What Is Renter’s insurance? A Guide for Renters

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If you live in a rented house or apartment and you don’t have renter’s insurance, you need to consider getting yourself a policy. But what is renter’s insurance and why you should have it? Read on to find out more about how you can cover yourself.

What Is Renter’s Insurance, Exactly?

Renter’s insurance is also called tenant’s insurance. It’s designed to cover you and your personal belongings while you live in a residence which you are renting.

You are responsible for your own belongings and may not ask your landlord for compensation in case of theft, fire, flooding or any event that may lead to loss or damage (except in very rare instances.)

Doing so may result in misunderstanding and animosity between you and your landlord. Landlords have their own insurance policies that cover the buildings/structures they rent out and any other financial interests attached to these. These policies don’t extend coverage to the tenants or their personal belongings.

Renter’s Insurance vs Landlord Insurance

Considering the above mentioned, it’s good to learn exactly how renter’s insurance compares to landlord insurance. Most people don’t understand the difference between renter’s insurance and landlord insurance.

Landlord insurance is a policy that covers the rented building itself, which in this case is a house or apartment. In some cases, coverage may extend to contents inside the building owned by the landlord but it is mainly for the building.

Landlord insurance also protects the landlord from liability risk. If the tenants’ belongings are stolen or damaged, landlord insurance won’t cover the cost of replacing them unless it was due to negligence on the landlord’s part.

Examples of things landlord insurance may cover include:

• Building damage from a chimney fire
• Roof damage from falling trees
• Water damage from pipe leaks
• Replacing burst geysers
• Damage from roof leaks
• Replacement of windows or door locks after a break-in

Since the landlord’s policy protects mainly the apartment or house you live in, it’s up to you to protect yourself and your possessions while you live there. Renter’s insurance may cover the following types of damages:

• Lost or stolen belongings
• Replacement of items lost due to water damage or fires
• Payouts for booking alternative accommodation after a fire or severe building damage
• Certain kinds of legal cover in liability disputes

Your personal belongings include all the things you have in your residence. Examples include clothing, furniture, appliances, electronics, curtain, linen and more. Your landlord can’t insure your belongings because he or she doesn’t own these items. In the same way, you can’t ensure the building because it’s not your property.

Renter’s Insurance vs Homeowner’s Insurance

Apart from landlord insurance, another type of policy worth looking into while considering renter’s insurance is homeowner’s insurance. The major difference here as with landlord insurance is that homeowner’s insurance covers the building, while renter’s insurance doesn’t.

Homeowner’s insurance covers not only the building, but it’s content also. This includes belongings. Homeowner’s insurance is specifically for those who own the building they live in.

Apart from building and structure coverage, both renter’s insurance and homeowner’s insurance policies include personal property, personal liability, additional living expenses, as well as medical payments coverage.

As a result, homeowner’s insurance costs more than renter’s insurance, The average cost of homeowner’s insurance is estimated at an average of $1,083 nationwide annually. Comparatively, renter’s insurance costs $187 annually depending on your zip code. You may already have homeowner’s insurance for your home if you have a mortgage for it. But it might be worthwhile to find out if you can get a better quote from a different insurance provider.

Why Get Renter’s Insurance?

A lot of tenants don’t have renter’s insurance. Some think it’s unaffordable, while others don’t know about it. There are also renters that simply choose to adopt a nonchalant attitude towards insurance, believing it’s not important.

When it comes to disaster, don’t fool yourself into thinking it won’t happen to you. For instance, any area that receives a good amount of rain can unexpectedly be hit by floods. A lot of areas also have fires that erupt from unknown sources and burn down entire buildings – spreading too rapidly to allow residents to vacate belongings.

If you’re capable of replacing all your personal property without any financial assistance, then you could risk forfeiting insurance cover.

However, too many people underestimate the replacement costs on all their belongings. There are many belongings that renters take for granted when calculating replacement costs. These can include things like curtains, kitchen cutlery and cooking utensils, linen, carpets, and even wall decorations.

The replacement cost is what belongings would cost when bought brand new, not what they’re currently worth. For example, even if your microwave is 10 years old already, it should ideally be insured at the cost of buying a brand new one, not at its secondhand retail value.

What Does Renter’s Insurance Cover?

When getting renter’s insurance make sure you understand what your policy covers. Also familiarize yourself with available discounts, deductibles and coverage limits. Ask your agent if your insurance provides Replacement Cost Coverage (RCC) or Actual Cash Value (ACV) for your property.

