review the cost of utilities in your home and find ways to cut costs. Here are a few tips from the Department of Energy:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Opt for energy-efficient appliances, lightbulbs and electronics.</li><li>Seal air leaks in windows and door frames.&nbsp;</li><li>Turn off your kitchen or bath fans after 20 minutes.</li><li>Lower your water heater’s thermostat to 120 degrees Fahrenheit.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">9. Consider your credit card use</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re using a credit card to make purchases, you can avoid credit card interest on new purchases by paying off your balance each month. You can also cut costs by finding ways to avoid some of the common credit card fees. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You may consider a cash back credit card for everyday expenses, too. A cash back card may not help you save money directly, but it could offer rewards to help offset the cost of things you’re already buying. And some cash back cards provide rewards for certain categories, like groceries or dining. So if you have a specific rewards goal in mind, you could compare credit cards to find the best option for your financial goals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But applying for a new credit card may affect your credit score temporarily. So it may be a good idea to space out credit applications and consider checking whether you’re preapproved before applying.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Budgeting strategies to help you save money</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are some budgeting techniques you can use as part of a savings strategy.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">10. Avoid impulse buys</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While the occasional unexpected purchase is normal, making impulse buying a habit can add up over time. You can save money and avoid buyer’s remorse by trying a few of these strategies:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Stick to a budget.</li><li>Delay gratification—or wait a period of time before purchasing an item you’re interested in.</li><li>Unsubscribe from tempting promotional emails.</li><li>Make a shopping plan or list before going to the store.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">11. Consider zero-based budgeting</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Zero-based budgeting accounts for every dollar that you earn in a set period of time—typically on a monthly basis. This means all of your monthly expenses, debt payments and savings contributions, subtracted from your income, should equal zero at the end of a given period. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can create a zero-based budget by adding up all of your sources of income. Then, categorize your monthly spending based on fixed vs. variable expenses and savings contributions. From there, allocate every dollar from your income toward a category until you hit a zero balance.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">12. Pay yourself first</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Paying yourself first works by setting aside money toward your savings goals from each paycheck—before paying other expenses. The 50/20/30 budgeting approach—which entails allocating 50% of your income toward needs, 20% toward savings and 30% toward wants—can also be considered a pay-yourself-first type of budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">13. Try out digital money-saving options</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Having different budgeting platforms at your fingertips can help you set a budget and stick to it. There are a wide variety of platforms available to help you save money, depending on your preferences, financial goals and price point. Here are a few offerings from Capital One:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Budget with a card. </strong>You can use your Capital One credit card to further your budgeting goals by setting up account alerts, auto-pay and creating spending limits. Check out 7 tips to budget with a credit card for more information.  </li><li><strong>Capital One Mobile app.</strong> You can use some of the Capital One Mobile app tools, like monitoring upcoming bills and subscription charges and blocking recurring charges, to better manage your finances. </li><li><strong>Eno, your Capital One assistant. </strong>Eno is an intelligent assistant that makes account management easier so you can spend more time doing the things you love. </li><li><strong>CreditWise from Capital One. </strong>CreditWise is a digital tool that can help you monitor your credit health, understand your credit score and keep up with changes to your credit reports. It’s free, and using it won’t hurt your credit.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">14. Set up automatic transfers to a savings account</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Make saving money a routine by scheduling automatic transfers to your savings account. You can choose a small amount of money to start with and then increase it to bulk up the funds in your account. Plus, Capital One customers may be able to get paid sooner by setting up direct deposit.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Other creative ways to save money</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Here are a few other ways you can cut costs to further your savings goals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">15. Reevaluate your gym membership&nbsp;</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can prioritize your fitness goals without sacrificing your budget. If you already have a gym membership, see if there’s a lower rate that’s being offered that you can take advantage of. You can also check if your employer or insurance will offset some or all of your gym membership cost.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">16. Look for free events</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can save money by looking for free entertainment and recreational activities. Consider a free outdoor activity like hiking or going to a park. Or check out a local festival or parade to pass the time without breaking the bank. If you want to stay inside, check to see if any local museums offer low-cost entrance fees or free hours or days.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">17. Remember your local library</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Don’t forget about the resources your local library may offer before purchasing things of your own.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In addition to books, some libraries offer movies and game rentals, as well as events you can attend for free or at a low cost.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">18. Learn to DIY</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Maybe you can forgo the nail salon and learn how to do an at-home manicure. Or maybe you can make homemade treats to give as gifts instead of purchasing expensive presents. Get creative and think of ways you can DIY to keep more cash in your wallet.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">19. Keep the change</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re paying for something in cash, set aside any loose change in a separate jar and keep it for a rainy day. Over time, this spare change can add up, and you can put it back into your savings account or use it toward a larger purchase.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Creative savings ideas in a nutshell</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Putting away extra cash each month can add up over time to help you reach your savings goals. And you don’t necessarily have to make large changes to your spending habits to save money.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.capitalone.com/learn-grow/money-management/creative-savings-ideas/\">click here.</a></p>\n<!-- /wp:paragraph -->','19 Creative Ways to Save Money','','inherit','closed','closed','','3393-revision-v1','','','2023-09-01 05:57:04','2023-09-01 05:57:04','',3393,'http://smartinsurance.tips/?p=3395',0,'revision','',0),(3396,1,'2023-09-01 09:15:57','2023-09-01 09:15:57','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Start right now. The younger you are, the more your savings can grow.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3397,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-57-1024x536.png\" alt=\"\" class=\"wp-image-3397\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0\">In 2022, only 23 U.S. states required a personal finance course and 25 required an economics course for high school graduation. There are still knowledge gaps for young adults to learn how to manage money, apply for credit, and stay out of debt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Taking the time to learn a few basic financial rules can help you build a healthy financial future.</li><li>Start an emergency fund and pay yourself every month.</li><li>Saving for retirement is an integral part of any financial plan, and your nest egg can grow with the power of compound interest.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-4\">1. Pay With Cash, Not Credit</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-5\">Exercise patience and self-control with your finances. If you wait and save money for what you need, you will pay with cash or a debit card to deduct money directly from your checking account and avoid using a credit card.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">A credit card is a loan that accumulates interest unless you can afford to pay off the balance in full every month. Credit cards can help you build a good credit score but use them for emergencies only.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-9\">2. Educate Yourself</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Take charge of your financial future and read a few basic books on personal finance. Once armed with knowledge, don’t let anyone take you off track, whether a significant other who encourages you to waste money or friends who plan expensive trips and events you can\'t afford. Research professionals like financial planners, mortgage lenders, or accountants before utilizing their services.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-12\">3. Learn to Budget</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-13\">Once you’ve read a few personal finance books, you will understand two rules. Never let your expenses exceed your income, and watch where your money goes. The best way to do this is by budgeting and creating a personal spending plan to track the money coming in and going out.