(2099,1,'2022-01-07 23:34:51','2022-01-07 23:34:51','<!-- wp:gallery {\"ids\":[2049],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-13-1024x536.png\" alt=\"\" data-id=\"2049\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-13.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2049\" class=\"wp-image-2049\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Car theft is an awful experience, leaving victims anxious and worried. Finding out your car insurance covers theft may be one bright spot in this otherwise trying experience. Though many types of car insurance cover vehicle theft, whether your policy does depends on the exact terms and conditions of the coverage you\'ve chosen to purchase. And remember that even with a policy that covers vehicle theft, personal property in the stolen vehicle isn’t included. For that, claims are filed with your homeowners or renters insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Several types of car insurance exist—liability insurance won’t cover theft of the vehicle.</li><li>Comprehensive auto insurance generally covers theft as well as vandalism.</li><li>Car insurance typically doesn’t cover theft of personal property inside the car—homeowners or renters policies take care of those items.</li><li>File a police report and an insurance claim as soon as possible after a theft happens.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h2 class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-4\">Liability vs. Comprehensive Car Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-5\">Car insurance comes in a few different varieties. Liability is the most basic and is mandatory in all states except New Hampshire and Vermont. Collision insurance helps pay for additional damages in case of an accident. Neither liability nor collision coverage protects against vehicle theft.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-7\">If you’re looking for insurance that covers stolen vehicles, you need a comprehensive policy. Comprehensive vehicle insurance is often bundled with collision and other types of coverage, or you can just buy a comprehensive policy that provides coverage if your car is broken into or stolen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-9\">Other Types of Insurance May Help</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-10\">Though comprehensive generally covers vehicle theft, it covers only the car itself and not personal property left inside.&nbsp;For that, you’ll need to file a claim with your homeowners or renters insurance provider.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-12\">Most homeowners or renters policies cover theft of your personal property, even items stolen from your car. Check the exact terms and conditions of your policy so that you know what is and isn’t covered. So, be prepared to make two different insurance claims, one to your car insurance for the car itself, and another to your homeowners or renters insurance for the personal property that was inside the car.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-14\">Be aware that some homeowners insurance policies have a lower limit for property stolen when you’re not at home.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-16\">What to Do If Your Car Is Stolen</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-17\">If your car or truck is stolen, call the police and file a report immediately. The police will want basic information such as the make and model, plate number, and maybe the vehicle identification number. Then contact your insurance company to see if you\'re covered. Call your homeowners or renters insurance carrier if you think personal items were left inside the car.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-19\">Do these things without delay. Your claim will be processed quicker, and the odds that your car is found will improve.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-21\">If your claim is successful, many insurance carriers use the actual cash value (ACV)&nbsp;of your vehicle to determine your payout. The total will also depend on the terms of your policy. An adjuster from the insurance company determines the vehicle’s value based on its age, make, model, and normal wear and tear. This will also account for upgrades you have made, such as premium seats or wheels, but not accessories you can remove, such as a premium stereo or music player. When the adjuster has come up with a value for the car, you\'ll usually receive a check for that amount minus any deductible that you have on your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-24\">With a variety of car insurance policies available, remember that only some will protect you if your car is broken into or stolen. You won’t be protected with only liability or collision insurance. Only comprehensive insurance covers your car if it\'s stolen, and it won\'t cover personal property left inside. For that, you\'ll need to file a claim with the issuer of your homeowners or renters policy. Make sure to file a police report and insurance claim as soon as possible—that will expedite the process and allow you to replace your car as soon as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\"><span class=\"has-inline-color has-black-color\">To read the full article,</span> <a href=\"https://www.investopedia.com/does-car-insurance-cover-theft-5187222\">click here.</a></p>\n<!-- /wp:paragraph -->','Does Car Insurance Cover Theft?','','inherit','closed','closed','','2047-revision-v1','','','2022-01-07 23:34:51','2022-01-07 23:34:51','',2047,'http://smartinsurance.tips/?p=2099',0,'revision','',0),(2372,1,'2022-04-25 22:48:01','2022-04-25 22:48:01','<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties. Remember to factor these important ages into your retirement plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">Key Milestones for Retirement</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"fontSize\":\"medium\"} -->\n<ul class=\"has-medium-font-size\"><li>Max out retirement accounts at age 49 or younger.</li><li>Take advantage of catch-up contributions beginning at age 50.</li><li>Your 401(k) withdrawal age might be 55.</li><li>The IRA retirement age is 59 1/2.</li><li>At age 62 you are eligible to begin Social Security payments.</li><li>Medicare eligibility begins at age 65.</li><li>The Social Security full retirement age is 66 for most baby boomers.</li><li>Age 67 is the Social Security full retirement age for younger generations.</li><li>You can boost your monthly Social Security payments if you delay claiming until age 70.</li><li>The 401(k) and IRA required minimum distribution age is 72.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">Max Out Retirement Accounts at Age 49 or Younger</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Workers who begin to save for retirement early in their career are best able to take advantage of compounding investment returns. Saving in a retirement account can additionally qualify you for tax breaks and employer contributions. The 401(k) contribution limit is $19,500 in 2021. Workers can also deposit up to $6,000 in a traditional or Roth individual retirement account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">\"Roth accounts typically favor younger employees. The idea is to pay tax now at a lower rate, given your wages are expected to increase, and then have your investments grow tax-free,\" says Rick Vazza, a certified financial planner and president of Driven Wealth Management in San Diego. \"Using the traditional component of an account may be more appropriate for individuals already in peak earning years. Theoretically, they can avoid the tax in the currently high-earning years, and pay the tax at a potentially lower tax rate in retirement.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">Take Advantage of Catch-Up Contributions Beginning at Age 50</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Beginning at age 50 you can ramp up your retirement account contributions. Employees age 50 and older can make 401(k) catch-up contributions of up to $6,500 for a maximum possible 401(k) contribution of $26,000 in 2021. Those age 50 and up can also deposit an extra $1,000 in an IRA, or $7,000 in total for 2021.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">\"The increase to the contribution limit is fantastic for those who can take advantage of maxing out those contributions,\" says Laura Morganelli, a certified financial planner for Captrust in Allentown, Pennsylvania. Making catch-up contributions allows older workers to tuck additional money into retirement accounts and qualify for a bigger tax deduction in the years leading up to retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">Your 401(k) Withdrawal Age Might Be 55</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">If you leave your job in the year you turn age 55 or older, you can take penalty-free 401(k) withdrawals from the account associated with your most recent job. The rule of 55 allows you to avoid the 10% early withdrawal penalty, but income tax will still apply to each traditional 401(k) distribution. However, if you roll your 401(k) account balance over to an IRA, you will need to wait until age 59 1/2 to take IRA withdrawals without penalty.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">The IRA Retirement Age Is 59 1/2</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">The 10% early withdrawal penalty on IRA distributions ends at age 59 1/2. However, traditional IRA distributions are not required until after age 72. Income tax will be due on each withdrawal from your traditional IRA.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">At Age 62 You Are Eligible to Begin Social Security Payments</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">You can start collecting your Social Security payments at age 62. However, your monthly payments will be reduced if you begin payments at this age.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">\"If your full retirement age is 67 and you retire at 62, you are looking at a 30% per month reduction,\" says Alexandra Baig, a certified financial planner at Companions On Your Journey in Brookfield, Illinois.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Also, if you work after signing up for Social Security, your benefit checks could be temporarily withheld if you are paid more than the annual earnings limit. \"If you retire before your full retirement age and continue to work and earn more than $18,960 per year, for every $2 above this amount, Social Security will reduce your benefit by $1,\" Baig says. Once you reach your full retirement age, your Social Security benefit will be recalculated to give you credit for the benefit withholding and your continued earnings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">Medicare Eligibility Begins at Age 65</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">You can first enroll in Medicare during a seven-month period that begins three months before the month you turn 65. Take care to sign up on time, because your Medicare Part B premiums will increase by 10% for each 12-month period you were eligible for benefits but did not enroll. If you delay enrollment because you or your spouse is covered by a group health plan at work, sign up for Medicare within eight months of leaving the job or health plan to avoid the penalty.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">The Social Security Full Retirement Age Is 66 for Most Baby Boomers</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">People born between 1943 and 1954 qualify for their full Social Security benefit at age 66. The Social Security full retirement age gradually increases from 66 and two months to 66 and 10 months for those born between 1955 and 1959. For example, the full retirement age is 66 and six months for people born in 1957. Once you turn your full retirement age, you can work while receiving Social Security benefits without having any of your payments withheld.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">Age 67 Is the Social Security Full Retirement Age for Younger Generations</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">The Social Security full retirement age is 67 for workers born in 1960 or later. Millennials and younger generations need to wait until age 67 to qualify for their full Social Security benefit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">You Can Boost Your Monthly Social Security Payments if You Delay Claiming Until Age 70</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Social Security payments increase by 8% for each year you wait to start your payments between your full retirement age and age 70. After age 70, there is no additional benefit to waiting to sign up for Social Security.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">\"If you wait until after full retirement age to claim your retirement benefit, the amount you receive will be greater than your primary insurance amount,\" says Mike Piper, a certified public accountant and author of \"Social Security Made Simple.\" \"The increase is two-thirds of 1% of your primary insurance amount for each month you wait beyond full retirement age up to age 70, beyond which there is no increase for waiting.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">The 401(k) and IRA Required Minimum Distribution Age is 72</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Those over age 72 are typically required to take annual withdrawals from 401(k)s and traditional IRAs and pay the resulting income tax bill. The penalty for missing a required minimum distribution is a stiff 50% of the amount that should have been taken out.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Your first distribution must be taken by April 1 of the year after you turn 72. After that, annual withdrawals are due by Dec. 31 each year. Those who delay the first withdrawal until April will need to take two distributions in the same year, which could result in a big tax bill that year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">However, there are several exceptions to the required IRA and 401(k) withdrawal age. If you continue to work after age 72 for a company you don\'t own, you can delay 401(k) withdrawals from the retirement account at that job until you actually retire. A qualified charitable distribution from an IRA directly to a qualifying charity can also satisfy the minimum distribution requirement. Roth IRAs don\'t have withdrawal requirements in retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">To read the full article,&nbsp;<a href=\"https://money.usnews.com/money/retirement/aging/articles/10-important-ages-for-retirement-planning\">click here</a>.</p>\n<!-- /wp:paragraph -->','10 Important Ages for Retirement Planning','','inherit','closed','closed','','1789-revision-v1','','','2022-04-25 22:48:01','2022-04-25 22:48:01','',1789,'https://smartinsurance.tips/?p=2372',0,'revision','',0),(2093,1,'2022-01-07 23:20:57','2022-01-07 23:20:57','<!-- wp:image {\"id\":1792,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/07/My-Post-11-1024x536.png\" alt=\"\" class=\"wp-image-1792\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties. Remember to factor these important ages into your retirement plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">Key Milestones for Retirement</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"fontSize\":\"medium\"} -->\n<ul class=\"has-medium-font-size\"><li>Max out retirement accounts at age 49 or younger.</li><li>Take advantage of catch-up contributions beginning at age 50.</li><li>Your 401(k) withdrawal age might be 55.</li><li>The IRA retirement age is 59 1/2.</li><li>At age 62 you are eligible to begin Social Security payments.</li><li>Medicare eligibility begins at age 65.</li><li>The Social Security full retirement age is 66 for most baby boomers.</li><li>Age 67 is the Social Security full retirement age for younger generations.</li><li>You can boost your monthly Social Security payments if you delay claiming until age 70.</li><li>The 401(k) and IRA required minimum distribution age is 72.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">Max Out Retirement Accounts at Age 49 or Younger</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Workers who begin to save for retirement early in their career are best able to take advantage of compounding investment returns. Saving in a retirement account can additionally qualify you for tax breaks and employer contributions. The 401(k) contribution limit is $19,500 in 2021. Workers can also deposit up to $6,000 in a traditional or Roth individual retirement account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">\"Roth accounts typically favor younger employees. The idea is to pay tax now at a lower rate, given your wages are expected to increase, and then have your investments grow tax-free,\" says Rick Vazza, a certified financial planner and president of Driven Wealth Management in San Diego. \"Using the traditional component of an account may be more appropriate for individuals already in peak earning years. Theoretically, they can avoid the tax in the currently high-earning years, and pay the tax at a potentially lower tax rate in retirement.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">Take Advantage of Catch-Up Contributions Beginning at Age 50</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Beginning at age 50 you can ramp up your retirement account contributions. Employees age 50 and older can make 401(k) catch-up contributions of up to $6,500 for a maximum possible 401(k) contribution of $26,000 in 2021. Those age 50 and up can also deposit an extra $1,000 in an IRA, or $7,000 in total for 2021.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">\"The increase to the contribution limit is fantastic for those who can take advantage of maxing out those contributions,\" says Laura Morganelli, a certified financial planner for Captrust in Allentown, Pennsylvania. Making catch-up contributions allows older workers to tuck additional money into retirement accounts and qualify for a bigger tax deduction in the years leading up to retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">Your 401(k) Withdrawal Age Might Be 55</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">If you leave your job in the year you turn age 55 or older, you can take penalty-free 401(k) withdrawals from the account associated with your most recent job. The rule of 55 allows you to avoid the 10% early withdrawal penalty, but income tax will still apply to each traditional 401(k) distribution. However, if you roll your 401(k) account balance over to an IRA, you will need to wait until age 59 1/2 to take IRA withdrawals without penalty.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">The IRA Retirement Age Is 59 1/2</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">The 10% early withdrawal penalty on IRA distributions ends at age 59 1/2. However, traditional IRA distributions are not required until after age 72. Income tax will be due on each withdrawal from your traditional IRA.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">At Age 62 You Are Eligible to Begin Social Security Payments</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">You can start collecting your Social Security payments at age 62. However, your monthly payments will be reduced if you begin payments at this age.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">\"If your full retirement age is 67 and you retire at 62, you are looking at a 30% per month reduction,\" says Alexandra Baig, a certified financial planner at Companions On Your Journey in Brookfield, Illinois.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Also, if you work after signing up for Social Security, your benefit checks could be temporarily withheld if you are paid more than the annual earnings limit. \"If you retire before your full retirement age and continue to work and earn more than $18,960 per year, for every $2 above this amount, Social Security will reduce your benefit by $1,\" Baig says. Once you reach your full retirement age, your Social Security benefit will be recalculated to give you credit for the benefit withholding and your continued earnings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">Medicare Eligibility Begins at Age 65</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">You can first enroll in Medicare during a seven-month period that begins three months before the month you turn 65. Take care to sign up on time, because your Medicare Part B premiums will increase by 10% for each 12-month period you were eligible for benefits but did not enroll. If you delay enrollment because you or your spouse is covered by a group health plan at work, sign up for Medicare within eight months of leaving the job or health plan to avoid the penalty.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">The Social Security Full Retirement Age Is 66 for Most Baby Boomers</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">People born between 1943 and 1954 qualify for their full Social Security benefit at age 66. The Social Security full retirement age gradually increases from 66 and two months to 66 and 10 months for those born between 1955 and 1959. For example, the full retirement age is 66 and six months for people born in 1957. Once you turn your full retirement age, you can work while receiving Social Security benefits without having any of your payments withheld.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">Age 67 Is the Social Security Full Retirement Age for Younger Generations</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">The Social Security full retirement age is 67 for workers born in 1960 or later. Millennials and younger generations need to wait until age 67 to qualify for their full Social Security benefit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">You Can Boost Your Monthly Social Security Payments if You Delay Claiming Until Age 70</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Social Security payments increase by 8% for each year you wait to start your payments between your full retirement age and age 70. After age 70, there is no additional benefit to waiting to sign up for Social Security.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">\"If you wait until after full retirement age to claim your retirement benefit, the amount you receive will be greater than your primary insurance amount,\" says Mike Piper, a certified public accountant and author of \"Social Security Made Simple.\" \"The increase is two-thirds of 1% of your primary insurance amount for each month you wait beyond full retirement age up to age 70, beyond which there is no increase for waiting.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">The 401(k) and IRA Required Minimum Distribution Age is 72</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Those over age 72 are typically required to take annual withdrawals from 401(k)s and traditional IRAs and pay the resulting income tax bill. The penalty for missing a required minimum distribution is a stiff 50% of the amount that should have been taken out.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Your first distribution must be taken by April 1 of the year after you turn 72. After that, annual withdrawals are due by Dec. 31 each year. Those who delay the first withdrawal until April will need to take two distributions in the same year, which could result in a big tax bill that year.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">However, there are several exceptions to the required IRA and 401(k) withdrawal age. If you continue to work after age 72 for a company you don\'t own, you can delay 401(k) withdrawals from the retirement account at that job until you actually retire. A qualified charitable distribution from an IRA directly to a qualifying charity can also satisfy the minimum distribution requirement. Roth IRAs don\'t have withdrawal requirements in retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">To read the full article,&nbsp;<a href=\"https://money.usnews.com/money/retirement/aging/articles/10-important-ages-for-retirement-planning\">click here</a>.</p>\n<!-- /wp:paragraph -->','10 Important Ages for Retirement Planning','','inherit','closed','closed','','1789-revision-v1','','','2022-01-07 23:20:57','2022-01-07 23:20:57','',1789,'http://smartinsurance.tips/?p=2093',0,'revision','',0);
INSERT INTO `smart_posts` VALUES (2085,1,'2022-01-07 21:58:51','2022-01-07 21:58:51','<!-- wp:gallery {\"ids\":[2082],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-15-1024x536.png\" alt=\"\" data-id=\"2082\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-15.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2082\" class=\"wp-image-2082\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-1\"><span class=\"has-inline-color has-black-color\">The sound of hail pounding on your roof is enough to wake you from a sound sleep. And when the storm clouds clear, you may find what homeowners dread: roof damage. Hailstorms can strike almost anywhere, but they are most prevalent in certain parts of the country.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><span class=\"has-inline-color has-black-color\">Key takeaways:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Hail damage is created when hail dents cracks, splits, or makes holes in a roof.&nbsp;</li><li>Most homeowners policies cover hail damage up to a certain dollar limit.&nbsp;</li><li>Hail damage may not be covered if the roof required repairs before the hail event.&nbsp;</li><li>Notify your insurer as soon as you realize your roof has suffered damage from hail.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-4\"><span class=\"has-inline-color has-black-color\">Most homeowners policies cover roof damage caused by hail along with related water damage to your home’s structure or contents. But you can’t take your coverage for granted. Before disaster strikes, you need to know if your home insurance policy will cover a hail-damaged roof, under what circumstances it won’t provide coverage, and your policy\'s coverage limits.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-8\">What Is Hail Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-10\"><span class=\"has-inline-color has-black-color\">Hail damage to your roof can take several different forms depending on t</span>he type of roof your home has. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-13\"><li><strong>Asphalt shingle or composite shingle</strong>: Round, dark impact marks may appear with few granules. The damaged shingles may feel soft, and you may notice exposed felt.</li><li><strong>Wood shingles</strong>: You may see dents and splits in the wood, with noticeable brown or orange spots inside the splits.</li><li><strong>Metal</strong>: Roof panels, gutters, and vents may display dents.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Tip: Inspect your roof regularly, particularly following a hailstorm.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-17\">What Are the Hazards of Hail Damage to Roofs?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-19\">A damaged roof can allow water to leak into underlying materials affecting roofing plywood and insulation. Water can seep into ceilings and walls, damaging paint and sheetrock. Unchecked leaks can lead to mold and mildew, which can spread beyond structural materials to clothing and furniture. Water-damaged structural elements, such as ceiling joists and wall studs, may rot, causing a ceiling to collapse.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-22\">Water can also seep into your home’s electrical components, like ceiling fans, lights, and wall sockets, causing electrical damage that may create a fire hazard.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Sudden, unexpected hailstorms can occur almost anywhere, but they’re most prevalent in Great Plains and Midwest states.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-27\">How To Prevent Hail Damage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-29\"><li>Install a new roof when recommended. Replacing a roof that\'s too far gone can create a hazard for workers, which could lead to a lawsuit. Before hiring a contractor, make sure your&nbsp;home insurance policy&nbsp;has sufficient liability coverage.</li><li>Install storm shutters on doors and windows.</li><li>Replace your roof with hail-resistant materials such as Class 4 shingles, coated metals, or synthetic slate.</li><li>Replace old roof fixtures such as skylights and vents, which can easily sustain hail damage and lead to leaks.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-31\">Is Hail Damage to Your Roof Covered by Homeowners Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-33\">The most common type of home insurance for owner-occupied houses is called an HO-3. Typically, HO-3 policies cover damage caused by hail. Usually,&nbsp;homeowners policies&nbsp;pay replacement costs for dwelling losses. For example, if your roof is destroyed in a hailstorm and costs $20,000 to replace, your policy will pay up to $20,000, minus your&nbsp;deductible, for the repair.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-36\">Some home insurance policies may limit roof replacement claims. For instance, if your policy places limits on cosmetic damages, it may only pay to replace damaged roof shingles, which may not match the rest of the roof. In states prone to hailstorms, homeowners policies may also feature a separate deductible for&nbsp;hazards&nbsp;such as hail or wind.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-39\">For homes with older roofs, insurers sometimes limit roof coverage to actual cash value, which will apply a depreciated value paid for damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-42\">When Is Hail Damaged Not Covered?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-44\"><span class=\"has-inline-color has-black-color\">While a roof may appear hail damaged, another culprit may be to blame, particularly neglect. Sunlight and harsh weather can make shingles brittle, making them appear damaged. Or the shingles may begin to blister, crack, or show signs of granule loss due to age. These types of damages are considered normal wear and tear, which insurers typically don’t cover. </span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><span class=\"has-inline-color has-black-color\">Note: If hail damages an old roof that should have already been replaced, an insurance adjuster may deny a claim. However, if hail damages your roof and causes water damage inside your home, your policy may cover interior structural and contents losses.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-49\"><span class=\"has-inline-color has-black-color\">Insurance companies usually deny claims on houses that have been vacant for more than 60 days. Some carriers may discontinue coverage of a vacant home, while others may continue limited coverage for specific perils. However, some insurers offer vacant home insurance, which may cover hail and wind damage.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-52\"><span class=\"has-inline-color has-black-color\">You can’t file a roof claim if the damage is less than your policy’s deductible. For example, if your policy has a $1,000 deductible, you can’t file a $500 roof claim. Homes in high-risk areas may have a separate hail deductible. So if your hail damage deductible is $2,000, you can only file a claim when damages exceed $2,000.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-54\">How To File a Hail Damage Insurance Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-56\"><span class=\"has-inline-color has-black-color\">The claims filing process can vary by insurance provider. But in all cases, you need to file a claim promptly and supply sufficient documentation to verify the damage.</span> </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-59\"><span class=\"has-inline-color has-black-color\">Review Your Homeowners Insurance</span> Policy </h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-61\">It’s best to know what your home insurance policy does and doesn’t cover before you need to file a claim. When a hailstorm strikes, review the fine print of your policy’s coverages and exclusions. Coverages A and B cover losses to your home’s main structure and attached structures—like a garage—and coverage C covers personal property such as furniture and clothing.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-64\"><span class=\"has-inline-color has-black-color\">Be Prompt</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-66\">The fine print of your homeowners policy may instruct you to contact the insurer or its agent promptly after damage occurs. If you’re unsure how quickly you must file, ask a company representative if a time limit applies. You should also file a claim promptly to avoid undue additional damage. Damaged roof materials can degrade further, so it’s important for an adjuster to examine the damage when it is fresh.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-69\"><span class=\"has-inline-color has-black-color\">Assess the</span> <span class=\"has-inline-color has-black-color\">Damage </span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-71\"><span class=\"has-inline-color has-black-color\">If you are unsure if your roof has sustained enough damage to file a claim, you might need to hire a contractor to assess the losses. Depending on your policy’s deductible, excessive granule loss on shingles, dents to metal roof panels and gutters, and cracked or dented skylights and vents often indicate a valid claim.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-74\">Take pictures or videos of all damages. Oftentimes, roof damage can cause leaks that ruin interior floors and furnishings. In your claim, include all damages to your home’s structure and its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-77\">Y<span class=\"has-inline-color has-black-color\">ou may need to take immediate steps to prevent further damage. For example, cover a damaged section of roof to prevent rainwater from entering your home. Also, throw away soaked items such as carpeting, which can cause a mold hazard. Always take these preventative steps before an adjuster arrives to inspect the damages. </span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-80\"><span class=\"has-inline-color has-black-color\">Get an Estimate </span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-82\">Some insurers assign a claims handler or insurance adjuster to home insurance claims. Typically, the representative will assess the damages and give you an estimate of repair costs. If the insurer requires you to get an estimate, you may need to choose a contractor from the company’s approved vendor list. Always choose a licensed contractor to assess damages.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-85\"><span class=\"has-inline-color has-black-color\">Keep Track of the Claim</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-87\"><span class=\"has-inline-color has-black-color\">After filing a claim, you need to stay involved until it’s paid and your home is restored. Maintain regular contact with the insurance adjuster and contractor. Take notes every time you speak with an insurance representative. If you don’t understand something about the process, get answers from the insurance company. Save receipts for damage-related expenses, for which the insurer may offer reimbursement. Continue to inspect your home for subsequent damage, such as leaks or mold caused by the initial hail damage.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-89\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-91\"><span class=\"has-inline-color has-black-color\">Is hail damage to the roof covered by homeowners insurance? </span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-93\"><span class=\"has-inline-color has-black-color\">Most home insurance policies cover hail damage. If you have an older roof, the insurer may only pay actual cash value, which applies depreciation, to a repair or replacement payout.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-96\"><span class=\"has-inline-color has-black-color\">Do all homeowners insurance policies cover hail damage?</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-98\"><span class=\"has-inline-color has-black-color\">HO-3 home insurance policies are the most common on the market. HO-3 policies cover all perils unless those perils are specifically excluded. However, insurers will not cover damages caused by normal wear and tear. And if your roof needed replacing before the hail damage occurred, your carrier may refuse to repair or replace it.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-101\"><span class=\"has-inline-color has-black-color\">How do I start the hail damage insurance claims process? </span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-103\"><span class=\"has-inline-color has-black-color\">Each insurance provider has its own claims filing process. Before filing a claim, assess the damage, looking for patterned granule loss on asphalt or composite shingles, or dents on metal roofs, gutters, skylights, and roof vents. If the roof has sustained enough damage to warrant a claim, file it.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-106\"><span class=\"has-inline-color has-black-color\">Is there a time limit to make a hail damage insurance claim?</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-108\">Claims filing time limits can vary by insurer. Your policy’s fine print may instruct you to file promptly or specify a specific time limit. It’s best to contact your insurer immediately and get the claims process started because roof hail damage can lead to leaks that can destroy your home’s structure and, in some cases, its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/is-hail-damage-to-your-roof-covered-by-homeowners-insurance-5193673\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Is Hail Damage to Your Roof Covered by Homeowners Insurance?','','inherit','closed','closed','','2081-revision-v1','','','2022-01-07 21:58:51','2022-01-07 21:58:51','',2081,'http://smartinsurance.tips/?p=2085',0,'revision','',0),(2087,1,'2022-01-07 23:05:56','2022-01-07 23:05:56','<!-- wp:gallery {\"ids\":[2082],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-15-1024x536.png\" alt=\"\" data-id=\"2082\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-15.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2082\" class=\"wp-image-2082\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-1\"><span class=\"has-inline-color has-black-color\">The sound of hail pounding on your roof is enough to wake you from a sound sleep. And when the storm clouds clear, you may find what homeowners dread: roof damage. Hailstorms can strike almost anywhere, but they are most prevalent in certain parts of the country.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><span class=\"has-inline-color has-black-color\">Key takeaways:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Hail damage is created when hail dents cracks, splits, or makes holes in a roof.&nbsp;</li><li>Most homeowners policies cover hail damage up to a certain dollar limit.&nbsp;</li><li>Hail damage may not be covered if the roof required repairs before the hail event.&nbsp;</li><li>Notify your insurer as soon as you realize your roof has suffered damage from hail.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-4\"><span class=\"has-inline-color has-black-color\">Most homeowners policies cover roof damage caused by hail along with related water damage to your home’s structure or contents. But you can’t take your coverage for granted. Before disaster strikes, you need to know if your home insurance policy will cover a hail-damaged roof, under what circumstances it won’t provide coverage, and your policy\'s coverage limits.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-8\">What Is Hail Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-10\"><span class=\"has-inline-color has-black-color\">Hail damage to your roof can take several different forms depending on t</span>he type of roof your home has.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-13\"><li><strong>Asphalt shingle or composite shingle</strong>: Round, dark impact marks may appear with few granules. The damaged shingles may feel soft, and you may notice exposed felt.</li><li><strong>Wood shingles</strong>: You may see dents and splits in the wood, with noticeable brown or orange spots inside the splits.</li><li><strong>Metal</strong>: Roof panels, gutters, and vents may display dents.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Tip: Inspect your roof regularly, particularly following a hailstorm.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-17\">What Are the Hazards of Hail Damage to Roofs?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-19\">A damaged roof can allow water to leak into underlying materials affecting roofing plywood and insulation. Water can seep into ceilings and walls, damaging paint and sheetrock. Unchecked leaks can lead to mold and mildew, which can spread beyond structural materials to clothing and furniture. Water-damaged structural elements, such as ceiling joists and wall studs, may rot, causing a ceiling to collapse.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-22\">Water can also seep into your home’s electrical components, like ceiling fans, lights, and wall sockets, causing electrical damage that may create a fire hazard.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Important: Sudden, unexpected hailstorms can occur almost anywhere, but they’re most prevalent in Great Plains and Midwest states.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-27\">How To Prevent Hail Damage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-29\"><li>Install a new roof when recommended. Replacing a roof that\'s too far gone can create a hazard for workers, which could lead to a lawsuit. Before hiring a contractor, make sure your&nbsp;home insurance policy&nbsp;has sufficient liability coverage.</li><li>Install storm shutters on doors and windows.</li><li>Replace your roof with hail-resistant materials such as Class 4 shingles, coated metals, or synthetic slate.</li><li>Replace old roof fixtures such as skylights and vents, which can easily sustain hail damage and lead to leaks.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-31\">Is Hail Damage to Your Roof Covered by Homeowners Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-33\">The most common type of home insurance for owner-occupied houses is called an HO-3. Typically, HO-3 policies cover damage caused by hail. Usually,&nbsp;homeowners policies&nbsp;pay replacement costs for dwelling losses. For example, if your roof is destroyed in a hailstorm and costs $20,000 to replace, your policy will pay up to $20,000, minus your&nbsp;deductible, for the repair.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-36\">Some home insurance policies may limit roof replacement claims. For instance, if your policy places limits on cosmetic damages, it may only pay to replace damaged roof shingles, which may not match the rest of the roof. In states prone to hailstorms, homeowners policies may also feature a separate deductible for&nbsp;hazards&nbsp;such as hail or wind.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-39\">For homes with older roofs, insurers sometimes limit roof coverage to actual cash value, which will apply a depreciated value paid for damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-42\">When Is Hail Damaged Not Covered?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-44\"><span class=\"has-inline-color has-black-color\">While a roof may appear hail damaged, another culprit may be to blame, particularly neglect. Sunlight and harsh weather can make shingles brittle, making them appear damaged. Or the shingles may begin to blister, crack, or show signs of granule loss due to age. These types of damages are considered normal wear and tear, which insurers typically don’t cover.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><span class=\"has-inline-color has-black-color\">Note: If hail damages an old roof that should have already been replaced, an insurance adjuster may deny a claim. However, if hail damages your roof and causes water damage inside your home, your policy may cover interior structural and contents losses.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-49\"><span class=\"has-inline-color has-black-color\">Insurance companies usually deny claims on houses that have been vacant for more than 60 days. Some carriers may discontinue coverage of a vacant home, while others may continue limited coverage for specific perils. However, some insurers offer vacant home insurance, which may cover hail and wind damage.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-52\"><span class=\"has-inline-color has-black-color\">You can’t file a roof claim if the damage is less than your policy’s deductible. For example, if your policy has a $1,000 deductible, you can’t file a $500 roof claim. Homes in high-risk areas may have a separate hail deductible. So if your hail damage deductible is $2,000, you can only file a claim when damages exceed $2,000.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-54\">How To File a Hail Damage Insurance Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-56\"><span class=\"has-inline-color has-black-color\">The claims filing process can vary by&nbsp;insurance provider. But in all cases, you need to file a claim promptly and supply sufficient documentation to verify the damage.</span>&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-59\"><span class=\"has-inline-color has-black-color\">Review Your Homeowners Insurance</span> Policy&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-61\">It’s best to know what your home insurance policy does and doesn’t cover before you need to file a claim. When a hailstorm strikes, review the fine print of your policy’s coverages and exclusions. Coverages A and B cover losses to your home’s main structure and attached structures—like a garage—and coverage C covers personal property such as furniture and clothing.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-64\"><span class=\"has-inline-color has-black-color\">Be Prompt</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-66\">The fine print of your homeowners policy may instruct you to contact the insurer or its agent promptly after damage occurs. If you’re unsure how quickly you must file, ask a company representative if a time limit applies. You should also file a claim promptly to avoid undue additional damage. Damaged roof materials can degrade further, so it’s important for an adjuster to examine the damage when it is fresh.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-69\"><span class=\"has-inline-color has-black-color\">Assess the</span> <span class=\"has-inline-color has-black-color\">Damage&nbsp;</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-71\"><span class=\"has-inline-color has-black-color\">If you are unsure if your roof has sustained enough damage to file a claim, you might need to hire a contractor to assess the losses. Depending on your policy’s deductible, excessive granule loss on shingles, dents to metal roof panels and gutters, and cracked or dented skylights and vents often indicate a valid claim.