RCC pays to replace your lost property, no matter how old it is at current market rates, whereas ACV is the depreciated value of your property at the time of loss. This makes RCC more expensive than ACV and means you will have to pay a bit more for your premium.

However, most of your belongings (apart from jewelry and fine art) will likely have an actual cash value of less than half their replacement cost. If you lose everything in a disaster, you won’t have nearly enough to replace items like linen, clothes and appliances as well as furniture.

The common types of coverage provided by renter’s insurance are as follows:

• Personal Property: Renter’s insurance covers the cost to repair or replace your lost/damaged property such as clothing, furniture and appliances. This is usually subject to a deductible, meaning you’ll have to pay a certain amount towards replacement or repair of your items before you’re eligible for a claim.
• Personal Liability: Renter’s insurance covers costs incurred if you’re found legally responsible for someone’s injuries or damage to their property. It protects you from having to pay out of your own pocket for such incidents.
• Additional Living Expenses: If your home should become uninhabitable, your rental insurance policy will cover all the costs of living elsewhere during that period.
• Medical Payment Coverage: Renter’s insurance also covers medical costs incurred when someone gets injured on your property.

Renter’s Insurance Riders

Renter’s insurance policies don’t cover all kinds of loss and damage to your property. For instance, loss or damage resulting from natural calamities like floods and earthquakes are not covered in a standard renter’s insurance policy. Liability claims caused by dangerous dog breeds like pit bulls also won’t be covered.

You will need to add a separate policy or rider to cover these. An insurance rider (also known as a floater or an endorsement) is an optional add-on to your existing policy. Adding an item that’s not covered by your policy – like expensive jewelry or antiques – will typically come at an increased premium.

A rider allows you to pay extra, broadening coverage where your policy is limited. In areas prone to hurricanes, a wind and flood damage rider might be needed just as much as an earthquake rider is needed in earthquake-prone areas.

Common Rental Insurance Riders

Here are a few other riders you can consider adding to your renter’s insurance policy, depending on your unique circumstances:

• Identity Theft Rider: With nearly 10 million Americans affected by identity theft each year, identity theft coverage is becoming ever more necessary. This rider protects you from spending money out of your pocket to resolve problems brought about by identity theft or fraud. It also gets you expert assistance in handling the fraud.
• Pet Damage Rider: In some cases, landlords only accept your pet when you provide proof that you have a pet damage rider. The most problematic pets for insurance purposes are dogs. Some insurance companies have certain breeds they won’t cover because they’re considered “bad breeds”. Ask your agent which breeds they cover. If you own a pit bull, German shepherd, or Doberman pinscher, you must get a pet damage rider in case your dog bites someone, as losses can add up to thousands of dollars.
• Replacement Cost Coverage Rider: The standard Renter’s insurance policy is based on actual cash value and not replacement value for your property. Because actual cash value takes depreciation into account, you won’t have enough to cover all your damages, even after paying a deductible to claim. A replacement cost coverage rider will help you insure items at a rate that allows you to replace them easily.

Flood Insurance for Renters

One of the several factors your renter’s insurance policy premium will be based on is the flood risk of the building you’re renting. As a tenant, you’ll need a contents-only flood insurance policy, since you don’t own your house.

If you live in a high-risk area for flooding, like Florida, this policy is a must-have. Even renters outside high-risk flood areas can benefit. The National Flood Insurance Program reports that approximately a quarter of all flood claims come from outside high-risk areas.

A renter’s flood insurance policy costs from as little as $100 annually and will cover your personal property and give you peace of mind.

Do You Need Renter’s insurance?

This is a very personal decision you’ll need to make. Considering that you have no control over when a hurricane will sweep through your city, or burglary and theft, getting adequate cover remains a wise choice.

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Fire Safety Home Check: Is Your House Safe?

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Fire Safety Home Check: Is Your House Safe?

Staying safe is one of the best ways to avoid catastrophes. Doing a fire safety home check can help you avoid an incident. Even if you’re covered by your insurance company in the event of a housefire, prevention still takes first prize over-claiming for damages. Regardless of whether a fire is big or small, there’s a good chance you’ll lose possessions that are valuable to you. Here’s what you can do to improve your fire safety at home.

How to Do A Fire Safety Home Check?

A fire safety home check is something you can do yourself by simply planning ahead. In a fire safety home check, you will consider a few ways in which you can do to improve the fire safety of your home.