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">Tracking expenses, like your expensive morning coffee, can provide a valuable wake-up call. Small changes in your everyday expenses are under your control and can impact your financial situation. Keeping monthly expenses, like rent, as low as possible can save you money over time and put you in a position to invest in your own home sooner than later.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-17\">4. Start an Emergency Fund</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-18\">A mantra in personal finance is “pay yourself first,” which means saving money for emergencies and your future. This simple practice keeps you out of trouble financially and helps you sleep better at night. The tightest budget should put some money into an emergency fund every month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-20\">Once you get into the habit of saving money, you will stop treating savings as optional and start treating it as a required monthly expense. Many accounts offer the power of compound interest, such as a high-yield savings account, short-term certificate of deposit (CD), or money market account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-22\">5. Save for Retirement Now</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">No matter how young you are, plan for your retirement now. With the power of compound interest, when you start saving in your 20s, you will earn interest not only on the principal you deposit but also on the interest you earn over time, and you will have what you need to retire someday.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-25\">Company-sponsored retirement plans are a great choice. Not only do you get to put in pretax dollars, but many companies will also match part of your contribution, which is free money. Contribution limits tend to be higher for 401(k)s than for individual retirement accounts (IRAs), but both are one step closer to financial health.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Tip: If you invest $200 a month, averaging a positive return of 9% annually over 40 years, you will save $856,214 for retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-29\">6. Monitor Your Taxes</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-30\">When a company offers you a starting salary, calculate whether that salary after taxes meets your financial needs and savings goals. Many online calculators help you see your after-tax salary, such as PaycheckCity.com, and chart your gross pay (total earnings) and net pay (earnings after taxes and other deductions or take-home pay). In 2022, an annual salary of $35,000 in New York netted $28,270 after federal and state taxes, or about $2,356 per month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">In the U.S., low-income earners are taxed at a lower rate than higher-income earners—the higher your salary, the higher the tax rate. A salary increase from $35,000 to $41,000 a year looks like an extra $6,000 per year or $500 per month, but the tax rate will be higher, so it will only give you $4,227, or $352 per month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-34\">7. Guard Your Health</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-35\">If you’re uninsured, don’t wait to apply for health insurance. If employed, your employer may offer health insurance, including high-deductible health plans that save on premiums and qualify you for a Health Savings Account (HSA). If you’re under the age of 26, you may be to stay on your parent’s health insurance, an option that has been allowed since the 2010 passage of the Affordable Care Act (ACA).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-39\">8. Protect Your Wealth</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-40\">If you rent, get renter\'s insurance to protect the contents of your home from loss due to burglary or fire. Read the policy carefully to see what’s covered and what isn’t. Disability insurance protects your ability to earn an income by providing you with a steady income if you are unable to work for an extended period due to illness or injury.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">If you want help managing your money, find a fee-only financial planner to provide unbiased advice. Unlike a commission-based financial advisor, who earns money when you sign up with the investments their company markets, a fee-only planner can provide advice in your best interest.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Do I Choose a Financial Advisor?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An excellent choice for a young adult is a fee-only financial planner. Unlike a commission-based advisor, who earns a commission if they sign you up with their company\'s investment plans, a fee-only planner has no personal incentive beyond your best interest, so they have no reason not to give you unbiased advice.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Why Is Compound Interest So Powerful?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Compound interest is one of the most powerful forces in finance because it grows your money exponentially, which means it can supercharge your savings over time. You earn interest on your principal and on the interest your earn.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Why Did My Paycheck Shrink After My Raise?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The higher your salary, the higher your tax rate. If you just got a raise or took a new job at a higher salary, the change in the marginal tax rate on the additional income will affect your paycheck. For example, if a salary increase of $6,000 per year bumps you up into a higher tax bracket, the percentage of your income that goes to taxes bumps up as well—which will make your paycheck smaller than expected.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-50\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-51\">You don’t need an MBA in Finance or specialized training to become an expert at managing your finances. By following these eight tips, you will be on the path to financial security.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/articles/younginvestors/08/eight-tips.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','8 Financial Tips for Young Adults','','publish','closed','closed','','8-financial-tips-for-young-adults-2','','','2023-09-01 09:15:57','2023-09-01 09:15:57','',0,'http://smartinsurance.tips/?p=3396',0,'post','',0),(3397,1,'2023-09-01 09:07:09','2023-09-01 09:07:09','','My-project-1-57','','inherit','closed','closed','','my-project-1-57','','','2023-09-01 09:07:09','2023-09-01 09:07:09','',3396,'http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-57.png',0,'attachment','image/png',0),(3398,1,'2023-09-01 09:15:57','2023-09-01 09:15:57','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Start right now. The younger you are, the more your savings can grow.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3397,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-57-1024x536.png\" alt=\"\" class=\"wp-image-3397\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0\">In 2022, only 23 U.S. states required a personal finance course and 25 required an economics course for high school graduation. There are still knowledge gaps for young adults to learn how to manage money, apply for credit, and stay out of debt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block-callout-heading_1-0\"><strong>KEY TAKEAWAYS</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Taking the time to learn a few basic financial rules can help you build a healthy financial future.</li><li>Start an emergency fund and pay yourself every month.</li><li>Saving for retirement is an integral part of any financial plan, and your nest egg can grow with the power of compound interest.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-4\">1. Pay With Cash, Not Credit</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-5\">Exercise patience and self-control with your finances. If you wait and save money for what you need, you will pay with cash or a debit card to deduct money directly from your checking account and avoid using a credit card.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">A credit card is a loan that accumulates interest unless you can afford to pay off the balance in full every month. Credit cards can help you build a good credit score but use them for emergencies only.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-9\">2. Educate Yourself</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-10\">Take charge of your financial future and read a few basic books on personal finance. Once armed with knowledge, don’t let anyone take you off track, whether a significant other who encourages you to waste money or friends who plan expensive trips and events you can\'t afford. Research professionals like financial planners, mortgage lenders, or accountants before utilizing their services.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-12\">3. Learn to Budget</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-13\">Once you’ve read a few personal finance books, you will understand two rules. Never let your expenses exceed your income, and watch where your money goes. The best way to do this is by budgeting and creating a personal spending plan to track the money coming in and going out.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-15\">Tracking expenses, like your expensive morning coffee, can provide a valuable wake-up call. Small changes in your everyday expenses are under your control and can impact your financial situation. Keeping monthly expenses, like rent, as low as possible can save you money over time and put you in a position to invest in your own home sooner than later.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-17\">4. Start an Emergency Fund</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-18\">A mantra in personal finance is “pay yourself first,” which means saving money for emergencies and your future. This simple practice keeps you out of trouble financially and helps you sleep better at night. The tightest budget should put some money into an emergency fund every month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-20\">Once you get into the habit of saving money, you will stop treating savings as optional and start treating it as a required monthly expense. Many accounts offer the power of compound interest, such as a high-yield savings account, short-term certificate of deposit (CD), or money market account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-22\">5. Save for Retirement Now</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">No matter how young you are, plan for your retirement now. With the power of compound interest, when you start saving in your 20s, you will earn interest not only on the principal you deposit but also on the interest you earn over time, and you will have what you need to retire someday.