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-74\">Take pictures or videos of all damages. Oftentimes, roof damage can cause leaks that ruin interior floors and furnishings. In your claim, include all damages to your home’s structure and its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-77\">Y<span class=\"has-inline-color has-black-color\">ou may need to take immediate steps to prevent further damage. For example, cover a damaged section of roof to prevent rainwater from entering your home. Also, throw away soaked items such as carpeting, which can cause a mold hazard. Always take these preventative steps before an adjuster arrives to inspect the damages.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-80\"><span class=\"has-inline-color has-black-color\">Get an Estimate&nbsp;</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-82\">Some insurers assign a claims handler or insurance adjuster to home insurance claims. Typically, the representative will assess the damages and give you an estimate of repair costs. If the insurer requires you to get an estimate, you may need to choose a contractor from the company’s approved vendor list. Always choose a licensed contractor to assess damages.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-85\"><span class=\"has-inline-color has-black-color\">Keep Track of the Claim</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-87\"><span class=\"has-inline-color has-black-color\">After filing a claim, you need to stay involved until it’s paid and your home is restored. Maintain regular contact with the insurance adjuster and contractor. Take notes every time you speak with an insurance representative. If you don’t understand something about the process, get answers from the insurance company. Save receipts for damage-related expenses, for which the insurer may offer reimbursement. Continue to inspect your home for subsequent damage, such as leaks or mold caused by the initial hail damage.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-89\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-91\"><span class=\"has-inline-color has-black-color\">Is hail damage to the roof covered by homeowners insurance?&nbsp;</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-93\"><span class=\"has-inline-color has-black-color\">Most home insurance policies cover hail damage. If you have an older roof, the insurer may only pay actual cash value, which applies depreciation, to a repair or replacement payout.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-96\"><span class=\"has-inline-color has-black-color\">Do all homeowners insurance policies cover hail damage?</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-98\"><span class=\"has-inline-color has-black-color\">HO-3 home insurance policies are the most common on the market. HO-3 policies cover all perils unless those perils are specifically excluded. However, insurers will not cover damages caused by normal wear and tear. And if your roof needed replacing before the hail damage occurred, your carrier may refuse to repair or replace it.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-101\"><span class=\"has-inline-color has-black-color\">How do I start the hail damage insurance claims process?&nbsp;</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-103\"><span class=\"has-inline-color has-black-color\">Each insurance provider has its own claims filing process. Before filing a claim, assess the damage, looking for patterned granule loss on asphalt or composite shingles, or dents on metal roofs, gutters, skylights, and roof vents. If the roof has sustained enough damage to warrant a claim, file it.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-106\"><span class=\"has-inline-color has-black-color\">Is there a time limit to make a hail damage insurance claim?</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-108\">Claims filing time limits can vary by insurer. Your policy’s fine print may instruct you to file promptly or specify a specific time limit. It’s best to contact your insurer immediately and get the claims process started because roof hail damage can lead to leaks that can destroy your home’s structure and, in some cases, its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/is-hail-damage-to-your-roof-covered-by-homeowners-insurance-5193673\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Is Hail Damage to Your Roof Covered by Homeowners Insurance?','','inherit','closed','closed','','2081-revision-v1','','','2022-01-07 23:05:56','2022-01-07 23:05:56','',2081,'http://smartinsurance.tips/?p=2087',0,'revision','',0),(2090,1,'2022-01-07 23:16:02','2022-01-07 23:16:02','<!-- wp:gallery {\"ids\":[2052],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-14-1024x536.png\" alt=\"\" data-id=\"2052\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-14.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2052\" class=\"wp-image-2052\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p><span class=\"has-inline-color has-black-color\">This type of auto insurance can cover your medical bills after an accident. No-fault insurance is designed to cover your medical expenses and/or loss of income when you\'re involved in a car accident, regardless of who was at fault. Some states require drivers to carry no-fault auto insurance, while others make this coverage optional. No-fault insurance is sometimes referred to as personal injury protection, or PIP.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><span class=\"has-inline-color has-black-color\">Key takeways:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li><span class=\"has-inline-color has-black-color\">No-fault car insurance, sometimes referred to as personal injury protection (PIP), can pay your and your passengers\' medical expenses if you\'re involved in an accident. </span></li><li><span class=\"has-inline-color has-black-color\">With a no-fault policy, you submit your claim to your own insurance company, not the other driver\'s.</span></li><li><span class=\"has-inline-color has-black-color\">No-fault insurance is mandatory in some states and optional in others. </span></li><li><span class=\"has-inline-color has-black-color\">Even if you aren\'t required to have no-fault insurance, you must still have bodily injury and property damage liability coverage in virtually every state. </span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-4\"><span class=\"has-inline-color has-black-color\">What Is No-Fault</span> <span class=\"has-inline-color has-black-color\">Insurance?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-5\">In most states, when a car accident occurs, the drivers\' insurance companies attempt to determine who was at fault for causing it. So if you\'re in an accident and it\'s determined that the other driver caused it, you could file a claim against their insurance for any injuries or damages you sustained.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-7\"><span class=\"has-inline-color has-black-color\">No-fault insurance doesn\'t consider who\'s at fault in a car accident when paying medical claims. Instead of filing a claim with the other driver\'s insurance company, you\'d file it with your own insurer. It will then evaluate your claim and pay out damages to you, based on the extent of your financial losses.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-9\"><span class=\"has-inline-color has-black-color\">Which States Have No-Fault Insurance?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-10\"><span class=\"has-inline-color has-black-color\">Currently, 12 states—Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, and Utah—plus Puerto Rico have some form of mandatory no-fault insurance law, according to the Insurance Information Institute. It is also available on an optional basis in some other states.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-12\"><span class=\"has-inline-color has-black-color\">While the laws vary from state to state, the industry divides them into three basic types: \"pure\" or \"true\" no-fault, choice no-fault, and add-on no-fault.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-14\"><span class=\"has-inline-color has-black-color\">\"Pure\" or \"True\" No-Fault States</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-15\"><span class=\"has-inline-color has-black-color\">\"Pure\" (or \"true\") no-fault refers to policies where the driver\'s insurance will pay first-party benefits to the driver and their passengers and where drivers are restricted in their right to sue. First-party benefits means that the driver\'s insurance company will cover their medical and other expenses regardless of who is responsible in an accident. The following states (plus the territory of Puerto Rico) have pure no-fault laws:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-17\"><li><span class=\"has-inline-color has-black-color\">Florida</span></li><li><span class=\"has-inline-color has-black-color\">Hawaii</span></li><li><span class=\"has-inline-color has-black-color\">Kansas</span></li><li><span class=\"has-inline-color has-black-color\">Kentucky</span></li><li><span class=\"has-inline-color has-black-color\">Massachusetts</span></li><li><span class=\"has-inline-color has-black-color\">Michigan</span></li><li><span class=\"has-inline-color has-black-color\">Minnesota</span></li><li><span class=\"has-inline-color has-black-color\">New Jersey</span></li><li><span class=\"has-inline-color has-black-color\">New York</span></li><li><span class=\"has-inline-color has-black-color\">North Dakota</span></li><li><span class=\"has-inline-color has-black-color\">Pennsylvania</span></li><li><span class=\"has-inline-color has-black-color\">Puerto Rico</span></li><li><span class=\"has-inline-color has-black-color\">Utah</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-19\"><span class=\"has-inline-color has-black-color\">Choice No-Fault States</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-20\"><span class=\"has-inline-color has-black-color\">Choice no-fault refers to states that offer residents a choice of pure no-fault and a traditional automobile insurance policy that doesn\'t restrict their right to sue. These states (which also appear on the list above for offering pure no-fault) allow drivers that choice:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-22\"><li><span class=\"has-inline-color has-black-color\">Kentucky</span></li><li><span class=\"has-inline-color has-black-color\">New Jersey</span></li><li><span class=\"has-inline-color has-black-color\">Pennsylvania</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 id=\"mntl-sc-block_1-0-24\"><span class=\"has-inline-color has-black-color\">Add-on No-Fault States</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-25\"><span class=\"has-inline-color has-black-color\">Add-on no-fault policies are a sort of hybrid. Like a traditional auto policy, drivers are free to sue, but first-party coverage can be added on to the policy, meaning that their own insurance company will pay their medical and other expenses. The following states (and the District of Columbia) have add-on no-fault laws:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-27\"><li><span class=\"has-inline-color has-black-color\">Arkansas</span></li><li><span class=\"has-inline-color has-black-color\">Delaware</span></li><li><span class=\"has-inline-color has-black-color\">District of Columbia</span></li><li><span class=\"has-inline-color has-black-color\">Maryland</span></li><li><span class=\"has-inline-color has-black-color\">New Hampshire</span></li><li><span class=\"has-inline-color has-black-color\">Oregon</span></li><li><span class=\"has-inline-color has-black-color\">South Dakota</span></li><li><span class=\"has-inline-color has-black-color\">Texas</span></li><li><span class=\"has-inline-color has-black-color\">Virginia</span></li><li><span class=\"has-inline-color has-black-color\">Washington</span></li><li><span class=\"has-inline-color has-black-color\">Wisconsin</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-29\"><span class=\"has-inline-color has-black-color\">It\'s also worth noting that these laws are subject to legislative change. Colorado and Connecticut, for example, passed no-fault laws in the 1970s, only to repeal them several decades later. Pennsylvania also passed a no-fault law in the 1970s, repealed it in the 1980s, and then restored it in 1990.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-31\"><span class=\"has-inline-color has-black-color\">How No-Fault Insurance Works?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-32\"><span class=\"has-inline-color has-black-color\">No-fault insurance is intended to reduce the demands on the court system associated with car accident-related lawsuits. States with no-fault laws generally allow you to sue for severe injuries or pain and suffering only when damages meet certain thresholds.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-34\"><span class=\"has-inline-color has-black-color\">A typical no-fault car insurance policy will consist of:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul id=\"mntl-sc-block_1-0-36\"><li><span class=\"has-inline-color has-black-color\">Bodily injury liability (BI) coverage</span></li><li><span class=\"has-inline-color has-black-color\">Property damage liability (PD) coverage</span></li><li><span class=\"has-inline-color has-black-color\">Personal injury protection (PIP) coverage</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-38\"><span class=\"has-inline-color has-black-color\">Liability coverage is mandatory in all 50 states except New Hampshire. In that state, drivers still have to furnish proof of financial responsibility in order to drive without liability insurance.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-40\"><span class=\"has-inline-color has-black-color\">The liability portion of a no-fault insurance policy covers two distinct things: property damage and injuries caused to others. Property damage liability pays for damages to someone else\'s vehicle or other property in an accident you cause. Bodily injury liability coverage pays for medical expenses and related costs if you injure someone in an accident where you\'re found to be at fault. Your policy can have both a per-person bodily injury liability limit and a per-accident bodily injury liability limit.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-42\">Neither of those coverages pays for your own medical expenses or those of your passengers if you\'re involved in an accident. That\'s where the personal injury protection (PIP) component of a no-fault policy comes in.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-44\"><span class=\"has-inline-color has-black-color\">Personal injury protection insurance allows you to file a claim for medical expenses or other costs resulting from a car accident, regardless of who was at fault. Depending on your policy, PIP coverage may also pay for lost wages or reimburse you if you have to hire someone to handle routine household chores for you while you\'re recovering from an injury.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-46\"><span class=\"has-inline-color has-black-color\">Each state specifies a minimum amount of personal injury protection coverage that you\'re required to have as part of a no-fault policy. For example, you may need to have $10,000, $20,000, or up to $50,000 in PIP coverage. Minimum coverage amounts also apply to bodily injury liability and property damage liability insurance.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-48\"><span class=\"has-inline-color has-black-color\">States also have different rules on what no-fault policies will pay for. In Michigan, for example, PIP insurance will cover all reasonably necessary medical expenses, with no maximum limit. It also pays up to 85% of lost wages if you\'re unable to work because of an accident-related injury. In New York, PIP coverage is capped at $50,000 per person and the lost wages payout is 80% of income, up to a maximum payout of $2,000 per month.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><span class=\"has-inline-color has-black-color\">Important: Some states also make other types of insurance mandatory, including underinsured/uninsured motorist coverage and/or collision and comprehensive coverage. </span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-52\"><span class=\"has-inline-color has-black-color\">Filing a No-Fault Insurance Claim</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-53\"><span class=\"has-inline-color has-black-color\">If you\'re involved in a car accident and you have no-fault insurance, the first thing you\'ll need to decide is whether to file a claim at all. Filing a claim may be necessary if you or a passenger in your vehicle were injured. </span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-55\"><span class=\"has-inline-color has-black-color\">Since this is no-fault insurance, you\'d contact your insurance company to file any injury-related claim. You would need to provide details about the accident and the extent of your injuries, as well as documentation of your medical expenses or lost wages. </span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-57\"><span class=\"has-inline-color has-black-color\">The insurance company would then process your claim and pay for your expenses, according to the coverage limits established by your policy. An advantage of no-fault insurance is that since there\'s no need to prove fault, claims can be paid much faster. </span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-59\"><span class=\"has-inline-color has-black-color\">But it\'s important to remember that no-fault insurance policies have their limitations. In particular, no-fault insurance typically doesn\'t pay damages for pain and suffering. As mentioned earlier, some no-fault states do allow you to sue a negligent driver for pain and suffering, but you may only be able to do so in cases involving severe injuries.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><span class=\"has-inline-color has-black-color\">Important: Some states impose a set time frame for how long you have to file a no-fault claim following an accident. </span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-63\"><span class=\"has-inline-color has-black-color\">How to Buy No-Fault Insurance?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-64\"><span class=\"has-inline-color has-black-color\">If you live in a state that requires no-fault insurance, there are a few things to know about purchasing it. </span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-66\"><span class=\"has-inline-color has-black-color\">First, you\'ll need to know the minimum coverage amounts your state requires for PIP insurance as well as liability insurance. Then, consider whether those minimums are sufficient. You can always choose to purchase more PIP coverage or liability coverage if needed. Just bear in mind that more coverage will mean higher premiums. </span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-68\"><span class=\"has-inline-color has-black-color\">Next, check to see whether there\'s a cap on medical expenses, what (if anything) the policy will pay for lost wages, and whether it covers other expenses, such as in-home help. </span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-70\"><span class=\"has-inline-color has-black-color\">Also, consider who the policy will cover. In Michigan, for example, a no-fault insurance policy can cover your entire family. So if your teenage son is injured in an accident while riding as a passenger in a friend\'s car, your PIP coverage would still pay for his medical expenses.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-72\"><span class=\"has-inline-color has-black-color\">Finally, ask about discounts that could help make your coverage more affordable. Safe driving discounts or bundling your car insurance with your homeowners insurance at the same company, for example, can help lower your costs. </span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><span class=\"has-inline-color has-black-color\">To read the full article,</span> <a href=\"https://www.investopedia.com/what-is-no-fault-insurance-and-do-you-need-it-5089251\">click here.</a></p>\n<!-- /wp:paragraph -->','No-Fault Insurance','','inherit','closed','closed','','2051-revision-v1','','','2022-01-07 23:16:02','2022-01-07 23:16:02','',2051,'http://smartinsurance.tips/?p=2090',0,'revision','',0),(2097,1,'2022-01-07 23:30:00','2022-01-07 23:30:00','<!-- wp:gallery {\"ids\":[2071],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-29-1024x536.png\" alt=\"\" data-id=\"2071\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-29.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2071\" class=\"wp-image-2071\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">You\'d be surprised how many people brush off roadside assistance as too expensive or unnecessary. Maybe it\'s because they feel they have the tools and knowledge to&nbsp;jumpstart a car or change a flat tire on their own. However, roadside assistance is actually much more than just that—and is likely not nearly as expensive as you </span>might think.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">I vividly remember the first time I used roadside assistance for something other than a dead battery. My Ford Escape was stuck in a huge pile of snow. Do you know what that\'s like? You park your car between a few piles of snow, thinking it won\'t be that hard to get it out—but then the plow truck drives by, piling more snow around your car. Then it happens again and again and again.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">By the time you get to the car, it\'s impossible to get it out. To make it worse, it warmed up slightly during the day and then refroze at night, turning the piles of snow that surrounded my car into solid ice. Since I was used to driving a Subaru, I thought that the Ford could easily make it over the pile—and inevitably I became stuck on top of a giant mountain of snow.&nbsp;Roadside assistance came to my rescue, lifting my car out of the snow-turned-ice and onto the pavement. And that\'s exactly the point.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\">What\'s included in roadside assistance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Most policies cover:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Installing a flat tire</li><li>Jumpstarting your car</li><li>Installing a new battery&nbsp;</li><li>Towing to a repair facility (distance depends on your coverage)</li><li>Key retrieval if you lock your keys in the car</li><li>Fuel delivery in the event that you run out</li><li>Winching if stuck in snow, mud, water, or sand (usually on-road or within a short distance)</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additional benefits some roadside assistance plans include, but not limited to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Tow to an EV charging station</li><li>Mechanical labor on scene may be covered to a certain extent</li><li>Bike towing</li><li>Trip interruption coverage</li><li>Motorcycle / RV coverage</li><li>Roadside assistance coverage in cars that aren\'t your own, like rentals, friend\'s vehicles, etc.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">How much does it cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Most&nbsp;new cars&nbsp;come with some level of roadside assistance as part of the initial warranty. If you&nbsp;purchase an extended warranty, those typically also come with roadside assistance. But, if you have to buy it separately, one of the least expensive places to buy roadside assistance is your own&nbsp;car insurance company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">To read the full article,&nbsp;<a href=\"https://www.realsimple.com/work-life/money/saving/roadside-assistance-can-save-you-thousands\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Roadside Assistance Will Cost You Less Than $1 per Month, but Can Save You Thousands','','inherit','closed','closed','','2070-revision-v1','','','2022-01-07 23:30:00','2022-01-07 23:30:00','',2070,'http://smartinsurance.tips/?p=2097',0,'revision','',0),(2095,1,'2022-01-07 23:25:44','2022-01-07 23:25:44','<!-- wp:gallery {\"ids\":[2052],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-14-1024x536.png\" alt=\"\" data-id=\"2052\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-14.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2052\" class=\"wp-image-2052\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">This type of auto insurance can cover your medical bills after an accident. No-fault insurance is designed to cover your medical expenses and/or loss of income when you\'re involved in a car accident, regardless of who was at fault. Some states require drivers to carry no-fault auto insurance, while others make this coverage optional.&nbsp;No-fault insurance is sometimes referred to as&nbsp;personal injury protection, or PIP.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Key takeways:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">No-fault car insurance, sometimes referred to as personal injury protection (PIP), can pay your and your passengers\' medical expenses if you\'re involved in an accident.&nbsp;</span></li><li><span class=\"has-inline-color has-black-color\">With a no-fault policy, you submit your claim to your own insurance company, not the other driver\'s.</span></li><li><span class=\"has-inline-color has-black-color\">No-fault insurance is mandatory in some states and optional in others.&nbsp;</span></li><li><span class=\"has-inline-color has-black-color\">Even if you aren\'t required to have no-fault insurance, you must still have bodily injury and property damage liability coverage in virtually every state.&nbsp;</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\"><span class=\"has-inline-color has-black-color\">What Is No-Fault</span> <span class=\"has-inline-color has-black-color\">Insurance?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-5\">In most states, when a car accident occurs, the drivers\' insurance companies attempt to determine who was at fault for causing it. So if you\'re in an accident and it\'s determined that the other driver caused it, you could file a claim against their insurance for any injuries or damages you sustained.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-7\"><span class=\"has-inline-color has-black-color\">No-fault insurance doesn\'t consider who\'s at fault in a car accident when paying medical claims. Instead of filing a claim with the other driver\'s insurance company, you\'d file it with your own insurer. It will then evaluate your claim and pay out damages to you, based on the extent of your financial losses.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-9\"><span class=\"has-inline-color has-black-color\">Which States Have No-Fault Insurance?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-10\"><span class=\"has-inline-color has-black-color\">Currently, 12 states—Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, and Utah—plus Puerto Rico have some form of mandatory no-fault insurance law, according to the Insurance Information Institute.&nbsp;It is also available on an optional basis in some other states.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-12\"><span class=\"has-inline-color has-black-color\">While the laws vary from state to state, the industry divides them into three basic types: \"pure\" or \"true\" no-fault, choice no-fault, and add-on no-fault.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\"><span class=\"has-inline-color has-black-color\">\"Pure\" or \"True\" No-Fault States</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-15\"><span class=\"has-inline-color has-black-color\">\"Pure\" (or \"true\") no-fault refers to policies where the driver\'s insurance will pay first-party benefits to the driver and their passengers and where drivers are restricted in their right to sue. First-party benefits means that the driver\'s insurance company will cover their medical and other expenses regardless of who is responsible in an accident. The following states (plus the territory of Puerto Rico) have pure no-fault laws:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-17\" class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">Florida</span></li><li><span class=\"has-inline-color has-black-color\">Hawaii</span></li><li><span class=\"has-inline-color has-black-color\">Kansas</span></li><li><span class=\"has-inline-color has-black-color\">Kentucky</span></li><li><span class=\"has-inline-color has-black-color\">Massachusetts</span></li><li><span class=\"has-inline-color has-black-color\">Michigan</span></li><li><span class=\"has-inline-color has-black-color\">Minnesota</span></li><li><span class=\"has-inline-color has-black-color\">New Jersey</span></li><li><span class=\"has-inline-color has-black-color\">New York</span></li><li><span class=\"has-inline-color has-black-color\">North Dakota</span></li><li><span class=\"has-inline-color has-black-color\">Pennsylvania</span></li><li><span class=\"has-inline-color has-black-color\">Puerto Rico</span></li><li><span class=\"has-inline-color has-black-color\">Utah</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\"><span class=\"has-inline-color has-black-color\">Choice No-Fault States</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-20\"><span class=\"has-inline-color has-black-color\">Choice no-fault refers to states that offer residents a choice of pure no-fault and a traditional automobile insurance policy that doesn\'t restrict their right to sue. These states (which also appear on the list above for offering pure no-fault) allow drivers that choice:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-22\" class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">Kentucky</span></li><li><span class=\"has-inline-color has-black-color\">New Jersey</span></li><li><span class=\"has-inline-color has-black-color\">Pennsylvania</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\"><span class=\"has-inline-color has-black-color\">Add-on No-Fault States</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-25\"><span class=\"has-inline-color has-black-color\">Add-on no-fault policies are a sort of hybrid. Like a traditional auto policy, drivers are free to sue, but first-party coverage can be added on to the policy, meaning that their own insurance company will pay their medical and other expenses. The following states (and the District of Columbia) have add-on no-fault laws:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-27\" class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">Arkansas</span></li><li><span class=\"has-inline-color has-black-color\">Delaware</span></li><li><span class=\"has-inline-color has-black-color\">District of Columbia</span></li><li><span class=\"has-inline-color has-black-color\">Maryland</span></li><li><span class=\"has-inline-color has-black-color\">New Hampshire</span></li><li><span class=\"has-inline-color has-black-color\">Oregon</span></li><li><span class=\"has-inline-color has-black-color\">South Dakota</span></li><li><span class=\"has-inline-color has-black-color\">Texas</span></li><li><span class=\"has-inline-color has-black-color\">Virginia</span></li><li><span class=\"has-inline-color has-black-color\">Washington</span></li><li><span class=\"has-inline-color has-black-color\">Wisconsin</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-29\"><span class=\"has-inline-color has-black-color\">It\'s also worth noting that these laws are subject to legislative change. Colorado and Connecticut, for example, passed no-fault laws in the 1970s, only to repeal them several decades later. Pennsylvania also passed a no-fault law in the 1970s, repealed it in the 1980s, and then restored it in 1990.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\"><span class=\"has-inline-color has-black-color\">How No-Fault Insurance Works?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-32\"><span class=\"has-inline-color has-black-color\">No-fault insurance is intended to reduce the demands on the court system associated with car accident-related lawsuits.&nbsp;States with no-fault laws generally allow you to sue for severe injuries or pain and suffering only when damages meet certain thresholds.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-34\"><span class=\"has-inline-color has-black-color\">A typical no-fault car insurance policy will consist of:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-36\" class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">Bodily injury liability (BI) coverage</span></li><li><span class=\"has-inline-color has-black-color\">Property damage liability (PD) coverage</span></li><li><span class=\"has-inline-color has-black-color\">Personal injury protection (PIP) coverage</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-38\"><span class=\"has-inline-color has-black-color\">Liability coverage&nbsp;is mandatory in all 50 states except New Hampshire. In that state, drivers still have to furnish proof of financial responsibility in order to drive without liability insurance.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-40\"><span class=\"has-inline-color has-black-color\">The liability portion of a no-fault insurance policy covers two distinct things: property damage and injuries caused to others. Property damage liability pays for damages to someone else\'s vehicle or other property in an accident you cause. Bodily injury liability coverage pays for medical expenses and related costs if you injure someone in an accident where you\'re found to be at fault. Your policy can have both a per-person bodily injury liability limit and a per-accident bodily injury liability limit.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-42\">Neither of those coverages pays for your own medical expenses or those of your passengers if you\'re involved in an accident. That\'s where the personal injury protection (PIP) component of a no-fault policy comes in.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-44\"><span class=\"has-inline-color has-black-color\">Personal injury protection insurance allows you to file a claim for medical expenses or other costs resulting from a car accident, regardless of who was at fault. Depending on your policy, PIP coverage may also pay for lost wages or reimburse you if you have to hire someone to handle routine household chores for you while you\'re recovering from an injury.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-46\"><span class=\"has-inline-color has-black-color\">Each state specifies a minimum amount of personal injury protection coverage that you\'re required to have as part of a no-fault policy. For example, you may need to have $10,000, $20,000, or up to $50,000 in PIP coverage. Minimum coverage amounts also apply to bodily injury liability and property damage liability insurance.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-48\"><span class=\"has-inline-color has-black-color\">States also have different rules on what no-fault policies will pay for. In Michigan, for example, PIP insurance will cover all reasonably necessary medical expenses, with no maximum limit. It also pays up to 85% of lost wages if you\'re unable to work because of an accident-related injury.&nbsp;In New York, PIP coverage is capped at $50,000 per person and the lost wages payout is 80% of income, up to a maximum payout of $2,000 per month.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Important: Some states also make other types of insurance mandatory, including underinsured/uninsured motorist coverage and/or&nbsp;collision&nbsp;and&nbsp;comprehensive&nbsp;coverage.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-52\"><span class=\"has-inline-color has-black-color\">Filing a No-Fault Insurance Claim</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-53\"><span class=\"has-inline-color has-black-color\">If you\'re involved in a car accident and you have no-fault insurance, the first thing you\'ll need to decide is whether to file a claim at all. Filing a claim may be necessary if you or a passenger in your vehicle were injured.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-55\"><span class=\"has-inline-color has-black-color\">Since this is no-fault insurance, you\'d contact your insurance company to file any injury-related claim. You would need to provide details about the accident and the extent of your injuries, as well as documentation of your medical expenses or lost wages.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-57\"><span class=\"has-inline-color has-black-color\">The insurance company would then process your claim and pay for your expenses, according to the coverage limits established by your policy. An advantage of no-fault insurance is that since there\'s no need to prove fault, claims can be paid much faster.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-59\"><span class=\"has-inline-color has-black-color\">But it\'s important to remember that no-fault insurance policies have their limitations. In particular, no-fault insurance typically doesn\'t pay damages for&nbsp;pain and suffering. As mentioned earlier, some no-fault states do allow you to sue a negligent driver for pain and suffering, but you may only be able to do so in cases involving severe injuries.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Important: Some states impose a set time frame for how long you have to file a no-fault claim following an accident.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-63\"><span class=\"has-inline-color has-black-color\">How to Buy No-Fault Insurance?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-64\"><span class=\"has-inline-color has-black-color\">If you live in a state that requires no-fault insurance, there are a few things to know about purchasing it.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-66\"><span class=\"has-inline-color has-black-color\">First, you\'ll need to know the minimum coverage amounts your state requires for PIP insurance as well as liability insurance. Then, consider whether those minimums are sufficient. You can always choose to purchase more PIP coverage or liability coverage if needed. Just bear in mind that more coverage will mean higher premiums.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-68\"><span class=\"has-inline-color has-black-color\">Next, check to see whether there\'s a cap on medical expenses, what (if anything) the policy will pay for lost wages, and whether it covers other expenses, such as in-home help.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-70\"><span class=\"has-inline-color has-black-color\">Also, consider who the policy will cover. In Michigan, for example, a no-fault insurance policy can cover your entire family. So if your teenage son is injured in an accident while riding as a passenger in a friend\'s car, your PIP coverage would still pay for his medical expenses.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-72\"><span class=\"has-inline-color has-black-color\">Finally, ask about discounts that could help make your coverage more affordable. Safe driving discounts or&nbsp;bundling&nbsp;your car insurance with your homeowners insurance at the same company, for example, can help lower your costs.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">To read the full article,</span>&nbsp;<a href=\"https://www.investopedia.com/what-is-no-fault-insurance-and-do-you-need-it-5089251\">click here.</a></p>\n<!-- /wp:paragraph -->','No-Fault Insurance','','inherit','closed','closed','','2051-revision-v1','','','2022-01-07 23:25:44','2022-01-07 23:25:44','',2051,'http://smartinsurance.tips/?p=2095',0,'revision','',0),(2102,1,'2022-01-10 19:56:37','2022-01-10 19:56:37','<!-- wp:gallery {\"ids\":[2045],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1024x536.png\" alt=\"\" data-id=\"2045\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2045\" class=\"wp-image-2045\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">No one ever wishes to find themselves in a position of financial hardship but unfortunately, sometimes it happens. And contrary to some popular opinions, financial difficulties aren\'t always a result of financial irresponsibility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a matter of fact, many people experience financial hardship that puts them in a position where they can\'t pay their bills for reasons other than this.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\" id=\"h-examples-of-financial-hardship\">Examples of financial hardship</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are many life transitions that could impact someone financially. Some examples of financial hardship are:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Personal or family health issues or injury.</li><li>Long-term reduction or loss of income.</li><li>Exiting a bad relationship&nbsp;or escaping domestic violence.</li><li>Death of a spouse or partner.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It could also be that someone experiencing difficulty right now may have just started their financial wellness journey before getting hit by a life-changing situation that derailed their plans. Facing financial difficulties can be extremely stressful. It can even impact your physical and mental health and accelerate aging as a result.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Are you suffering from one or more of these examples of financial hardship? If so, this article is here to guide you through dealing with those difficult situations so you can get ahead as soon as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-warning-signs-of-financial-hardship\">Warning signs of financial hardship</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">One way you can get a head start on working through your financial hardship is if you can identify the root cause early. Some warning signs that you are facing financial difficulties could include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Relying on credit to pay for your day-to-day essentials.</li><li>High or&nbsp;maxed out credit card balances.</li><li>Resorting to high-interest debt like payday loans or cash advances.</li><li>No&nbsp;emergency savings&nbsp;or&nbsp;sinking funds.</li><li>Constantly paying late and/or overdraft fees.</li><li>Poor credit scores&nbsp;due to late payments and a&nbsp;high debt to income ratio.</li><li>Not being able to meet your minimum payment obligations.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Recognizing these warning signs is one of the first steps towards&nbsp;creating a financial plan&nbsp;so you can turn things around.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-how-to-get-through-financial-hardships\">How to get through financial hardships</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">That being said, here are some key steps to help you establish plans to improve your financial situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-1-adjust-your-budget-to-get-through-financial-hardship\">1. Adjust your budget to get through financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are experiencing financial difficulties, it\'s important to adjust your budget to accommodate any changes in your income. For instance, if you have lost your job or experienced a significant reduction in your income, you might need to start&nbsp;budgeting for a variable income.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">No income coming in? Having to leverage debt to get by? In this scenario, it\'s even more important to budget your spending so you can minimize how much debt you take on. Next, you can&nbsp;create a debt repayment plan&nbsp;that you keep handy for when your income situation improves. This way, you can hit the ground running when it does.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You also want to&nbsp;adjust your budget&nbsp;to accommodate any major bills that have come up. While you may not be able to pay off your debts in their entirety right now, understanding your current spending is important.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your main goal should be to focus on your core essentials first which are food, medicines, safe housing, core utilities, and transportation. By adjusting your budget, you may find you are spending in a category that you can do without&nbsp;or can cut back on. This realization can help you move the funds over towards more pressing bills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-2-communicate-with-your-service-providers-if-facing-severe-financial-hardship\">2. Communicate with your service providers if facing severe financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The last thing you want is to lose access to water, electricity, internet service (since so&nbsp;many people work from home), or another core utility. To avoid this, you want to make sure you contact your service providers as soon as possible to let them know you are experiencing financial difficulties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Many providers are willing to work with you, and you can come to an agreement well in advance of any shut-off actions going into effect. You\'ll also be able to&nbsp;save yourself from the stress<a rel=\"noreferrer noopener\" href=\"https://www.clevergirlfinance.com/blog/how-to-manage-debt-stress/\" target=\"_blank\">&nbsp;</a>of your accounts assessing excessive late fees or going into collections simply by communicating your situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-3-determine-what-financial-hardship-programs-your-lenders-are-offering\">3. Determine what financial hardship programs your lenders are offering</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you have debt obligations, your&nbsp;lender might offer some sort of financial hardship program&nbsp;that can help while you work on getting back on your feet. From car loans to credit cards to student loans, lenders typically have a variety of hardship programs.&nbsp;Rent and mortgage assistance&nbsp;may also be an option for you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">These programs might include interest waivers, reduced payments, or payment deferrals. You, however, want to make sure you fully understand the details of any program you commit to. Specifically:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Any fees that will be assessed as part of the hardship program agreement.</li><li>The details of how payments will be made during the program.</li><li>Whether or not a lump sum is expected anytime during or at the end of the program.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You may also need to show proof of severe financial hardship&nbsp;in the form of a hardship letter.&nbsp;This letter is essentially a detailed explanation of your hardship and the impact it\'s having on your finances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-4-negotiate-bills-in-collections\">4. Negotiate bills in collections</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So many people&nbsp;with bills in collections&nbsp;are terrified of having to deal with them. Some people, on the other hand, think that debt in collections is not something they can do anything about.