A few things you need to consider during your fire safety check include:

• How will you and your family escape the house in the event of a fire?
• Do you have any systems in place to warn you when a fire breaks out?
• What are you doing to eradicate potential fire hazards in your home?
• Is your family educated on what to do in the ever of a fire?

Certain areas of the home are more prone to harboring fire hazards than others. Regardless, a fire can start in your home anywhere at any time without you knowing. Within only a few short minutes, the fire can entirely engulf your house, leaving little time to escape or try to extinguish the flames.

Too many homeowners don’t realize just how fast the flames from a house fire can spread. Worse yet, smoke from a house fire can easily suffocate house occupants long before the flames reach them. Even pets are at high risk of injury or death from fires – causing a devasting sense of loss for all survivors.

Home Fire Prevention Check

You need an action plan for what your family will do if a fire starts in your home. However, before thinking about the worst-case scenario, consider how you can prevent a fire from starting to begin with.

Here are a few things you can do to prevent house fires.

Educate Children on Fire Safety

Fire safety is an absolutely crucial part of preventing a house fire. Be sure your children know how to stay safe around potential fire hazards. Discuss everything from how to work with electricity, to staying safe in the kitchen.

Never allow young children to work with potential fire hazards unsupervised. Children under the age of 12 shouldn’t be allowed to cook alone, for instance.

Get Your Chimney Cleaned

Chimney fires are one of the leading causes of house fires in the US. Not only is chimney fire common, but they’re also very dangerous.

A chimney fire can start without anyone even noticing. Once the fire starts to spread, it can be a matter of seconds before it’s out of control.

Homeowners with chimneys are advised to book an annual chimney inspection with a qualified, registered chimney sweep.

Electrical Fire Safety

Negligence when using electricity around the house is another leading cause of house fires. If you suspect anything might be wrong with your electrical wiring, don’t hesitate to call a qualified electrician to have a look.

Furthermore, you should avoid using any appliance if you suspect it has an electrical problem.

Be sure to turn off any potentially hazardous electrical equipment before leaving home. This includes stoves, ovens, clothing irons, heaters (both electrical and gas) and tumble dryers.

Also, avoid using electricity in a potentially hazardous way. Misuses of extension cords and multi plugs can lead you to overload the system. Never run two appliances that require a lot of power from the same outlet simultaneously.

Practice Caution While Smoking

Smoldering cigarette butts can easily set alight objects around the house. The best way to prevent this problem is to smoke outside the house and discard butts in a special cigarette butt container.

When smoking inside the house, it’s also recommended to discard of butts in a closed container where the butts can blow away in a sudden draft. Keep butts and ashes away from soft, flammable objects, such as couches, curtaining, linen, stacks of paper and carpets.

Fire Control Home Check

Although there are various ways to prevent a fire at home, you should also have systems in place in case a fire does break out. Find ways to control small fires by putting them out before they spread. Making sure you have ways to extinguish fires should be part of your fire safety home check.

Install Smoke Detectors

Smoke detectors can help sound off an alarm, sometimes even before the first flame emerges. Burning food on the stove, smoking electrical wiring and other fire hazards can potentially set off the alarm early.

As an added benefit, a smoke detector and fire alarm system can help you save money on your monthly homeowner’s insurance premiums.

Learn How to Kill Different Fires

All too often, fires that could’ve been prevented are able to spread simply because an unknowing individual tried to extinguish them using incorrect methods. Using the wrong methods to extinguish a fire isn’t just a mistake, it’s also dangerous, as it can cause the flames to burst suddenly onto the person attempting to extinguish them.

Water is effective in extinguishing many kinds of fires, but not all. Most kitchen fires, for instance, can’t be extinguished using water. To know how to put a fire out, it’s important to know what caused the fire.

If you fire erupts in the kitchen as a result of deep-frying oil overheating, water won’t work. Better methods to kill the flames would be to use buckets of sand or to place a lid on the pot to allow the fire to suffocate. Ideally, however, a class C fire extinguisher should be used to put out an oil fire.

Keep Fire Extinguishers in the House

As mentioned, there are different kinds of fire extinguishers for different types of fire. Most homes should at least a class A, B and C extinguisher available. Class A extinguishers can be used for wood fires, paper fires and on burning furniture. Class B extinguishers should be kept close to the kitchen or garage, as they are suitable to put out oil-based fires caused by burning cooking oil or flammable gasoline. Class C fire extinguishers are suitable to use on electrical fires.