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-25\">Company-sponsored retirement plans are a great choice. Not only do you get to put in pretax dollars, but many companies will also match part of your contribution, which is free money. Contribution limits tend to be higher for 401(k)s than for individual retirement accounts (IRAs), but both are one step closer to financial health.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Tip: If you invest $200 a month, averaging a positive return of 9% annually over 40 years, you will save $856,214 for retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-29\">6. Monitor Your Taxes</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-30\">When a company offers you a starting salary, calculate whether that salary after taxes meets your financial needs and savings goals. Many online calculators help you see your after-tax salary, such as PaycheckCity.com, and chart your gross pay (total earnings) and net pay (earnings after taxes and other deductions or take-home pay). In 2022, an annual salary of $35,000 in New York netted $28,270 after federal and state taxes, or about $2,356 per month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-32\">In the U.S., low-income earners are taxed at a lower rate than higher-income earners—the higher your salary, the higher the tax rate. A salary increase from $35,000 to $41,000 a year looks like an extra $6,000 per year or $500 per month, but the tax rate will be higher, so it will only give you $4,227, or $352 per month.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-34\">7. Guard Your Health</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-35\">If you’re uninsured, don’t wait to apply for health insurance. If employed, your employer may offer health insurance, including high-deductible health plans that save on premiums and qualify you for a Health Savings Account (HSA). If you’re under the age of 26, you may be to stay on your parent’s health insurance, an option that has been allowed since the 2010 passage of the Affordable Care Act (ACA).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-39\">8. Protect Your Wealth</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-40\">If you rent, get renter\'s insurance to protect the contents of your home from loss due to burglary or fire. Read the policy carefully to see what’s covered and what isn’t. Disability insurance protects your ability to earn an income by providing you with a steady income if you are unable to work for an extended period due to illness or injury.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">If you want help managing your money, find a fee-only financial planner to provide unbiased advice. Unlike a commission-based financial advisor, who earns money when you sign up with the investments their company markets, a fee-only planner can provide advice in your best interest.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Do I Choose a Financial Advisor?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">An excellent choice for a young adult is a fee-only financial planner. Unlike a commission-based advisor, who earns a commission if they sign you up with their company\'s investment plans, a fee-only planner has no personal incentive beyond your best interest, so they have no reason not to give you unbiased advice.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Why Is Compound Interest So Powerful?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Compound interest is one of the most powerful forces in finance because it grows your money exponentially, which means it can supercharge your savings over time. You earn interest on your principal and on the interest your earn.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Why Did My Paycheck Shrink After My Raise?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The higher your salary, the higher your tax rate. If you just got a raise or took a new job at a higher salary, the change in the marginal tax rate on the additional income will affect your paycheck. For example, if a salary increase of $6,000 per year bumps you up into a higher tax bracket, the percentage of your income that goes to taxes bumps up as well—which will make your paycheck smaller than expected.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\" id=\"mntl-sc-block_1-0-50\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-51\">You don’t need an MBA in Finance or specialized training to become an expert at managing your finances. By following these eight tips, you will be on the path to financial security.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/articles/younginvestors/08/eight-tips.asp\">click here.</a></p>\n<!-- /wp:paragraph -->','8 Financial Tips for Young Adults','','inherit','closed','closed','','3396-revision-v1','','','2023-09-01 09:15:57','2023-09-01 09:15:57','',3396,'http://smartinsurance.tips/?p=3398',0,'revision','',0),(3399,1,'2023-09-01 09:23:11','2023-09-01 09:23:11','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Google and Apple have rolled out passkeys, but the technology isn\'t yet seamless across all browsers, operating systems, and devices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3400,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-70-1024x536.png\" alt=\"\" class=\"wp-image-3400\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For years, security experts have emphasized the importance of creating strong and unique passwords. But even the most complex passwords are vulnerable to phishing, where unsuspecting users are tricked into disclosing their passwords or entering them at a fraudulent look-alike website controlled by the attackers. Even using an authentication app like Authenticator or Authy isn’t foolproof—you could still be tricked into entering your one-time password on a fake log-in page.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Because of the risks of passwords, the tech industry has been eager to create a password-free future. Passkeys—developed by Apple, Google, Microsoft, and others—are an alternative to passwords, and they provide robust protection against phishing attacks and website breaches. The launch of passkeys for Google accounts is the latest step to improving safety on digital accounts and ownership of your personal information.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Physical security keys, which can distinguish between legitimate websites and look-alikes, are another technology that many security pros recommend. But passkeys might appeal to more people, because they are free, and you don’t need to carry them around.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Passkeys can be used on phones, tablets, or computers, and implemented across devices. The technology still isn’t as widespread and convenient to use as it could be. However, it’s not too early to consider using it for at least some of your accounts as passkeys continue to be integrated and standardized across services.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Passkeys Work</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Passkeys use public-key encryption for security, which means that one key is stored on your device, and the other is with the service on which your account is held. Passkeys can also be synced to the cloud, and your key can be copied from one device, such as your phone or laptop, to another.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Passkeys require some form of authentication before they can be used. That might be the passcode you use to unlock your screen, or a form of biometric authentication such as a face scan or a fingerprint. That biometric data stays local on your own device—it’s not shared with the services you use.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Using a passkey means you can’t accidentally enter your personal log-in on a malicious site or give it to a phishing account, making passkeys more secure than a traditional password.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">What happens if you lose your phone—do you also lose access to your online accounts? This should not be a problem, as long as you’ve connected your passkey across multiple devices. And you can revoke a passkey for your Google account in your password settings, or from your Mac and iCloud keychain.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to Get Started With Passkeys</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A handful of services are rolling out passkeys. Android devices may automatically create passkeys when you log in to your Google account. You can start using passkeys for personal Google accounts by going to this page and selecting “start using passkeys.” You need Windows 10 or up to use passkeys on a PC, and Windows 11, version 22H2 or newer to access features such as synchronization. Some browsers might not support passkeys, so you may need to switch to a supported browser to set up a passkey for your Google account. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Apple requires you to use a traditional password to log in to your Apple ID, but creating a passkey on an Apple device will let you sign in with that passkey on any Apple device, as long as your device runs iOS 16 or macOS Ventura or newer, and you are using iCloud Keychain.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can already use passkeys with dozens of companies, such as Best Buy, Hyatt, and PayPal. See this full directory of passkeys. For more information on setup, check out the Freedom of the Press Foundation’s guide to passkeys, or the following instructions for major platforms:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">• Passkeys on a Google account<br>• Passkeys for Chrome and Android<br>• Passkeys on a Mac<br>• Passkeys on an iPhone <br>• Passkeys on an iPad</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Sharing Your Passkey</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">What about the accounts we share with others? You might think that passkeys would make this harder, but Apple allows you to AirDrop a shared passkey with people in physical proximity to you, so you can share accounts with trusted individuals much like you can do for passwords in Apple.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you need to borrow a friend’s phone or use a shared computer, Google lets you scan a one-time QR code from your phone, which will give you access to your account on the borrowed or shared device without storing your passkey on it. The device you’re borrowing just needs to be nearby. (The technology checks to see if the two devices are in Bluetooth range of each other, to protect against remote attacks.)