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To set the record straight, there\'s nothing and no one to be afraid of when it comes to dealing with your bills in collections. The worst thing that can happen is that you get a \"no\" when you attempt to negotiate. In addition, not dealing with bills in collections can have a negative&nbsp;long-term impact on your credit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It is still worth trying to negotiate bills that are in collections. If you come to a payment agreement, they may even remove the negative remarks on your credit report. And in some instances, they may forgive part of the balance or even dismiss it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Just make sure you ask questions so you understand the specifics of any agreement, including any reporting that will be sent to the credit bureaus.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-5-find-a-side-gig-for-extra-income\">5. Find a side gig for extra income</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Earning extra cash from a side gig&nbsp;or part-time job can help in a major way during severe financial hardship if you have the hours to spare. A side gig or part-time job doesn\'t have to be a permanent situation, but getting one temporarily can really help you get ahead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Keep in mind that it\'s ok to work odd jobs to bring in that extra cash.&nbsp;You could freelance, get a&nbsp;work-from-home gig&nbsp;or work part-time in retail, customer service, or delivery service.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You\'ll want to take extra care to make sure the money you earn is going towards your financial obligations and&nbsp;getting caught up with your bills. The last thing you want is to work all those extra hours and have the money slip away.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">6. Stay away from payday loans</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are facing severe financial hardship, then a payday loan<a rel=\"noreferrer noopener\" href=\"https://www.clevergirlfinance.com/blog/payday-loan/\" target=\"_blank\">&nbsp;</a>may seem like the answer, but you should do your utmost to avoid them. These loans come with a high price of excessive interest and can cause you to spiral even further down into debt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are still employed, you can find out if your employer offers a salary advance loan&nbsp;that could help you out in the short term. This would be a better alternative to a payday loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-7-don-t-give-up-if-you-are-facing-severe-financial-hardship\">7. Don\'t give up if you are facing severe financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As mentioned earlier, financial hardship can arise for different reasons. The good news is that you can recover from it and thrive. So don\'t be discouraged and don\'t give up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It might be difficult in the interim, and you might go through a&nbsp;wave of emotions as it relates to your finances,&nbsp;but you can totally get through this. Focus on setting aside self-judgment, don\'t allow other people to judge you, learn from your mistakes, and move forward.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">You can navigate severe financial hardship!</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Use these steps to help you navigate through your financial difficulties. It will help you get back on track and possibly spare your credit to some extent. You can also set goals to work on your self-improvement&nbsp;in addition to improving your finances. Whatever your situation might be right now, remember that daybreak always comes, even after the darkest night. You\'ve got this!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"normal\"} -->\n<p class=\"has-normal-font-size\">To read the full article,&nbsp;<a href=\"https://www.clevergirlfinance.com/blog/financial-hardship/\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','7 Essential Tips To Get Through Financial Hardship','','inherit','closed','closed','','2044-autosave-v1','','','2022-01-10 19:56:37','2022-01-10 19:56:37','',2044,'http://smartinsurance.tips/?p=2102',0,'revision','',0),(2101,1,'2022-01-10 19:53:19','2022-01-10 19:53:19','<!-- wp:gallery {\"ids\":[2045],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1024x536.png\" alt=\"\" data-id=\"2045\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2045\" class=\"wp-image-2045\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">No one ever wishes to find themselves in a position of financial hardship but unfortunately, sometimes it happens. And contrary to some popular opinions, financial difficulties aren\'t always a result of financial irresponsibility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a matter of fact, many people experience financial hardship that puts them in a position where they can\'t pay their bills for reasons other than this.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-examples-of-financial-hardship\">Examples of financial hardship</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">There are many life transitions that could impact someone financially. Some examples of financial hardship are:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"fontSize\":\"medium\"} -->\n<ul class=\"has-medium-font-size\"><li>Personal or family health issues or injury.</li><li>Long-term reduction or loss of income.</li><li>Exiting a bad relationship&nbsp;or escaping domestic violence.</li><li>Death of a spouse or partner.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">It could also be that someone experiencing difficulty right now may have just started their financial wellness journey before getting hit by a life-changing situation that derailed their plans. Facing financial difficulties can be extremely stressful. It can even impact your physical and mental health and accelerate aging as a result.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Are you suffering from one or more of these examples of financial hardship? If so, this article is here to guide you through dealing with those difficult situations so you can get ahead as soon as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\" id=\"h-warning-signs-of-financial-hardship\">Warning signs of financial hardship</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">One way you can get a head start on working through your financial hardship is if you can identify the root cause early. Some warning signs that you are facing financial difficulties could include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"fontSize\":\"medium\"} -->\n<ul class=\"has-medium-font-size\"><li>Relying on credit to pay for your day-to-day essentials.</li><li>High or&nbsp;maxed out credit card balances.</li><li>Resorting to high-interest debt like payday loans or cash advances.</li><li>No&nbsp;emergency savings&nbsp;or&nbsp;sinking funds.</li><li>Constantly paying late and/or overdraft fees.</li><li>Poor credit scores&nbsp;due to late payments and a&nbsp;high debt to income ratio.</li><li>Not being able to meet your minimum payment obligations.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Recognizing these warning signs is one of the first steps towards&nbsp;creating a financial plan&nbsp;so you can turn things around.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\" id=\"h-how-to-get-through-financial-hardships\">How to get through financial hardships</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">That being said, here are some key steps to help you establish plans to improve your financial situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\" id=\"h-1-adjust-your-budget-to-get-through-financial-hardship\">1. Adjust your budget to get through financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">If you are experiencing financial difficulties, it\'s important to adjust your budget to accommodate any changes in your income. For instance, if you have lost your job or experienced a significant reduction in your income, you might need to start&nbsp;budgeting for a variable income.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">No income coming in? Having to leverage debt to get by? In this scenario, it\'s even more important to budget your spending so you can minimize how much debt you take on. Next, you can&nbsp;create a debt repayment plan&nbsp;that you keep handy for when your income situation improves. This way, you can hit the ground running when it does.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">You also want to&nbsp;adjust your budget&nbsp;to accommodate any major bills that have come up. While you may not be able to pay off your debts in their entirety right now, understanding your current spending is important.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Your main goal should be to focus on your core essentials first which are food, medicines, safe housing, core utilities, and transportation. By adjusting your budget, you may find you are spending in a category that you can do without&nbsp;or can cut back on. This realization can help you move the funds over towards more pressing bills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\" id=\"h-2-communicate-with-your-service-providers-if-facing-severe-financial-hardship\">2. Communicate with your service providers if facing severe financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">The last thing you want is to lose access to water, electricity, internet service (since so&nbsp;many people work from home), or another core utility. To avoid this, you want to make sure you contact your service providers as soon as possible to let them know you are experiencing financial difficulties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Many providers are willing to work with you, and you can come to an agreement well in advance of any shut-off actions going into effect. You\'ll also be able to&nbsp;save yourself from the stress<a rel=\"noreferrer noopener\" href=\"https://www.clevergirlfinance.com/blog/how-to-manage-debt-stress/\" target=\"_blank\">&nbsp;</a>of your accounts assessing excessive late fees or going into collections simply by communicating your situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\" id=\"h-3-determine-what-financial-hardship-programs-your-lenders-are-offering\">3. Determine what financial hardship programs your lenders are offering</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">If you have debt obligations, your&nbsp;lender might offer some sort of financial hardship program&nbsp;that can help while you work on getting back on your feet. From car loans to credit cards to student loans, lenders typically have a variety of hardship programs.&nbsp;Rent and mortgage assistance&nbsp;may also be an option for you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">These programs might include interest waivers, reduced payments, or payment deferrals. You, however, want to make sure you fully understand the details of any program you commit to. Specifically:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"fontSize\":\"medium\"} -->\n<ul class=\"has-medium-font-size\"><li>Any fees that will be assessed as part of the hardship program agreement.</li><li>The details of how payments will be made during the program.</li><li>Whether or not a lump sum is expected anytime during or at the end of the program.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">You may also need to show proof of severe financial hardship&nbsp;in the form of a hardship letter.&nbsp;This letter is essentially a detailed explanation of your hardship and the impact it\'s having on your finances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\" id=\"h-4-negotiate-bills-in-collections\">4. Negotiate bills in collections</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">So many people&nbsp;with bills in collections&nbsp;are terrified of having to deal with them. Some people, on the other hand, think that debt in collections is not something they can do anything about.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">To set the record straight, there\'s nothing and no one to be afraid of when it comes to dealing with your bills in collections. The worst thing that can happen is that you get a \"no\" when you attempt to negotiate. In addition, not dealing with bills in collections can have a negative&nbsp;long-term impact on your credit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">It is still worth trying to negotiate bills that are in collections. If you come to a payment agreement, they may even remove the negative remarks on your credit report. And in some instances, they may forgive part of the balance or even dismiss it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Just make sure you ask questions so you understand the specifics of any agreement, including any reporting that will be sent to the credit bureaus.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\" id=\"h-5-find-a-side-gig-for-extra-income\">5. Find a side gig for extra income</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Earning extra cash from a side gig&nbsp;or part-time job can help in a major way during severe financial hardship if you have the hours to spare. A side gig or part-time job doesn\'t have to be a permanent situation, but getting one temporarily can really help you get ahead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Keep in mind that it\'s ok to work odd jobs to bring in that extra cash.&nbsp;You could freelance, get a&nbsp;work-from-home gig&nbsp;or work part-time in retail, customer service, or delivery service.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">You\'ll want to take extra care to make sure the money you earn is going towards your financial obligations and&nbsp;getting caught up with your bills. The last thing you want is to work all those extra hours and have the money slip away.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\">6. Stay away from payday loans</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">If you are facing severe financial hardship, then a payday loan<a rel=\"noreferrer noopener\" href=\"https://www.clevergirlfinance.com/blog/payday-loan/\" target=\"_blank\">&nbsp;</a>may seem like the answer, but you should do your utmost to avoid them. These loans come with a high price of excessive interest and can cause you to spiral even further down into debt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">If you are still employed, you can find out if your employer offers a salary advance loan&nbsp;that could help you out in the short term. This would be a better alternative to a payday loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"fontSize\":\"large\"} -->\n<h3 class=\"has-large-font-size\" id=\"h-7-don-t-give-up-if-you-are-facing-severe-financial-hardship\">7. Don\'t give up if you are facing severe financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">As mentioned earlier, financial hardship can arise for different reasons. The good news is that you can recover from it and thrive. So don\'t be discouraged and don\'t give up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">It might be difficult in the interim, and you might go through a&nbsp;wave of emotions as it relates to your finances,&nbsp;but you can totally get through this. Focus on setting aside self-judgment, don\'t allow other people to judge you, learn from your mistakes, and move forward.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\">You can navigate severe financial hardship!</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">Use these steps to help you navigate through your financial difficulties. It will help you get back on track and possibly spare your credit to some extent. You can also set goals to work on your self-improvement&nbsp;in addition to improving your finances. Whatever your situation might be right now, remember that daybreak always comes, even after the darkest night. You\'ve got this!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">To read the full article,&nbsp;<a href=\"https://www.clevergirlfinance.com/blog/financial-hardship/\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','7 Essential Tips To Get Through Financial Hardship','','inherit','closed','closed','','2044-revision-v1','','','2022-01-10 19:53:19','2022-01-10 19:53:19','',2044,'http://smartinsurance.tips/?p=2101',0,'revision','',0),(2103,1,'2022-01-10 19:56:40','2022-01-10 19:56:40','<!-- wp:gallery {\"ids\":[2045],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1024x536.png\" alt=\"\" data-id=\"2045\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2045\" class=\"wp-image-2045\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">No one ever wishes to find themselves in a position of financial hardship but unfortunately, sometimes it happens. And contrary to some popular opinions, financial difficulties aren\'t always a result of financial irresponsibility.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a matter of fact, many people experience financial hardship that puts them in a position where they can\'t pay their bills for reasons other than this.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\" id=\"h-examples-of-financial-hardship\">Examples of financial hardship</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are many life transitions that could impact someone financially. Some examples of financial hardship are:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Personal or family health issues or injury.</li><li>Long-term reduction or loss of income.</li><li>Exiting a bad relationship&nbsp;or escaping domestic violence.</li><li>Death of a spouse or partner.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It could also be that someone experiencing difficulty right now may have just started their financial wellness journey before getting hit by a life-changing situation that derailed their plans. Facing financial difficulties can be extremely stressful. It can even impact your physical and mental health and accelerate aging as a result.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Are you suffering from one or more of these examples of financial hardship? If so, this article is here to guide you through dealing with those difficult situations so you can get ahead as soon as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-warning-signs-of-financial-hardship\">Warning signs of financial hardship</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">One way you can get a head start on working through your financial hardship is if you can identify the root cause early. Some warning signs that you are facing financial difficulties could include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Relying on credit to pay for your day-to-day essentials.</li><li>High or&nbsp;maxed out credit card balances.</li><li>Resorting to high-interest debt like payday loans or cash advances.</li><li>No&nbsp;emergency savings&nbsp;or&nbsp;sinking funds.</li><li>Constantly paying late and/or overdraft fees.</li><li>Poor credit scores&nbsp;due to late payments and a&nbsp;high debt to income ratio.</li><li>Not being able to meet your minimum payment obligations.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Recognizing these warning signs is one of the first steps towards&nbsp;creating a financial plan&nbsp;so you can turn things around.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-how-to-get-through-financial-hardships\">How to get through financial hardships</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">That being said, here are some key steps to help you establish plans to improve your financial situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-1-adjust-your-budget-to-get-through-financial-hardship\">1. Adjust your budget to get through financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are experiencing financial difficulties, it\'s important to adjust your budget to accommodate any changes in your income. For instance, if you have lost your job or experienced a significant reduction in your income, you might need to start&nbsp;budgeting for a variable income.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">No income coming in? Having to leverage debt to get by? In this scenario, it\'s even more important to budget your spending so you can minimize how much debt you take on. Next, you can&nbsp;create a debt repayment plan&nbsp;that you keep handy for when your income situation improves. This way, you can hit the ground running when it does.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You also want to&nbsp;adjust your budget&nbsp;to accommodate any major bills that have come up. While you may not be able to pay off your debts in their entirety right now, understanding your current spending is important.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your main goal should be to focus on your core essentials first which are food, medicines, safe housing, core utilities, and transportation. By adjusting your budget, you may find you are spending in a category that you can do without&nbsp;or can cut back on. This realization can help you move the funds over towards more pressing bills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-2-communicate-with-your-service-providers-if-facing-severe-financial-hardship\">2. Communicate with your service providers if facing severe financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The last thing you want is to lose access to water, electricity, internet service (since so&nbsp;many people work from home), or another core utility. To avoid this, you want to make sure you contact your service providers as soon as possible to let them know you are experiencing financial difficulties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Many providers are willing to work with you, and you can come to an agreement well in advance of any shut-off actions going into effect. You\'ll also be able to&nbsp;save yourself from the stress<a rel=\"noreferrer noopener\" href=\"https://www.clevergirlfinance.com/blog/how-to-manage-debt-stress/\" target=\"_blank\">&nbsp;</a>of your accounts assessing excessive late fees or going into collections simply by communicating your situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-3-determine-what-financial-hardship-programs-your-lenders-are-offering\">3. Determine what financial hardship programs your lenders are offering</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you have debt obligations, your&nbsp;lender might offer some sort of financial hardship program&nbsp;that can help while you work on getting back on your feet. From car loans to credit cards to student loans, lenders typically have a variety of hardship programs.&nbsp;Rent and mortgage assistance&nbsp;may also be an option for you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">These programs might include interest waivers, reduced payments, or payment deferrals. You, however, want to make sure you fully understand the details of any program you commit to. Specifically:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Any fees that will be assessed as part of the hardship program agreement.</li><li>The details of how payments will be made during the program.</li><li>Whether or not a lump sum is expected anytime during or at the end of the program.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You may also need to show proof of severe financial hardship&nbsp;in the form of a hardship letter.&nbsp;This letter is essentially a detailed explanation of your hardship and the impact it\'s having on your finances.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-4-negotiate-bills-in-collections\">4. Negotiate bills in collections</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So many people&nbsp;with bills in collections&nbsp;are terrified of having to deal with them. Some people, on the other hand, think that debt in collections is not something they can do anything about.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To set the record straight, there\'s nothing and no one to be afraid of when it comes to dealing with your bills in collections. The worst thing that can happen is that you get a \"no\" when you attempt to negotiate. In addition, not dealing with bills in collections can have a negative&nbsp;long-term impact on your credit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It is still worth trying to negotiate bills that are in collections. If you come to a payment agreement, they may even remove the negative remarks on your credit report. And in some instances, they may forgive part of the balance or even dismiss it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Just make sure you ask questions so you understand the specifics of any agreement, including any reporting that will be sent to the credit bureaus.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-5-find-a-side-gig-for-extra-income\">5. Find a side gig for extra income</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Earning extra cash from a side gig&nbsp;or part-time job can help in a major way during severe financial hardship if you have the hours to spare. A side gig or part-time job doesn\'t have to be a permanent situation, but getting one temporarily can really help you get ahead.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Keep in mind that it\'s ok to work odd jobs to bring in that extra cash.&nbsp;You could freelance, get a&nbsp;work-from-home gig&nbsp;or work part-time in retail, customer service, or delivery service.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You\'ll want to take extra care to make sure the money you earn is going towards your financial obligations and&nbsp;getting caught up with your bills. The last thing you want is to work all those extra hours and have the money slip away.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">6. Stay away from payday loans</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are facing severe financial hardship, then a payday loan<a rel=\"noreferrer noopener\" href=\"https://www.clevergirlfinance.com/blog/payday-loan/\" target=\"_blank\">&nbsp;</a>may seem like the answer, but you should do your utmost to avoid them. These loans come with a high price of excessive interest and can cause you to spiral even further down into debt.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are still employed, you can find out if your employer offers a salary advance loan&nbsp;that could help you out in the short term. This would be a better alternative to a payday loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-7-don-t-give-up-if-you-are-facing-severe-financial-hardship\">7. Don\'t give up if you are facing severe financial hardship</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As mentioned earlier, financial hardship can arise for different reasons. The good news is that you can recover from it and thrive. So don\'t be discouraged and don\'t give up.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It might be difficult in the interim, and you might go through a&nbsp;wave of emotions as it relates to your finances,&nbsp;but you can totally get through this. Focus on setting aside self-judgment, don\'t allow other people to judge you, learn from your mistakes, and move forward.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">You can navigate severe financial hardship!</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Use these steps to help you navigate through your financial difficulties. It will help you get back on track and possibly spare your credit to some extent. You can also set goals to work on your self-improvement&nbsp;in addition to improving your finances. Whatever your situation might be right now, remember that daybreak always comes, even after the darkest night. You\'ve got this!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"normal\"} -->\n<p class=\"has-normal-font-size\">To read the full article,&nbsp;<a href=\"https://www.clevergirlfinance.com/blog/financial-hardship/\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','7 Essential Tips To Get Through Financial Hardship','','inherit','closed','closed','','2044-revision-v1','','','2022-01-10 19:56:40','2022-01-10 19:56:40','',2044,'http://smartinsurance.tips/?p=2103',0,'revision','',0),(2106,1,'2022-01-10 20:01:03','2022-01-10 20:01:03','<!-- wp:gallery {\"ids\":[2058],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-2-1024x536.png\" alt=\"\" data-id=\"2058\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-2.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2058\" class=\"wp-image-2058\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Saving for one is hard enough, but family savings multiply the challenge. You have short-term desires versus long-term goals, plus unexpected expenses that can pop up regularly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This all may sound complicated, but with a little planning and setting financial goals, you can come up with a plan that covers your family’s needs, while allowing for saving and even vacations and other fun stuff.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Priority 1: Prepare for the unexpected</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Start an emergency fund.&nbsp;</strong>You never know what will happen: an illness, an accident, an unexpected layoff. That’s why it’s important to&nbsp;set aside money for emergencies. Experts recommend that emergency funds for families cover six to nine months’ worth of expenses. If, however, you or your spouse are self-employed or income is unpredictable, consider saving even more.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h2 class=\"has-black-color has-text-color has-medium-font-size\">Priority 2: Get long-term goals in order</h2>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Retirement comes first.&nbsp;</strong>When setting financial goals, planners recommend saving for retirement over saving for your kids’ educations. Remember: Students have access to a wide variety of loans, but there are no loans for their retiring parents. Also keep in mind that federal financial aid formulas don’t factor in parents’ retirement savings. So consider contributing&nbsp;as much as you can to retirement funds, and take advantage of your full company match if your employer offers one.</li><li><strong>Education savings come second.&nbsp;</strong>Then&nbsp;save for your kids’ college tuition. Consider taking advantage of 529 plans, which allow contributions to grow federal income tax-deferred. You can then make tax-free withdrawals to pay for qualified higher education expenses such as tuition and room and board.</li><li><strong>Now you can consider other long-term goals,&nbsp;</strong>if your family has them. One common family financial concern is caring for aging parents. If this responsibility falls on you, think about ways you can reduce costs, such as sharing your home with your parents, in addition to saving.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Priority 3: Your family’s five-year goals</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">What would you and your family like to achieve in the short term? Your list might include things like a theme-park vacation, upgrading a car or remodeling your home. Now find the right savings strategy. You could open a savings account dedicated to each big-ticket item. Or see if your bank allows you to open sub-accounts under your primary savings account. Doing this helps you focus on meeting each goal. Make weekly or monthly contributions after you take care of your long-term savings.&nbsp;<em>Make a plan</em>&nbsp;<em>for working toward your short-term goals by using the Bank of America&nbsp;Short-Term Savings Calculator.</em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You never know what might happen or what new family savings goals might arise. Planning for the long term and saving for the short term ensures you’re prepared for whatever comes your way.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/manage-family-savings-goals\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','How to balance your family’s savings priorities?','','inherit','closed','closed','','2057-revision-v1','','','2022-01-10 20:01:03','2022-01-10 20:01:03','',2057,'http://smartinsurance.tips/?p=2106',0,'revision','',0),(2107,1,'2022-01-10 20:01:34','2022-01-10 20:01:34','<!-- wp:gallery {\"ids\":[2049],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-13-1024x536.png\" alt=\"\" data-id=\"2049\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-13.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2049\" class=\"wp-image-2049\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Car theft is an awful experience, leaving victims anxious and worried. Finding out your car insurance covers theft may be one bright spot in this otherwise trying experience. Though many types of car insurance cover vehicle theft, whether your policy does depends on the exact terms and conditions of the coverage you\'ve chosen to purchase. And remember that even with a policy that covers vehicle theft, personal property in the stolen vehicle isn’t included. For that, claims are filed with your homeowners or renters insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Several types of car insurance exist—liability insurance won’t cover theft of the vehicle.</li><li>Comprehensive auto insurance generally covers theft as well as vandalism.</li><li>Car insurance typically doesn’t cover theft of personal property inside the car—homeowners or renters policies take care of those items.</li><li>File a police report and an insurance claim as soon as possible after a theft happens.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h2 class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-4\">Liability vs. Comprehensive Car Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-5\">Car insurance comes in a&nbsp;few different varieties.&nbsp;Liability is the most basic and is mandatory in all states except New Hampshire and Vermont. Collision insurance helps pay for additional damages in case of an accident. Neither liability nor collision coverage protects against vehicle theft.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-7\">If you’re looking for insurance that covers stolen vehicles, you need a comprehensive policy. Comprehensive vehicle insurance is often bundled with collision and other types of coverage, or you can just buy a comprehensive policy that provides coverage if your car is broken into or stolen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-9\">Other Types of Insurance May Help</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-10\">Though comprehensive generally covers vehicle theft, it covers only the car itself and not personal property left inside.&nbsp;For that, you’ll need to file a claim with your homeowners or renters insurance provider.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-12\">Most homeowners or renters policies cover theft of your personal property, even items stolen from your car. Check the exact terms and conditions of your policy so that you know what is and isn’t covered. So, be prepared to make two different insurance claims, one to your car insurance for the car itself, and another to your homeowners or renters insurance for the personal property that was inside the car.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-14\">Be aware that some homeowners insurance policies have a lower limit for property stolen when you’re not at home.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-16\">What to Do If Your Car Is Stolen</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-17\">If your car or truck is stolen, call the police and file a report immediately. The police will want basic information such as the make and model, plate number, and maybe the vehicle identification number. Then contact your insurance company to see if you\'re covered. Call your homeowners or renters insurance carrier if you think personal items were left inside the car.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-19\">Do these things without delay. Your claim will be processed quicker, and the odds that your car is found will improve.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-21\">If your claim is successful, many insurance carriers use the actual cash value (ACV)&nbsp;of your vehicle to determine your payout. The total will also depend on the terms of your policy. An adjuster from the insurance company determines the vehicle’s value based on its age, make, model, and normal wear and tear. This will also account for upgrades you have made, such as premium seats or wheels, but not accessories you can remove, such as a premium stereo or music player. When the adjuster has come up with a value for the car, you\'ll usually receive a check for that amount minus any deductible that you have on your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-23\">The Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-24\">With a variety of car insurance policies available, remember that only some will protect you if your car is broken into or stolen. You won’t be protected with only liability or collision insurance. Only comprehensive insurance covers your car if it\'s stolen, and it won\'t cover personal property left inside. For that, you\'ll need to file a claim with the issuer of your homeowners or renters policy. Make sure to file a police report and insurance claim as soon as possible—that will expedite the process and allow you to replace your car as soon as possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"normal\"} -->\n<p class=\"has-normal-font-size\"><span class=\"has-inline-color has-black-color\">To read the full article,</span>&nbsp;<a href=\"https://www.investopedia.com/does-car-insurance-cover-theft-5187222\">click here.</a></p>\n<!-- /wp:paragraph -->','Does Car Insurance Cover Theft?','','inherit','closed','closed','','2047-revision-v1','','','2022-01-10 20:01:34','2022-01-10 20:01:34','',2047,'http://smartinsurance.tips/?p=2107',0,'revision','',0),(2105,1,'2022-01-10 19:59:53','2022-01-10 19:59:53','<!-- wp:image {\"id\":2055,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-27-1024x536.png\" alt=\"\" class=\"wp-image-2055\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whether you lost your job or made the switch to remote work over the past year, you\'ve likely thought about your finances more than ever during the pandemic. The past year may have made you reevaluate how much you\'re spending and whether you\'re prepared for the worst.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Fortunately, experts say that even amid a time of financial uncertainty, there are easy ways you can begin to build your own&nbsp;emergency fund&nbsp;to use in the future. Having this pot of money at the ready for a worst-case scenario can help you weather any financial storm in the future, even if you\'re already facing some money troubles now.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">What you can do right now?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Being stuck at home for months in 2020 probably had its perks, spending-wise. You may have spent less at restaurants, your gym membership was on pause, and you didn\'t go to the movies.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Now, experts say, it\'s time to save that money as the starter cash for your future emergency savings fund.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Kumiko Love, creator of&nbsp;The Budget Mom,&nbsp;suggests holding off on paying off your debt, as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Look at your discretionary income. You can always make an extra debt payment later. Reduce your eating out expenses. Use the money you would typically use for entertainment or gas money and set that aside for your emergency savings,\" she says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">And before you rush to the grocery store with the cash you normally set aside for weekly purchases, see what you have at home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\"Do a fridge, pantry, and freezer inventory to access what your family needs and then make your grocery list,\" Love says. \"You\'d be amazed at how many meals you have ready to make in your fridge and pantry. This will help reduce one of your necessary expenses.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Start a budget</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Once you\'ve come up for air, spend some time getting down to the nitty gritty of number crunching. If you don\'t already have a budget in place for your household, now\'s the time to start one. Begin by assessing your current income and allocating it to your needs first.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Brian Walsh, a certified financial planner with&nbsp;SoFi,&nbsp;suggests using the 50-30-20 method of budgeting. That means delegating 50 percent of your income for needs such as housing, utilities, and food, 30 percent for discretionary spending, and 20 percent for your goals such as paying off debt or saving for the future.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Building a budget is not only looking at what you\'re spending but really asking yourself if it\'s essential discretionary and just flat out waste,\" he says. \"Waste is easy to get rid of; discretionary is where it gets painful.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Think about the difference between canceling a gym membership you haven\'t used in months and deciding to forgo your monthly beauty subscription service. One is easier to give up than the other, but both should be on the chopping block for consideration according to the 50-30-20 philosophy, particularly if loss of income has you holding tight to every dollar.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you\'re a college grad still tackling student loan debt, you may still qualify for student loan deferment during the pandemic. If that\'s the case, Walsh suggests setting that money aside as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Treat it like you still have the payment, put it toward your emergency account, and use it to build that up,\" he says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Typically, experts recommend building an emergency fund with enough money for three to six months of living expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"We say three months if you\'re single with a steady job or you\'re in a relationship and both of you are employed,\" Walsh says. \"We say six months if you\'re single and your job is less steady or if you\'re in a relationship and only one partner is earning an income.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But something is better than nothing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Even if putting three to six months of expenses into emergency savings sounds daunting, you can at least try for $500,\" Palmer says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">If you\'re in a serious bind</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you\'re one of the tens of millions of Americans who received one of the&nbsp;coronavirus relief checks,&nbsp;Ted Rossman, an industry analyst at&nbsp;CreditCards.com,&nbsp;suggests putting it toward an emergency fund if possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Those payments-$1,200 for most adults and $500 for children-will be extremely important for many households,\" Rossman says. \"You can also ask your lenders for breaks-most banks are offering relief on credit cards, mortgages, car loans, and more.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you\'ve already filed your 2020 taxes and are expecting a refund, aim to put that money into your emergency fund, too.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whatever you do, try not to rely on your credit card for emergency purchases.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"That can be expensive, plus many banks cut credit lines and cancelled cards without warning during the Great Recession, and that could happen again,\" Rossman says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you\'re still wondering how you\'re going to make ends meet, Equitable Advisor&nbsp;Tammy Butts&nbsp;says you need to take stock of your liquid assets and your retirement savings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Butts suggests consulting with a financial expert before making major decisions about tapping into any investments you have during an emergency, as some will come with and without taxes, and others could come with penalties.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"I strongly recommend that you consult a financial professional, financial advisor, or CPA as they can direct you with this depending on your particular situation [and] age, how they are invested, tax status, etc.,\" she says.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.realsimple.com/work-life/money/saving/emergency-fund-coronavirus\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Save Money for an Emergency Fund? (Yes, Even Now)','','inherit','closed','closed','','2054-revision-v1','','','2022-01-10 19:59:53','2022-01-10 19:59:53','',2054,'http://smartinsurance.tips/?p=2105',0,'revision','',0),(2108,1,'2022-01-10 20:02:02','2022-01-10 20:02:02','<!-- wp:gallery {\"ids\":[2052],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-14-1024x536.png\" alt=\"\" data-id=\"2052\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-14.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2052\" class=\"wp-image-2052\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">This type of auto insurance can cover your medical bills after an accident. No-fault insurance is designed to cover your medical expenses and/or loss of income when you\'re involved in a car accident, regardless of who was at fault. Some states require drivers to carry no-fault auto insurance, while others make this coverage optional.&nbsp;No-fault insurance is sometimes referred to as&nbsp;personal injury protection, or PIP.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Key takeways:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">No-fault car insurance, sometimes referred to as personal injury protection (PIP), can pay your and your passengers\' medical expenses if you\'re involved in an accident.&nbsp;</span></li><li><span class=\"has-inline-color has-black-color\">With a no-fault policy, you submit your claim to your own insurance company, not the other driver\'s.</span></li><li><span class=\"has-inline-color has-black-color\">No-fault insurance is mandatory in some states and optional in others.&nbsp;</span></li><li><span class=\"has-inline-color has-black-color\">Even if you aren\'t required to have no-fault insurance, you must still have bodily injury and property damage liability coverage in virtually every state.&nbsp;</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-4\"><span class=\"has-inline-color has-black-color\">What Is No-Fault</span> <span class=\"has-inline-color has-black-color\">Insurance?