Planning an Emergency Evacuation

Unfortunately, some fires just can’t be stopped. In the event of an uncontrollable fire, your fire safety home check should include an evacuation plan. If your house has two levels, consider keeping a ladder on the upper floor so you’re able to climb out from the upper windows if a fire is blocking the exit downstairs.

Be sure everyone knows what the plan is in the event of a fire. Plan at least two escape routes for each room and assign a certain place outside as an emergency assembly point.

Conclusion

Fire safety can be a difficult subject to discuss. When talking to your family about preventing fires at home, try to instill the importance of practicing good fire safety with them. At the same time, avoid causing unnecessary fear and stress to the importance of staying calm even in the event of an emergency. You don’t have to live your life in constant fear of a house fire, but you must be mindful to avoid dangerous situations.

Your fire safety home check should help you stay in control of fire prevention in your home – giving your peace of mind and an action plan for any situation.

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Is Insurance Worth It? How to Buy Only What You Need

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Is Insurance Worth It? How to Buy Only What You Need

Is insurance worth it? You might have asked yourself this question multiple times. It’s hard not to question the necessity of your insurance when premiums are deducted from your account each month. While some types of insurance are unavoidable, you probably have at least some options to reduce your insurance costs. So, what insurance do you really need, and what’s just a waste of your money? The answer could depend on your circumstances, but there are some general guidelines you can follow.

Is Insurance Worth It? Minimum Insurance Requirements

Unfortunately, there are certain kinds of insurance you can’t cut out completely.

For example, there are minimum car insurance requirements if you want to be allowed to legally operate a vehicle on the roads.

Similarly, you might have a contractual obligation to take out homeowner’s insurance if you’re still paying off your mortgage.

While the obligation for minimum insurance can feel like a headache, it’s a positive thing. Insurance cover protects you when unfortunate incidents happen. There’s nothing worse than loss or damage to property when you have no means to pay for it.

In some cases, your insurance provider might also help to defend you legally. Especially if someone tries to claim against you unrightfully.

So yes, paying insurance each month without getting anything back isn’t pleasant. But having at least the minimum cover can be a huge relief if anything bad ever happens to you.

How Much Insurance Do You Need?

A lot of people mistakenly believe that fulfilling minimum insurance requirements is worth it. In many states, however, the minimal legal car insurance isn’t nearly enough. Too many people believe they have adequate cover, only to find out their cover is lacking after an incident occurs.

Know Your Cover

If there’s one lesson everyone can learn, it’s that you must know what your cover is – no matter how much cover you have. At least that way, you won’t get a nasty surprise when something bad does happen. Don’t assume your state minimum car insurance requirements, or the obligatory cover for your mortgage contract have you covered.

Check up on your car, home and life insurance cover yourself. Be sure to ask about your deductible. An insurance deductible is an amount you’d have to pay out of pocket before you can claim for anything, so your deductible should be an amount you can afford to pay.

Furthermore, you have to know what kind of things you’re covered for. Once again, this is an area where a lot of people get confused. There are different kinds of insurance cover for different kinds of incidents. Standard insurance policies won’t always payout for any kind of mishap.

To get additional cover for different situations, normally requires that you take outriders on your policy.

Is Life Insurance Worth It?

Term life insurance is a common type of insurance that typically expires after a set amount of time. What this means, is that loved ones of the insured can only claim on the policy if the insured was still below a certain age at their time of death.

Many people question the necessity for term life insurance. After all, if you don’t claim, you’ll effectively have wasted all the money you ever paid in premiums. Seeing as life insurance isn’t a legal requirement, it’s also the easiest cover to cut when financial times get tough.

Despite this, you might still be under a contractual obligation to have a life insurance policy if you’re busy paying off a mortgage. This is usually just to ensure that your loved ones will still be able to pay off your property should anything happen to you.

While life insurance isn’t glamorous, it can greatly help an insured person’s loved ones in many cases. Choosing whether or not you’ll take out life insurance is a personal choice and will depend on a number of things.

One major factor in deciding if life insurance is worth it, is to consider your situation. If you have dependents, taking out life insurance is recommended. However, if you’re single with no dependents, having a policy isn’t required.

Insurance Policies You Probably Don’t Need

A lot of insurance policies are definitely worth it. That said, there are certain kinds of cover you likely don’t require. Here are a few common policies you can cut from your insurance without compromising your cover too much.

