Myth 1 – Red Cars Cost More to Insure Color is irrelevant. Speedsters may be inclined to purchase flashy red cars, but color is not a reliable metric for determining auto rates. Other vehicle characteristics do though count, such as car makemodel, body type, engine size and the age of the vehicle, as well as...
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Why You Always Need an Umbrella — Even When It Isn’t Raining
Bad things happen: that’s why people buy auto and homeowners insurance policies. But America’s love affair with lawsuits means your coverage could fall short. That’s where umbrella insurance policies come in. They provide a convenient and surprisingly affordable extra layer of protection for your key assets. What happens if you are sued for causing an...
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Take Care of Your Insurance Health – Get a Checkup Now
Having too little or too much insurance can cost you money. A regular insurance checkup can help ensure you have the amount and type of coverage you need. Just as you should schedule an annual checkup with your primary care physician, you should schedule an annual checkup with your insurance agent. Any number of life...
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Ten Homeowners Insurance Problems…and How to Solve Them
The worst time to find out that you have no insurance, or inadequate insurance, is after a loss. If any of the following situations apply to you, a standard insurance program might not be enough. Problem: Your home is 30 or more years old. Insurance will cover the cost of bringing a damaged or destroyed...
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Understanding the Claims Process, Part 2
In our last issue, we discussed some of the factors that determine whether a claim is covered. In this article, we’ll discuss plan design features that affect how much your plan will pay toward a covered claim. Just because a claim is covered doesn’t mean your insurer will pay 100 percent of the provider’s charges....
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Cash Value vs. Replacement Cost Home Insurance
Do you know the difference between “actual cash value” and “replacement cost” coverage? The difference has a significant effect on how much your insurer will pay out after a loss to your home. Suppose a tree falls on your house, causing severe damage to your kitchen. Your kitchen appliances are 10 years old. New appliances...
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The Most Important Life Insurance Terms Explained
If you find life insurance shopping confusing, you’re not alone. A new study calls 19 million Americans “stuck shoppers” of life insurance, because they believe life insurance is valuable and necessary, but they find shopping for it confusing and overwhelming. The joint study, by insurance trade organization LIMRA and Maddock Douglas Research, lays the blame...
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Car Insurance Policy Basics
People buy auto insurance for two important reasons: to protect their car and to protect their finances. All 50 states and the District of Columbia require automobile owners to meet certain financial responsibility requirements. These requirements help ensure that funds will be available to reimburse victims of auto accidents if another driver damages their car...
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Do You Need Workers Compensation for Household Contractors?
Every day, an estimated 2.5 million individuals—mostly women—work in others’ homes, cleaning, cooking and caring for children and the elderly. Although many people treat them as independent contractors, the IRS and workers’ compensation laws may consider these domestic workers “household employees.” If they are injured while working for you, you may be liable for lost-time...
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Anatomy of a Health Insurance Policy
How many people actually read their health insurance policy? Knowing what your policy covers can help you better plan your healthcare expenditures, and help you avoid unpleasant surprises if you file a claim. Although health insurance policies vary from insurer to insurer, and even within insurance companies, most share a basic structure. In the typical...
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