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-5\">In most states, when a car accident occurs, the drivers\' insurance companies attempt to determine who was at fault for causing it. So if you\'re in an accident and it\'s determined that the other driver caused it, you could file a claim against their insurance for any injuries or damages you sustained.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-7\"><span class=\"has-inline-color has-black-color\">No-fault insurance doesn\'t consider who\'s at fault in a car accident when paying medical claims. Instead of filing a claim with the other driver\'s insurance company, you\'d file it with your own insurer. It will then evaluate your claim and pay out damages to you, based on the extent of your financial losses.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-9\"><span class=\"has-inline-color has-black-color\">Which States Have No-Fault Insurance?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-10\"><span class=\"has-inline-color has-black-color\">Currently, 12 states—Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, and Utah—plus Puerto Rico have some form of mandatory no-fault insurance law, according to the Insurance Information Institute.&nbsp;It is also available on an optional basis in some other states.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-12\"><span class=\"has-inline-color has-black-color\">While the laws vary from state to state, the industry divides them into three basic types: \"pure\" or \"true\" no-fault, choice no-fault, and add-on no-fault.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\"><span class=\"has-inline-color has-black-color\">\"Pure\" or \"True\" No-Fault States</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-15\"><span class=\"has-inline-color has-black-color\">\"Pure\" (or \"true\") no-fault refers to policies where the driver\'s insurance will pay first-party benefits to the driver and their passengers and where drivers are restricted in their right to sue. First-party benefits means that the driver\'s insurance company will cover their medical and other expenses regardless of who is responsible in an accident. The following states (plus the territory of Puerto Rico) have pure no-fault laws:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-17\" class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">Florida</span></li><li><span class=\"has-inline-color has-black-color\">Hawaii</span></li><li><span class=\"has-inline-color has-black-color\">Kansas</span></li><li><span class=\"has-inline-color has-black-color\">Kentucky</span></li><li><span class=\"has-inline-color has-black-color\">Massachusetts</span></li><li><span class=\"has-inline-color has-black-color\">Michigan</span></li><li><span class=\"has-inline-color has-black-color\">Minnesota</span></li><li><span class=\"has-inline-color has-black-color\">New Jersey</span></li><li><span class=\"has-inline-color has-black-color\">New York</span></li><li><span class=\"has-inline-color has-black-color\">North Dakota</span></li><li><span class=\"has-inline-color has-black-color\">Pennsylvania</span></li><li><span class=\"has-inline-color has-black-color\">Puerto Rico</span></li><li><span class=\"has-inline-color has-black-color\">Utah</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-19\"><span class=\"has-inline-color has-black-color\">Choice No-Fault States</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-20\"><span class=\"has-inline-color has-black-color\">Choice no-fault refers to states that offer residents a choice of pure no-fault and a traditional automobile insurance policy that doesn\'t restrict their right to sue. These states (which also appear on the list above for offering pure no-fault) allow drivers that choice:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-22\" class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">Kentucky</span></li><li><span class=\"has-inline-color has-black-color\">New Jersey</span></li><li><span class=\"has-inline-color has-black-color\">Pennsylvania</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-24\"><span class=\"has-inline-color has-black-color\">Add-on No-Fault States</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-25\"><span class=\"has-inline-color has-black-color\">Add-on no-fault policies are a sort of hybrid. Like a traditional auto policy, drivers are free to sue, but first-party coverage can be added on to the policy, meaning that their own insurance company will pay their medical and other expenses. The following states (and the District of Columbia) have add-on no-fault laws:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-27\" class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">Arkansas</span></li><li><span class=\"has-inline-color has-black-color\">Delaware</span></li><li><span class=\"has-inline-color has-black-color\">District of Columbia</span></li><li><span class=\"has-inline-color has-black-color\">Maryland</span></li><li><span class=\"has-inline-color has-black-color\">New Hampshire</span></li><li><span class=\"has-inline-color has-black-color\">Oregon</span></li><li><span class=\"has-inline-color has-black-color\">South Dakota</span></li><li><span class=\"has-inline-color has-black-color\">Texas</span></li><li><span class=\"has-inline-color has-black-color\">Virginia</span></li><li><span class=\"has-inline-color has-black-color\">Washington</span></li><li><span class=\"has-inline-color has-black-color\">Wisconsin</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-29\"><span class=\"has-inline-color has-black-color\">It\'s also worth noting that these laws are subject to legislative change. Colorado and Connecticut, for example, passed no-fault laws in the 1970s, only to repeal them several decades later. Pennsylvania also passed a no-fault law in the 1970s, repealed it in the 1980s, and then restored it in 1990.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\"><span class=\"has-inline-color has-black-color\">How No-Fault Insurance Works?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-32\"><span class=\"has-inline-color has-black-color\">No-fault insurance is intended to reduce the demands on the court system associated with car accident-related lawsuits.&nbsp;States with no-fault laws generally allow you to sue for severe injuries or pain and suffering only when damages meet certain thresholds.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-34\"><span class=\"has-inline-color has-black-color\">A typical no-fault car insurance policy will consist of:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-36\" class=\"has-black-color has-text-color has-medium-font-size\"><li><span class=\"has-inline-color has-black-color\">Bodily injury liability (BI) coverage</span></li><li><span class=\"has-inline-color has-black-color\">Property damage liability (PD) coverage</span></li><li><span class=\"has-inline-color has-black-color\">Personal injury protection (PIP) coverage</span></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-38\"><span class=\"has-inline-color has-black-color\">Liability coverage&nbsp;is mandatory in all 50 states except New Hampshire. In that state, drivers still have to furnish proof of financial responsibility in order to drive without liability insurance.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-40\"><span class=\"has-inline-color has-black-color\">The liability portion of a no-fault insurance policy covers two distinct things: property damage and injuries caused to others. Property damage liability pays for damages to someone else\'s vehicle or other property in an accident you cause. Bodily injury liability coverage pays for medical expenses and related costs if you injure someone in an accident where you\'re found to be at fault. Your policy can have both a per-person bodily injury liability limit and a per-accident bodily injury liability limit.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-42\">Neither of those coverages pays for your own medical expenses or those of your passengers if you\'re involved in an accident. That\'s where the personal injury protection (PIP) component of a no-fault policy comes in.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-44\"><span class=\"has-inline-color has-black-color\">Personal injury protection insurance allows you to file a claim for medical expenses or other costs resulting from a car accident, regardless of who was at fault. Depending on your policy, PIP coverage may also pay for lost wages or reimburse you if you have to hire someone to handle routine household chores for you while you\'re recovering from an injury.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-46\"><span class=\"has-inline-color has-black-color\">Each state specifies a minimum amount of personal injury protection coverage that you\'re required to have as part of a no-fault policy. For example, you may need to have $10,000, $20,000, or up to $50,000 in PIP coverage. Minimum coverage amounts also apply to bodily injury liability and property damage liability insurance.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-48\"><span class=\"has-inline-color has-black-color\">States also have different rules on what no-fault policies will pay for. In Michigan, for example, PIP insurance will cover all reasonably necessary medical expenses, with no maximum limit. It also pays up to 85% of lost wages if you\'re unable to work because of an accident-related injury.&nbsp;In New York, PIP coverage is capped at $50,000 per person and the lost wages payout is 80% of income, up to a maximum payout of $2,000 per month.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Important: Some states also make other types of insurance mandatory, including underinsured/uninsured motorist coverage and/or&nbsp;collision&nbsp;and&nbsp;comprehensive&nbsp;coverage.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 id=\"mntl-sc-block_1-0-52\"><span class=\"has-inline-color has-black-color\">Filing a No-Fault Insurance Claim</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-53\"><span class=\"has-inline-color has-black-color\">If you\'re involved in a car accident and you have no-fault insurance, the first thing you\'ll need to decide is whether to file a claim at all. Filing a claim may be necessary if you or a passenger in your vehicle were injured.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-55\"><span class=\"has-inline-color has-black-color\">Since this is no-fault insurance, you\'d contact your insurance company to file any injury-related claim. You would need to provide details about the accident and the extent of your injuries, as well as documentation of your medical expenses or lost wages.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-57\"><span class=\"has-inline-color has-black-color\">The insurance company would then process your claim and pay for your expenses, according to the coverage limits established by your policy. An advantage of no-fault insurance is that since there\'s no need to prove fault, claims can be paid much faster.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-59\"><span class=\"has-inline-color has-black-color\">But it\'s important to remember that no-fault insurance policies have their limitations. In particular, no-fault insurance typically doesn\'t pay damages for&nbsp;pain and suffering. As mentioned earlier, some no-fault states do allow you to sue a negligent driver for pain and suffering, but you may only be able to do so in cases involving severe injuries.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Important: Some states impose a set time frame for how long you have to file a no-fault claim following an accident.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-63\"><span class=\"has-inline-color has-black-color\">How to Buy No-Fault Insurance?</span></h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-64\"><span class=\"has-inline-color has-black-color\">If you live in a state that requires no-fault insurance, there are a few things to know about purchasing it.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-66\"><span class=\"has-inline-color has-black-color\">First, you\'ll need to know the minimum coverage amounts your state requires for PIP insurance as well as liability insurance. Then, consider whether those minimums are sufficient. You can always choose to purchase more PIP coverage or liability coverage if needed. Just bear in mind that more coverage will mean higher premiums.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-68\"><span class=\"has-inline-color has-black-color\">Next, check to see whether there\'s a cap on medical expenses, what (if anything) the policy will pay for lost wages, and whether it covers other expenses, such as in-home help.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-70\"><span class=\"has-inline-color has-black-color\">Also, consider who the policy will cover. In Michigan, for example, a no-fault insurance policy can cover your entire family. So if your teenage son is injured in an accident while riding as a passenger in a friend\'s car, your PIP coverage would still pay for his medical expenses.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-72\"><span class=\"has-inline-color has-black-color\">Finally, ask about discounts that could help make your coverage more affordable. Safe driving discounts or&nbsp;bundling&nbsp;your car insurance with your homeowners insurance at the same company, for example, can help lower your costs.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"normal\"} -->\n<p class=\"has-black-color has-text-color has-normal-font-size\"><span class=\"has-inline-color has-black-color\">To read the full article,</span>&nbsp;<a href=\"https://www.investopedia.com/what-is-no-fault-insurance-and-do-you-need-it-5089251\">click here.</a></p>\n<!-- /wp:paragraph -->','No-Fault Insurance','','inherit','closed','closed','','2051-revision-v1','','','2022-01-10 20:02:02','2022-01-10 20:02:02','',2051,'http://smartinsurance.tips/?p=2108',0,'revision','',0),(2110,1,'2022-01-10 20:05:42','2022-01-10 20:05:42','<!-- wp:gallery {\"ids\":[2082],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-15-1024x536.png\" alt=\"\" data-id=\"2082\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-15.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2082\" class=\"wp-image-2082\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-1\"><span class=\"has-inline-color has-black-color\">The sound of hail pounding on your roof is enough to wake you from a sound sleep. And when the storm clouds clear, you may find what homeowners dread: roof damage. Hailstorms can strike almost anywhere, but they are most prevalent in certain parts of the country.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Key takeaways:</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Hail damage is created when hail dents cracks, splits, or makes holes in a roof.&nbsp;</li><li>Most homeowners policies cover hail damage up to a certain dollar limit.&nbsp;</li><li>Hail damage may not be covered if the roof required repairs before the hail event.&nbsp;</li><li>Notify your insurer as soon as you realize your roof has suffered damage from hail.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-4\"><span class=\"has-inline-color has-black-color\">Most homeowners policies cover roof damage caused by hail along with related water damage to your home’s structure or contents. But you can’t take your coverage for granted. Before disaster strikes, you need to know if your home insurance policy will cover a hail-damaged roof, under what circumstances it won’t provide coverage, and your policy\'s coverage limits.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-8\">What Is Hail Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-10\"><span class=\"has-inline-color has-black-color\">Hail damage to your roof can take several different forms depending on t</span>he type of roof your home has.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-13\" class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Asphalt shingle or composite shingle</strong>: Round, dark impact marks may appear with few granules. The damaged shingles may feel soft, and you may notice exposed felt.</li><li><strong>Wood shingles</strong>: You may see dents and splits in the wood, with noticeable brown or orange spots inside the splits.</li><li><strong>Metal</strong>: Roof panels, gutters, and vents may display dents.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Tip: Inspect your roof regularly, particularly following a hailstorm.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-17\">What Are the Hazards of Hail Damage to Roofs?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-19\">A damaged roof can allow water to leak into underlying materials affecting roofing plywood and insulation. Water can seep into ceilings and walls, damaging paint and sheetrock. Unchecked leaks can lead to mold and mildew, which can spread beyond structural materials to clothing and furniture. Water-damaged structural elements, such as ceiling joists and wall studs, may rot, causing a ceiling to collapse.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-22\">Water can also seep into your home’s electrical components, like ceiling fans, lights, and wall sockets, causing electrical damage that may create a fire hazard.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Important: Sudden, unexpected hailstorms can occur almost anywhere, but they’re most prevalent in Great Plains and Midwest states.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-27\">How To Prevent Hail Damage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-29\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Install a new roof when recommended. Replacing a roof that\'s too far gone can create a hazard for workers, which could lead to a lawsuit. Before hiring a contractor, make sure your&nbsp;home insurance policy&nbsp;has sufficient liability coverage.</li><li>Install storm shutters on doors and windows.</li><li>Replace your roof with hail-resistant materials such as Class 4 shingles, coated metals, or synthetic slate.</li><li>Replace old roof fixtures such as skylights and vents, which can easily sustain hail damage and lead to leaks.&nbsp;</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-31\">Is Hail Damage to Your Roof Covered by Homeowners Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-33\">The most common type of home insurance for owner-occupied houses is called an HO-3. Typically, HO-3 policies cover damage caused by hail. Usually,&nbsp;homeowners policies&nbsp;pay replacement costs for dwelling losses. For example, if your roof is destroyed in a hailstorm and costs $20,000 to replace, your policy will pay up to $20,000, minus your&nbsp;deductible, for the repair.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-36\">Some home insurance policies may limit roof replacement claims. For instance, if your policy places limits on cosmetic damages, it may only pay to replace damaged roof shingles, which may not match the rest of the roof. In states prone to hailstorms, homeowners policies may also feature a separate deductible for&nbsp;hazards&nbsp;such as hail or wind.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-39\">For homes with older roofs, insurers sometimes limit roof coverage to actual cash value, which will apply a depreciated value paid for damages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-42\">When Is Hail Damaged Not Covered?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-44\"><span class=\"has-inline-color has-black-color\">While a roof may appear hail damaged, another culprit may be to blame, particularly neglect. Sunlight and harsh weather can make shingles brittle, making them appear damaged. Or the shingles may begin to blister, crack, or show signs of granule loss due to age. These types of damages are considered normal wear and tear, which insurers typically don’t cover.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">Note: If hail damages an old roof that should have already been replaced, an insurance adjuster may deny a claim. However, if hail damages your roof and causes water damage inside your home, your policy may cover interior structural and contents losses.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-49\"><span class=\"has-inline-color has-black-color\">Insurance companies usually deny claims on houses that have been vacant for more than 60 days. Some carriers may discontinue coverage of a vacant home, while others may continue limited coverage for specific perils. However, some insurers offer vacant home insurance, which may cover hail and wind damage.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-52\"><span class=\"has-inline-color has-black-color\">You can’t file a roof claim if the damage is less than your policy’s deductible. For example, if your policy has a $1,000 deductible, you can’t file a $500 roof claim. Homes in high-risk areas may have a separate hail deductible. So if your hail damage deductible is $2,000, you can only file a claim when damages exceed $2,000.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-54\">How To File a Hail Damage Insurance Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-56\"><span class=\"has-inline-color has-black-color\">The claims filing process can vary by&nbsp;insurance provider. But in all cases, you need to file a claim promptly and supply sufficient documentation to verify the damage.</span>&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-59\"><span class=\"has-inline-color has-black-color\">Review Your Homeowners Insurance</span> Policy&nbsp;</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-61\">It’s best to know what your home insurance policy does and doesn’t cover before you need to file a claim. When a hailstorm strikes, review the fine print of your policy’s coverages and exclusions. Coverages A and B cover losses to your home’s main structure and attached structures—like a garage—and coverage C covers personal property such as furniture and clothing.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-64\"><span class=\"has-inline-color has-black-color\">Be Prompt</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-66\">The fine print of your homeowners policy may instruct you to contact the insurer or its agent promptly after damage occurs. If you’re unsure how quickly you must file, ask a company representative if a time limit applies. You should also file a claim promptly to avoid undue additional damage. Damaged roof materials can degrade further, so it’s important for an adjuster to examine the damage when it is fresh.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-69\"><span class=\"has-inline-color has-black-color\">Assess the</span> <span class=\"has-inline-color has-black-color\">Damage&nbsp;</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-71\"><span class=\"has-inline-color has-black-color\">If you are unsure if your roof has sustained enough damage to file a claim, you might need to hire a contractor to assess the losses. Depending on your policy’s deductible, excessive granule loss on shingles, dents to metal roof panels and gutters, and cracked or dented skylights and vents often indicate a valid claim.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-74\">Take pictures or videos of all damages. Oftentimes, roof damage can cause leaks that ruin interior floors and furnishings. In your claim, include all damages to your home’s structure and its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-77\">Y<span class=\"has-inline-color has-black-color\">ou may need to take immediate steps to prevent further damage. For example, cover a damaged section of roof to prevent rainwater from entering your home. Also, throw away soaked items such as carpeting, which can cause a mold hazard. Always take these preventative steps before an adjuster arrives to inspect the damages.&nbsp;</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-80\"><span class=\"has-inline-color has-black-color\">Get an Estimate&nbsp;</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-82\">Some insurers assign a claims handler or insurance adjuster to home insurance claims. Typically, the representative will assess the damages and give you an estimate of repair costs. If the insurer requires you to get an estimate, you may need to choose a contractor from the company’s approved vendor list. Always choose a licensed contractor to assess damages.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-85\"><span class=\"has-inline-color has-black-color\">Keep Track of the Claim</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-87\"><span class=\"has-inline-color has-black-color\">After filing a claim, you need to stay involved until it’s paid and your home is restored. Maintain regular contact with the insurance adjuster and contractor. Take notes every time you speak with an insurance representative. If you don’t understand something about the process, get answers from the insurance company. Save receipts for damage-related expenses, for which the insurer may offer reimbursement. Continue to inspect your home for subsequent damage, such as leaks or mold caused by the initial hail damage.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-89\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-91\"><span class=\"has-inline-color has-black-color\">Is hail damage to the roof covered by homeowners insurance?&nbsp;</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-93\"><span class=\"has-inline-color has-black-color\">Most home insurance policies cover hail damage. If you have an older roof, the insurer may only pay actual cash value, which applies depreciation, to a repair or replacement payout.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-96\"><span class=\"has-inline-color has-black-color\">Do all homeowners insurance policies cover hail damage?</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-98\"><span class=\"has-inline-color has-black-color\">HO-3 home insurance policies are the most common on the market. HO-3 policies cover all perils unless those perils are specifically excluded. However, insurers will not cover damages caused by normal wear and tear. And if your roof needed replacing before the hail damage occurred, your carrier may refuse to repair or replace it.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-101\"><span class=\"has-inline-color has-black-color\">How do I start the hail damage insurance claims process?&nbsp;</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-103\"><span class=\"has-inline-color has-black-color\">Each insurance provider has its own claims filing process. Before filing a claim, assess the damage, looking for patterned granule loss on asphalt or composite shingles, or dents on metal roofs, gutters, skylights, and roof vents. If the roof has sustained enough damage to warrant a claim, file it.</span></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-106\"><span class=\"has-inline-color has-black-color\">Is there a time limit to make a hail damage insurance claim?</span></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-108\">Claims filing time limits can vary by insurer. Your policy’s fine print may instruct you to file promptly or specify a specific time limit. It’s best to contact your insurer immediately and get the claims process started because roof hail damage can lead to leaks that can destroy your home’s structure and, in some cases, its contents.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/is-hail-damage-to-your-roof-covered-by-homeowners-insurance-5193673\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Is Hail Damage to Your Roof Covered by Homeowners Insurance?','','inherit','closed','closed','','2081-revision-v1','','','2022-01-10 20:05:42','2022-01-10 20:05:42','',2081,'http://smartinsurance.tips/?p=2110',0,'revision','',0),(2112,1,'2022-01-10 20:09:05','2022-01-10 20:09:05','<!-- wp:gallery {\"ids\":[2078],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-16-1024x536.png\" alt=\"\" data-id=\"2078\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-16.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2078\" class=\"wp-image-2078\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-1\">According to the National Oceanic and Atmospheric Administration, tornado events are drastically increasing. In 1950, the administration reported 197 tornadoes in the United States, and in 2019, almost 1,500.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-4\">The force of a tornado can level an entire town, leaving homes and businesses in piles of rubble. You can take certain steps to keep your family safe during a tornado, but the best way to protect your home is by buying a homeowners insurance policy with sufficient coverage. The second-best way is to understand what’s in your policy and how it works.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-7\">Standard home insurance provides good protection for tornadoes, but you may need to adjust certain coverage limits for maximum protection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key takeaways:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Standard home insurance policies cover tornado damage.</li><li>Following tornado damage, most homeowners policies will help pay additional living expenses, such as hotel bills and restaurant meals.</li><li>Many home insurance policies include actual cash value personal property coverage, which only pays the depreciated value of personal items.</li><li>You’re responsible for the deductible amount in your home insurance policy.</li><li>Homeowners policies do not cover automobiles damaged by tornadoes.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-11\">Does Home Insurance Cover Tornado Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-13\">Most standard home insurance policies protect your dwelling, other structures, and personal property from damages that result from “covered perils.” A covered peril is another way of referring to what causes the damage (such as wind).&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-16\">Home insurance may also help pay if you lose the use of your home (if it’s uninhabitable, for example) and for your personal liability (if someone gets hurt on your property). Most policies cover losses caused by perils common during tornado events, such as falling objects,&nbsp;hail, lightning strikes, water damage, and wind. Some policies also cover damages caused by power surges, which can occur during tornadoes as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Warning: Heavy rainfall often accompanies tornadoes. Most standard homeowners policies&nbsp;<em>do not</em>&nbsp;cover flood damage to your home or its contents. However, major home insurance companies sell flood insurance provided by the&nbsp;National Flood Insurance Program.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-20\">What’s Covered?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-22\">A home insurance policy is a collection of coverages. Following a tornado, individual coverages will apply to different types of losses. Most types of coverage are subject to a deductible—this is the amount of money you’re responsible for paying toward losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-25\">Dwelling Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-27\">Dwelling coverage&nbsp;pays to repair or rebuild your home’s main structure and attached structures, like a garage. For instance, if a tornado destroys your house’s roof, your policy’s dwelling coverage would help pay to replace it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-30\">Your policy should include enough dwelling coverage to completely rebuild your house. Some insurers require policyholders to carry dwelling coverage equal to at least 80% of a home’s rebuild costs to cover the total replacement cost of damages—even if that amount is less than your coverage limit.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Important: A tornado can completely destroy a home. Homeowners who live in tornado-prone areas should purchase dwelling coverage equal to 100% of replacement costs, if possible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-35\">Other Structures Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-37\">Other structures coverage pays to repair or replace detached structures, like fences, garages, gazebos, or sheds. The amount of this coverage is usually determined by how much insurance you have on your main dwelling—most standard policies limit it to 10% of that amount.&nbsp;So, if your main dwelling is insured for $300,000, your insurance policy would cover up to $30,000 of damage to other structures.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-40\">Personal Property Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-42\">Tornados can leave a home in rubble, with personal items such as clothing and furniture ruined by water damage and toxins from destroyed building materials. Personal property coverage helps replace personal items, up to the policy’s limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-45\">Many standard home insurance policies only pay a depreciated value for personal property losses. For example, if you paid $600 for a television five years ago, an insurance company may assess its current value at $150.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-48\">But some homeowners policies feature personal property&nbsp;replacement cost coverage&nbsp;or offer the protection as an endorsement. Replacement cost coverage pays to replace your personal items at current market prices.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Note: Homeowners policies typically limit personal property coverage to 50% to 70% of the amount of insurance you carry on your main dwelling.&nbsp;If, for example, your house is insured for $300,000, and personal property is covered up to 50%, you’d have up to $150,000 of personal property coverage.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-53\">Loss of Use Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-55\">If tornado damage leaves your home uninhabitable, loss of use coverage can help pay additional living expenses such as hotel bills, rent, and restaurant tabs. This coverage is also limited by the amount of insurance you have on your main dwelling—such as 20% to 30% of that amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-57\">Other Considerations</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-59\">A standard home insurance policy might not cover all tornado losses. Due to the destructive force of a tornado, trees and vehicles can become projectiles, damaging your home or the homes of neighbors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-62\">At times, you may not know which party’s insurance should cover damages or even what type of insurance should cover it. For this reason, it’s crucial to gather any evidence you have, such as pictures and eyewitness accounts, as soon as is reasonable once the damage has occurred.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-65\">Food Spoilage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-67\">Oftentimes, tornadoes damage electrical infrastructure, leaving homes without power for days, leading to food spoilage. Standard homeowners policies may cover spoiled food as long as the cause of spoilage is a covered peril under your policy. Even so, coverage for spoiled food may be limited (to $500, for example). Many insurers offer optional food spoilage coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Important: According to the&nbsp;Centers for Disease Control and Prevention&nbsp;refrigerated foods can remain safe for up to four hours during a power outage if you don’t open the refrigerator door. But you should throw away refrigerated foods after they reach a temperature above 40°F.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-72\">Fallen Trees</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-74\">Standard home insurance policies usually don’t pay to remove fallen trees that don’t cause damage to a home. However, if a tree falls on your house, your dwelling coverage should pay to repair your home and remove the tree, up to the policy’s limits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-77\">If a tree in your yard falls on your neighbor’s house, the neighbor will likely need to file a claim against their dwelling coverage. However, this type of scenario can get tricky, depending on whether the damage involved negligence. For instance, if the tree was healthy, the insurer would deem the damage an “act of God,” but if its trunk was rotten, the neighbor could claim negligence and you could be held responsible.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-80\">Negligence can lead to lawsuits. If a neighbor sues you over damages caused by your downed tree, the personal liability coverage of your homeowners policy can help pay legal expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-83\">Named Storm Losses</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-85\">When losses occur as the result of a named storm, such as a&nbsp;hurricane&nbsp;or tropical storm, named storm deductibles may apply. According to the National Association of Insurance Commissioners, named storm deductibles apply in 19 coastal states and the District of Columbia.<sup>6</sup></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-88\">A named storm deductible supersedes your policy’s stated deductible amount. Some homeowners policies apply a fixed-dollar named storm deductible, while others calculate the deductible as a percentage of your home’s value, usually 1% to 10%. For example, if your policy applies a 10% named storm deductible and your home is valued at $200,000, you will have to pay up to $20,000 out of pocket following a total loss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-90\">How To File a Tornado Damage Claim</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-92\">Claims filing procedures vary by insurance company. Some require you to call an agent or claims center, while others allow you to file a claim online or using a mobile app. But there are certain steps all homeowners should take following tornado losses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-95\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Contact your insurance company as soon as possible to start the claims process.</li><li>Take photos and videos of all losses to back up your claim.</li><li>If your home isn’t completely destroyed, take steps to prevent further damage. For example, if you have a small hole in your roof, cover it with plastic sheeting to prevent water damage inside the home. But do not make permanent repairs until you meet with an insurance adjuster.</li><li>If a tornado renders your home uninhabitable, ask your insurer if your policy covers loss of use expenses.</li><li>Carefully document all discussions with your insurance company.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-97\">Does Home Insurance Cover Damage to Cars?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-99\">Tornadoes can damage vehicles in many ways. High winds can topple trees onto cars and hail can pummel hoods and smash windshields.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-102\">Homeowners insurance will not cover damages to your automobile. But comprehensive auto insurance covers&nbsp;losses caused by weather events, including tornadoes.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-104\">How To Prepare for a Tornado</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-106\">Tornadoes destroy everything in their path, but you can take precautions to keep your family safe and make the insurance claim filing process go smoothly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul id=\"mntl-sc-block_1-0-109\" class=\"has-black-color has-text-color has-medium-font-size\"><li>Maintain an up-to-date inventory of your personal belongings. You can take a written inventory or document your possessions with photos or videos. The inventory should include each item’s purchase price, and when possible, receipts.</li><li>Trim tree limbs that branch out over your house and remove dead or rotting trees.</li><li>Prepare a shelter-in-place kit, with cleaning supplies, a first aid kit, medications, non-perishable foods, and bottled water. Also prepare a shelter-in-place kit for your pets and a pet evacuation kit in case you must leave your home.</li><li>Identify the safest place in your home. Small, windowless interior spaces, like a bathroom or closet, are the safest places during a tornado. Basements and underground storm shelters provide even greater protection.</li><li>Pay attention to weather conditions. Familiarize yourself with the&nbsp;signs of a tornado&nbsp;and stay abreast of weather reports when threatening conditions appear.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\" id=\"mntl-sc-block_1-0-111\">Frequently Asked Questions (FAQs)</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\">What are loss of use coverage limits?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Typically, insurers calculate loss of use coverage as a percentage of your dwelling coverage, usually 20%. So, if you carry $200,000 in dwelling coverage, you might have $40,000 in loss of use coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\"} -->\n<h2 class=\"has-black-color has-text-color\">Are hail and wind losses covered by all home insurance policies?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">No. Some insurers don’t include hail and wind losses in certain areas prone to hurricanes or tropical storms. For example, insurers exclude these perils for homes located along the Texas coast. However, Texas coastal residents can buy hail and wind coverage through the Texas Windstorm Insurance Association.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.thebalance.com/homeowners-insurance-and-tornadoes-what-s-covered-5213570\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Does Homeowners Insurance Cover Tornado Damage?','','inherit','closed','closed','','2077-revision-v1','','','2022-01-10 20:09:05','2022-01-10 20:09:05','',2077,'http://smartinsurance.tips/?p=2112',0,'revision','',0),(2115,1,'2022-01-10 20:15:12','2022-01-10 20:15:12','<!-- wp:gallery {\"ids\":[2071],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-29-1024x536.png\" alt=\"\" data-id=\"2071\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-29.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2071\" class=\"wp-image-2071\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><span class=\"has-inline-color has-black-color\">You\'d be surprised how many people brush off roadside assistance as too expensive or unnecessary. Maybe it\'s because they feel they have the tools and knowledge to&nbsp;jumpstart a car or change a flat tire on their own. However, roadside assistance is actually much more than just that—and is likely not nearly as expensive as you </span>might think.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">I vividly remember the first time I used roadside assistance for something other than a dead battery. My Ford Escape was stuck in a huge pile of snow. Do you know what that\'s like? You park your car between a few piles of snow, thinking it won\'t be that hard to get it out—but then the plow truck drives by, piling more snow around your car. Then it happens again and again and again.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">By the time you get to the car, it\'s impossible to get it out. To make it worse, it warmed up slightly during the day and then refroze at night, turning the piles of snow that surrounded my car into solid ice. Since I was used to driving a Subaru, I thought that the Ford could easily make it over the pile—and inevitably I became stuck on top of a giant mountain of snow.&nbsp;Roadside assistance came to my rescue, lifting my car out of the snow-turned-ice and onto the pavement. And that\'s exactly the point.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\">What\'s included in roadside assistance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Most policies cover:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Installing a flat tire</li><li>Jumpstarting your car</li><li>Installing a new battery&nbsp;</li><li>Towing to a repair facility (distance depends on your coverage)</li><li>Key retrieval if you lock your keys in the car</li><li>Fuel delivery in the event that you run out</li><li>Winching if stuck in snow, mud, water, or sand (usually on-road or within a short distance)</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additional benefits some roadside assistance plans include, but not limited to:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Tow to an EV charging station</li><li>Mechanical labor on scene may be covered to a certain extent</li><li>Bike towing</li><li>Trip interruption coverage</li><li>Motorcycle / RV coverage</li><li>Roadside assistance coverage in cars that aren\'t your own, like rentals, friend\'s vehicles, etc.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">How much does it cost?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Most&nbsp;new cars&nbsp;come with some level of roadside assistance as part of the initial warranty. If you&nbsp;purchase an extended warranty, those typically also come with roadside assistance. But, if you have to buy it separately, one of the least expensive places to buy roadside assistance is your own&nbsp;car insurance company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"fontSize\":\"normal\"} -->\n<p class=\"has-normal-font-size\">To read the full article,&nbsp;<a href=\"https://www.realsimple.com/work-life/money/saving/roadside-assistance-can-save-you-thousands\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Roadside Assistance Will Cost You Less Than $1 per Month, but Can Save You Thousands','','inherit','closed','closed','','2070-revision-v1','','','2022-01-10 20:15:12','2022-01-10 20:15:12','',2070,'http://smartinsurance.tips/?p=2115',0,'revision','',0),(2116,1,'2022-01-10 20:15:24','2022-01-10 20:15:24','[et_pb_section admin_label=\"section\"]\n		[et_pb_row admin_label=\"row\"]\n			[et_pb_column type=\"4_4\"][et_pb_text admin_label=\"Text\"]<!-- wp:gallery {\"ids\":[2067],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-19-1024x536.png\" alt=\"\" data-id=\"2067\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-19.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2067\" class=\"wp-image-2067\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph -->\n<p>When you think about the insurance that you need, disability insurance might not be at the top of your list. Here is why you should move it to the top.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>What would happen if you were hurt at work tomorrow and couldn’t go in for a few months?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>What about a car accident or illness that takes a year or two to recover?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you are the primary income earner of your household, it could mean financial hardship, particularly if you don’t have disability insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>What is disability insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Disability is a type of insurance that pays you a monthly benefit if you become disabled. Most people are wise to purchase both short-term and long-term disability insurance, as coverage for long-term disability may take six months to kick in. Short-term disability, as the name implies, starts faster than long-term coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>According to the nonprofit Council for Disability Awareness, the most common causes of short-term disability claims are:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Pregnancy.