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Passkey Limitations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Currently, passkeys are available only on select websites, apps, and services. Keeping track of where you can use them can be challenging. For example, if you use a passkey to log in to an app on your phone, you’ll still need a password on your laptop if you want to use a browser that doesn’t yet work with passkeys.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Getting passkeys set up on your various devices can be tricky because things don’t always sync seamlessly. For example, you can share passkeys across Apple devices using iCloud Keychain, and you can share them across Android and Chrome devices using Google Password manager. But there is not yet a seamless and easy way to share passkeys across iPhone and Android devices or across Windows devices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The technology has other quirks, too. You can use passkeys with Apple’s Safari browser, but if you are on a MacBook, you may have to use the Chrome browser to set up a Google passkey. (Check this table to see if you can use passkeys on your preferred operating systems, browsers, and devices.)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The user experience around passkeys “can definitely be improved based on availability of the services and lack of consistency around how exactly you get the keys on your devices,” says Martin Shelton, principal researcher at Freedom of the Press Foundation. “That said, I also believe it’s really exciting technology because it could—pending availability—make it a lot easier for people to stop typing their password on malicious websites.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Passkeys are still in their early stages.&nbsp;Given that they’re not yet available for all services, operating systems, and devices, it’s too soon to switch away from using passwords for all your online security. But you can start experimenting with passkeys on accounts where it makes sense for you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Either way, you’ll still want to use a password manager to keep your passwords safe. Some password managers even allow you to store passkeys, and more are working on this feature. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can also store passkeys on a security key. That passkey can’t be copied from the security key. That can make it more secure, but it’s important to register these passkeys on multiple keys kept in different locations if you do decide to use them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.consumerreports.org/electronics/digital-security/should-you-use-passkeys-instead-of-passwords-a1201817243/\">click here.</a></p>\n<!-- /wp:paragraph -->','Should You Use Passkeys Instead of Passwords?','','publish','closed','closed','','should-you-use-passkeys-instead-of-passwords','','','2023-09-01 09:23:11','2023-09-01 09:23:11','',0,'http://smartinsurance.tips/?p=3399',0,'post','',0),(3400,1,'2023-09-01 09:17:26','2023-09-01 09:17:26','','My-project-1-70','','inherit','closed','closed','','my-project-1-70','','','2023-09-01 09:17:26','2023-09-01 09:17:26','',3399,'http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-70.png',0,'attachment','image/png',0),(3401,1,'2023-09-01 09:23:11','2023-09-01 09:23:11','<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Google and Apple have rolled out passkeys, but the technology isn\'t yet seamless across all browsers, operating systems, and devices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3400,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-70-1024x536.png\" alt=\"\" class=\"wp-image-3400\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For years, security experts have emphasized the importance of creating strong and unique passwords. But even the most complex passwords are vulnerable to phishing, where unsuspecting users are tricked into disclosing their passwords or entering them at a fraudulent look-alike website controlled by the attackers. Even using an authentication app like Authenticator or Authy isn’t foolproof—you could still be tricked into entering your one-time password on a fake log-in page.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Because of the risks of passwords, the tech industry has been eager to create a password-free future. Passkeys—developed by Apple, Google, Microsoft, and others—are an alternative to passwords, and they provide robust protection against phishing attacks and website breaches. The launch of passkeys for Google accounts is the latest step to improving safety on digital accounts and ownership of your personal information.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Physical security keys, which can distinguish between legitimate websites and look-alikes, are another technology that many security pros recommend. But passkeys might appeal to more people, because they are free, and you don’t need to carry them around.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Passkeys can be used on phones, tablets, or computers, and implemented across devices. The technology still isn’t as widespread and convenient to use as it could be. However, it’s not too early to consider using it for at least some of your accounts as passkeys continue to be integrated and standardized across services.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How Passkeys Work</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Passkeys use public-key encryption for security, which means that one key is stored on your device, and the other is with the service on which your account is held. Passkeys can also be synced to the cloud, and your key can be copied from one device, such as your phone or laptop, to another.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Passkeys require some form of authentication before they can be used. That might be the passcode you use to unlock your screen, or a form of biometric authentication such as a face scan or a fingerprint. That biometric data stays local on your own device—it’s not shared with the services you use.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Using a passkey means you can’t accidentally enter your personal log-in on a malicious site or give it to a phishing account, making passkeys more secure than a traditional password.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">What happens if you lose your phone—do you also lose access to your online accounts? This should not be a problem, as long as you’ve connected your passkey across multiple devices. And you can revoke a passkey for your Google account in your password settings, or from your Mac and iCloud keychain.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">How to Get Started With Passkeys</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A handful of services are rolling out passkeys. Android devices may automatically create passkeys when you log in to your Google account. You can start using passkeys for personal Google accounts by going to this page and selecting “start using passkeys.” You need Windows 10 or up to use passkeys on a PC, and Windows 11, version 22H2 or newer to access features such as synchronization. Some browsers might not support passkeys, so you may need to switch to a supported browser to set up a passkey for your Google account. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Apple requires you to use a traditional password to log in to your Apple ID, but creating a passkey on an Apple device will let you sign in with that passkey on any Apple device, as long as your device runs iOS 16 or macOS Ventura or newer, and you are using iCloud Keychain.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can already use passkeys with dozens of companies, such as Best Buy, Hyatt, and PayPal. See this full directory of passkeys. For more information on setup, check out the Freedom of the Press Foundation’s guide to passkeys, or the following instructions for major platforms:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">• Passkeys on a Google account<br>• Passkeys for Chrome and Android<br>• Passkeys on a Mac<br>• Passkeys on an iPhone <br>• Passkeys on an iPad</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Sharing Your Passkey</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">What about the accounts we share with others? You might think that passkeys would make this harder, but Apple allows you to AirDrop a shared passkey with people in physical proximity to you, so you can share accounts with trusted individuals much like you can do for passwords in Apple.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you need to borrow a friend’s phone or use a shared computer, Google lets you scan a one-time QR code from your phone, which will give you access to your account on the borrowed or shared device without storing your passkey on it. The device you’re borrowing just needs to be nearby. (The technology checks to see if the two devices are in Bluetooth range of each other, to protect against remote attacks.)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\">Passkey Limitations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Currently, passkeys are available only on select websites, apps, and services. Keeping track of where you can use them can be challenging. For example, if you use a passkey to log in to an app on your phone, you’ll still need a password on your laptop if you want to use a browser that doesn’t yet work with passkeys.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Getting passkeys set up on your various devices can be tricky because things don’t always sync seamlessly. For example, you can share passkeys across Apple devices using iCloud Keychain, and you can share them across Android and Chrome devices using Google Password manager. But there is not yet a seamless and easy way to share passkeys across iPhone and Android devices or across Windows devices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The technology has other quirks, too. You can use passkeys with Apple’s Safari browser, but if you are on a MacBook, you may have to use the Chrome browser to set up a Google passkey. (Check this table to see if you can use passkeys on your preferred operating systems, browsers, and devices.)</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The user experience around passkeys “can definitely be improved based on availability of the services and lack of consistency around how exactly you get the keys on your devices,” says Martin Shelton, principal researcher at Freedom of the Press Foundation. “That said, I also believe it’s really exciting technology because it could—pending availability—make it a lot easier for people to stop typing their password on malicious websites.”</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Passkeys are still in their early stages.