Life Insurance for Children

As discussed, life insurance helps to cover the expenses your dependents will have if you aren’t around anymore. Children don’t have dependents, so taking out life insurance cover on them is unnecessary.

For many families, saving the money you’d spend on premiums for life insurance for children is better saved as part of a college fund.

Unemployment Insurance

If you ever lose your income, unemployment insurance will pay out some of your expenses. While it sounds like a great option, it’s not for everyone.

Firstly, if you never lose your source of income, your insurance policy won’t pay out. So you’ll have wasted all the money you spent. Secondly, you could opt to rather save the amount you would’ve spent, in which case you’ll end up with more money in the bank for yourself.

If it’s possible for you to save, building up a safety net of savings for a rainy day can be a better option than taking out unemployment insurance.

Regardless, this kind of cover can make sense to certain individuals, but it’s up to you to decide.

Credit Card Loss Insurance

Credit card loss insurance is designed to help you pay off your credit card when you can’t make payments anymore. If you have a lot of debt, this can make sense, but be careful.

Rather than making more debt, try to pay off your current debt as soon as possible so you can live debt-free. Paying off your credit card debt will make credit card insurance completely redundant. Additionally, you’ll also be saving the money you would have been spending in interest – it’s a win-win.

Even if you have credit card debt, consider taking the money you currently spend on credit card insurance and putting it towards your credit card bill instead. Stop making new debt on your credit card an you might be able to live debt-free just a little sooner.

Rental Car Insurance

Not everyone needs rental car insurance. Basically, this type of cover allows you to get a rental car if your car is out of order. However, if you have alternative means of transport, it’s completely redundant. Even if you don’t have alternative transport, consider what’s cheaper between renting a car for yourself vs paying rental car insurance each month.

Chances are, if you’re sitting without a car for just one or two days, paying your own rental will be much cheaper than insurance. But if you end up without a car for an extended period of time after an incident, your premiums might still work out cheaper.

The problem is that you never know what the future holds, so deciding whether you need rental car insurance depends entirely on you.

Conclusion

When deciding if insurance is worth it, your personal needs must be considered. Some kinds of insurance coverage are necessary, but you might be paying for cover you don’t need. Saving money on your insurance is always a win, so be sure to review your current cover and cut back on it if necessary. Surprisingly enough, you might even find that you’re over-insured in some areas, while completely lacking in cover for others. In that case, it would make much more sense to put your insurance money towards cover you really need.

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Steps to take after a car accident

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A car accident is a terrifying experience. The noise, the glass, and the panic can make each second feel like an hour. Even fender benders need some pre-planning so you can spring into action to physically and financially protect yourself in the unfortunate event of an accident. The best car insurance Florida provides will help with your accident, but you must take these steps to speed along the process.

Be prepared

The time to start planning for an emergency is not while it is happening. Be prepared by getting your documents ready. Place your insurance card and any pertinent medical information in your glove box. Keep your insurance current. If you have medical issues, make them known. Having your gallbladder recently removed or having an allergy to codeine is crucial for paramedics to know. If you think that by having your info in your wallet is enough, consider that a wallet or purse can tumble around in an accident while a glove box will remain stable.

 

First step

If you can move after a crash, move to the accident lane. An injury can prevent you from moving; stay in the car as immobile as possible until help arrives. Being immobile on the expressway may add to your anxiety, but a minor injury can be elevated to serious in nature with a few small movements. Move to the designated accident lane, or at least not in the middle of the road. Get out of the flow of moving traffic.

 

Stay quiet

Being angry is a natural reaction to someone hitting your car. Keep your emotions in check; what you say can be held against you. A polite apology will be interpreted as an admission of guilt. If you rage against the other driver, however justified, your mental state can be questioned. Promptly move to the next step and remember that staying quiet in your best option after asking if the other driver and/or passengers are okay.

 

Exchange information

Yes, it can be awkward to ask for information after an emotional experience. Stay calm and ask for the following list:

  1. Name
  2. Address
  3. Phone number
  4. Email
  5. Make of car
  6. Model of car
  7. License plate number
  8. Insurance carrier
  9. Insurance policy number

 

Take picture

After an accident is no time for selfies, but it is a good opportunity to whip out your iPhone and document the damage. Technology can be a blessing when you need proof. The other driver may not appreciate it, but take as many pictures as possible of both cars. A video may be best if the other driver is not cooperating. Wait for the police to do so, if you feel it is best.