</li><li>Musculoskeletal disorders.</li><li>Digestive disorders.</li><li>Mental health issues, and injuries.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>Long-term disability claims most commonly stem from musculoskeletal disorders, cancer, pregnancy, mental health issues, and injuries.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Disability is a common cause of bankruptcy. Social Security Disability Insurance (SSDI) and Workers’ Compensation may offer some benefits to someone with a disability, but they may not offer enough income to pay for everything you need. Disability insurance is an important backup plan if you can’t go to work and need to keep up your income while recovering.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Is it worth it?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Not everyone needs disability insurance. I recently spoke to an insurance broker who said I could probably avoid buying it, because as a freelance writer there is little chance I could become so disabled that I could not work at all. Even if I broke my arm, I could use voice dictation to type out my articles.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>However, disability insurance is a necessity for other people – especially those in manual labor or specialized positions like a surgeon or masseuse.&nbsp;<strong>If you work in an injury-prone profession, you should definitely invest in disability insurance</strong>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Disability insurance is like life insurance. If your family doesn’t rely on your income, then you probably don’t need to buy it. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Why is disability insurance so important?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance replaces your income if you get seriously ill</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Some of those most common disability insurance claims relate to cancer, musculoskeletal disorders, and depression. While you hopefully never have to deal with any of these unfortunate situations, they are quite common.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In fact, one of them is affecting my family right now. My dad is receiving disability insurance payments related to prostate cancer. My family never expected my dad to get a stage four cancer diagnosis at any point, but here we are. I’m so glad for my parent’s finances that they had this critical insurance coverage. You just never know when a major illness could strike.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance replaces income if you are severely injured</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Many professions carry a high likelihood of injury. If you do any kind of manual labor, your body is essential in your ability to earn an income. Construction, factory, and other manual jobs could lead to injury at work. While your employer’s insurance should cover some of your bills, it may not be enough.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>You could also fall victim to a surprise injury. A slip and fall on an icy sidewalk, a car accident that isn’t your fault, a fall off a ladder, and other surprises could put you on the sidelines. You don’t get hurt on purpose. That’s why it’s called an accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance could provide enough income to cover bills while recovering</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Hopefully, if you do need disability insurance, it isn’t a permanent disability. Most disability insurance pays around 60% of your income. So if you normally make $4,000 per month, your disability insurance would pay $2,400 per month. That is a long-shot from what you made before but hopefully is enough to get by when factoring in emergency savings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The Social Security Administration says that about 25% of people who are 20 years old today will be disabled at some point before reaching age 67. That’s too high of a chance to ignore.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance may kick in if you can still work but not in the same capacity</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Disability insurance generally comes with “any occupation” or “own occupation” rules. This determines what level of disability could qualify you for benefits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>With “any occupation” coverage, which is probably going to be cheaper for you, your insurance only starts if you can’t reasonably do any job. That means you could have to work somewhere else, or perhaps in a lower-wage position, if you are still physically able to work.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>“Own occupation” means your insurance will pay if you are disabled and can’t do your own job, regardless of whether you can do something else. This is ideal, as you are probably best trained and have the best income prospects with your own job.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance complements Social Security Disability Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Social Security Disability Insurance is disability insurance you already have as a US taxpayer, but qualifying and receiving benefits is not easy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you do qualify and receive SSDI, it likely won’t be enough to cover all of your monthly expenses. The non-blind disability benefit for 2020 is $1,260 per month, according to the Social Security Administration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you have your own disability insurance, you could get SSDI as well. The combination of both insurance plans may take you well above 60% of your regular income.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance covers short-term and long-term needs</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>The two main kinds of disability insurance you will come across are short-term and long-term. The names do a pretty good job of explaining how they work. Short-term disability usually works for a period of three to six months. After that, you’ll need a long-term disability policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Long-term disability insurance usually has a three or six-month waiting period before benefits begin. The length of the benefit period is a big factor in the policy price. These often come in periods of two, five, or 10 years, or until retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3>Disability insurance protects your household from a complete loss of income</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If you think going down to 60% of your income sounds tough, imagine it dropping to $0. Unless you have significant savings or a spouse with a paycheck that can carry the household’s needs, a disability could be dire. Those with disabilities may have to give up their home and move in with relatives. It could lead to relying on others completely to get by.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>With disability insurance, things are not necessarily easy. If disabled, however, getting disability insurance benefits is a lot better than not having the option.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>Summary</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Insurance is there for those bad situations you can’t predict. Just as life insurance is an important protection for your family if you were to pass away, disability insurance is an important protection for a time when you may be unable to work.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>While disability insurance is arguably more important to people who are more likely to become injured or otherwise disabled, it’s a good idea for anyone who relies on their monthly income. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.moneyunder30.com/disability-insurance-is-it-worth-it\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->[/et_pb_text][/et_pb_column]\n		[/et_pb_row]\n	[/et_pb_section]','Why Disability Insurance Is The Most Important Financial Product You Didn\'t Realize You Needed?','','inherit','closed','closed','','2066-revision-v1','','','2022-01-10 20:15:24','2022-01-10 20:15:24','',2066,'http://smartinsurance.tips/?p=2116',0,'revision','',0),(2114,1,'2022-01-10 20:14:49','2022-01-10 20:14:49','<!-- wp:gallery {\"ids\":[2075],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-17-1024x536.png\" alt=\"\" data-id=\"2075\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-17.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2075\" class=\"wp-image-2075\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Life insurance. It\'s one of those things that no one ever likes talking about, but it\'s essential to ensuring&nbsp;any wealth you\'ve built&nbsp;is preserved for your future generations.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In a study by the Life Insurance and Market Research Association (LIMRA), it was determined that over&nbsp;100 million households (40%) are uninsured and underinsured.&nbsp;In addition,&nbsp;44% of households in the U.S. would face financial hardship&nbsp;if the primary wage earner died.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">These stats highlight why&nbsp;having life insurance is essential.&nbsp;No matter what type of life insurance you choose, it is a way to shield your investments and assets to make sure they\'re distributed properly to your designated beneficiaries if something happens to you.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Even if you have no investments or assets at the time of your death, having life insurance can ensure that&nbsp;your loved ones are taken care of when you are no longer here.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So, the two types of life insurance are term life insurance and whole life insurance. But which should you get? Let\'s get into the difference between term vs whole life insurance so you can make a financially sound decision.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-term-vs-whole-life-insurance-what-s-the-difference\">Term vs whole life insurance: What\'s the difference?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let\'s take a look at each, along with the differences between them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-what-is-term-life-insurance\">What is term life insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Term life insurance&nbsp;is life insurance coverage that covers you for a specified number of years and has no cash value account associated with it. As a result of this, the premiums are often lower than a whole life policy. When you choose a term life policy, you\'ll choose a certain number of years to be covered; typically 10 or 20 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Term life insurance breaks down into two different types of term life insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-group-term-life-insurance\"><strong>Group term life insurance</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Group term life insurance&nbsp;is insurance that an employer offers to its employees as a benefit. It covers the employees of the company instead of a single individual.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, the coverage of this policy can run short of what your needs may be, so you may want to consider purchasing an individual policy. Or you could expand your existing coverage and pay the premium difference that your employer provides.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\" id=\"h-individual-life-insurance\"><strong>Individual life insurance</strong></h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Individual life insurance&nbsp;is more expensive but provides more coverage that will fully protect your loved ones when needed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You also get to customize your coverage with this type of policy rather than settling for what your employer offers with their group plan. It\'s good to research and&nbsp;calculate how much life insurance you need for your unique situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-what-is-whole-life-insurance\">What is whole life insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whole life insurance, also called permanent insurance, is life insurance coverage that combines life insurance with investments. This&nbsp;addition of investments&nbsp;is called \"cash value\" and is placed in a cash-value account. It is also known as&nbsp;cash value life insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With a whole life insurance policy, you\'ll pay monthly premiums for coverage, but a portion of that amount will be put&nbsp;into an investment account.&nbsp;Your beneficiaries will receive any excess premiums at the time of your death.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With a policy like this, the premiums are often higher due to the additional benefit of the cash value account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-what-is-a-cash-value-account-and-how-does-it-work\">What is a cash value account and how does it work?</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Well, when you pay your insurance premium, they will use part of it to actually pay for your insurance. But the other part goes into an investment account that&nbsp;accumulates wealth&nbsp;over the life of the policy, aka, your lifespan. This account is called a cash value account.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With a cash-value account, you can withdraw money from your policy in the form of a loan plus interest. This is a great feature, yes, but one catch is that if the loan hasn\'t been paid back at the time of your death, the death benefit amount paid to your beneficiaries is decreased by the outstanding loan amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are a few ways you can use a cash account:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>To create supplemental&nbsp;income in retirement</li><li>For payments toward future policy premiums</li><li>To pay for you or your&nbsp;child\'s education</li><li>For a&nbsp;down payment towards a home</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Term vs whole life insurance pros and cons</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Term life versus whole life, how do you decide what is best for you? Well,&nbsp;just like any big financial decision, it comes down to the advantages and disadvantages. So let\'s dive into the term vs whole life insurance pros and cons.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-benefits-of-term-life-insurance\">Benefits of term life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It\'s always better to start with the good news first, right? So here are a few benefits of term life insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Specified coverage terms</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With a term life policy, coverage lasts for a specified number of years instead of for your entire life. For example, you can choose a policy term of 10 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So if you have a life insurance policy of $150,000 for a 10-year term and you passed away, then your family would receive the $150,000 from the policy. This makes term life insurance more affordable than a whole life policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Fixed payment premiums</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">One of the benefits of term life insurance is that your premium payments are a set amount for the specified coverage period. You can choose terms ranging from 10, 15, 20, and 30 years and the premium will be that price through the entire term.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-can-convert-to-a-whole-life-policy\">Can convert to a whole life policy</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you decide to, you can&nbsp;convert your term life insurance into a whole life policy. However, you will have to convert it before the deadline clause. Be sure to know the details of the conversion clause because it can save you from having to do it later if you need it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">More affordable policies</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Because there is no cash value accumulation like there is with a whole policy, the premiums are lower. This could be a good option if you are searching for a more affordable policy&nbsp;that fits into your budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-cons-of-term-life-insurance\">Cons of term life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Now that you know the benefits of term life insurance let\'s dig into the disadvantages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">You could potentially be denied</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When you renew your policy, your insurance company may require you to answer questions about your health and submit to a physical exam all over again.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you were to&nbsp;develop a health condition it could increase the cost of a new policy.&nbsp;Also, the insurance company may prevent you from renewing your policy due to your age.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Limited coverage due to age</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As you get older, the number of years your life insurance coverage may be renewed is limited.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, if you obtain insurance at 20, you can choose coverage for 10, 15, 20, and even 30-year terms. But at 60, providers may limit you to shorter terms of 10 or 15 years.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Premiums increase</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Premium costs for a term life policy can increase with each policy renewal. So if you choose a ten-year policy and then decide to buy another, the cost could increase significantly with each renewal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-benefits-of-whole-life-insurance\">Benefits of whole life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are many benefits of whole life insurance; here are a few of the biggest reasons you should consider a whole life insurance policy:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Lifetime coverage</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The biggest difference when comparing term vs whole life insurance is the type and length of coverage you get.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Remember with term life you will have coverage for a certain timeframe, but with whole life, it is lifetime coverage. That is a huge peace of mind to have&nbsp;when it comes to protecting your family financially.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Whole life policies have cash value</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Another one of the biggest benefits of whole life insurance is you have the benefit of cash value accumulation. Again, you can borrow from your cash value account&nbsp;to supplement retirement,&nbsp;future premium payments, or your child\'s education.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Earn dividends</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you&nbsp;invest in a dividend-paying whole life policy, you have the potential to earn annual dividends based on your policy amount.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This is when the company pays an annual amount to its policyholders if they perform well. Although the amount may vary, it\'s still one of the best benefits of whole life insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Cons of whole life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let\'s get down to the nitty-gritty of the cons of a whole life insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Premiums are higher</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Since you will have lifetime coverage and cash value with your policy you will pay a higher premium. So you will need to&nbsp;review your budget&nbsp;to see if you are able to afford the coverage you will need to invest in.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">Benefits can reduce</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Again, if you borrow from your policy and there is an outstanding balance, the amount of benefits will reduce.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You will need to determine if it\'s worth risking that chance when borrowing from your policy fund. Assess your financial situation first before diving into your cash fund.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":4,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h4 class=\"has-black-color has-text-color has-large-font-size\">You could earn more with better investments</h4>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You are likely to&nbsp;get better returns investing in an index fund&nbsp;for example. Building generational wealth through strategic investments may earn you more return than what a whole life policy could offer.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So now you know the term vs whole life insurance pros and cons, but do you even need life insurance? Let\'s discuss.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-do-you-need-life-insurance\">Do you need life insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You probably have insurance on your home, rental property, car, cell phone, pet, jewelry, and even your vacations, right? So why not your life? After all, your life is your most valuable asset!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If making the&nbsp;decision to purchase life insurance&nbsp;is difficult, answer these questions first:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Does anyone rely on my income for their daily living?</li><li>If I pass away today, is there enough money to cover the mortgage and other bills and debts?</li><li>How would my income be replaced to provide for my family and support the education of my children or dependents?</li><li>Will my family have enough to cover my funeral expenses without causing&nbsp;financial hardship?</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-three-main-reasons-to-get-life-insurance\">Three main reasons to get life insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Depending on how you answered the above questions, here are 3 main reasons why you may want to consider getting life insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li>For the cost of your burial and final expenses</li><li>To create generational wealth for your next generation</li><li>To replace lost wages from your passing</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h2 class=\"has-black-color has-text-color has-medium-font-size\" id=\"h-term-life-versus-whole-life-which-should-you-get\">Term life versus whole life: Which should you get?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When you compare term life versus whole life, it\'s important to come back to what your needs are.&nbsp;As stated earlier, life insurance&nbsp;is a way to shield your investments and assets&nbsp;and make sure they\'re distributed properly to your designated beneficiaries in the event of your passing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">It is not designed&nbsp;to be a money-making scheme. And if you are leaning towards whole life insurance solely for that reason (cash value), you should seriously consider the high premiums sub-par returns on whole life insurance investments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Ideally, your goal should be to&nbsp;pay off your debt&nbsp;and&nbsp;bulk up your savings&nbsp;and investments. Once you are able to achieve this level of financial wellness, you are less likely to need insurance for your entire life. This is because you would have built up considerable assets if you follow a&nbsp;solid financial plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">And so term life insurance may be a better option and you can put the money you would otherwise be paying to higher premiums towards achieving the goals you have&nbsp;laid out in your financial plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are instances where whole life insurance may work for you. For instance, if you are a high-income earner with a need for life insurance. Or you have maxed out your 401k,&nbsp;traditional IRA and ROTH IRA, and&nbsp;529 savings options&nbsp;and are seeking additional diversification.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"h-term-vs-whole-life-insurance-pick-what-s-best-for-you\">Term vs whole life insurance: Pick what\'s best for you!</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The cost of insurance, especially term life insurance, is much lower than most people think. So it\'s a good idea to have a conversation with your family about life insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You don\'t want to put money into a life insurance policy if it is not necessary, but you also want your family to be taken care of in the event of your passing. Be sure to determine what works best for you when it comes to choosing term life versus whole life insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.clevergirlfinance.com/blog/term-vs-whole-life-insurance/\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Term Vs Whole Life Insurance? What’s Best For You?','','inherit','closed','closed','','2074-revision-v1','','','2022-01-10 20:14:49','2022-01-10 20:14:49','',2074,'http://smartinsurance.tips/?p=2114',0,'revision','',0),(2118,1,'2022-01-10 20:18:20','2022-01-10 20:18:20','<!-- wp:gallery {\"ids\":[2067],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-19-1024x536.png\" alt=\"\" data-id=\"2067\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-19.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2067\" class=\"wp-image-2067\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">When you think about the insurance that you need, disability insurance might not be at the top of your list. Here is why you should move it to the top.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">What would happen if you were hurt at work tomorrow and couldn’t go in for a few months?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">What about a car accident or illness that takes a year or two to recover?</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you are the primary income earner of your household, it could mean financial hardship, particularly if you don’t have disability insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What is disability insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Disability is a type of insurance that pays you a monthly benefit if you become disabled. Most people are wise to purchase both short-term and long-term disability insurance, as coverage for long-term disability may take six months to kick in. Short-term disability, as the name implies, starts faster than long-term coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">According to the nonprofit&nbsp;Council for Disability Awareness, the most common causes of short-term disability claims are:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Pregnancy.</li><li>Musculoskeletal disorders.</li><li>Digestive disorders.</li><li>Mental health issues, and injuries.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Long-term disability claims most commonly stem from musculoskeletal disorders, cancer, pregnancy, mental health issues, and injuries.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Disability is a common cause of&nbsp;bankruptcy. Social Security Disability Insurance (SSDI) and Workers’ Compensation may offer some benefits to someone with a disability, but they may not offer enough income to pay for everything you need. Disability insurance is an important backup plan if you can’t go to work and need to keep up your income while recovering.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Is it worth it?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Not everyone needs disability insurance. I recently spoke to an insurance broker who said I could probably avoid buying it, because as a freelance writer there is little chance I could become so disabled that I could not work at all. Even if I broke my arm, I could use voice dictation to type out my articles.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, disability insurance is a necessity for other people – especially those in manual labor or specialized positions like a surgeon or masseuse.&nbsp;<strong>If you work in an injury-prone profession, you should definitely invest in disability insurance</strong>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Disability insurance is like life insurance. If your family doesn’t rely on your income, then you probably don’t need to buy it. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Why is disability insurance so important?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Disability insurance replaces your income if you get seriously ill</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some of those most common disability insurance claims relate to cancer, musculoskeletal disorders, and depression. While you hopefully never have to deal with any of these unfortunate situations, they are quite common.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In fact, one of them is affecting my family right now. My dad is receiving disability insurance payments related to prostate cancer. My family never expected my dad to get a stage four cancer diagnosis at any point, but here we are. I’m so glad for my parent’s finances that they had this critical insurance coverage. You just never know when a major illness could strike.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<h3 class=\"has-black-color has-text-color has-medium-font-size\">Disability insurance replaces income if you are severely injured</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Many professions carry a high likelihood of injury. If you do any kind of manual labor, your body is essential in your ability to earn an income. Construction, factory, and other manual jobs could lead to injury at work. While your employer’s insurance should cover some of your bills, it may not be enough.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You could also fall victim to a surprise injury. A slip and fall on an icy sidewalk, a&nbsp;car accident&nbsp;that isn’t your fault, a fall off a ladder, and other surprises could put you on the sidelines. You don’t get hurt on purpose. That’s why it’s called an accident.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Disability insurance could provide enough income to cover bills while recovering</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Hopefully, if you do need disability insurance, it isn’t a permanent disability.&nbsp;Most disability insurance pays around 60% of your income. So if you normally make $4,000 per month, your disability insurance would pay $2,400 per month. That is a long-shot from what you made before but hopefully is enough to get by when factoring in&nbsp;emergency savings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The Social Security Administration says&nbsp;that about 25% of people who are 20 years old today will be disabled at some point before reaching age 67. That’s too high of a chance to ignore.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Disability insurance may kick in if you can still work but not in the same capacity</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Disability insurance generally comes with “any occupation” or “own occupation” rules. This determines what level of disability could qualify you for benefits.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With “any occupation” coverage, which is probably going to be cheaper for you, your insurance only starts if you can’t reasonably do any job. That means you could have to work somewhere else, or perhaps in a lower-wage position, if you are still physically able to work.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">“Own occupation” means your insurance will pay if you are disabled and can’t do your own job, regardless of whether you can do something else. This is ideal, as you are probably best trained and have the&nbsp;best income prospects&nbsp;with your own job.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Disability insurance complements Social Security Disability Insurance</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Social Security Disability Insurance is disability insurance you already have as a US taxpayer, but qualifying and receiving benefits is not easy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you do qualify and receive SSDI, it likely won’t be enough to cover all of your monthly expenses. The non-blind disability benefit for 2020 is $1,260 per month, according to the&nbsp;Social Security Administration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you have your own disability insurance, you could get SSDI as well. The combination of both insurance plans may take you well above 60% of your regular income.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Disability insurance covers short-term and long-term needs</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The two main kinds of disability insurance you will come across are short-term and long-term. The names do a pretty good job of explaining how they work.&nbsp;Short-term disability&nbsp;usually works for a period of three to six months. After that, you’ll need a long-term disability policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Long-term disability insurance usually has a three or six-month waiting period before benefits begin. The length of the benefit period is a big factor in the policy price. These often come in periods of two, five, or 10 years, or until retirement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Disability insurance protects your household from a complete loss of income</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you think going down to 60% of your income sounds tough, imagine it dropping to $0. Unless you have significant savings or a spouse with a paycheck that can carry the household’s needs, a disability could be dire. Those with disabilities may have to give up their home and move in with relatives. It could lead to relying on others completely to get by.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With disability insurance, things are not necessarily easy. If disabled, however, getting disability insurance benefits is a lot better than not having the option.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Summary</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Insurance is there for those bad situations you can’t predict. Just as&nbsp;life insurance is an important protection&nbsp;for your family if you were to pass away, disability insurance is an important protection for a time when you may be unable to work.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">While disability insurance is arguably more important to people who are more likely to become injured or otherwise disabled, it’s a good idea for anyone who relies on their monthly income.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.moneyunder30.com/disability-insurance-is-it-worth-it\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Why Disability Insurance Is The Most Important Financial Product You Didn\'t Realize You Needed?','','inherit','closed','closed','','2066-revision-v1','','','2022-01-10 20:18:20','2022-01-10 20:18:20','',2066,'http://smartinsurance.tips/?p=2118',0,'revision','',0),(2123,1,'2022-01-31 22:58:28','2022-01-31 22:58:28','','My-project-1-1','','inherit','open','closed','','my-project-1-1','','','2022-01-31 22:58:28','2022-01-31 22:58:28','',2122,'http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1-1.png',0,'attachment','image/png',0),(2120,1,'2022-01-10 20:21:16','2022-01-10 20:21:16','<!-- wp:gallery {\"ids\":[2064],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-20-1024x536.png\" alt=\"\" data-id=\"2064\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-20.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2064\" class=\"wp-image-2064\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Renters insurance is a good option for any renter. Before you sign-up, you should know a few things about what insurance does cover, like items stolen from your car, and what it doesn\'t, such as costly art.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let’s be honest, reading the fine print of your&nbsp;renters&nbsp;insurance&nbsp;policy&nbsp;isn’t exactly&nbsp;<em>fun</em>.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">After all, your&nbsp;insurance&nbsp;company&nbsp;doesn’t exactly hire John Green to write it, and trying to wrap your head around a bunch of legalese can be, well, exhausting.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But if you are one of the lucky ones that do read the policy, you may find that your&nbsp;renters&nbsp;insurance&nbsp;policy&nbsp;covers (and doesn’t cover) more than you originally thought.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Surprising things that&nbsp;<em>are</em>&nbsp;covered by renters insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Items stolen from your car</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Many renters insurance policies include off-premises&nbsp;renters&nbsp;insurance&nbsp;coverage. This typically covers belongings that are&nbsp;<em>outside</em>&nbsp;of your home and provides the same coverage as your inside possessions.&nbsp;For instance, if your car is broken into and your laptop is stolen, you’ll be covered.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, it’s important to note that your&nbsp;renters&nbsp;insurance&nbsp;will&nbsp;<em>not</em>&nbsp;protect&nbsp;<em>your car</em>&nbsp;against damage or theft (that’s a&nbsp;car&nbsp;insurance&nbsp;thing), it only covers the&nbsp;<em>stuff</em>&nbsp;inside the vehicle.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Items stolen while traveling</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your off-premise coverage may also cover you in the event that you are traveling and your&nbsp;personal possessions are stolen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This means that if your laptop, or iPad, is stolen from your hotel room while you’re on vacation, it’s likely covered by your renters insurance. This is because the stolen item is considered “insured property” and it will be covered whether it’s in your rental or not.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To ensure that your personal belongings are covered, it’s a good idea to contact your insurance provider before you leave on your vacation. Your insurer can help you determine if&nbsp;the&nbsp;personal property&nbsp;that you plan is&nbsp;protected under your policy or better left at home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Living expenses</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your home is destroyed by an insured disaster and you can no longer live there, temporary living expenses like a hotel room, rent, meals, and the costs associated with storing your stuff may be covered by your additional living expenses (ALE) coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Basically, ALE (not the beer) covers all of the expenses that you wouldn’t have had to pay for if you were still able to live in your home.&nbsp;However, if your home is destroyed by an uninsured disaster, let’s say water damage due to a flood, then you will not receive ALE coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Other people’s injuries</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If someone has an accident in your home, your renters insurance can help to cover that person’s medical expenses.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For you, this means that your clumsy best friend can finally come over for a visit without the worry of becoming a liability. After all, if she trips over a rug (or let’s face it, thin air) and takes a nasty fall, your renters insurance will have your back when it comes to medical bills.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This perk alone, which is typically covered under&nbsp;bodily injury&nbsp;insurance, is a great reason to&nbsp;get&nbsp;renters&nbsp;insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Other people’s property</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your renters insurance may also cover damage to other people’s property and prevent you from having to pay for broken items out of pocket.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Let’s say your child throws a baseball through your neighbor’s window. Your&nbsp;renters&nbsp;insurance, thanks to&nbsp;personal&nbsp;liability&nbsp;coverage, may help to cover some of the costs associated with repairing or replacing the damaged property.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Your family</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You may be surprised to learn that many of the top renters’ insurance companies&nbsp;can cover anyone living under your roof that is&nbsp;related to you by blood, marriage, or adoption.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This means that if your mom comes to live with you for a few months, she will be automatically covered by your policy, as long as you have enough coverage!</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, if your house gets broken into and your roommate’s things are stolen, your insurance won’t cover their personal property. That is unless your roommate is also your sister.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Your pets</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you go to your friend’s house and your dog destroys&nbsp;<em>her</em>&nbsp;beautiful new couch, your&nbsp;renters’ insurance will cover it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, if your cute little pup destroys<em>&nbsp;your</em>&nbsp;new couch, your rental insurance will not cover the expense of replacing it (more on this below).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Surprising things that&nbsp;<em>aren’t</em>&nbsp;covered by renters insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">Certain disasters</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Most renters insurance will not cover&nbsp;disasters like floods and earthquakes. You may be able to purchase additional flood insurance coverage from a private provider.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Similarly, you may be able to add earthquake coverage to your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your personal property is destroyed due to a&nbsp;volcanic eruption, wildfire, or tornado,&nbsp;you are likely already covered under your renters insurance policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">Replacement costs</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your rental was robbed and the expensive sound system you bought five years before was stolen, you may be surprised to learn that you won’t get back enough money to fully cover the&nbsp;replacement cost, even though&nbsp;personal property&nbsp;coverage&nbsp;comes standard in most&nbsp;renters&nbsp;insurance&nbsp;policies.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This is because unless you have purchased&nbsp;replacement cost&nbsp;coverage, regular&nbsp;renters&nbsp;insurance&nbsp;will cover your&nbsp;personal belongings&nbsp;at their&nbsp;actual cash value&nbsp;(ACV).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, if your sound system cost you $2,500 five years ago, the&nbsp;insurance&nbsp;company&nbsp;might only offer you $1,000 to cover what it is worth today.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">Expensive jewelry, art, or antiques</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you have expensive valuables like jewelry, art, or antiques, be aware that your renters policy might not cover these items. You may be required to purchase a “floater” policy to provide additional coverage for expensive possessions.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Most insurance policies will come with&nbsp;maximum limits for each type of coverage. So, let’s say you have a ring that costs $5,000, but your policy has a maximum coverage limit of $2,500 for jewelry, then it would be up to you to cover the difference.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">Property damage from pests</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In the unfortunate event that your personal belongings are damaged by rats, bed bugs, or other rodents, bugs, or vermin, most renters insurance policies won’t cover the damage. This is true even if your infestation is so bad that you are required to leave your rental and find temporary housing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Some&nbsp;renters&nbsp;insurance&nbsp;policies may offer bed bug&nbsp;insurance, but it is not usually considered part of a&nbsp;standard&nbsp;renters&nbsp;insurance&nbsp;plan and would come at an additional cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Summary</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you rent and assume that your landlord’s insurance policy will cover you in every situation, you may want to think again.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Renters insurance is the best way to ensure that your finances aren’t set back by a clumsy friend or major damage to your rental. While it’s an additional living expense, it’s often well worth the (low) cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.moneyunder30.com/surprising-things-renters-insurance-does-and-does-not-cover\">click here</a><a href=\"https://www.thebalance.com/what-is-hazard-insurance-5209151\">.</a></p>\n<!-- /wp:paragraph -->','Surprising Things Renters Insurance Does And Does Not Cover','','inherit','closed','closed','','2061-revision-v1','','','2022-01-10 20:21:16','2022-01-10 20:21:16','',2061,'http://smartinsurance.tips/?p=2120',0,'revision','',0),(2124,1,'2022-01-31 23:20:37','2022-01-31 23:20:37','<!-- wp:gallery {\"ids\":[2123],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1-1-1024x536.png\" alt=\"\" data-id=\"2123\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/01/My-project-1-1.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2123\" class=\"wp-image-2123\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:heading {\"fontSize\":\"large\"} -->\n<h2 class=\"has-large-font-size\" id=\"should-i-refinance-my-mortgage\">Should I refinance my mortgage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Mortgage rates hit record lows again and again in 2020. And interest rates are expected to stay low throughout 2021.