&nbsp;Given that they’re not yet available for all services, operating systems, and devices, it’s too soon to switch away from using passwords for all your online security. But you can start experimenting with passkeys on accounts where it makes sense for you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Either way, you’ll still want to use a password manager to keep your passwords safe. Some password managers even allow you to store passkeys, and more are working on this feature. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can also store passkeys on a security key. That passkey can’t be copied from the security key. That can make it more secure, but it’s important to register these passkeys on multiple keys kept in different locations if you do decide to use them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.consumerreports.org/electronics/digital-security/should-you-use-passkeys-instead-of-passwords-a1201817243/\">click here.</a></p>\n<!-- /wp:paragraph -->','Should You Use Passkeys Instead of Passwords?','','inherit','closed','closed','','3399-revision-v1','','','2023-09-01 09:23:11','2023-09-01 09:23:11','',3399,'http://smartinsurance.tips/?p=3401',0,'revision','',0),(3402,1,'2023-09-01 09:29:55','2023-09-01 09:29:55','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3403,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-71-1024x536.png\" alt=\"\" class=\"wp-image-3403\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">How would you respond if someone asked you, \"Are you productive?\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As knowledge workers who value our work and strive for continuous improvement, we might be quick to answer \"yes\" or \"of course.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But how well do we really know our level of productivity?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Measuring productivity is essential for anyone who wants to be more efficient and effective in their workflow. Yet, it can feel daunting to do so accurately.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are several ways to measure productivity. Choosing one will depend on your goals and how you want to improve. In this article, you\'ll discover how to measure productivity, why it matters, and how you can use it to get more done.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>What Is Productivity?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Before we can learn how to measure productivity, we need to understand what productivity means. The Merriam-Webster dictionary defines productivity as “the quality or state of being productive,” i.e., yielding results, benefits, or profits. But overall productivity and how to measure it can be tricky to understand because it can mean different things depending on the context.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For many businesses, productivity measurements are calculated using a simple formula. The productivity formula —&nbsp;<strong>total output / total input = productivity&nbsp;</strong>— calculates the total output (goods or services) produced using a given input (e.g., period of time, hours of work, etc.).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A kazoo factory, for example, might measure productivity based on the value of how many kazoos they make per month. If they produce $16,000 worth of kazoos in a month when employees work 400 hours, the formula is&nbsp;<strong>$16,000 / 400 = $40 / hour</strong>. This means that the factory produces $40 worth of kazoos every hour.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While this formula helps measure one type of productivity, it doesn\'t give the complete picture. For instance, it doesn\'t consider other important factors like output quality or production process costs. The kazoo factory might be able to produce many kazoos per hour, but if those kazoos are of poor quality, they won\'t sell as well. And, if the factory spends more money than it makes in sales, it won’t be very productive or profitable.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Measuring productivity has many layers, and it can be even more difficult to calculate personal productivity for knowledge workers who don\'t produce a physical product.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>The Significance of Measuring Productivity</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Whether you\'re manufacturing kazoos or developing software, measuring productivity is crucial. When you measure your productivity, you can gain insights to help you improve efficiency, effectiveness, and profitability.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Measuring productivity can also be beneficial in several other ways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Hold yourself accountable:</strong> Tracking your progress is a way to stay committed when you have specific goals. Objective data can help you stay on track and motivated.</li><li><strong>Improve your time management skills:</strong> By keeping track of how you spend your time and comparing it to how much you accomplish, you can identify areas to improve efficiency.</li><li><strong>Assess your progress over time:</strong> Seeing how much you\'ve accomplished and watching your measurements improve can be motivating and help you set future goals.</li><li><strong>Identify your peak hours:</strong> We each have our own optimal time to be productive. Measuring your productivity can help you identify your peak focus hours and plan strategically.</li><li><strong>Uncover areas for improvement:</strong> In time, regularly tracking your productivity metrics can reveal strengths and areas that need improvement. This information can help you make changes to improve your efficiency and increase productivity.</li><li><strong>Benchmark against others:</strong> If you\'re curious about how your productivity stacks up against others, measuring it is the only way to find out. This information can be helpful if you’re aiming for advancement or incentives.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Of all these benefits, the most important one is this: Measuring your productivity can help you improve it. When you understand your strengths and weaknesses, you can improve your work habits and routines to get more done in less time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>How to Measure Productivity Using 5 Strategies</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While measuring productivity has obvious benefits, understanding how to measure productivity can be a bit tricky. A common mistake people make is confusing efficiency with productivity.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When you\'re efficient, you accomplish tasks faster than the average person. Even though that\'s one aspect of being productive, if you\'re doing unnecessary or poor-quality work efficiently, that doesn\'t make you productive. A productive person gets the right things done efficiently and in the right way.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This is why using a wide range of metrics is essential to measure overall productivity accurately. Try a few of these effective productivity measurement strategies to get started.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>1. Task and Time Tracking</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Task tracking is one of the most basic and essential ways to measure productivity. Keeping daily or weekly lists of tasks, such as checklists or to-do lists, helps you break down your work into smaller, more manageable pieces. You can then set a specific number of tasks you’d like to complete and track productivity as you check off each item.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Time tracking goes hand-in-hand with task tracking. Tracking your time alongside managing your tasks can help you better understand how long each job takes you to complete. That way you can budget your time more effectively and optimize your workflow.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This strategy can be as simple as a task list and timer, or you can use more elaborate digital tools. Plenty of task tracking and to-do list apps can help you keep up with tasks.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A time-tracking app like Rize monitors your workday in real time, identifying how you’re spending your day and the amount of time you’re actually focused. Tracking and categorizing your time can help you see how often you’re succumbing to distractions and if you’re being as productive as you think you are.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>2. Assigned Benchmarks</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">One common way businesses measure productivity is by using assigned benchmarks. For example, suppose a company aims to produce 100 widgets in one hour. They can use that benchmark to measure their productivity. If one day the company only makes 80 widgets per hour, then its productivity was at 80%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This method can also be used to measure employee productivity. In many cases, employees are given a standard or benchmark for evaluating their performance. These might be numbers to meet for quality of work, quantity of sales, or a number of other metrics that help measure company goals.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Having productivity metrics to measure against can help you stay on track and motivated. For example, if you have a benchmark to write six articles in one week, you can measure your productivity by the total number you complete. If you only write three articles, your weekly productivity measurement is 50%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">How you’re assigned benchmarks will depend on your company’s goals, or you may have a hand in setting them for yourself. If so, it\'s important to set standards that are realistic and achievable. Otherwise, you might become discouraged when you can’t reach that level of productivity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>3. Short- and Long-Term Goals</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Another way to measure productivity is by setting short-term and long-term goals. Short-term goals are those you hope to achieve soon — these are the items on your daily and weekly task lists. Long-term goals are ones you want to accomplish in the long run — they might be your annual goals or your five-year plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the short term, a goal might be to deliver a completed client project by the end of the week. You can use that due date to measure your productivity by setting daily mini-goals. Check-in on your goals each workday, and if you’re meeting your daily targets, your level of productivity is on track. However, if you\'re not making enough progress, you\'ll know you need to improve your time management and increase productivity if you want to meet the deadline.