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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If You Have a Boat Do You Need Boat Insurance?
What’s the difference between a boat and a yacht*? If you know the answer, you probably need more coverage than just the standard homeowners policy can provide. Boating is a great family activity, but it does involve risks: in 2008 (the last year for which complete data were available at press time), the Coast Guard...
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Motorcycle Insurance and Insuring Other Two-Wheeled Motor Vehicles
Motorcycle, moped, motorized bike, “pocket bike,” scooter — what distinguishes them, and what do you need to know to operate them legally? Do you need a special motorcycle insurance policy? In the United States, no universal or official definition exists for these vehicles. States govern vehicle registrations and insurance, so definitions and requirements for licensing,...
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Insuring Your College Student’s Belongings
If you are sending your child off to college this fall, you probably realize that your life is about to change. You might not realize that your insurance needs change as well. Here’s what you need to know about insuring your college student’s belongings. Take a peek inside a typical college student’s room: you’ll probably...
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Auto Insurance: How to Know What You’re Buying
Personal risk management includes knowing your policies and what they cover. The following article will help you understand the various parts of your personal auto policy (PAP) and what to look for. When you buy auto insurance, you enter into a legal contract with your insurer. The policy and any attachments (called “endorsements”) spell out...
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Why You Need Uninsured and Underinsured Motorist Insurance
According to the Insurance Research Council, about one in seven drivers in the U.S. is uninsured. Being involved in an accident with an uninsured motorist can mean huge financial losses if you don’t have the right insurance coverage. In 2009, the most recent year for which statistics are available, 13.8 percent of motorists did not...
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Increased Construction Costs and Homeowners Insurance
You buy homeowners insurance to protect your home from damage or loss due to fire, theft, vandalism and more. But without certain important coverages, your policy could leave you short of the funds needed to rebuild and recover. The Problem of Increased Construction Costs Smart consumers usually will pay a bit extra to buy replacement...
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Nine Ways to Save on Homeowners Insurance
For most Americans, their home represents security, as well as their biggest financial asset. The cost of insuring a home averaged $1000 in 2013, reported the Insurance Information Institute. What you pay could vary greatly from the average, depending on the value of your home and its contents and various risk factors. However, no matter...
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Insurance For Your Property in Storage
Too much stuff? Almost 9 percent of American households rented a self-storage unit in 2012, up from 6 percent in 1995. Before joining them, be aware that you, as the lessee, remain responsible for loss or damage to everything in your unit, unless your rental agreement specifies otherwise. The contents coverage section (Coverage C) of...
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How Are Your Auto Rates Calculated?
Most people know that having a car accident can affect the price of their auto insurance. However, insurance companies use many factors to determine what they charge, and some of those factors may surprise you. Knowing what determines your premium could help you save money. Auto insurance premiums are determined by two factors: underwriting and...
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