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a result, millions of homeowners are “in the money” to refinance — meaning they could lower their current mortgage rate and save big on monthly payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Of course, deciding when to refinance your home isn’t a simple decision. Your real refinance rate and savings depend on many different factors.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">So, how do you know when to refinance your home? Here are three trusted strategies that can help you decide.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"when-to-refinance-your-home\">When to refinance your home</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If refinancing your home loan saves you money, there’s a good chance you should do it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Even if you just recently bought the home or completed a refinance, it’s probably not too soon to find yourself a better deal. </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">That said, refinancing isn’t a flip of a switch. It takes some time, and there are closing costs and paperwork to consider.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You’ll have to weigh the benefits of a mortgage refinance against the upfront costs to make your decision.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are three simple ways to look at the numbers:  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"ordered\":true,\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ol class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>The break-even rule of thumb</strong>: A refinance might be worth it if the savings outweigh your closing costs within the amount of time you plan to stay in the home.</li><li><strong>Lowering your monthly mortgage payments</strong>: Refinancing for a lower interest rate and lower monthly payment can help if your budget is tight and you need to free up your cash flow. This strategy might even be worth it if your interest costs are higher in the long run.</li><li><strong>No-closing-cost refinancing</strong>: If you can find a refinance program with low or no closing costs, the decision becomes a lot easier. You’ll likely pay a slightly higher interest rate, but you might be able to avoid the out-of-pocket cost of refinancing.</li></ol>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Start by clearly defining your goals. Know what your financial objective is, and how a refinance will help you get there.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Then check refinance rates available to you. If they’re significantly lower than your current mortgage rate, a refinance is likely worth it.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"strategy-1-the-refinance-to-break-even-rule-of-thumb\">Strategy 1: The ‘refinance to break even’ rule of thumb&nbsp;</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your biggest consideration when refinancing will probably be closing costs. As with the original mortgage, closing costs for a refinance can easily total a few thousand dollars.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">With that in mind, the first question to ask yourself is:&nbsp;<em><strong>Will I stay in the house long enough after refinancing to reach the break-even point? &nbsp;</strong></em></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The break-even point is when your total savings equal the amount you spent on refinance closing costs. After that point, you start seeing ‘real’ savings on your new loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can get a simple answer to this question by dividing your closing costs by your estimated monthly savings. For example:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Refinance closing costs and fees: $3,000</li><li>Monthly savings: $300</li><li><strong>Time to break even: 10 months</strong></li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In this scenario, the homeowner won’t start seeing savings until 11 months in. If they’re planning on staying in the house for another few years, a refinance is probably in their best interest.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are a couple more tips for calculating your refinance savings:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Closing costs to consider include title, escrow, and origination fees</strong>. Ignore prepaid items like taxes and insurance, since you’ll have to pay those anyway</li><li><strong>Look at your interest savings, not your payment savings.&nbsp;</strong>The goal is to pay significantly less in interest over the life of the loan, not just to lower your payment</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you’re planning on moving or selling before you’ll break even, take another look at your goals.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There might still be reasons to refinance (like freeing up your cash flow, below), but it’s more likely to be a wash. You might wait till interest rates drop a little lower and you can break even faster.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"strategy-2-the-cash-flow-refinance-method\">Strategy 2: The cash-flow refinance method</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Saving money over the life of your loan is a great reason to refinance. But it’s not the only one.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Say you’re a few years into your current loan, and really struggling with monthly payments. (It can happen to anyone.)&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Refinancing into a new 30-year term might increase your total interest payments over the life of the loan. But if it lowers your monthly payment and frees up some day-to-day cash? Refinancing might be worth it anyway.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here’s an example of how this type of refinance might shake out:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>Original mortgage</td><td><strong>Refinanced mortgage</strong></td></tr><tr><td>Loan balance</td><td>$300,000</td><td>$300,000</td></tr><tr><td>Remaining term</td><td>23 years</td><td>30 years</td></tr><tr><td>Interest rate</td><td>4.75%</td><td>4%</td></tr><tr><td>Total interest remaining</td><td>$190,000</td><td>$215,000</td></tr><tr><td>Monthly payment</td><td>$1,800</td><td>$1,400</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This homeowner would save $400 per month by refinancing. That extra cash can make a meaningful dent in monthly bills and living expenses. It could make all the difference in affording their home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">However, refinancing into a new 30-year term also means this person would pay an extra $25,000 in interest over the life of the loan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whether or not this type of refinance is worth it depends on your unique situation.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The important thing is that you’re fully aware of both the short- and long-term effects on your bank account before making a decision.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"strategy-3-no-closing-cost-refinance\">Strategy 3: No-closing-cost refinance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There’s one more surefire refinance strategy: The no-closing-cost refinance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Believe it or not, any lender can offer you a refinance with no closing costs. But it’s not&nbsp;<em>exactly</em>&nbsp;a free lunch.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A no-closing-cost refinance still technically has closing costs. You just don’t pay them upfront.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You can either finance the closing costs (paying them off over the life of the loan) or accept a higher interest rate in return for the lender covering your upfront fees.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">That might sound backward, considering that you’re probably refinancing because you want a lower rate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But if mortgage interest rates are low enough, you can likely see a slight uptick and still save a lot in interest in the long run.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">For example, imagine you’re refinancing a 30-year, fixed-rate loan of with a balance of $300,000 and a 4.75% interest rate:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;</td><td>Refinance with closing costs</td><td>Refinance with no closing costs</td></tr><tr><td>Loan balance</td><td>$300,000</td><td>$300,000</td></tr><tr><td>New interest rate</td><td>3.75%</td><td>4%</td></tr><tr><td>Closing costs</td><td>$3,000</td><td>$0</td></tr><tr><td>Total interest savings (over 30 years)</td><td>$93,400</td><td>$77,800</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Paying $3,000 in closing costs would save this homeowner more over the life of the loan, of course.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But if they can’t (or don’t want to) pay $3,000 out of pocket, they can still save more than $70,000 over 30 years with a no-closing-cost refinance. That’s not a bad deal.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"good-reasons-to-refinance-your-home-loan\">Good reasons to refinance your home loan</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The three strategies above should help you figure out whether a refinance is worth it based on the amount of money you can save.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But a refinance can help you with other financial goals, too — aside from just reducing your mortgage payments.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are just a few good reasons to consider refinancing your mortgage:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Cancel mortgage insurance:</strong> You can use a refinance to get rid of mortgage insurance (either PMI or MIP) if you’ve built enough equity in the home.</li><li><strong>Refinance to a shorter term</strong>: You can pay off your home sooner by refinancing from a 30-year mortgage to a 15-year loan, or a less common loan term like a 10 or 20-year mortgage. Rates are usually lower, but your monthly payment will increase since you’re paying off the loan with fewer payments.</li><li><strong>Get out of an ARM and lock low rates</strong>: Adjustable-rate mortgages usually start with low rates, but they can spike later. Refinancing into a fixed-rate mortgage can help you lock in a low rate for the rest of your loan term. </li><li><strong>Get cash out: </strong>As you pay down your mortgage, your home equity grows. A cash-out refinance lets you access some of that equity money to pay for renovations, kids’ college tuition, or other big-ticket items.</li><li><strong>Consolidate debt: </strong>You can also use a cash-out refinance to pay off high-interest debt, like from credit cards or personal loans, at a lower interest rate. Use extreme care with this method, as it’s easy to run debts back up and end in a worse place than where you started.</li><li><strong>Pay off liens, second mortgages, or judgments: </strong>If you’ve taken out a second mortgage (“piggyback” loan), home equity line of credit, or other judgment on the property, you can use a cash-out refi to pay these things off.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"refinance-requirements\">Refinance requirements</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Refinancing your home means taking out an entirely new mortgage to replace your old one. As such, you’ll need to complete a full loan application and pass basic mortgage loan requirements.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The minimum requirements to refinance depend on the loan program you’re using.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Conventional refinance loans </strong>typically require a credit score of 620 or higher. If you have at least 20 percent equity, you can avoid paying for private mortgage insurance and you’ll save more money.</li><li><strong>FHA refinance loans </strong>usually require a credit score of 580 or higher. If you want to take cash out, you’ll likely need a credit score of at least 600. FHA Streamline Refinances technically do not require credit, income, or employment verification — or a new appraisal. However some lenders may check those criteria anyway. FHA refinance loans charge mortgage insurance premium (MIP), but if you have at least 20 percent home equity, you can likely refinance to a conventional loan with no mortgage insurance.</li><li><strong>VA refinancing </strong>usually requires a credit score of at least 620, though some mortgage lenders are more lenient. VA loans do not require mortgage insurance and typically have the lowest interest rates of any mortgage program. The VA Streamline Refinance or ‘IRRRL’ does not require income or employment verification, or a new appraisal.  </li><li><strong>USDA refinancing</strong> typically requires a credit score of at least 640. Just like for USDA home purchase loans, the property must be located in an eligible ‘rural’ area. USDA borrowers also have access to a streamlined refinancing program with looser documentation requirements.  </li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Which refinance option is right for you? That depends on your credit report and score, your current mortgage, your home value and loan amount, and your overall goal for refinancing.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://themortgagereports.com/56825/three-foolproof-ways-to-know-when-to-refinance-your-mortgage-video\">click here.</a></p>\n<!-- /wp:paragraph -->','Is now the right time to refinance? 3 strategies to know when to refinance your home','','inherit','closed','closed','','2122-revision-v1','','','2022-01-31 23:20:37','2022-01-31 23:20:37','',2122,'http://smartinsurance.tips/?p=2124',0,'revision','',0),(2125,1,'2022-02-01 01:40:25','2022-02-01 01:40:25','<!-- wp:gallery {\"ids\":[2126],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-49-1024x536.png\" alt=\"\" data-id=\"2126\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-49.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2126\" class=\"wp-image-2126\"/></figure></li></ul></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=\"mntl-sc-block_1-0\">What Is Cyber and Privacy Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-1\">A cyber and privacy insurance coverage policy may provide companies with protection from losses resulting from a data breach or the loss of electronically-stored confidential information.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cyber and privacy insurance policies are designed to protect a company from the activities of hackers and other individuals or groups who may gain access to company-stored personal identifying information (PII).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Key takeaways:</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Cyber and privacy insurance policies protect companies from hackers and other individuals or groups who may gain access to company-stored personal identifying information.</li><li>A cyber and privacy insurance coverage policy may protect companies from losses that result from data breaches or confidential data loss.</li><li>Purchasing cyber and privacy insurance coverage can help a business recover from the financial and regulatory burdens that security breaches can create.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">Understanding Cyber and Privacy Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-8\">The use of computers and the Internet has become an integral component of business operations over recent decades. Many businesses rely on the Internet to reach customers and to deliver services to clients.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-10\">Frequently, this activity requires the transfer of confidential and private information from the client to the company and vice versa. Information may include credit card details, Social Security numbers, health records, and contact information.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-12\">Businesses are at risk of attack if they collect and store purchase information, maintain records of Social Security numbers, or have credentialing or educational data. This type of information is most prone to identity theft attacks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\">Cyber and Privacy Insurance Lessens the Blow to Companies</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-15\">No matter how much care organizations put in when they set up their cybersecurity protocols, unauthorized use of information remains a potential problem. The application of hacking through the use of social engineering, such as phishing email attacks, or other methods exploits human tendencies and gain access to sensitive information.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-17\">A 2005 to 2015 study by Trend Micro found the use of hacking offered criminals the best returns for their efforts. These attacks create vulnerabilities beyond the protection of mechanical tools like encryption or password protection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><a rel=\"noreferrer noopener\" href=\"https://www.trendmicro.com/vinfo/us/security/news/cyber-attacks/follow-the-data\" target=\"_blank\"></a>A data breach can have far-reaching implications for a company. It can disrupt day-to-day operations as the company tries to understand how the data breach occurred, repair the damage done to systems, and make the necessary system updates to prevent a similar violation from happening in the future.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-21\">The publicity from a breach can negatively impact the business’ standing, as customers who have had their private data compromised may switch to a competitor and potential customers may walk away due to fears of losing their data as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-23\">Data breaches carry a significant threat of legal action. The company may be required to notify clients of the incident and may need to provide credit-monitoring services at no cost to the affected individuals who had their data stolen. Further, the company may be held responsible for fraudulent purchases and fund transfers due to its security cyber-mishap.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-25\">In some cases, regulators may levy fines against the company, and individuals may file civil suits against the company for financial issues related to the breach of secured data.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-27\">These ramifications can make doing business online dangerous and costly. The purchase of cyber and privacy insurance coverage can help a business recover from the financial and regulatory burden a security breach can impose. The amount of liability coverage in a cyber and privacy insurance policy depends on the needs of the company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What is a data breach?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A data breach is typically when a third party hacker penetrates or breaches a secured computer network and downloads large volumes of personally identifiable consumer information such as name, data of birth, social security number, address and email address. Oftentimes financial information also gets compromised in a data breach, which can include credit card or bank account information being stolen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What is cyber and privacy insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cyber and privacy insurance is a type of insurance coverage that primarily applies to businesses that run secure computer networks as part of their business. Cyber and privacy insurance covers businesses against losses stemming from computer hacks, which can affect ongoing operations and entail legal and regulatory ramifications.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-34\">A data breach can have far-reaching implications for a company. The purchase of cyber and privacy insurance coverage can help a business recover from the financial and regulatory burden a security breach can impose. The amount of liability coverage in a cyber and privacy insurance policy depends on the needs of the company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/c/cyber-and-privacy-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-3\"></p>\n<!-- /wp:paragraph -->','Cyber and Privacy Insurance','','publish','closed','closed','','cyber-and-privacy-insurance','','','2022-02-01 01:40:26','2022-02-01 01:40:26','',0,'http://smartinsurance.tips/?page_id=2125',0,'page','',0),(2126,1,'2022-02-01 01:35:59','2022-02-01 01:35:59','','My-project-49','','inherit','open','closed','','my-project-49','','','2022-02-01 01:35:59','2022-02-01 01:35:59','',2125,'http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-49.png',0,'attachment','image/png',0),(2127,1,'2022-02-01 01:40:25','2022-02-01 01:40:25','<!-- wp:gallery {\"ids\":[2126],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-49-1024x536.png\" alt=\"\" data-id=\"2126\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-49.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2126\" class=\"wp-image-2126\"/></figure></li></ul></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=\"mntl-sc-block_1-0\">What Is Cyber and Privacy Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-1\">A cyber and privacy insurance coverage policy may provide companies with protection from losses resulting from a data breach or the loss of electronically-stored confidential information.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cyber and privacy insurance policies are designed to protect a company from the activities of hackers and other individuals or groups who may gain access to company-stored personal identifying information (PII).</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Key takeaways:</strong></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Cyber and privacy insurance policies protect companies from hackers and other individuals or groups who may gain access to company-stored personal identifying information.</li><li>A cyber and privacy insurance coverage policy may protect companies from losses that result from data breaches or confidential data loss.</li><li>Purchasing cyber and privacy insurance coverage can help a business recover from the financial and regulatory burdens that security breaches can create.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-7\">Understanding Cyber and Privacy Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-8\">The use of computers and the Internet has become an integral component of business operations over recent decades. Many businesses rely on the Internet to reach customers and to deliver services to clients.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-10\">Frequently, this activity requires the transfer of confidential and private information from the client to the company and vice versa. Information may include credit card details, Social Security numbers, health records, and contact information.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-12\">Businesses are at risk of attack if they collect and store purchase information, maintain records of Social Security numbers, or have credentialing or educational data. This type of information is most prone to identity theft attacks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-14\">Cyber and Privacy Insurance Lessens the Blow to Companies</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-15\">No matter how much care organizations put in when they set up their cybersecurity protocols, unauthorized use of information remains a potential problem. The application of hacking through the use of social engineering, such as phishing email attacks, or other methods exploits human tendencies and gain access to sensitive information.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-17\">A 2005 to 2015 study by Trend Micro found the use of hacking offered criminals the best returns for their efforts. These attacks create vulnerabilities beyond the protection of mechanical tools like encryption or password protection.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><a rel=\"noreferrer noopener\" href=\"https://www.trendmicro.com/vinfo/us/security/news/cyber-attacks/follow-the-data\" target=\"_blank\"></a>A data breach can have far-reaching implications for a company. It can disrupt day-to-day operations as the company tries to understand how the data breach occurred, repair the damage done to systems, and make the necessary system updates to prevent a similar violation from happening in the future.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-21\">The publicity from a breach can negatively impact the business’ standing, as customers who have had their private data compromised may switch to a competitor and potential customers may walk away due to fears of losing their data as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-23\">Data breaches carry a significant threat of legal action. The company may be required to notify clients of the incident and may need to provide credit-monitoring services at no cost to the affected individuals who had their data stolen. Further, the company may be held responsible for fraudulent purchases and fund transfers due to its security cyber-mishap.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-25\">In some cases, regulators may levy fines against the company, and individuals may file civil suits against the company for financial issues related to the breach of secured data.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-27\">These ramifications can make doing business online dangerous and costly. The purchase of cyber and privacy insurance coverage can help a business recover from the financial and regulatory burden a security breach can impose. The amount of liability coverage in a cyber and privacy insurance policy depends on the needs of the company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What is a data breach?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A data breach is typically when a third party hacker penetrates or breaches a secured computer network and downloads large volumes of personally identifiable consumer information such as name, data of birth, social security number, address and email address. Oftentimes financial information also gets compromised in a data breach, which can include credit card or bank account information being stolen.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What is cyber and privacy insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Cyber and privacy insurance is a type of insurance coverage that primarily applies to businesses that run secure computer networks as part of their business. Cyber and privacy insurance covers businesses against losses stemming from computer hacks, which can affect ongoing operations and entail legal and regulatory ramifications.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\" id=\"mntl-sc-block_1-0-33\">Bottom Line</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\" id=\"mntl-sc-block_1-0-34\">A data breach can have far-reaching implications for a company. The purchase of cyber and privacy insurance coverage can help a business recover from the financial and regulatory burden a security breach can impose. The amount of liability coverage in a cyber and privacy insurance policy depends on the needs of the company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.investopedia.com/terms/c/cyber-and-privacy-insurance.asp\">click here.</a></p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p id=\"mntl-sc-block_1-0-3\"></p>\n<!-- /wp:paragraph -->','Cyber and Privacy Insurance','','inherit','closed','closed','','2125-revision-v1','','','2022-02-01 01:40:25','2022-02-01 01:40:25','',2125,'http://smartinsurance.tips/?p=2127',0,'revision','',0),(2128,1,'2022-02-01 01:54:29','2022-02-01 01:54:29','<!-- wp:gallery {\"ids\":[2129],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-44-1024x536.png\" alt=\"\" data-id=\"2129\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-44.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2129\" class=\"wp-image-2129\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Much of the Southwest, Midwest and Western United States are experiencing “severe,” “extreme” and “exceptional” drought conditions, according to the U.S. Drought Monitor, a joint effort of the National Drought Mitigation Center, U.S. Department of Agriculture and National Oceanic and Atmospheric Administration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">“The hot and dry conditions will accelerate the potential for wildfires as vegetation further dries out after the state [California] received less than half of average rainfall and snowpack since October, marking the second driest two-year period on record in Northern California,” said Karen Collins, a spokesperson for the American Property Casualty Insurance Association (APCIA), in a statement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">More than 4.5 million U.S. homes have been identified as being at high or extreme risk of wildfire, according to Verisk Analytics, a data analytics company that assesses insurance risk. On average, more than 2,500 homes in the U.S. are destroyed every year due to wildfires, according to the most recent data from the National Interagency Fire Center.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But droughts and excessive heat aren’t the only concerns. You also have to worry about people, the No. 1 cause of wildfires, according to data from the Wildland Fire Management Information and U.S. Forest Service Research Data Archives. Many wildfires are started by discarded cigarettes, unattended campfires, burning debris, malfunctioning or improperly used equipment, and arson.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":134727} -->\n<figure class=\"wp-block-image\"><img src=\"https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2020/05/acres-burned-by-wildfires-2.png\" alt=\"\" class=\"wp-image-134727\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Does Homeowners Insurance Cover Wildfire Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A&nbsp;homeowners insurance&nbsp;policy will cover damage from fire, including wildfire. If your house is damaged by a fire, the policy has several coverage types to help repair or rebuild the home, replace belongings and, if necessary, pay for temporary housing if you can’t live in the home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Dwelling Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This coverage pays to rebuild or replace the physical structure of the home and attached structures, like a deck or garage. You’ll be covered up to the policy limits, which is typically based on the amount it would cost to rebuild the entire house, based on materials and local labor costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you haven’t recently reviewed your homeowners insurance policy or you’re not sure&nbsp;how much home insurance you need, now is a good time to take a look at it. That’s because you want your dwelling coverage to keep pace over time with the changing costs to rebuild the house.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Collins of the APCIA noted a national shortage of construction materials, including lumber. A shortage of materials and a demand for labor could cause a price surge if your area is affected by wildfires. If the cost to rebuild your home exceeds your dwelling policy limits, you could be stuck paying the excess amount yourself.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You may want to consider adding&nbsp;extended or guaranteed cost coverage&nbsp;to your policy, if your insurance company offers it. Extended replacement cost covers a certain percentage over your dwelling coverage amount, such as 25% above. This gives you some cushion if your area is hit with a price surge. But if you want even better coverage, guaranteed replacement cost pays to rebuild your home no matter the cost.</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\">Top 10 Metropolitan Areas for Wildfire Risk, Ranked by Reconstruction Costs of Single-Family Residences</h3>\n<!-- /wp:heading -->\n\n<!-- wp:table {\"className\":\"is-style-regular\"} -->\n<figure id=\"footable_134723\" class=\"wp-block-table is-style-regular\"><table><thead><tr><th scope=\"col\">Rank</th><th scope=\"col\">Metro Area</th></tr></thead><tbody><tr><td>1</td><td>Los Angeles, CA</td></tr><tr><td>2</td><td>Riverside, CA</td></tr><tr><td>3</td><td>San Diego, CA</td></tr><tr><td>4</td><td>Sacramento, CA</td></tr><tr><td>5</td><td>Austin, TX</td></tr><tr><td>6</td><td>San Francisco, CA</td></tr><tr><td>7</td><td>Denver, CO</td></tr><tr><td>8</td><td>Thousand Oaks, CA</td></tr><tr><td>9</td><td>Truckee, CA</td></tr><tr><td>10</td><td>San Antonio, TX</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Other Structures Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">“Other structures” are items not attached to your house, such as a detached garage, shed or fence. This coverage type is often based on a percentage of your dwelling coverage. For example, your coverage for other structures might be set at 10% of your dwelling coverage. If you have $250,000 in dwelling coverage, you would have a $25,000 limit for other structures.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you recently added any structures, like an in-ground pool or gazebo, it’s a good idea to review your policy. Speak with your insurance agent if you need to buy more coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Personal Property Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your personal belongings, such as furniture, kitchen appliances, electronics and clothes, fall under this coverage. Policy limits are usually set between 50% to 70% of your dwelling coverage. For example, if you have $250,000 in dwelling coverage and your personal property coverage is set at 50%, you would have $125,000 for your belongings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A good way to determine if you have enough personal property coverage is by&nbsp;making a home inventory. Basically, list all of your stuff and how much it would cost to replace it if your home was destroyed by a fire. You can buy more personal property coverage if your current insurance limits are too low.</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\">Coverage for Additional Living Expenses</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you can’t live in your home because of damage caused by a wildfire,&nbsp;additional living expenses&nbsp;(also known as “loss of use”) pays for expenses like a hotel stay, restaurant bills and other costs, such as pet boarding fees and laundry services. You can also make claims on this coverage if local authorities require you to evacuate—even if the fire never reaches your house.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additional living expenses coverage is typically set at a percentage of your dwelling coverage. For example, if your additional living expenses coverage is 25% of your dwelling coverage and you have $250,000 in dwelling coverage, you would have up to $62,500 for loss of use. You can also increase this limit if you want to.</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\">Insurance for Trees, Shrubs, Plants and Lawns</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A home insurance policy typically covers items like trees, shrubs, plants and lawns up to a certain percentage of your dwelling coverage. For example, if you have 20% coverage for these types of items and $250,000 in dwelling coverage, you would have up to $50,000 to replace these items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But take a close look at your policy’s special limits. For example, we looked at an Erie Insurance policy that does not pay more than $1,500 for any one tree, shrub or plant.</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\">Does Condo Insurance Cover Wildfires?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A&nbsp;condo insurance policy&nbsp;will cover fire damage (including wildfires) to the “inside walls” of a condo. The homeowners association’s (HOA) “master policy” generally covers the exterior of a condo, like the outside walls and roof.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Like homeowners insurance, a condo insurance policy will cover your possessions (furniture, clothes, etc.) and additional living expenses if you can’t live in the condo due to damage covered by your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Does Renters Insurance Cover Wildfire Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A&nbsp;standard renters insurance&nbsp;policy covers damage caused by wildfires. This will include your possessions and even “additional living expenses” or “loss of use.” A landlord’s insurance policy won’t cover your personal items or extra expenses like lodging and meals if the apartment is destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What if I Live in an Area with Wildfires?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you live in a geographic area that has a high risk of wildfires, you might have a tough time finding affordable homeowners insurance. Some insurance companies will charge higher premiums, increase deductibles, cap payouts or, in some cases, decline to write insurance policies for homes in high-risk areas, such as parts of California.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your insurance has high premiums or you’re having difficulty getting the right coverage, it’s a good idea to shop around. Not all insurance companies offer the same types of coverage or charge the same rates. Work with an independent insurance agent who is familiar with the insurance companies in your area.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you can’t find homeowners insurance, you might need to turn to your state’s Fair Access to Insurance Requirements (FAIR) Plan. But before you can get a policy through a state’s FAIR plan, you usually need to be declined by a certain number of insurers first.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Insurance through a state FAIR plan isn’t ideal. Plans can be expensive, have lower coverage and may have restricted coverage, meaning you might have to purchase other coverage types (such as liability insurance) from a private insurance company in order to get comprehensive homeowners coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Insurance through a FAIR plan is usually a last resort, so it’s worth your time to shop around and work with an independent insurance agent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In California, Insurance Commissioner Ricardo Lara&nbsp;has ordered the state’s FAIR plan&nbsp;to offer broader coverage options to homeowners who are losing their home insurance because of wildfire risk. He wants the FAIR plan to modernize its policies, which have consisted of a fire-only plan and separate policies for liability and personal property, which drive up the cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Clearing Vegetation Can Help Save a Home</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Property owners who clear vegetation near the perimeter of their homes or buildings can double a structure’s chances of surviving a wildfire, according to a&nbsp;report&nbsp;from the Insurance Institute for Business &amp; Home Safety (IBHS) and Zesty.ai, an AI-based property risk analytics company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">IBHS and Zesty.ai studied more than 71,000 properties involved in wildfires between 2016 and 2019 to determine the relationship between vegetation and fire vulnerability.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The study found that buildings with vegetation (such as trees, bushes and shrubs) in at least half of the area that’s within 5 feet of the structure were destroyed in a wildfire 78% of the time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Other structures in close proximity to a home, such as decks and sheds, can also increase a home’s wildfire risk, especially for properties with moderate to high vegetation coverage. Buildings that had another structure within 30 to 100 feet of the property were destroyed in a wildfire 60% of the time compared to a 31% destruction rate for homes without another structure in close proximity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">IBHS and Zesty.ai recommend these fire-mitigation measures:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Starting from an outside wall, remove brush, shrubs and other small trees to prevent flames from reaching a home.</li><li>Cut down overhanging branches so that no burning material can fall on your roof.</li><li>If multiple structures surround your home, make sure they are clear of vegetation so they do not catch fire and pass the flame to your home.</li><li>Start or join community initiatives to reduce wildfire fuel in your neighborhood.</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 APCIA also recommends:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Upgrading vents around your house to 1/8th inch metal mesh.</li><li>Replacing your dryer vent with a self-closing vent.</li><li>Enclosing open eaves when possible. Use caulk to plug the gaps between exposed rafter tails and blocking.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Fire Protection Services from Home Insurance Companies</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">A handful of homeowners insurance companies offer fire protection services for policyholders in wildfire areas. These plans are generally offered only to customers with high-value properties. Here are a few examples:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">AIG Private Client Group Wildfire Protection Services</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">AIG offers this complimentary service to customers in certain high-risk areas in the U.S. The goal is to pre-empt wildfire damage before it happens. The service includes:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>At-home consultation:</strong>&nbsp;Wildfire protection specialists visit the property and assess its vulnerability. In some cases, they can apply an environmentally friendly fire retardant around the perimeter of the property.</li><li><strong>Ongoing monitoring:</strong>&nbsp;Specialists track fire behavior, conditions and direction to identify at-risk properties.</li><li><strong>Wildfire mitigation:</strong>&nbsp;If access is permitted during a wildfire, specialists can remove combustibles from your property and apply fire retardant to the perimeter.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">Chubb Wildfire Defense</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Chubb partnered with Wildfire Defense Systems (WDS) to help protect customers’ homes in select high-risk areas. Chubb’s service includes:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Year-round service:</strong>&nbsp;Specialists will assess a home’s risk and recommend ways to protect your home.</li><li><strong>Protecting homes during a wildfire:</strong>&nbsp;If necessary, Chubb will deploy certified fire professionals to your home if a wildfire threatens the area. The team might remove combustible materials and apply fire-blocking gel to the house.</li><li><strong>Recovery after the wildfire has passed:</strong>&nbsp;This might include returning any combustible items that were removed from your property and removing fire-blocking gel from the home.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">PURE Programs High Wildfire Risk Homeowners Insurance Program</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you own a high value home in California with a rebuilding cost over $1 million, you may be eligible for coverage through PURE Programs. PURE fire services include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Risk management:</strong>&nbsp;Your property will be inspected for any vulnerabilities and you’ll get expert advice to better safeguard your home.</li><li><strong>Emergency response services:</strong>&nbsp;During an active wildfire, PURE Programs will keep you informed on the wildfire’s movements and, if necessary, dispatch emergency trucks and crews to help protect the home.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.forbes.com/advisor/homeowners-insurance/wildfires/\">click here.</a></p>\n<!-- /wp:paragraph -->','What To Know About Wildfire Insurance?','','publish','closed','closed','','what-to-know-about-wildfire-insurance','','','2022-02-01 02:11:05','2022-02-01 02:11:05','',0,'http://smartinsurance.tips/?page_id=2128',0,'page','',0),(2129,1,'2022-02-01 01:47:14','2022-02-01 01:47:14','','My-project-44','','inherit','open','closed','','my-project-44','','','2022-02-01 01:47:14','2022-02-01 01:47:14','',2128,'http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-44.png',0,'attachment','image/png',0),(2130,1,'2022-02-01 01:54:29','2022-02-01 01:54:29','<!-- wp:gallery {\"ids\":[2129],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-44-1024x536.png\" alt=\"\" data-id=\"2129\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-44.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2129\" class=\"wp-image-2129\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Much of the Southwest, Midwest and Western United States are experiencing “severe,” “extreme” and “exceptional” drought conditions, according to the U.S. Drought Monitor, a joint effort of the National Drought Mitigation Center, U.S. Department of Agriculture and National Oceanic and Atmospheric Administration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">“The hot and dry conditions will accelerate the potential for wildfires as vegetation further dries out after the state [California] received less than half of average rainfall and snowpack since October, marking the second driest two-year period on record in Northern California,” said Karen Collins, a spokesperson for the American Property Casualty Insurance Association (APCIA), in a statement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">More than 4.5 million U.S. homes have been identified as being at high or extreme risk of wildfire, according to Verisk Analytics, a data analytics company that assesses insurance risk. On average, more than 2,500 homes in the U.S. are destroyed every year due to wildfires, according to the most recent data from the National Interagency Fire Center.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But droughts and excessive heat aren’t the only concerns. You also have to worry about people, the No. 1 cause of wildfires, according to data from the Wildland Fire Management Information and U.S. Forest Service Research Data Archives. Many wildfires are started by discarded cigarettes, unattended campfires, burning debris, malfunctioning or improperly used equipment, and arson.