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Long-term goals are a little more challenging to measure because they often take months or even years. However, you can still use them to gauge your overall productivity. Break them down into smaller goals and follow the same process as short-term goals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, if your long-term goal is to double your social media impressions in a year, break the desired total number down into monthly targets. As you check your monthly reports, reaching those smaller goals will let you know you\'re on track. As a bonus, this approach allows you to adjust plans as needed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>4. 360-Degree Feedback</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can also use feedback to gauge your current level of productivity. One popular method is 360-degree feedback. Using this approach, multiple sources — e.g., managers, coworkers, team members, clients — offer a well-rounded assessment. A feedback circle is often considered an unbiased and fair method of evaluating employee performance since it doesn\'t depend solely on one opinion.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Adapt this to your productivity by collecting feedback from those you work with most. Ask a coworker directly, set up a meeting with your boss, or design a survey template they can fill out at their convenience. The survey method can benefit freelancers, contractors, and others without formal performance review systems. Employees should discuss their options with their employers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you create a survey, a few considerations can help you optimize it for success:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Explain why you need feedback and how you will use it.</li><li>Take precautions to ensure confidentiality.</li><li>Create a survey that is comprehensive but easy to complete.</li><li>Choose the right productivity measures rather than just focusing on labor hours — e.g., meeting deadlines, total output against a relevant project baseline, and other appropriate benchmarks.</li><li>Structure the assessment to discover strengths, not just deficiencies.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The feedback method can be helpful because it gives you an idea of how others perceive your productivity. However, this strategy is less objective than other methods as the feedback could be either positively or negatively biased. If you decide to use the circle of feedback method, be sure to collect feedback from various sources. This will help you get a more well-rounded view of your productivity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>5. Self-Evaluations</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A self-evaluation is exactly what it sounds like — you evaluate your own productivity. To conduct a self-evaluation, start by looking at your current and past short-term and long-term goals. Use any metrics you’ve gathered to conduct an assessment, like a time audit or weekly work plan review. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Note how often you met your goals and how well you met them. If you didn\'t meet a goal, ask yourself why. Was it because you procrastinated? Was the goal unrealistic?&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Also, consider how you felt about your work. Did you enjoy it? Were you proud of the results? If not, why? These questions can help you identify your productivity strengths and areas where you can make changes.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Self-evaluations are helpful, but they can be challenging. It\'s essential to approach them with honesty and an openness to change. Combining several productivity measurement strategies can be beneficial as well. Using numbers and other objective metrics can help ensure you aren\'t too hard on yourself (or too lenient).&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Learn How to Measure Productivity and See Your Focus Rise</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">These are just a few productivity measurement strategies that can help you assess your overall productivity. By combining multiple methods, you can get a well-rounded view of your productivity and identify strengths and areas for improvement. Just remember — productivity metrics are much less important than actually putting in the work to increase productivity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://rize.io/blog/how-to-measure-productivity\">click here.</a></p>\n<!-- /wp:paragraph -->','Discover How to Measure Productivity Using 5 Simple Strategies','','publish','closed','closed','','discover-how-to-measure-productivity-using-5-simple-strategies','','','2023-09-01 09:29:55','2023-09-01 09:29:55','',0,'http://smartinsurance.tips/?p=3402',0,'post','',0),(3403,1,'2023-09-01 09:24:03','2023-09-01 09:24:03','','My-project-1-71','','inherit','closed','closed','','my-project-1-71','','','2023-09-01 09:24:03','2023-09-01 09:24:03','',3402,'http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-71.png',0,'attachment','image/png',0),(3404,1,'2023-09-01 09:29:55','2023-09-01 09:29:55','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3403,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-71-1024x536.png\" alt=\"\" class=\"wp-image-3403\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">How would you respond if someone asked you, \"Are you productive?\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As knowledge workers who value our work and strive for continuous improvement, we might be quick to answer \"yes\" or \"of course.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">But how well do we really know our level of productivity?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Measuring productivity is essential for anyone who wants to be more efficient and effective in their workflow. Yet, it can feel daunting to do so accurately.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are several ways to measure productivity. Choosing one will depend on your goals and how you want to improve. In this article, you\'ll discover how to measure productivity, why it matters, and how you can use it to get more done.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>What Is Productivity?</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Before we can learn how to measure productivity, we need to understand what productivity means. The Merriam-Webster dictionary defines productivity as “the quality or state of being productive,” i.e., yielding results, benefits, or profits. But overall productivity and how to measure it can be tricky to understand because it can mean different things depending on the context.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For many businesses, productivity measurements are calculated using a simple formula. The productivity formula —&nbsp;<strong>total output / total input = productivity&nbsp;</strong>— calculates the total output (goods or services) produced using a given input (e.g., period of time, hours of work, etc.).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A kazoo factory, for example, might measure productivity based on the value of how many kazoos they make per month. If they produce $16,000 worth of kazoos in a month when employees work 400 hours, the formula is&nbsp;<strong>$16,000 / 400 = $40 / hour</strong>. This means that the factory produces $40 worth of kazoos every hour.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While this formula helps measure one type of productivity, it doesn\'t give the complete picture. For instance, it doesn\'t consider other important factors like output quality or production process costs. The kazoo factory might be able to produce many kazoos per hour, but if those kazoos are of poor quality, they won\'t sell as well. And, if the factory spends more money than it makes in sales, it won’t be very productive or profitable.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Measuring productivity has many layers, and it can be even more difficult to calculate personal productivity for knowledge workers who don\'t produce a physical product.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>The Significance of Measuring Productivity</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Whether you\'re manufacturing kazoos or developing software, measuring productivity is crucial. When you measure your productivity, you can gain insights to help you improve efficiency, effectiveness, and profitability.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Measuring productivity can also be beneficial in several other ways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Hold yourself accountable:</strong> Tracking your progress is a way to stay committed when you have specific goals. Objective data can help you stay on track and motivated.</li><li><strong>Improve your time management skills:</strong> By keeping track of how you spend your time and comparing it to how much you accomplish, you can identify areas to improve efficiency.</li><li><strong>Assess your progress over time:</strong> Seeing how much you\'ve accomplished and watching your measurements improve can be motivating and help you set future goals.</li><li><strong>Identify your peak hours:</strong> We each have our own optimal time to be productive. Measuring your productivity can help you identify your peak focus hours and plan strategically.</li><li><strong>Uncover areas for improvement:</strong> In time, regularly tracking your productivity metrics can reveal strengths and areas that need improvement. This information can help you make changes to improve your efficiency and increase productivity.</li><li><strong>Benchmark against others:</strong> If you\'re curious about how your productivity stacks up against others, measuring it is the only way to find out. This information can be helpful if you’re aiming for advancement or incentives.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Of all these benefits, the most important one is this: Measuring your productivity can help you improve it. When you understand your strengths and weaknesses, you can improve your work habits and routines to get more done in less time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>How to Measure Productivity Using 5 Strategies</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While measuring productivity has obvious benefits, understanding how to measure productivity can be a bit tricky. A common mistake people make is confusing efficiency with productivity.