 

Takeaway

A car accident is a scary experience. From fender benders to much worse, you must be calm and know your next steps. Have essential information in your glove box. Leave relevant medical information and besides your Miami auto insurance card, a valid Florida driver’s license should also be there as well. Get out of the flow of traffic. Keep emotions in check. Exchange information and document as much as possible.

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Five auto insurance hacks you need to know

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Most people do not understand the intricacies of electricity; they just flip a switch and enjoy the benefits. Auto insurance, likewise, is required by law and most people do not understand basic ways in which they can save time and money by knowing five things.

1. Pets can be covered
2. Stolen items cannot be reimbursed
3. Two lump sums a year is smarter than monthly payments
4. Comprehensive coverage includes weather events and terrorism
5. Credit scores can impact rate quotes

Pets can be covered
Dogs and cats are considered part of the modern family. Drive in a rural or urban area and a dog will be sticking its precious head out the window enjoying life. While their human may be strapped in, these pets can sustain significant injuries in minor events such as a light fender bender. Some insurances will cover your pet if you ask for it when signing up for their insurance. Again, this must be requested at the time of the quote.

Stolen items cannot be reimbursed
The dancer Juliana Hough left diamond jewelry in the side pocket of her car door. Said items were stolen, and she was not able to recover the loss. The real is simple: if someone steals your car, you will be reimbursed for the depreciated value of your vehicle, nothing else. If someone takes sentimental items such as fur coats or personal devices, your insurance company does not have to reimburse you. The best way to prevent this is to keep treasured items at home or secured safely in the glove box. Leave nothing in plain sight.

Two lump sums a year is smarter than monthly payments
Paying for six months of car insurance up front can cause quite a few to panic. Two upfront payments twice a year can yield massive savings. From the company’s point of view, it is more fiscally responsible to maintain a customer twice a year rather than twelve times a year. Savings can translate tally into the hundreds. If this seems impossible, set aside every month to create a financial cushion to allow you to reap the rewards.

Comprehensive coverage includes weather events and terrorism
Hurricanes are prevalent in South Florida and a great cause for concern. In Miami, auto insurance has policies that detail the coverage and steps to be taken in the event of a hurricane. Downed powerlines and falling trees have wrecked many a car during the season. Many worry that they will not be covered if Nature destroys their vehicles. In fact, residents with a history of a variety of natural events make sure that their home insurance as well as business insurance updates regularly. Comprehensive insurance takes away the fear of natural events. Acts of terrorism, likewise, particularly in larger city centers, has brought forth a major sense of anxiety with vehicles. Insurance policies that offer comprehensive coverage explicitly state that in the event of terrorism, the policyholder will not have to handle the damage by themselves.

Credit scores can impact rate quotes
We have all heard it a thousand times that credit scores are your lifeline to financial freedom. A low credit score can prevent you from substantial purchases such as mortgages. A high credit score can make your insurance rates more affordable. Companies court potential clients with higher scores and offer them better deals given their proven financial track records. If possible, start improving your score today to improve your rate quotes.
Takeaway
Insurance can be what you make out it. Ask for pet coverage in the event of an accident. Understand that items stolen from a vehicle will not be reimbursed. Keep all treasures out of plain view. Two lumps sums a year rather than twelve is the most financially responsible payment plan to keep you financially responsible. Acts of weather and terrorism are covered comprehensive insurance only. Keep your credit scores high as it can vastly improve your odds of a great rate.

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How to: Get insurance, quick & easy

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With a renovated website, we are ready to provide all your insurance needs. Navigating our domain is surprisingly simple, our pages are filled with informative documents detailing commercial, boat, and auto insurance. If you need clarification, just call our office and a agent will gladly answer any questions you have. Already comfortable with the world of Insurance? If so, you can ask for a free quote through our website or by contacting an agent.

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Basic terms Miami insurance policy

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Basic terms Miami insurance policy holders should understand (including deductibles and premiums)

Insurance can bit when first reviewing your policy. From car insurance Florida has or to business insurance, there is a multitude of terms that may be unfamiliar. Premiums, deductibles, co-pays, and limits are easily explained. Review the terms to be in the know.

In short:

Premium: What you pay monthly to maintain insurance

Deductible: The amount that must be paid before insurance steps in for the rest

Co-pay: Fees outside the deductible that is owed as a cost for routine services

Limit: The highest amount an insurance company will pay for a claim

Premium

A premium is what you pay monthly to maintain insurance. Having insurance is needed from business to boating to have solid peace of mind. This payment is needed on a consistent basis to maintain insurance. Employer-based plans can deduct premiums from paychecks and the government will consider it pre-tax dollars. Those with independent policies, such as freelancers, may pay premiums as they do their taxes: annually or quarterly. Health insurance premiums may differ depending on the plan and pre-existing medical conditions.