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":134727} -->\n<figure class=\"wp-block-image\"><img src=\"https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2020/05/acres-burned-by-wildfires-2.png\" alt=\"\" class=\"wp-image-134727\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Does Homeowners Insurance Cover Wildfire Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A homeowners insurance policy will cover damage from fire, including wildfire. If your house is damaged by a fire, the policy has several coverage types to help repair or rebuild the home, replace belongings and, if necessary, pay for temporary housing if you can’t live in the home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Dwelling Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This coverage pays to rebuild or replace the physical structure of the home and attached structures, like a deck or garage. You’ll be covered up to the policy limits, which is typically based on the amount it would cost to rebuild the entire house, based on materials and local labor costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you haven’t recently reviewed your homeowners insurance policy or you’re not sure how much home insurance you need, now is a good time to take a look at it. That’s because you want your dwelling coverage to keep pace over time with the changing costs to rebuild the house.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Collins of the APCIA noted a national shortage of construction materials, including lumber. A shortage of materials and a demand for labor could cause a price surge if your area is affected by wildfires. If the cost to rebuild your home exceeds your dwelling policy limits, you could be stuck paying the excess amount yourself.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You may want to consider adding extended or guaranteed cost coverage to your policy, if your insurance company offers it. Extended replacement cost covers a certain percentage over your dwelling coverage amount, such as 25% above. This gives you some cushion if your area is hit with a price surge. But if you want even better coverage, guaranteed replacement cost pays to rebuild your home no matter the cost.</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\">Top 10 Metropolitan Areas for Wildfire Risk, Ranked by Reconstruction Costs of Single-Family Residences</h3>\n<!-- /wp:heading -->\n\n<!-- wp:table {\"className\":\"is-style-regular\"} -->\n<figure id=\"footable_134723\" class=\"wp-block-table is-style-regular\"><table><thead><tr><th scope=\"col\">Rank</th><th scope=\"col\">Metro Area</th></tr></thead><tbody><tr><td>1</td><td>Los Angeles, CA</td></tr><tr><td>2</td><td>Riverside, CA</td></tr><tr><td>3</td><td>San Diego, CA</td></tr><tr><td>4</td><td>Sacramento, CA</td></tr><tr><td>5</td><td>Austin, TX</td></tr><tr><td>6</td><td>San Francisco, CA</td></tr><tr><td>7</td><td>Denver, CO</td></tr><tr><td>8</td><td>Thousand Oaks, CA</td></tr><tr><td>9</td><td>Truckee, CA</td></tr><tr><td>10</td><td>San Antonio, TX</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Other Structures Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">“Other structures” are items not attached to your house, such as a detached garage, shed or fence. This coverage type is often based on a percentage of your dwelling coverage. For example, your coverage for other structures might be set at 10% of your dwelling coverage. If you have $250,000 in dwelling coverage, you would have a $25,000 limit for other structures.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you recently added any structures, like an in-ground pool or gazebo, it’s a good idea to review your policy. Speak with your insurance agent if you need to buy more coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Personal Property Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your personal belongings, such as furniture, kitchen appliances, electronics and clothes, fall under this coverage. Policy limits are usually set between 50% to 70% of your dwelling coverage. For example, if you have $250,000 in dwelling coverage and your personal property coverage is set at 50%, you would have $125,000 for your belongings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A good way to determine if you have enough personal property coverage is by making a home inventory. Basically, list all of your stuff and how much it would cost to replace it if your home was destroyed by a fire. You can buy more personal property coverage if your current insurance limits are too low.</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\">Coverage for Additional Living Expenses</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you can’t live in your home because of damage caused by a wildfire, additional living expenses (also known as “loss of use”) pays for expenses like a hotel stay, restaurant bills and other costs, such as pet boarding fees and laundry services. You can also make claims on this coverage if local authorities require you to evacuate—even if the fire never reaches your house.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additional living expenses coverage is typically set at a percentage of your dwelling coverage. For example, if your additional living expenses coverage is 25% of your dwelling coverage and you have $250,000 in dwelling coverage, you would have up to $62,500 for loss of use. You can also increase this limit if you want to.</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\">Insurance for Trees, Shrubs, Plants and Lawns</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A home insurance policy typically covers items like trees, shrubs, plants and lawns up to a certain percentage of your dwelling coverage. For example, if you have 20% coverage for these types of items and $250,000 in dwelling coverage, you would have up to $50,000 to replace these items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But take a close look at your policy’s special limits. For example, we looked at an Erie Insurance policy that does not pay more than $1,500 for any one tree, shrub or plant.</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\">Does Condo Insurance Cover Wildfires?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A condo insurance policy will cover fire damage (including wildfires) to the “inside walls” of a condo. The homeowners association’s (HOA) “master policy” generally covers the exterior of a condo, like the outside walls and roof.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Like homeowners insurance, a condo insurance policy will cover your possessions (furniture, clothes, etc.) and additional living expenses if you can’t live in the condo due to damage covered by your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Does Renters Insurance Cover Wildfire Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A standard renters insurance policy covers damage caused by wildfires. This will include your possessions and even “additional living expenses” or “loss of use.” A landlord’s insurance policy won’t cover your personal items or extra expenses like lodging and meals if the apartment is destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What if I Live in an Area with Wildfires?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you live in a geographic area that has a high risk of wildfires, you might have a tough time finding affordable homeowners insurance. Some insurance companies will charge higher premiums, increase deductibles, cap payouts or, in some cases, decline to write insurance policies for homes in high-risk areas, such as parts of California.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your insurance has high premiums or you’re having difficulty getting the right coverage, it’s a good idea to shop around. Not all insurance companies offer the same types of coverage or charge the same rates. Work with an independent insurance agent who is familiar with the insurance companies in your area.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you can’t find homeowners insurance, you might need to turn to your state’s Fair Access to Insurance Requirements (FAIR) Plan. But before you can get a policy through a state’s FAIR plan, you usually need to be declined by a certain number of insurers first.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Insurance through a state FAIR plan isn’t ideal. Plans can be expensive, have lower coverage and may have restricted coverage, meaning you might have to purchase other coverage types (such as liability insurance) from a private insurance company in order to get comprehensive homeowners coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Insurance through a FAIR plan is usually a last resort, so it’s worth your time to shop around and work with an independent insurance agent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In California, Insurance Commissioner Ricardo Lara has ordered the state’s FAIR plan to offer broader coverage options to homeowners who are losing their home insurance because of wildfire risk. He wants the FAIR plan to modernize its policies, which have consisted of a fire-only plan and separate policies for liability and personal property, which drive up the cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Clearing Vegetation Can Help Save a Home</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Property owners who clear vegetation near the perimeter of their homes or buildings can double a structure’s chances of surviving a wildfire, according to a report from the Insurance Institute for Business &amp; Home Safety (IBHS) and Zesty.ai, an AI-based property risk analytics company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">IBHS and Zesty.ai studied more than 71,000 properties involved in wildfires between 2016 and 2019 to determine the relationship between vegetation and fire vulnerability.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The study found that buildings with vegetation (such as trees, bushes and shrubs) in at least half of the area that’s within 5 feet of the structure were destroyed in a wildfire 78% of the time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Other structures in close proximity to a home, such as decks and sheds, can also increase a home’s wildfire risk, especially for properties with moderate to high vegetation coverage. Buildings that had another structure within 30 to 100 feet of the property were destroyed in a wildfire 60% of the time compared to a 31% destruction rate for homes without another structure in close proximity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">IBHS and Zesty.ai recommend these fire-mitigation measures:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Starting from an outside wall, remove brush, shrubs and other small trees to prevent flames from reaching a home.</li><li>Cut down overhanging branches so that no burning material can fall on your roof.</li><li>If multiple structures surround your home, make sure they are clear of vegetation so they do not catch fire and pass the flame to your home.</li><li>Start or join community initiatives to reduce wildfire fuel in your neighborhood.</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 APCIA also recommends:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Upgrading vents around your house to 1/8th inch metal mesh.</li><li>Replacing your dryer vent with a self-closing vent.</li><li>Enclosing open eaves when possible. Use caulk to plug the gaps between exposed rafter tails and blocking.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Fire Protection Services from Home Insurance Companies</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">A handful of homeowners insurance companies offer fire protection services for policyholders in wildfire areas. These plans are generally offered only to customers with high-value properties. Here are a few examples:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">AIG Private Client Group Wildfire Protection Services</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">AIG offers this complimentary service to customers in certain high-risk areas in the U.S. The goal is to pre-empt wildfire damage before it happens. The service includes:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>At-home consultation:</strong>&nbsp;Wildfire protection specialists visit the property and assess its vulnerability. In some cases, they can apply an environmentally friendly fire retardant around the perimeter of the property.</li><li><strong>Ongoing monitoring:</strong>&nbsp;Specialists track fire behavior, conditions and direction to identify at-risk properties.</li><li><strong>Wildfire mitigation:</strong>&nbsp;If access is permitted during a wildfire, specialists can remove combustibles from your property and apply fire retardant to the perimeter.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">Chubb Wildfire Defense</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Chubb partnered with Wildfire Defense Systems (WDS) to help protect customers’ homes in select high-risk areas. Chubb’s service includes:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Year-round service:</strong>&nbsp;Specialists will assess a home’s risk and recommend ways to protect your home.</li><li><strong>Protecting homes during a wildfire:</strong>&nbsp;If necessary, Chubb will deploy certified fire professionals to your home if a wildfire threatens the area. The team might remove combustible materials and apply fire-blocking gel to the house.</li><li><strong>Recovery after the wildfire has passed:</strong>&nbsp;This might include returning any combustible items that were removed from your property and removing fire-blocking gel from the home.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">PURE Programs High Wildfire Risk Homeowners Insurance Program</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you own a high value home in California with a rebuilding cost over $1 million, you may be eligible for coverage through PURE Programs. PURE fire services include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Risk management:</strong> Your property will be inspected for any vulnerabilities and you’ll get expert advice to better safeguard your home.</li><li><strong>Emergency response services:</strong> During an active wildfire, PURE Programs will keep you informed on the wildfire’s movements and, if necessary, dispatch emergency trucks and crews to help protect the home.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.forbes.com/advisor/homeowners-insurance/wildfires/\">click here.</a></p>\n<!-- /wp:paragraph -->','What To Know About Wildfire Insurance','','inherit','closed','closed','','2128-revision-v1','','','2022-02-01 01:54:29','2022-02-01 01:54:29','',2128,'http://smartinsurance.tips/?p=2130',0,'revision','',0),(2132,1,'2022-02-01 02:04:07','2022-02-01 02:04:07','<!-- wp:gallery {\"ids\":[2133],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-45-1024x536.png\" alt=\"\" data-id=\"2133\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-45.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2133\" class=\"wp-image-2133\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a business owner, you’re probably facing dozens of critical decisions every day. The right insurance may be one of them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">State laws can mandate certain types of business insurance to protect you, your company and your workers. Most states require businesses that have employees, regardless of their activities, to have:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Workers compensations insurance</li><li>Unemployment insurance</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In addition to the above, it’s important to know that other types of business insurance may be required by your state. For example, some mandate disability insurance, and some require insurance for specific types of business operations, such as those offering legal or medical services, or serving alcohol.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To be sure you comply with your state’s mandatory small business insurance requirements, check with your state’s department of insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Types of Small Business Insurance Required by Law</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The laws in your state might require you to carry these types of small business insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Workers compensation insurance.</strong> This pays for medical care and ongoing treatments for employees who are sick or injured because of their jobs. It includes compensation for lost wages. It generally also provides final expense and survivor benefits for a worker’s family if the employee passes away because of a job-related sickness or injury. In most states, businesses are required by law to provide workers compensation insurance for their employees.</li><li><strong>Disability insurance.</strong> This pays employees a portion of their wages if they are unable to work because of an injury or sickness that isn’t related to the job. The following states require businesses to buy disability insurance: California, Hawaii, New Jersey, New York and Rhode Island.</li><li><strong>Unemployment insurance.</strong> This coverage offers financial benefits to eligible workers. Each state administers its own unemployment insurance program but follows the same guidelines put forth by federal law. Businesses pay for unemployment insurance with money paid through payroll taxes.</li><li><strong>Professional liability insurance.</strong> Also called errors and omissions insurance, this  pays for the costs that come from errors you make in your profession or job. For example, state law may require doctors, lawyers and real estate agents to purchase professional liability insurance.</li><li><strong>Commercial auto insurance.</strong> This provides insurance coverage for the vehicles you use for your business. Commercial auto insurance on business vehicles is important because a personal auto insurance policy won’t cover vehicles you use for business purposes.</li><li><strong>Liquor liability insurance.</strong> This offers coverage for the bodily injury or property damage claims that an intoxicated person causes after being served alcohol by a business. Liquor liability insurance also can cover legal costs, settlements and judgments if your business is sued. In most states, this insurance is required for businesses selling or serving alcohol.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">States Where Professional Liability Insurance Is Required</h2>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Idaho and Oregon require lawyers to have professional liability insurance.</li><li>Seven states require doctors to have professional liability insurance: Colorado, Connecticut, Kansas, Massachusetts, New Jersey, Rhode Island and Wisconsin.</li><li>Nebraska, New Mexico, North Dakota, Rhode Island and Texas are among the states that require professional liability insurance for realtors.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Other Types of Small Business Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are several other types of insurance you’ll want to consider for your small business, even when they’re not required by law:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>General liability insurance</strong> covers a business if there are claims of property damage or bodily injury from clients and customers. Without it, you are responsible for paying for the resulting damage and medical expenses yourself. General liability insurance also provides a financial safety net, as it can help pay for legal fees, settlements and judgments if you’re sued.</li><li><strong>Commercial property insurance</strong> pays for damages to your business property. It covers things such as your office building, equipment, computers, furniture, inventory, fences and signs.</li><li><strong>Product liability insurance</strong> offers coverage if a product doesn’t work correctly and causes harm to a client or customer.</li><li><strong>Cyber liability insurance</strong> can cover costs if your computer system is hacked and you lose data. Cyber liability insurance also protects a business from other expenses related to a data breach. For instance it can pay for legal fees, customer alerts about a breach and settlements.</li><li><strong>Business interruption insurance</strong> is a way to replace lost business income if your business is temporarily unable to be open because of a problem covered by your business interruption insurance policy—for example, damage from a fire or vandalism.</li><li><strong>A business owners policy (BOP)</strong> combines general liability insurance, business interruption insurance and commercial property insurance into one policy. Buying a business owners policy is often cheaper than buying separate policies.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What Factors Influence Business Insurance Rates?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key factors that impact how much you’ll pay for small business insurance include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Your profession.</strong>&nbsp;The risk of filing a claim isn’t the same for all businesses. Business owners in high-risk fields generally pay more for insurance than those in low-risk professions. For example, an accounting firm may have a lower rate than a contracting business.</li><li><strong>Number of employees.</strong>&nbsp;The more employees you have, the greater the cost of workers compensation insurance.</li><li><strong>Insurance coverage needs.</strong>&nbsp;The coverage limits you choose will influence the cost of your insurance.</li><li><strong>Prior claims history.</strong>&nbsp;An insurer will consider your prior business insurance claims history.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Other factors taken into consideration by small business insurers are the type of business assets, the business property owned, your location and the size of the payroll.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>5 Steps to Buying Small Business Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are five steps for purchasing small business insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Research insurance coverage.</strong>&nbsp;Research the types of small business coverage, so you can match your operations to the right type of coverage. You’ll need the coverage mandated under your state laws, but also should consider general liability and other types that will protect your investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Evaluate business risks.</strong>&nbsp;Think about the kinds of risks facing your business. Do you have a business in an area where wildfires, floods or hurricanes happen? What kinds of accidents could happen at your business? You’ll want to select insurance that matches the risks of your business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Shop around.</strong>&nbsp;To get the best deal you’ll need to shop around. Compare quotes from multiple insurers before choosing an insurance company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Review a company’s complaint record.</strong> </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Review your insurance policy annually.</strong>&nbsp;A lot can happen in a year, so review your policy to be sure it still matches your needs. Here are some of the reasons you may need different business insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>You relocate the business</li><li>You buy new business equipment</li><li>You are offering new products</li><li>Your business income increases or decreases by a large amount</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Ways to Save Money on Business Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are some tips on how to trim costs on different types of small business coverage:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Pay your entire premium annually.</strong>&nbsp;Your insurance company may give you a discount for choosing to pay your professional liability bill all at once rather than monthly. This strategy can be applied to other types of small business insurance as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Implement a safety program.</strong>&nbsp;This could save you money on workers compensation insurance. Document all regular training sessions of your staff. Make sure employees sign off on the reading of safety materials. And make sure your insurance company knows about the program.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Classify workers correctly.</strong>&nbsp;Making sure you have detailed, accurate job descriptions for your employees, and ensure that they don’t do work outside of their classification. These efforts can save money on workers compensation insurance. An insurance agent familiar with workers compensation can help you choose the right classifications.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Join a trade or industry association.</strong>&nbsp;You can save money on workers comp insurance by getting a group rate. If you join a trade association with at least 300 members with several that share the same risk as your business, you could qualify for a discounted group rate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Increase your auto insurance deductible.</strong>&nbsp;You can save money on commercial auto insurance by increasing your deductible. A deductible is the amount deducted from an insurance claims check. With a higher deductible, you’ll pay less for insurance but have a higher amount deducted if you make a claim, so be sure you can cover the difference.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Bundle business insurance.</strong> Bundling policies, for instance by buying a BOP with general liability insurance, business interruption insurance and commercial property insurance, is a good way to save money because it is often more expensive to buy the policies separately.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What’s Not Covered by Business Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">What isn’t covered by small business insurance? Here are some typical exclusions:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Earthquakes (you can buy a separate earthquake insurance policy)</li><li>Floods (you can buy a separate flood insurance policy)</li><li>Infectious diseases</li><li>War</li><li>Radioactive fallouts</li><li>Government seizures</li><li>Intentional and fraudulent acts</li><li>Your business vehicles, unless covered with a commercial policy (general liability insurance does not cover car accidents).</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.forbes.com/advisor/business-insurance/small-business-insurance-required-by-law/\">click here.</a></p>\n<!-- /wp:paragraph -->','Small Business Insurance Required By Law','','publish','closed','closed','','small-business-insurance-required-by-law','','','2022-02-01 02:04:08','2022-02-01 02:04:08','',0,'http://smartinsurance.tips/?page_id=2132',0,'page','',0),(2133,1,'2022-02-01 01:57:21','2022-02-01 01:57:21','','My-project-45','','inherit','open','closed','','my-project-45','','','2022-02-01 01:57:21','2022-02-01 01:57:21','',2132,'http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-45.png',0,'attachment','image/png',0),(2134,1,'2022-02-01 02:04:07','2022-02-01 02:04:07','<!-- wp:gallery {\"ids\":[2133],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-45-1024x536.png\" alt=\"\" data-id=\"2133\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-45.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2133\" class=\"wp-image-2133\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">As a business owner, you’re probably facing dozens of critical decisions every day. The right insurance may be one of them.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">State laws can mandate certain types of business insurance to protect you, your company and your workers. Most states require businesses that have employees, regardless of their activities, to have:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Workers compensations insurance</li><li>Unemployment insurance</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In addition to the above, it’s important to know that other types of business insurance may be required by your state. For example, some mandate disability insurance, and some require insurance for specific types of business operations, such as those offering legal or medical services, or serving alcohol.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To be sure you comply with your state’s mandatory small business insurance requirements, check with your state’s department of insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Types of Small Business Insurance Required by Law</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The laws in your state might require you to carry these types of small business insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Workers compensation insurance.</strong> This pays for medical care and ongoing treatments for employees who are sick or injured because of their jobs. It includes compensation for lost wages. It generally also provides final expense and survivor benefits for a worker’s family if the employee passes away because of a job-related sickness or injury. In most states, businesses are required by law to provide workers compensation insurance for their employees.</li><li><strong>Disability insurance.</strong> This pays employees a portion of their wages if they are unable to work because of an injury or sickness that isn’t related to the job. The following states require businesses to buy disability insurance: California, Hawaii, New Jersey, New York and Rhode Island.</li><li><strong>Unemployment insurance.</strong> This coverage offers financial benefits to eligible workers. Each state administers its own unemployment insurance program but follows the same guidelines put forth by federal law. Businesses pay for unemployment insurance with money paid through payroll taxes.</li><li><strong>Professional liability insurance.</strong> Also called errors and omissions insurance, this  pays for the costs that come from errors you make in your profession or job. For example, state law may require doctors, lawyers and real estate agents to purchase professional liability insurance.</li><li><strong>Commercial auto insurance.</strong> This provides insurance coverage for the vehicles you use for your business. Commercial auto insurance on business vehicles is important because a personal auto insurance policy won’t cover vehicles you use for business purposes.</li><li><strong>Liquor liability insurance.</strong> This offers coverage for the bodily injury or property damage claims that an intoxicated person causes after being served alcohol by a business. Liquor liability insurance also can cover legal costs, settlements and judgments if your business is sued. In most states, this insurance is required for businesses selling or serving alcohol.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">States Where Professional Liability Insurance Is Required</h2>\n<!-- /wp:heading -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Idaho and Oregon require lawyers to have professional liability insurance.</li><li>Seven states require doctors to have professional liability insurance: Colorado, Connecticut, Kansas, Massachusetts, New Jersey, Rhode Island and Wisconsin.</li><li>Nebraska, New Mexico, North Dakota, Rhode Island and Texas are among the states that require professional liability insurance for realtors.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Other Types of Small Business Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">There are several other types of insurance you’ll want to consider for your small business, even when they’re not required by law:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>General liability insurance</strong> covers a business if there are claims of property damage or bodily injury from clients and customers. Without it, you are responsible for paying for the resulting damage and medical expenses yourself. General liability insurance also provides a financial safety net, as it can help pay for legal fees, settlements and judgments if you’re sued.</li><li><strong>Commercial property insurance</strong> pays for damages to your business property. It covers things such as your office building, equipment, computers, furniture, inventory, fences and signs.</li><li><strong>Product liability insurance</strong> offers coverage if a product doesn’t work correctly and causes harm to a client or customer.</li><li><strong>Cyber liability insurance</strong> can cover costs if your computer system is hacked and you lose data. Cyber liability insurance also protects a business from other expenses related to a data breach. For instance it can pay for legal fees, customer alerts about a breach and settlements.</li><li><strong>Business interruption insurance</strong> is a way to replace lost business income if your business is temporarily unable to be open because of a problem covered by your business interruption insurance policy—for example, damage from a fire or vandalism.</li><li><strong>A business owners policy (BOP)</strong> combines general liability insurance, business interruption insurance and commercial property insurance into one policy. Buying a business owners policy is often cheaper than buying separate policies.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What Factors Influence Business Insurance Rates?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Key factors that impact how much you’ll pay for small business insurance include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Your profession.</strong>&nbsp;The risk of filing a claim isn’t the same for all businesses. Business owners in high-risk fields generally pay more for insurance than those in low-risk professions. For example, an accounting firm may have a lower rate than a contracting business.</li><li><strong>Number of employees.</strong>&nbsp;The more employees you have, the greater the cost of workers compensation insurance.</li><li><strong>Insurance coverage needs.</strong>&nbsp;The coverage limits you choose will influence the cost of your insurance.</li><li><strong>Prior claims history.</strong>&nbsp;An insurer will consider your prior business insurance claims history.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Other factors taken into consideration by small business insurers are the type of business assets, the business property owned, your location and the size of the payroll.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading -->\n<h2>5 Steps to Buying Small Business Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are five steps for purchasing small business insurance.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Research insurance coverage.</strong>&nbsp;Research the types of small business coverage, so you can match your operations to the right type of coverage. You’ll need the coverage mandated under your state laws, but also should consider general liability and other types that will protect your investment.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Evaluate business risks.</strong>&nbsp;Think about the kinds of risks facing your business. Do you have a business in an area where wildfires, floods or hurricanes happen? What kinds of accidents could happen at your business? You’ll want to select insurance that matches the risks of your business.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Shop around.</strong>&nbsp;To get the best deal you’ll need to shop around. Compare quotes from multiple insurers before choosing an insurance company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Review a company’s complaint record.</strong> </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Review your insurance policy annually.</strong>&nbsp;A lot can happen in a year, so review your policy to be sure it still matches your needs. Here are some of the reasons you may need different business insurance:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>You relocate the business</li><li>You buy new business equipment</li><li>You are offering new products</li><li>Your business income increases or decreases by a large amount</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Ways to Save Money on Business Insurance</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Here are some tips on how to trim costs on different types of small business coverage:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Pay your entire premium annually.</strong>&nbsp;Your insurance company may give you a discount for choosing to pay your professional liability bill all at once rather than monthly. This strategy can be applied to other types of small business insurance as well.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Implement a safety program.</strong>&nbsp;This could save you money on workers compensation insurance. Document all regular training sessions of your staff. Make sure employees sign off on the reading of safety materials. And make sure your insurance company knows about the program.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Classify workers correctly.</strong>&nbsp;Making sure you have detailed, accurate job descriptions for your employees, and ensure that they don’t do work outside of their classification. These efforts can save money on workers compensation insurance. An insurance agent familiar with workers compensation can help you choose the right classifications.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Join a trade or industry association.</strong>&nbsp;You can save money on workers comp insurance by getting a group rate. If you join a trade association with at least 300 members with several that share the same risk as your business, you could qualify for a discounted group rate.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Increase your auto insurance deductible.</strong>&nbsp;You can save money on commercial auto insurance by increasing your deductible. A deductible is the amount deducted from an insurance claims check. With a higher deductible, you’ll pay less for insurance but have a higher amount deducted if you make a claim, so be sure you can cover the difference.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\"><strong>Bundle business insurance.</strong> Bundling policies, for instance by buying a BOP with general liability insurance, business interruption insurance and commercial property insurance, is a good way to save money because it is often more expensive to buy the policies separately.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What’s Not Covered by Business Insurance?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">What isn’t covered by small business insurance? Here are some typical exclusions:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Earthquakes (you can buy a separate earthquake insurance policy)</li><li>Floods (you can buy a separate flood insurance policy)</li><li>Infectious diseases</li><li>War</li><li>Radioactive fallouts</li><li>Government seizures</li><li>Intentional and fraudulent acts</li><li>Your business vehicles, unless covered with a commercial policy (general liability insurance does not cover car accidents).</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.forbes.com/advisor/business-insurance/small-business-insurance-required-by-law/\">click here.</a></p>\n<!-- /wp:paragraph -->','Small Business Insurance Required By Law','','inherit','closed','closed','','2132-revision-v1','','','2022-02-01 02:04:07','2022-02-01 02:04:07','',2132,'http://smartinsurance.tips/?p=2134',0,'revision','',0),(2135,1,'2022-02-01 02:11:03','2022-02-01 02:11:03','<!-- wp:gallery {\"ids\":[2129],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-44-1024x536.png\" alt=\"\" data-id=\"2129\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-44.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2129\" class=\"wp-image-2129\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Much of the Southwest, Midwest and Western United States are experiencing “severe,” “extreme” and “exceptional” drought conditions, according to the U.S. Drought Monitor, a joint effort of the National Drought Mitigation Center, U.S. Department of Agriculture and National Oceanic and Atmospheric Administration.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">“The hot and dry conditions will accelerate the potential for wildfires as vegetation further dries out after the state [California] received less than half of average rainfall and snowpack since October, marking the second driest two-year period on record in Northern California,” said Karen Collins, a spokesperson for the American Property Casualty Insurance Association (APCIA), in a statement.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">More than 4.5 million U.S. homes have been identified as being at high or extreme risk of wildfire, according to Verisk Analytics, a data analytics company that assesses insurance risk. On average, more than 2,500 homes in the U.S. are destroyed every year due to wildfires, according to the most recent data from the National Interagency Fire Center.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But droughts and excessive heat aren’t the only concerns. You also have to worry about people, the No. 1 cause of wildfires, according to data from the Wildland Fire Management Information and U.S. Forest Service Research Data Archives. Many wildfires are started by discarded cigarettes, unattended campfires, burning debris, malfunctioning or improperly used equipment, and arson.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:image {\"id\":134727} -->\n<figure class=\"wp-block-image\"><img src=\"https://thumbor.forbes.com/thumbor/fit-in/x/https://www.forbes.com/advisor/wp-content/uploads/2020/05/acres-burned-by-wildfires-2.png\" alt=\"\" class=\"wp-image-134727\"/></figure>\n<!-- /wp:image -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Does Homeowners Insurance Cover Wildfire Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A&nbsp;homeowners insurance&nbsp;policy will cover damage from fire, including wildfire. If your house is damaged by a fire, the policy has several coverage types to help repair or rebuild the home, replace belongings and, if necessary, pay for temporary housing if you can’t live in the home.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Dwelling Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This coverage pays to rebuild or replace the physical structure of the home and attached structures, like a deck or garage. You’ll be covered up to the policy limits, which is typically based on the amount it would cost to rebuild the entire house, based on materials and local labor costs.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you haven’t recently reviewed your homeowners insurance policy or you’re not sure&nbsp;how much home insurance you need, now is a good time to take a look at it. That’s because you want your dwelling coverage to keep pace over time with the changing costs to rebuild the house.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Collins of the APCIA noted a national shortage of construction materials, including lumber. A shortage of materials and a demand for labor could cause a price surge if your area is affected by wildfires. If the cost to rebuild your home exceeds your dwelling policy limits, you could be stuck paying the excess amount yourself.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">You may want to consider adding&nbsp;extended or guaranteed cost coverage&nbsp;to your policy, if your insurance company offers it. Extended replacement cost covers a certain percentage over your dwelling coverage amount, such as 25% above. This gives you some cushion if your area is hit with a price surge. But if you want even better coverage, guaranteed replacement cost pays to rebuild your home no matter the cost.</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\">Top 10 Metropolitan Areas for Wildfire Risk, Ranked by Reconstruction Costs of Single-Family Residences</h3>\n<!-- /wp:heading -->\n\n<!-- wp:table {\"className\":\"is-style-regular\"} -->\n<figure id=\"footable_134723\" class=\"wp-block-table is-style-regular\"><table><thead><tr><th scope=\"col\">Rank</th><th scope=\"col\">Metro Area</th></tr></thead><tbody><tr><td>1</td><td>Los Angeles, CA</td></tr><tr><td>2</td><td>Riverside, CA</td></tr><tr><td>3</td><td>San Diego, CA</td></tr><tr><td>4</td><td>Sacramento, CA</td></tr><tr><td>5</td><td>Austin, TX</td></tr><tr><td>6</td><td>San Francisco, CA</td></tr><tr><td>7</td><td>Denver, CO</td></tr><tr><td>8</td><td>Thousand Oaks, CA</td></tr><tr><td>9</td><td>Truckee, CA</td></tr><tr><td>10</td><td>San Antonio, TX</td></tr></tbody></table></figure>\n<!-- /wp:table -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Other Structures Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">“Other structures” are items not attached to your house, such as a detached garage, shed or fence. This coverage type is often based on a percentage of your dwelling coverage. For example, your coverage for other structures might be set at 10% of your dwelling coverage. If you have $250,000 in dwelling coverage, you would have a $25,000 limit for other structures.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you recently added any structures, like an in-ground pool or gazebo, it’s a good idea to review your policy. Speak with your insurance agent if you need to buy more coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Personal Property Coverage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Your personal belongings, such as furniture, kitchen appliances, electronics and clothes, fall under this coverage. Policy limits are usually set between 50% to 70% of your dwelling coverage. For example, if you have $250,000 in dwelling coverage and your personal property coverage is set at 50%, you would have $125,000 for your belongings.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A good way to determine if you have enough personal property coverage is by&nbsp;making a home inventory. Basically, list all of your stuff and how much it would cost to replace it if your home was destroyed by a fire. You can buy more personal property coverage if your current insurance limits are too low.</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\">Coverage for Additional Living Expenses</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you can’t live in your home because of damage caused by a wildfire,&nbsp;additional living expenses&nbsp;(also known as “loss of use”) pays for expenses like a hotel stay, restaurant bills and other costs, such as pet boarding fees and laundry services. You can also make claims on this coverage if local authorities require you to evacuate—even if the fire never reaches your house.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Additional living expenses coverage is typically set at a percentage of your dwelling coverage. For example, if your additional living expenses coverage is 25% of your dwelling coverage and you have $250,000 in dwelling coverage, you would have up to $62,500 for loss of use. You can also increase this limit if you want to.</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\">Insurance for Trees, Shrubs, Plants and Lawns</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A home insurance policy typically covers items like trees, shrubs, plants and lawns up to a certain percentage of your dwelling coverage. For example, if you have 20% coverage for these types of items and $250,000 in dwelling coverage, you would have up to $50,000 to replace these items.