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">When you\'re efficient, you accomplish tasks faster than the average person. Even though that\'s one aspect of being productive, if you\'re doing unnecessary or poor-quality work efficiently, that doesn\'t make you productive. A productive person gets the right things done efficiently and in the right way.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This is why using a wide range of metrics is essential to measure overall productivity accurately. Try a few of these effective productivity measurement strategies to get started.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>1. Task and Time Tracking</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Task tracking is one of the most basic and essential ways to measure productivity. Keeping daily or weekly lists of tasks, such as checklists or to-do lists, helps you break down your work into smaller, more manageable pieces. You can then set a specific number of tasks you’d like to complete and track productivity as you check off each item.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Time tracking goes hand-in-hand with task tracking. Tracking your time alongside managing your tasks can help you better understand how long each job takes you to complete. That way you can budget your time more effectively and optimize your workflow.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This strategy can be as simple as a task list and timer, or you can use more elaborate digital tools. Plenty of task tracking and to-do list apps can help you keep up with tasks.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A time-tracking app like Rize monitors your workday in real time, identifying how you’re spending your day and the amount of time you’re actually focused. Tracking and categorizing your time can help you see how often you’re succumbing to distractions and if you’re being as productive as you think you are.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>2. Assigned Benchmarks</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">One common way businesses measure productivity is by using assigned benchmarks. For example, suppose a company aims to produce 100 widgets in one hour. They can use that benchmark to measure their productivity. If one day the company only makes 80 widgets per hour, then its productivity was at 80%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">This method can also be used to measure employee productivity. In many cases, employees are given a standard or benchmark for evaluating their performance. These might be numbers to meet for quality of work, quantity of sales, or a number of other metrics that help measure company goals.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Having productivity metrics to measure against can help you stay on track and motivated. For example, if you have a benchmark to write six articles in one week, you can measure your productivity by the total number you complete. If you only write three articles, your weekly productivity measurement is 50%.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">How you’re assigned benchmarks will depend on your company’s goals, or you may have a hand in setting them for yourself. If so, it\'s important to set standards that are realistic and achievable. Otherwise, you might become discouraged when you can’t reach that level of productivity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>3. Short- and Long-Term Goals</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Another way to measure productivity is by setting short-term and long-term goals. Short-term goals are those you hope to achieve soon — these are the items on your daily and weekly task lists. Long-term goals are ones you want to accomplish in the long run — they might be your annual goals or your five-year plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In the short term, a goal might be to deliver a completed client project by the end of the week. You can use that due date to measure your productivity by setting daily mini-goals. Check-in on your goals each workday, and if you’re meeting your daily targets, your level of productivity is on track. However, if you\'re not making enough progress, you\'ll know you need to improve your time management and increase productivity if you want to meet the deadline.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Long-term goals are a little more challenging to measure because they often take months or even years. However, you can still use them to gauge your overall productivity. Break them down into smaller goals and follow the same process as short-term goals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">For example, if your long-term goal is to double your social media impressions in a year, break the desired total number down into monthly targets. As you check your monthly reports, reaching those smaller goals will let you know you\'re on track. As a bonus, this approach allows you to adjust plans as needed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>4. 360-Degree Feedback</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">You can also use feedback to gauge your current level of productivity. One popular method is 360-degree feedback. Using this approach, multiple sources — e.g., managers, coworkers, team members, clients — offer a well-rounded assessment. A feedback circle is often considered an unbiased and fair method of evaluating employee performance since it doesn\'t depend solely on one opinion.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Adapt this to your productivity by collecting feedback from those you work with most. Ask a coworker directly, set up a meeting with your boss, or design a survey template they can fill out at their convenience. The survey method can benefit freelancers, contractors, and others without formal performance review systems. Employees should discuss their options with their employers.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you create a survey, a few considerations can help you optimize it for success:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Explain why you need feedback and how you will use it.</li><li>Take precautions to ensure confidentiality.</li><li>Create a survey that is comprehensive but easy to complete.</li><li>Choose the right productivity measures rather than just focusing on labor hours — e.g., meeting deadlines, total output against a relevant project baseline, and other appropriate benchmarks.</li><li>Structure the assessment to discover strengths, not just deficiencies.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The feedback method can be helpful because it gives you an idea of how others perceive your productivity. However, this strategy is less objective than other methods as the feedback could be either positively or negatively biased. If you decide to use the circle of feedback method, be sure to collect feedback from various sources. This will help you get a more well-rounded view of your productivity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h3 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>5. Self-Evaluations</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">A self-evaluation is exactly what it sounds like — you evaluate your own productivity. To conduct a self-evaluation, start by looking at your current and past short-term and long-term goals. Use any metrics you’ve gathered to conduct an assessment, like a time audit or weekly work plan review. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Note how often you met your goals and how well you met them. If you didn\'t meet a goal, ask yourself why. Was it because you procrastinated? Was the goal unrealistic?&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Also, consider how you felt about your work. Did you enjoy it? Were you proud of the results? If not, why? These questions can help you identify your productivity strengths and areas where you can make changes.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Self-evaluations are helpful, but they can be challenging. It\'s essential to approach them with honesty and an openness to change. Combining several productivity measurement strategies can be beneficial as well. Using numbers and other objective metrics can help ensure you aren\'t too hard on yourself (or too lenient).&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<h2 class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Learn How to Measure Productivity and See Your Focus Rise</strong></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">These are just a few productivity measurement strategies that can help you assess your overall productivity. By combining multiple methods, you can get a well-rounded view of your productivity and identify strengths and areas for improvement. Just remember — productivity metrics are much less important than actually putting in the work to increase productivity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://rize.io/blog/how-to-measure-productivity\">click here.</a></p>\n<!-- /wp:paragraph -->','Discover How to Measure Productivity Using 5 Simple Strategies','','inherit','closed','closed','','3402-revision-v1','','','2023-09-01 09:29:55','2023-09-01 09:29:55','',3402,'http://smartinsurance.tips/?p=3404',0,'revision','',0),(3405,1,'2023-09-01 09:37:52','2023-09-01 09:37:52','<!-- wp:gallery {\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped\"><!-- wp:image {\"id\":3406,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-72-1024x536.png\" alt=\"\" class=\"wp-image-3406\"/></figure>\n<!-- /wp:image --></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Are you approaching retirement, or are you newly retired? In either case, you may be wondering how you can make the most of this next phase in your life. There are fresh opportunities, new challenges, and vital decisions to make before and during retirement, perhaps even new skills to learn.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">The key elements to a successful retirement are both practical and emotional, ranging from an adequate income to your relationships with family and friends. You may want to think carefully about some of these elements:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Good physical and mental health</li><li>An adequate income</li><li>Suitable accommodation</li><li>Family and friends</li><li>Personal relationships</li><li>Activities and interests&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Good physical and mental health</strong>&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.agewatch.net/agewatch/assets/images/successful-retire\" alt=\"Phys&amp;ment Activ\" title=\"GoPhy&amp;Men\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Not of all us are lucky enough to enjoy good health as we get older, but there are plenty of things we can do to keep ourselves in good shape and to help cope with ageing, illness or disability. These include eating a healthy diet, such as the Mediterranean diet, and taking up some form of exercise: something you enjoy such as walking, swimming, cycling or dancing. Social activities, such as joining a club, volunteering, or being an active part of the community, can also help to boost your mental wellbeing, especially if you live alone.