Deductible

Deductibles are the amount that must be paid before insurance steps in for the rest. In the car insurance world, if a collision causes $3,000 of damage to the policyholder’s vehicle and their deductible is $500, the policyholder will only have to pay $500 for the total repair. The auto insurance company will pay to pay the remaining $2,500. Increasing deductibles can be a smart way to save money as it can greatly reduce the cost of repairs. A yacht policy dictates that the percentage of the worth determines the deductible.

Your health insurance deductible is the amount that you will have to pay annually for your healthcare (such as surgical procedures, blood tests, or hospitalizations — but not some routine care) before the health insurance pays anything.

For example, if you have a $2,500 deductible and undergo three $1,000 procedures in a year, you will have to pay the full bill for the first two procedures and $500 of the third … your insurance will cover half of the third procedure.

Co-pay

A co-pay is a fee outside the deductible that is owed as a cost for routine services. Payment will be relatively the same regardless of the extent of the visit or the price of the prescription. Plans will have to define what is considered a routine service.

Limit

A limit is the highest amount an insurance company will pay for a claim that your auto policy covers. A limit of $ 15, 000 will cover the said amount in the event of a collision. However if the repairs add up to $17,000, the overage will be paid out-of-pocket. The higher coverage limit equals to a higher payout for a covered loss.

Takeaway

Review the most commonly misunderstood terms and how they apply to the different forms of insurance to be informed and gain the ability to decipher policies without breaking a sweat.

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Stay safe with an alarm system and smoke detectors

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Part of the American Dream is to be a homeowner. Pickets fences or a pool may be part of the vision, but with everything that is worth having, there does need to be a form of protection. From hurricanes to fires, insurance is a must while ex such as an alarm system alongside a smoke alarm can give you total peace of mind.

Prices

Just as with real estate insurance rates for home insurance depends on the location. The type of house, whether it be historical or built on former swampland, may necessitate a different type of coverage. Coverage does not just protect the structure; it protects with the valuables within from loss or damage as well as residents. Fires, tornadoes and hurricanes are covered, but flood coverage is extra. Homes that have a security system earn a discount based on the features. A monitored system will result in a steeper discount than one that goes unmonitored. Discounts between 10-20% can be expected for a functioning home alarm system.

Human barriers

Most people purchase a home security system because they understand it will protect them from intruders. Homes that have an alarm system are 2.7 times less likely to be targeted as some invasions are inside jobs. An alarm can alert those within the home that an unwelcomed guest is present in either a piercing noise or flashing lights. With this early detection, intruders can run off as case studies have shown that spooked intruders are more likely to become aggressive to compensate for being caught off guard.

Constant monitoring

A system can act as a constant monitor. Whereas people used to ask their neighbors to watch over their houses when travelling, there are now apps tied to alarm systems that allow for 24-7 monitoring. These virtual minders can detect heat and people looking in the windows. One also crucial task is a system can gauge levels of carbon monoxide within the home to prevent tragedy.

Fire

A spark can turn into a fire within thirty seconds. A smoke alarm can now detect the spark and raise the alarm before it can spread. It is no longer enough to warn of smoke, smoke systems can now warn homeowners of heat sources and put in a call in to the fire department in conjunction with an alarm system.

Safety considerations

Pets that have been left home alone will panic should an intruder or a fire break out. Give them the best chance of survival with an alarm system. Basements and attics are less used and therefore prime targets for intruders. A system will eliminate the fear of checking these areas at night. Home fires are reported every twenty seconds which is the third cause of fatal home injuries. Prime time for a robbery is between ten o’clock in the morning and three in the afternoon when most responsible homeowners are out working or picking up children from school.

Takeaway

Protect your home and family with an alarm system to ward off intruders and to alert authorities to situations. Smoke detectors will make getting out of a home much easier. Life is wonderful and protect yourself with the wonders of modern safe keeping with the best insurance Miami has to offer!

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Top 4 ways having insurance imperative

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Life is wonderful, but it also has unexpected moments that can be challenging. Insurance is here to help with health, car insurance Miami needs with crazy drivers, and boat insurance Miami is buying to kick off the summer season as well as home with the prime season for hurricanes. Not having insurance of any kinds poses great risk to health and finances. While all occurrences in life cannot be in our control, the ones that are should be taken care of so as not to dampen the beauty of being alive.