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">But take a close look at your policy’s special limits. For example, we looked at an Erie Insurance policy that does not pay more than $1,500 for any one tree, shrub or plant.</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\">Does Condo Insurance Cover Wildfires?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A&nbsp;condo insurance policy&nbsp;will cover fire damage (including wildfires) to the “inside walls” of a condo. The homeowners association’s (HOA) “master policy” generally covers the exterior of a condo, like the outside walls and roof.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Like homeowners insurance, a condo insurance policy will cover your possessions (furniture, clothes, etc.) and additional living expenses if you can’t live in the condo due to damage covered by your policy.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Does Renters Insurance Cover Wildfire Damage?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A&nbsp;standard renters insurance&nbsp;policy covers damage caused by wildfires. This will include your possessions and even “additional living expenses” or “loss of use.” A landlord’s insurance policy won’t cover your personal items or extra expenses like lodging and meals if the apartment is destroyed.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">What if I Live in an Area with Wildfires?</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you live in a geographic area that has a high risk of wildfires, you might have a tough time finding affordable homeowners insurance. Some insurance companies will charge higher premiums, increase deductibles, cap payouts or, in some cases, decline to write insurance policies for homes in high-risk areas, such as parts of California.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If your insurance has high premiums or you’re having difficulty getting the right coverage, it’s a good idea to shop around. Not all insurance companies offer the same types of coverage or charge the same rates. Work with an independent insurance agent who is familiar with the insurance companies in your area.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you can’t find homeowners insurance, you might need to turn to your state’s Fair Access to Insurance Requirements (FAIR) Plan. But before you can get a policy through a state’s FAIR plan, you usually need to be declined by a certain number of insurers first.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Insurance through a state FAIR plan isn’t ideal. Plans can be expensive, have lower coverage and may have restricted coverage, meaning you might have to purchase other coverage types (such as liability insurance) from a private insurance company in order to get comprehensive homeowners coverage.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Insurance through a FAIR plan is usually a last resort, so it’s worth your time to shop around and work with an independent insurance agent.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In California, Insurance Commissioner Ricardo Lara&nbsp;has ordered the state’s FAIR plan&nbsp;to offer broader coverage options to homeowners who are losing their home insurance because of wildfire risk. He wants the FAIR plan to modernize its policies, which have consisted of a fire-only plan and separate policies for liability and personal property, which drive up the cost.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Clearing Vegetation Can Help Save a Home</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Property owners who clear vegetation near the perimeter of their homes or buildings can double a structure’s chances of surviving a wildfire, according to a&nbsp;report&nbsp;from the Insurance Institute for Business &amp; Home Safety (IBHS) and Zesty.ai, an AI-based property risk analytics company.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">IBHS and Zesty.ai studied more than 71,000 properties involved in wildfires between 2016 and 2019 to determine the relationship between vegetation and fire vulnerability.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The study found that buildings with vegetation (such as trees, bushes and shrubs) in at least half of the area that’s within 5 feet of the structure were destroyed in a wildfire 78% of the time.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Other structures in close proximity to a home, such as decks and sheds, can also increase a home’s wildfire risk, especially for properties with moderate to high vegetation coverage. Buildings that had another structure within 30 to 100 feet of the property were destroyed in a wildfire 60% of the time compared to a 31% destruction rate for homes without another structure in close proximity.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">IBHS and Zesty.ai recommend these fire-mitigation measures:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Starting from an outside wall, remove brush, shrubs and other small trees to prevent flames from reaching a home.</li><li>Cut down overhanging branches so that no burning material can fall on your roof.</li><li>If multiple structures surround your home, make sure they are clear of vegetation so they do not catch fire and pass the flame to your home.</li><li>Start or join community initiatives to reduce wildfire fuel in your neighborhood.</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 APCIA also recommends:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li>Upgrading vents around your house to 1/8th inch metal mesh.</li><li>Replacing your dryer vent with a self-closing vent.</li><li>Enclosing open eaves when possible. Use caulk to plug the gaps between exposed rafter tails and blocking.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h2 class=\"has-black-color has-text-color has-large-font-size\">Fire Protection Services from Home Insurance Companies</h2>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"fontSize\":\"medium\"} -->\n<p class=\"has-medium-font-size\">A handful of homeowners insurance companies offer fire protection services for policyholders in wildfire areas. These plans are generally offered only to customers with high-value properties. Here are a few examples:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">AIG Private Client Group Wildfire Protection Services</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">AIG offers this complimentary service to customers in certain high-risk areas in the U.S. The goal is to pre-empt wildfire damage before it happens. The service includes:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>At-home consultation:</strong>&nbsp;Wildfire protection specialists visit the property and assess its vulnerability. In some cases, they can apply an environmentally friendly fire retardant around the perimeter of the property.</li><li><strong>Ongoing monitoring:</strong>&nbsp;Specialists track fire behavior, conditions and direction to identify at-risk properties.</li><li><strong>Wildfire mitigation:</strong>&nbsp;If access is permitted during a wildfire, specialists can remove combustibles from your property and apply fire retardant to the perimeter.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">Chubb Wildfire Defense</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Chubb partnered with Wildfire Defense Systems (WDS) to help protect customers’ homes in select high-risk areas. Chubb’s service includes:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Year-round service:</strong>&nbsp;Specialists will assess a home’s risk and recommend ways to protect your home.</li><li><strong>Protecting homes during a wildfire:</strong>&nbsp;If necessary, Chubb will deploy certified fire professionals to your home if a wildfire threatens the area. The team might remove combustible materials and apply fire-blocking gel to the house.</li><li><strong>Recovery after the wildfire has passed:</strong>&nbsp;This might include returning any combustible items that were removed from your property and removing fire-blocking gel from the home.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\"} -->\n<h3 class=\"has-black-color has-text-color\">PURE Programs High Wildfire Risk Homeowners Insurance Program</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">If you own a high value home in California with a rebuilding cost over $1 million, you may be eligible for coverage through PURE Programs. PURE fire services include:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:list {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<ul class=\"has-black-color has-text-color has-medium-font-size\"><li><strong>Risk management:</strong>&nbsp;Your property will be inspected for any vulnerabilities and you’ll get expert advice to better safeguard your home.</li><li><strong>Emergency response services:</strong>&nbsp;During an active wildfire, PURE Programs will keep you informed on the wildfire’s movements and, if necessary, dispatch emergency trucks and crews to help protect the home.</li></ul>\n<!-- /wp:list -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.forbes.com/advisor/homeowners-insurance/wildfires/\">click here.</a></p>\n<!-- /wp:paragraph -->','What To Know About Wildfire Insurance?','','inherit','closed','closed','','2128-revision-v1','','','2022-02-01 02:11:03','2022-02-01 02:11:03','',2128,'http://smartinsurance.tips/?p=2135',0,'revision','',0),(2136,1,'2022-02-01 18:37:47','2022-02-01 18:37:47','<!-- wp:gallery {\"ids\":[2137],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-2-1024x536.png\" alt=\"\" data-id=\"2137\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-2.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2137\" class=\"wp-image-2137\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whether you\'re a member of the financial independence&nbsp;retire early&nbsp;movement (FIRE) or simply want to pay off your mortgage sooner rather than later to free up money for other needs, know this: It is entirely possible to be mortgage-free well ahead of that traditional 30-year loan timeline.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">How to accomplish that goal exactly? Setting aside the possibility of a lottery windfall, it takes focus, dedication, and some financially savvy moves to attack your mortgage principal more quickly.&nbsp;Here\'s a closer look at how you can be mortgage-free on your own timeline.</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\">Refinance your mortgage to obtain a lower interest rate</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Refinancing your mortgage can be a smart money move, and one that allows you to pay off your mortgage more aggressively if you\'re able to lower the interest rate on your loan as part of the process.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"This strategy involves refinancing your mortgage for a lower interest rate but continuing to pay the same amount as you did before [the refinance],\" explains Johannes Larsson, CEO of&nbsp;Financer.com. \"In doing so, a greater portion of your payments will go towards the principal portion of the loan, which will reduce the balance quicker, and help you save on interest as well.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This step also reduces the overall cost of interest over the life of the loan, in case that benefit wasn\'t already obvious.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Paired with making extra payments or even increased payments, the borrower will shorten the loan term and further save on that amortized interest,\" adds Caroline Hardin, a North Carolina-based mortgage lender with&nbsp;American Mortgage Network. \"It can help to think of interest as paying rent for your mortgage to live in the bank, and if you can \'move it out\' earlier, you\'ll pay less rent.\"&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Keep in mind however that refinancing involves paying closing costs. So be sure that you will indeed be getting a lower interest rate on that new mortgage, one that makes all of the closing expenses incurred worthwhile. Refinancing typically makes the most sense for those who are not planning to sell their home any time soon—meaning you intend to be in the home long enough to actually recoup that cash spent on closing via lower monthly mortgage payments in the years ahead.</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\">Switch from a 30-year to a 20-year or even 15-year mortgage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">People do what they\'re forced to do.&nbsp;With this idea in mind, yet another approach to paying down a mortgage more quickly is to&nbsp;put your repayment timeline on the fast track by refinancing into a shorter amortization—moving&nbsp;<em>away</em>&nbsp;from&nbsp;the widely popular 30-year fixed mortgage and into an accelerated 20-year,&nbsp;15-year, or 10-year&nbsp;mortgage, says Nicole Rueth, producing branch manager and senior vice president of&nbsp;<strong>The Rueth Team&nbsp;</strong>at Fairway Mortgage in Colorado.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Most people end up paying the minimum required, as the distractions of daily life eat up their available funds,\" explains Rueth.&nbsp;\"If you know you\'re&nbsp;someone who traditionally pays only the minimums, and you have a date in mind&nbsp;to have the mortgage paid off, put yourself on that [shorter] amortization.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To be clear, by switching to a shorter mortgage, your monthly mortgage payments will increase, often quite significantly. So be sure your budget can actually accommodate this type of increase.</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\">Bi-weekly payments</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Making bi-weekly payments on your mortgage is another popular and often recommended approach for those who want to be debt-free more quickly. The basic concept is that you pay your mortgage every two weeks, on the same timeline as many people receive their paychecks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"When you pay half of your monthly mortgage every two weeks, you end up with one extra mortgage payment each year,\" says Jeff Zhou, personal finance expert and CEO of&nbsp;Fig Loans, a lender that offers socially responsible products to the underbanked. \"This approach can eliminate a huge amount of interest on your mortgage and principal and allow you to pay it faster.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To help with this effort, Zhou suggests creating a monthly or bi-weekly budget plan for your household expenses, which can help you identify unnecessary spending and ensure you have the money needed to make mortgage payments on this schedule all year long.</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\">Make periodic principal or lump sum payments</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Do you work in a job that provides bonuses? Or perhaps you receive substantial tax returns each year? These types of occasions provide an opportunity to make a lump sum payment on your mortgage principal to pay down the total balance more quickly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"When you shave a huge amount off the principal, it will also reduce the total interest you have to pay on your mortgage,\" says Zhou. \"But you need to inform your mortgage provider that the lump-sum amount is for your principal so that they won\'t consider it as an advanced payment for the regular monthly interest and principal.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The advantage of paying more toward your principal over refinancing your mortgage is that it\'s totally free (in other words, there are no closing costs like there would be when refinancing). What\'s more, you\'re not locked into a higher monthly mortgage payment amount, says&nbsp;Natalie Campisi, mortgage and housing analyst for Forbes Advisor.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"If one month you don\'t want to pay the extra money, you don\'t have to, and there\'s no penalty,\" says Campisi.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"A little bit can go a long way when it comes to paying off your mortgage early,\" Campisi adds. \"Whether you have a lump sum of money, or you simply want to throw a few extra dollars each month at your principal balance, you can shave years and possibly tens of thousands of dollars off the cost of your mortgage.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Need more evidence of how effective this approach can be? Campisi offers this concrete example:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A homeowner who has a $400,000 30-year fixed mortgage with an interest rate of 4 percent would pay about $287,500 in interest by making minimum monthly payments. However, if that same homeowner were to put $200 more each month toward the principal, he or she would pay off the mortgage five years earlier and save about $53,700.</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\">Create an early payoff budget</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">All the steps outlined above are important to be aware of and can be helpful on their own or used in conjunction with each other. But the first step is to establish your payoff timeline goals and then create a thoughtful monthly household budget that supports that plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"The most practical way to pay off a mortgage early is by creating a budget geared toward that purpose and sticking with it,\" says David Frederick, director of client success and advice at First Bank.&nbsp;\"A budget—especially as part of a financial plan from a professional financial advisor—can show exactly how much a homeowner can afford every month for home payments.\"&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Often, says Frederick, homeowners can afford to pay more on their monthly mortgage payments than the amortized payments on the loan require.&nbsp; If that\'s the case in your situation, you may start by simply making extra principal payments each month on the mortgage that work for your budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In more advanced cases, adds Frederick, a review of the household budget may even indicate that the homeowner can make substantially larger payments than required. If this is the case, it may suggest that the homeowner should refinance the mortgage to a shorter term with higher monthly payment requirements, that allows for completing the mortgage obligation much quicker.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Whatever the case, the first step to paying off a mortgage early is to set a budget, understand the limitations of the budget, and work within the boundaries of that budget,\" says Frederick.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Be aware of the downsides</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Yes, being mortgage-free is a wonderful goal. Especially if you\'re nearing retirement and need to clear the decks of any significant debt. But it\'s also important to understand the financial opportunities or wealth building measures you may be missing out on if you focus too much on eliminating your mortgage (particularly at a time when mortgage interest rates are at historic lows). This is a particularly important consideration for those who are mid-career and do not necessarily&nbsp;<em>need</em>&nbsp;to be mortgage-free so quickly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"From one view, it is beneficial to get out of debt as soon as possible,\" says Frederick.&nbsp;\"From another view, homeowners who are paying down their mortgage with great speed and intensity may be missing out on other economic opportunities.&nbsp; That is, individuals who have extra money with which to pay down their mortgage either in a lump sum or by paying extra each month could instead be using their extra money to invest in the market.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Scott Nelson, CEO of&nbsp;MoneyNerd Ltd, offers similar advice, noting that the S&amp;P historical average annual return is around 10.5 percent, which is far higher than the interest rate many people currently have on their mortgages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Rather than using your additional income to pay off your mortgage monthly, invest it monthly and use the 10 or 15 year returns to pay off the remainder of your mortgage later,\" says Nelson. \"Or, if you\'re smart, continue to invest it and don\'t pay off your mortgage early. Mortgage interest rates are so low and you can find better returns investing in the S&amp;P.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">How to determine the best money move for you? Here\'s a good gauge: If your mortgage interest rate is lower than the total potential return in the market, then you might be better off simply servicing your mortgage with the minimum payments and putting your extra money in the market to grow, says Frederick.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"When one takes into account that the mortgage interest deduction on your income taxes essentially makes mortgage interest rates artificially low, most people would be better off investing the surplus funds rather than paying off a rather inexpensive loan with great speed,\" says Frederick.&nbsp;&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.realsimple.com/work-life/money/home-finance/how-to-pay-off-your-mortgage-quicker\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Pay Off Your Mortgage Quicker?','','publish','closed','closed','','how-to-pay-off-your-mortgage-quicker','','','2022-02-01 18:38:19','2022-02-01 18:38:19','',0,'http://smartinsurance.tips/?page_id=2136',0,'page','',0),(2137,1,'2022-02-01 18:32:33','2022-02-01 18:32:33','','My-project-2','','inherit','open','closed','','my-project-2-2','','','2022-02-01 18:32:33','2022-02-01 18:32:33','',2136,'http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-2.png',0,'attachment','image/png',0),(2138,1,'2022-02-01 18:37:47','2022-02-01 18:37:47','<!-- wp:gallery {\"ids\":[2137],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-2-1024x536.png\" alt=\"\" data-id=\"2137\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-2.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2137\" class=\"wp-image-2137\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whether you\'re a member of the financial independence retire early movement (FIRE) or simply want to pay off your mortgage sooner rather than later to free up money for other needs, know this: It is entirely possible to be mortgage-free well ahead of that traditional 30-year loan timeline.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">How to accomplish that goal exactly? Setting aside the possibility of a lottery windfall, it takes focus, dedication, and some financially savvy moves to attack your mortgage principal more quickly. Here\'s a closer look at how you can be mortgage-free on your own timeline.</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\">Refinance your mortgage to obtain a lower interest rate</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Refinancing your mortgage can be a smart money move, and one that allows you to pay off your mortgage more aggressively if you\'re able to lower the interest rate on your loan as part of the process.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"This strategy involves refinancing your mortgage for a lower interest rate but continuing to pay the same amount as you did before [the refinance],\" explains Johannes Larsson, CEO of Financer.com. \"In doing so, a greater portion of your payments will go towards the principal portion of the loan, which will reduce the balance quicker, and help you save on interest as well.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This step also reduces the overall cost of interest over the life of the loan, in case that benefit wasn\'t already obvious.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Paired with making extra payments or even increased payments, the borrower will shorten the loan term and further save on that amortized interest,\" adds Caroline Hardin, a North Carolina-based mortgage lender with American Mortgage Network. \"It can help to think of interest as paying rent for your mortgage to live in the bank, and if you can \'move it out\' earlier, you\'ll pay less rent.\" </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Keep in mind however that refinancing involves paying closing costs. So be sure that you will indeed be getting a lower interest rate on that new mortgage, one that makes all of the closing expenses incurred worthwhile. Refinancing typically makes the most sense for those who are not planning to sell their home any time soon—meaning you intend to be in the home long enough to actually recoup that cash spent on closing via lower monthly mortgage payments in the years ahead.</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\">Switch from a 30-year to a 20-year or even 15-year mortgage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">People do what they\'re forced to do. With this idea in mind, yet another approach to paying down a mortgage more quickly is to put your repayment timeline on the fast track by refinancing into a shorter amortization—moving <em>away</em> from the widely popular 30-year fixed mortgage and into an accelerated 20-year, 15-year, or 10-year mortgage, says Nicole Rueth, producing branch manager and senior vice president of <strong>The Rueth Team </strong>at Fairway Mortgage in Colorado.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Most people end up paying the minimum required, as the distractions of daily life eat up their available funds,\" explains Rueth.&nbsp;\"If you know you\'re&nbsp;someone who traditionally pays only the minimums, and you have a date in mind&nbsp;to have the mortgage paid off, put yourself on that [shorter] amortization.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To be clear, by switching to a shorter mortgage, your monthly mortgage payments will increase, often quite significantly. So be sure your budget can actually accommodate this type of increase.</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\">Bi-weekly payments</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Making bi-weekly payments on your mortgage is another popular and often recommended approach for those who want to be debt-free more quickly. The basic concept is that you pay your mortgage every two weeks, on the same timeline as many people receive their paychecks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"When you pay half of your monthly mortgage every two weeks, you end up with one extra mortgage payment each year,\" says Jeff Zhou, personal finance expert and CEO of Fig Loans, a lender that offers socially responsible products to the underbanked. \"This approach can eliminate a huge amount of interest on your mortgage and principal and allow you to pay it faster.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To help with this effort, Zhou suggests creating a monthly or bi-weekly budget plan for your household expenses, which can help you identify unnecessary spending and ensure you have the money needed to make mortgage payments on this schedule all year long.</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\">Make periodic principal or lump sum payments</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Do you work in a job that provides bonuses? Or perhaps you receive substantial tax returns each year? These types of occasions provide an opportunity to make a lump sum payment on your mortgage principal to pay down the total balance more quickly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"When you shave a huge amount off the principal, it will also reduce the total interest you have to pay on your mortgage,\" says Zhou. \"But you need to inform your mortgage provider that the lump-sum amount is for your principal so that they won\'t consider it as an advanced payment for the regular monthly interest and principal.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The advantage of paying more toward your principal over refinancing your mortgage is that it\'s totally free (in other words, there are no closing costs like there would be when refinancing). What\'s more, you\'re not locked into a higher monthly mortgage payment amount, says Natalie Campisi, mortgage and housing analyst for Forbes Advisor.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"If one month you don\'t want to pay the extra money, you don\'t have to, and there\'s no penalty,\" says Campisi.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"A little bit can go a long way when it comes to paying off your mortgage early,\" Campisi adds. \"Whether you have a lump sum of money, or you simply want to throw a few extra dollars each month at your principal balance, you can shave years and possibly tens of thousands of dollars off the cost of your mortgage.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Need more evidence of how effective this approach can be? Campisi offers this concrete example:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A homeowner who has a $400,000 30-year fixed mortgage with an interest rate of 4 percent would pay about $287,500 in interest by making minimum monthly payments. However, if that same homeowner were to put $200 more each month toward the principal, he or she would pay off the mortgage five years earlier and save about $53,700.</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\">Create an early payoff budget</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">All the steps outlined above are important to be aware of and can be helpful on their own or used in conjunction with each other. But the first step is to establish your payoff timeline goals and then create a thoughtful monthly household budget that supports that plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"The most practical way to pay off a mortgage early is by creating a budget geared toward that purpose and sticking with it,\" says David Frederick, director of client success and advice at First Bank.&nbsp;\"A budget—especially as part of a financial plan from a professional financial advisor—can show exactly how much a homeowner can afford every month for home payments.\"&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Often, says Frederick, homeowners can afford to pay more on their monthly mortgage payments than the amortized payments on the loan require.&nbsp; If that\'s the case in your situation, you may start by simply making extra principal payments each month on the mortgage that work for your budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In more advanced cases, adds Frederick, a review of the household budget may even indicate that the homeowner can make substantially larger payments than required. If this is the case, it may suggest that the homeowner should refinance the mortgage to a shorter term with higher monthly payment requirements, that allows for completing the mortgage obligation much quicker.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Whatever the case, the first step to paying off a mortgage early is to set a budget, understand the limitations of the budget, and work within the boundaries of that budget,\" says Frederick.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Be aware of the downsides</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Yes, being mortgage-free is a wonderful goal. Especially if you\'re nearing retirement and need to clear the decks of any significant debt. But it\'s also important to understand the financial opportunities or wealth building measures you may be missing out on if you focus too much on eliminating your mortgage (particularly at a time when mortgage interest rates are at historic lows). This is a particularly important consideration for those who are mid-career and do not necessarily <em>need</em> to be mortgage-free so quickly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"From one view, it is beneficial to get out of debt as soon as possible,\" says Frederick.&nbsp;\"From another view, homeowners who are paying down their mortgage with great speed and intensity may be missing out on other economic opportunities.&nbsp; That is, individuals who have extra money with which to pay down their mortgage either in a lump sum or by paying extra each month could instead be using their extra money to invest in the market.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Scott Nelson, CEO of MoneyNerd Ltd, offers similar advice, noting that the S&amp;P historical average annual return is around 10.5 percent, which is far higher than the interest rate many people currently have on their mortgages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Rather than using your additional income to pay off your mortgage monthly, invest it monthly and use the 10 or 15 year returns to pay off the remainder of your mortgage later,\" says Nelson. \"Or, if you\'re smart, continue to invest it and don\'t pay off your mortgage early. Mortgage interest rates are so low and you can find better returns investing in the S&amp;P.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">How to determine the best money move for you? Here\'s a good gauge: If your mortgage interest rate is lower than the total potential return in the market, then you might be better off simply servicing your mortgage with the minimum payments and putting your extra money in the market to grow, says Frederick.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"When one takes into account that the mortgage interest deduction on your income taxes essentially makes mortgage interest rates artificially low, most people would be better off investing the surplus funds rather than paying off a rather inexpensive loan with great speed,\" says Frederick.  </p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article, <a href=\"https://www.realsimple.com/work-life/money/home-finance/how-to-pay-off-your-mortgage-quicker\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Pay Off Your Mortgage Quicker','','inherit','closed','closed','','2136-revision-v1','','','2022-02-01 18:37:47','2022-02-01 18:37:47','',2136,'http://smartinsurance.tips/?p=2138',0,'revision','',0),(2139,1,'2022-02-01 18:38:18','2022-02-01 18:38:18','<!-- wp:gallery {\"ids\":[2137],\"linkTo\":\"none\"} -->\n<figure class=\"wp-block-gallery columns-1 is-cropped\"><ul class=\"blocks-gallery-grid\"><li class=\"blocks-gallery-item\"><figure><img src=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-2-1024x536.png\" alt=\"\" data-id=\"2137\" data-full-url=\"http://smartinsurance.tips/wp-content/uploads/2022/02/My-project-2.png\" data-link=\"http://smartinsurance.tips/?attachment_id=2137\" class=\"wp-image-2137\"/></figure></li></ul></figure>\n<!-- /wp:gallery -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Whether you\'re a member of the financial independence&nbsp;retire early&nbsp;movement (FIRE) or simply want to pay off your mortgage sooner rather than later to free up money for other needs, know this: It is entirely possible to be mortgage-free well ahead of that traditional 30-year loan timeline.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">How to accomplish that goal exactly? Setting aside the possibility of a lottery windfall, it takes focus, dedication, and some financially savvy moves to attack your mortgage principal more quickly.&nbsp;Here\'s a closer look at how you can be mortgage-free on your own timeline.</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\">Refinance your mortgage to obtain a lower interest rate</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Refinancing your mortgage can be a smart money move, and one that allows you to pay off your mortgage more aggressively if you\'re able to lower the interest rate on your loan as part of the process.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"This strategy involves refinancing your mortgage for a lower interest rate but continuing to pay the same amount as you did before [the refinance],\" explains Johannes Larsson, CEO of&nbsp;Financer.com. \"In doing so, a greater portion of your payments will go towards the principal portion of the loan, which will reduce the balance quicker, and help you save on interest as well.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">This step also reduces the overall cost of interest over the life of the loan, in case that benefit wasn\'t already obvious.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Paired with making extra payments or even increased payments, the borrower will shorten the loan term and further save on that amortized interest,\" adds Caroline Hardin, a North Carolina-based mortgage lender with&nbsp;American Mortgage Network. \"It can help to think of interest as paying rent for your mortgage to live in the bank, and if you can \'move it out\' earlier, you\'ll pay less rent.\"&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Keep in mind however that refinancing involves paying closing costs. So be sure that you will indeed be getting a lower interest rate on that new mortgage, one that makes all of the closing expenses incurred worthwhile. Refinancing typically makes the most sense for those who are not planning to sell their home any time soon—meaning you intend to be in the home long enough to actually recoup that cash spent on closing via lower monthly mortgage payments in the years ahead.</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\">Switch from a 30-year to a 20-year or even 15-year mortgage</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">People do what they\'re forced to do.&nbsp;With this idea in mind, yet another approach to paying down a mortgage more quickly is to&nbsp;put your repayment timeline on the fast track by refinancing into a shorter amortization—moving&nbsp;<em>away</em>&nbsp;from&nbsp;the widely popular 30-year fixed mortgage and into an accelerated 20-year,&nbsp;15-year, or 10-year&nbsp;mortgage, says Nicole Rueth, producing branch manager and senior vice president of&nbsp;<strong>The Rueth Team&nbsp;</strong>at Fairway Mortgage in Colorado.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Most people end up paying the minimum required, as the distractions of daily life eat up their available funds,\" explains Rueth.&nbsp;\"If you know you\'re&nbsp;someone who traditionally pays only the minimums, and you have a date in mind&nbsp;to have the mortgage paid off, put yourself on that [shorter] amortization.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To be clear, by switching to a shorter mortgage, your monthly mortgage payments will increase, often quite significantly. So be sure your budget can actually accommodate this type of increase.</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\">Bi-weekly payments</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Making bi-weekly payments on your mortgage is another popular and often recommended approach for those who want to be debt-free more quickly. The basic concept is that you pay your mortgage every two weeks, on the same timeline as many people receive their paychecks.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"When you pay half of your monthly mortgage every two weeks, you end up with one extra mortgage payment each year,\" says Jeff Zhou, personal finance expert and CEO of&nbsp;Fig Loans, a lender that offers socially responsible products to the underbanked. \"This approach can eliminate a huge amount of interest on your mortgage and principal and allow you to pay it faster.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">To help with this effort, Zhou suggests creating a monthly or bi-weekly budget plan for your household expenses, which can help you identify unnecessary spending and ensure you have the money needed to make mortgage payments on this schedule all year long.</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\">Make periodic principal or lump sum payments</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Do you work in a job that provides bonuses? Or perhaps you receive substantial tax returns each year? These types of occasions provide an opportunity to make a lump sum payment on your mortgage principal to pay down the total balance more quickly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"When you shave a huge amount off the principal, it will also reduce the total interest you have to pay on your mortgage,\" says Zhou. \"But you need to inform your mortgage provider that the lump-sum amount is for your principal so that they won\'t consider it as an advanced payment for the regular monthly interest and principal.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">The advantage of paying more toward your principal over refinancing your mortgage is that it\'s totally free (in other words, there are no closing costs like there would be when refinancing). What\'s more, you\'re not locked into a higher monthly mortgage payment amount, says&nbsp;Natalie Campisi, mortgage and housing analyst for Forbes Advisor.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"If one month you don\'t want to pay the extra money, you don\'t have to, and there\'s no penalty,\" says Campisi.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"A little bit can go a long way when it comes to paying off your mortgage early,\" Campisi adds. \"Whether you have a lump sum of money, or you simply want to throw a few extra dollars each month at your principal balance, you can shave years and possibly tens of thousands of dollars off the cost of your mortgage.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Need more evidence of how effective this approach can be? Campisi offers this concrete example:</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">A homeowner who has a $400,000 30-year fixed mortgage with an interest rate of 4 percent would pay about $287,500 in interest by making minimum monthly payments. However, if that same homeowner were to put $200 more each month toward the principal, he or she would pay off the mortgage five years earlier and save about $53,700.</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\">Create an early payoff budget</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">All the steps outlined above are important to be aware of and can be helpful on their own or used in conjunction with each other. But the first step is to establish your payoff timeline goals and then create a thoughtful monthly household budget that supports that plan.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"The most practical way to pay off a mortgage early is by creating a budget geared toward that purpose and sticking with it,\" says David Frederick, director of client success and advice at First Bank.&nbsp;\"A budget—especially as part of a financial plan from a professional financial advisor—can show exactly how much a homeowner can afford every month for home payments.\"&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Often, says Frederick, homeowners can afford to pay more on their monthly mortgage payments than the amortized payments on the loan require.&nbsp; If that\'s the case in your situation, you may start by simply making extra principal payments each month on the mortgage that work for your budget.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">In more advanced cases, adds Frederick, a review of the household budget may even indicate that the homeowner can make substantially larger payments than required. If this is the case, it may suggest that the homeowner should refinance the mortgage to a shorter term with higher monthly payment requirements, that allows for completing the mortgage obligation much quicker.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Whatever the case, the first step to paying off a mortgage early is to set a budget, understand the limitations of the budget, and work within the boundaries of that budget,\" says Frederick.&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:heading {\"level\":3,\"textColor\":\"black\",\"fontSize\":\"large\"} -->\n<h3 class=\"has-black-color has-text-color has-large-font-size\">Be aware of the downsides</h3>\n<!-- /wp:heading -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Yes, being mortgage-free is a wonderful goal. Especially if you\'re nearing retirement and need to clear the decks of any significant debt. But it\'s also important to understand the financial opportunities or wealth building measures you may be missing out on if you focus too much on eliminating your mortgage (particularly at a time when mortgage interest rates are at historic lows). This is a particularly important consideration for those who are mid-career and do not necessarily&nbsp;<em>need</em>&nbsp;to be mortgage-free so quickly.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"From one view, it is beneficial to get out of debt as soon as possible,\" says Frederick.&nbsp;\"From another view, homeowners who are paying down their mortgage with great speed and intensity may be missing out on other economic opportunities.&nbsp; That is, individuals who have extra money with which to pay down their mortgage either in a lump sum or by paying extra each month could instead be using their extra money to invest in the market.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">Scott Nelson, CEO of&nbsp;MoneyNerd Ltd, offers similar advice, noting that the S&amp;P historical average annual return is around 10.5 percent, which is far higher than the interest rate many people currently have on their mortgages.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"Rather than using your additional income to pay off your mortgage monthly, invest it monthly and use the 10 or 15 year returns to pay off the remainder of your mortgage later,\" says Nelson. \"Or, if you\'re smart, continue to invest it and don\'t pay off your mortgage early. Mortgage interest rates are so low and you can find better returns investing in the S&amp;P.\"</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">How to determine the best money move for you? Here\'s a good gauge: If your mortgage interest rate is lower than the total potential return in the market, then you might be better off simply servicing your mortgage with the minimum payments and putting your extra money in the market to grow, says Frederick.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph {\"textColor\":\"black\",\"fontSize\":\"medium\"} -->\n<p class=\"has-black-color has-text-color has-medium-font-size\">\"When one takes into account that the mortgage interest deduction on your income taxes essentially makes mortgage interest rates artificially low, most people would be better off investing the surplus funds rather than paying off a rather inexpensive loan with great speed,\" says Frederick.&nbsp;&nbsp;</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>To read the full article,&nbsp;<a href=\"https://www.realsimple.com/work-life/money/home-finance/how-to-pay-off-your-mortgage-quicker\">click here.</a></p>\n<!-- /wp:paragraph -->','How to Pay Off Your Mortgage Quicker?','','inherit','closed','closed','','2136-revision-v1','','','2022-02-01 18:38:18','2022-02-01 18:38:18','',2136,'http://smartinsurance.tips/?p=2139',0,'revision','',0),