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There are plenty of tips on our website for keeping healthy and for ageing well. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>An adequate income</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.agewatch.net/agewatch/assets/images/successf-retire\" alt=\"Good Income\" title=\"SuccessRetire\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">As pension pots are affected by fluctuations in the stock market in response to world events, maintaining an adequate income during retirement has become a significant challenge for many retirees.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">With the recent changes to the law on pensions, there are important choices to be made. For instance, should you take money from your pension pot to spend now, or would it be wiser to keep it invested in a pension for later years? This is a crucial choice, so make sure you understand the different options before you make a final decision about how to take your pension. These websites contain a wealth of information and impartial advice:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li><strong>Pensionwise</strong>, a government service from MoneyHelper, lays out your options clearly. You can also book a free online or phone appointment (0800 138 3944) for personal advice.</li><li><strong>Age UK</strong>’s website also offers valuable guidance on pensions and financial matters, and a pension calculator to help you work out how much money you\'ll need in retirement.</li><li><strong>Age Watch’s</strong> website has an article about staying financially healthy in retirement and details ways in which you can make your income stretch further. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Suitable accommodation</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.agewatch.net/agewatch/assets/images/successretir\" alt=\"Accommodation\" title=\"Successf Retire\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If you’re thinking of moving house, think about the pros and cons very carefully before you commit yourself. A life of retirement by the seaside or in a picturesque village is a dream for many, but it is easy to underestimate the emotional impact of leaving your home, family and friends, your social network, and your familiarity with your neighbourhood.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Your needs in retirement may change, and you may have to think beyond simply moving into a smaller home or moving to a new location. For instance, you should begin to consider how you would manage in later years. Do you think that in the next few years you might need more help and support to live safely and comfortably? It’s best to start thinking about such possibilities&nbsp;<em>before</em>&nbsp;they become urgent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Age UK’s comprehensive guide to housing options, titled <em>Different types of housing to suit you</em>, covers all the issues to consider if you are planning to move house later in life.<a href=\"http://www.housingcare.org/downloads/kbase/3103.pdf\"></a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Family and friends</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.agewatch.net/agewatch/assets/images/success-retir\" alt=\"FA&amp;Fr\" title=\"Famil&amp;Friend\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Another important point to remember if you’re considering retiring and moving away from your current home, is how will you build a new social circle? A 2021 Swedish study suggests that an increase in social leisure activity is related both to fewer symptoms of depression and to better well-being and mental health in older adults, thus contributing to an easier adjustment to a retired life. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><em>Social activities</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Whether we stay where we are or move to a new area, we’re fortunate in the UK to have a wide range of clubs, societies, voluntary organisations and educational opportunities, all of which provide ways of maintaining or developing new interests, while providing many opportunities to make new friends.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><em>Using technology to stay in touch</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">In these days of Skype, Facebook, WhatsApp, FaceTime or similar apps, you can stay in touch with family and friends more easily than ever before. These apps are completely free, and have easy-to-follow illustrated guides online. As they are frequently upgraded to offer additional features, be sure to look out for updates that make them more useful and even easier to use.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><em>Learning IT skills</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Age UK has details of computer courses for older beginners, and you may also be able to improve your IT skills at your local library.<a href=\"https://www.ageuk.org.uk/services/in-your-area/it-training/\"><br></a> </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Personal relationships</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image -->\n<figure class=\"wp-block-image\"><img src=\"https://www.agewatch.net/agewatch/assets/images/successful-retire-2\" alt=\"Personal Relation\" title=\"Success Retir\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">While the divorce level is generally declining, the over 65s are bucking this trend, and women are leading the way. Over the ten years from 2005–2015, the number of men divorcing over the age of 65 went up by 23%, while for women there was a 38% rise.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Retirement of one or both of you could have a big impact on your relationship with your partner/spouse. Issues and roles may need to be discussed if you’re going to be home together for most of the week. Other family members may have ideas about your retirement that you don’t share, from elderly parents demanding more attention to your offspring anticipating free child-minding while they’re at work. Issues such as these need discussing so that they don’t become problems later on.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Activities and interests</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><img width=\"476\" height=\"267\" src=\"https://www.agewatch.net/agewatch/assets/images/successful-retire-3\" alt=\"Activity &amp;Interest\"></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">‘Use it or lose it’ seems to have a measure of truth in it, both physically and mentally. There\'s some evidence – though it’s not conclusive – that some commercial brain training programmes can help keep the brain active and healthy in later life. Learning a new language, doing crosswords or starting a new hobby are other ways to keep the brain active as you get older.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">There’s also good evidence that physically active people 60 years and over have a reduced risk of all-cause mortality and improved cognitive functioning They also experience a better quality of life. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><em>Social activities</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">We’ve noted the importance of social networks after retirement, and many rewarding activities and interests become even more rewarding when done in the company of others. Try searching the Internet for ‘retirement activities’ or ‘clubs and societies’ with the name of your area. Again, Age UK lists many social activities and events for different areas. Just type your postcode into the Age UK website to see what’s on offer locally.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><em>Reading groups and writing clubs</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">Most libraries and bookshops have reading groups. Ask at your local library for details of reading groups and writers’ clubs. There are courses of all kinds if learning is your bent: some local authorities still offer a range of courses and there may be a branch of the University of the Third Age (U3A) near you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\"><em>Volunteering</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">If practical activities appeal to you, voluntary work is a popular option.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>‘Volunteering Matters’ is an organisation that offers a wide range of opportunities for everyone to use their experience and skills.</li><li>The ‘Do It’ website lists opportunities for volunteering work from animal care to woodworking, and from charity shop assistant to exhibition management. You should be able to find an opportunity that suits you.<strong> </strong></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"extra-large\"} -->\n<p class=\"has-black-color has-text-color has-extra-large-font-size\"><strong>Conclusions</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<p class=\"has-black-color has-text-color has-large-font-size\">To increase your chances of a successful retirement:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<ul class=\"has-black-color has-text-color has-large-font-size\"><li>Keep in shape mentally and physically, wherever possible.</li><li>Try to ensure an adequate income and take unbiased money advice when needed.</li><li>Think through the pros and cons of staying where you are or of moving house, including how moving might affect your relationships with family and friends.</li><li>Think through the relationship implications of spending more time at home with a spouse/partner and/or family members if you’re not going out to work.</li><li>Take advantage of the many opportunities to pursue new activities and interests, and think about doing some voluntary work. </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.agewatch.net/ageing-why-and-how/tips-for-a-successful-reiremen/\">click here.</a></p>\n<!-- /wp:paragraph -->','Tips for a Successful Retirement','','publish','closed','closed','','tips-for-a-successful-retirement','','','2023-09-01 09:37:52','2023-09-01 09:37:52','',0,'http://smartinsurance.tips/?p=3405',0,'post','',0),(3406,1,'2023-09-01 09:31:18','2023-09-01 09:31:18','','My-project-1-72','','inherit','closed','closed','','my-project-1-72','','','2023-09-01 09:31:18','2023-09-01 09:31:18','',3405,'http://smartinsurance.tips/wp-content/uploads/2023/09/My-project-1-72.png',0,'attachment','image/png',0),