Health

Eating right and exercising is a great way to take care of your health. Not having health insurance, especially as one ages is a disaster waiting to happen. Lifestyle plays a role in health, but genetics can be equally as powerful. Those that may not be aware of their medical history either through adoptions or other means may not know that they are predisposed to gallbladder disease, for example. There should be no such thing as taking chance with your body. Unexpectedly an attack may happen and it will cost thousands of dollars in tests to decode the pain and much more for surgery that can decimate savings. While affordability is a major consideration, health insurance prevents possible financial ruin with a small payment every month.

Car

Miami has some of the most daring drivers in the nation. Expressways can be an adventure during peak hours. With some many coming from other countries, car insurance may not be a top financial priority. However, not having updated car insurance can result in a major headache. Car insurance policy holders may be liable for not only medical bills, but legal ones as well as expenses for pain and suffering. In a city with so many uninsured drivers, it is best to always be protected.

Boat

In the midst of year-long summer, boating is a popular recreational activity. Be covered from vandalism to collisions with just a few payments. Boat insurance rates vary by state, but it is dependable coverage that takes the worry out of rough seas and returns life to smooth sailing. While states may not require a boat to be insured to be deemed seaworthy, specifics of a bank loan will require protection on their investment in the form of a detailed policy. Boats that are worth more much than a few planks of wood tied together require more coverage and additional features.

Home

June marks the season of hurricanes. Those that lived through Hurricanes Andrew, Wilma and Katrina understand the devastation that can ensue even with insurance. If a big one hits, paperwork may fly away making it harder to decode a policy. It is best to review coverage before the season starts and if necessary to purchase additional features. A separate deductible, an amount deducted when a claim is paid for by the insurance company, may exist in coastal states. Triggers for weather events such as hurricanes may be found on the declarations page(s) of a policy.

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Tools to keep in your insurance rates down

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In the time before cell phones, horror movies could be expected to start with a car breaking down in the middle of nowhere and miles from a phone. Nowadays we all have cell phones, but it may not be enough in an emergency. The time to prepare for a vehicle emergency is before you even step into the car. Be prepared for most events with some foresight.

Glovebox

After making sure you have your registration in the glove box, make sure you also have room for a few necessities. An old cell phone may not be something you think of, but should. All mobile phones can call 9-1-1 regardless if it is linked to a carrier service. Having an extra one handy can be vital. A hammer is also an excellent tool to have, even if you have power windows rather than manual ones. If your car veers into a canal, a hammer can easily shatter the windows. A small flashlight will also come in handy as would a pair of gloves to Fix-a-Flat or add mechanical fluids.

Trunk

The trunk of your car can be an excellent place for an emergency kit as well as other items. Store a larger flashlight in the trunk that can illuminate the night if you need to change a tire. It is much better to have two flashlights, but given the choice, a more sizable one should always be stored in your vehicle. Jumper cables are a must if your car dies and a friendly motorist is willing to help. Miami auto insurance sees multiple pile-ups because of just one blown tire. Deflated tires on the expressways can be terrifying, pull over and apply the can of Fix-A-Flat you have one handy. While a spare does belong in your car from the first day you take ownership, having this item in your car can provide peace of mind.

Optional

A blanket can provide warmth or help in the case of bodily injury. Bottled water can help if stuck out in the heat or you have small children as passengers. Protein bars or crackers can always be gifts in a stranded state. In colder climes, a snow shovel and kitty litter can help break up snow piles if they are blocking your mobility. Some motorists have rope in their trunk as well as tape. Choose your arsenal depending on where you are traveling.

Cellphone

Paramedics and officers will need to reach loved ones in the event of a true emergency. Program your phone to have one contact as ICE (in case of emergency). This step is key if you suffer from a medical condition that could hinder first responder treatment. An additional hindrance can be locked phones so consider unlocking your phone while driving.

Takeaway

Being prepared can prevent a true emergency in most cases. Stock your glovebox with a hammer, old cell, gloves, and a small flashlight. Always keep your registration handy, but make room for these necessities. Your trunk should be the main focus of your preparation. The vitals are a large flashlight, jumper cables, and a can of Fix-A-Flat. Consider also storing water, non-perishables, and a blanket. Your phone can also be a tool by creating an ICE contact and unlocking while driving. Stay safe by planning before an emergency even happens.

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