Not every company is licensed to operate in each state. As a general rule, you should buy from a company licensed in your state, because then can you rely on your state insurance department to help if there’s a problem. To find out which companies are licensed in your state, contact the state insurance department.
Many companies sell insurance policies and prices vary greatly from one to another, so it really pays to shop around. Get at least three price quotes from companies, agents and from the Internet. Your state insurance department may publish a guide that shows what insurers charge for different policies in various parts of your state.
There are many insurance companies, so choosing between them can be a challenge. Here are the main points to keep in mind when selecting an insurance company:
There are an estimated 7.4 million swimming pools and five million hot tubs in residential or public use in the United States, according to the Centers for Disease Control and Prevention (CDC). Furthermore, there are over 3,400 fatal unintentional drownings in the United States each year, with more than one out of five drowning victims being a child 14 years old or younger, according to the CDC.
The I.I.I. suggests taking the following steps if you own or are considering purchasing a pool or spa:
Creating and updating an inventory of your personal possessions is one of the best ways to make the most of your homeowners or renters insurance, and makes filing a claim easier and more efficient.
A home inventory is simply a list of your personal possessions along with their estimated financial value. You can create such an inventory in a simple, low tech manner by writing down everything in a notebook and keeping receipts in a folder. Or you can take advantage of technology and use a digital camera or smart phone to take pictures and/or videotape your belongings in order to have a visual record. The I.I.I. also has the free Know Your Stuff® Home Inventory Tool that enables you to create and maintain a home inventory on any digital device or computer and safely store it online for easy, secure access--anywhere, anytime.
No matter how you choose to do it, the important thing is to take action: create a home inventory and update it when you make major purchases. An up-to-date home inventory will:
Hope for the best, but plan for the worst
This article is reprinted by permission from NerdWallet.
When Dan Gerecht bought a wedding insurance policy for his daughter Yvonne’s big day last year, he did it because the event was scheduled during hurricane season and he was worried that weather might force them to cancel.
But it turned out the Gerechts needed the policy for a different reason: The venue, the Winery at Elk Manor in North East, Maryland, shut down just two months before Yvonne’s 2016 Labor Day wedding, Gerecht says. They found themselves scrambling for a new location — and out the $30,000 Gerecht had already paid to Elk Manor.
Vendors who can’t fulfill contracts are the most common cause of wedding insurance claims. Here’s how insurance can help.
Wedding disaster No. 1: Vendor fails
Vendor issues, like the venue going out of business, make up 30% of wedding insurance claim dollars — the largest share — paid by Travelers Insurance. Wedding insurance policies will often reimburse you if you have to book a last-minute vendor or reschedule the wedding if a vendor backs out.
Gerecht says he was tipped off that something was awry when the caterer emailed and told him the venue hadn’t paid as promised. Fortunately, the $355 policy he’d bought from Travelers covered the venue closing.
Wedding insurance “is such a small cost compared to what you could lose if something goes wrong,” says Anne Chertoff, wedding trends expert at WeddingWire.
The Gerechts were lucky; they found another venue for the same day. “Some families sued [the venue], but thankfully we didn’t have to” because we had wedding insurance, Gerecht says.
Wedding disaster No. 2: Someone gets injured (Full Article)
If you are considering renting out your home, your guest room or even your couch your first step should be to contact your insurance professional. Peer-to-peer home sharing opportunities such as Airbnb can be a great way to bring in extra money and are increasingly popular; however, they can also leave you financially vulnerable. If your renter starts a fire and damages your property or is hurt while renting your home, will you be protected? (Read More)
Why the amount you’ll take home is so hard to pin down
After an unfortunate confluence of circumstances that led to her being out of work due to a long illness, Carleen Nicholson, 65, of Dover, N.H., found herself needing extra income. Then her son committed suicide and Nicholson began isolating herself. Eventually, she knew she had to do something. So for “money and sanity,” Nicholson began driving for Uber, the nation’s largest on-demand ride-hailing service.
While the desire to earn money is an obvious reason to start driving for Uber, its rival Lyft, or both — especially in retirement — there are other reasons. Keeping yourself occupied is a big one. Feeling useful is another, particularly for retirees. And, like Nicholson, you may want to get behind the wheel to interact with people. These may explain why more than half of Uber and Lyft drivers are 51 or over, according to a recent survey. Interestingly, more Uber drivers are over 50 than under 30; Uber has joined with AARP to offer $35 sign-up bonuses to drivers older than 50.
But some words to the wise: The amount you’ll take home as an Uber or Lyft driver, after expenses, might be less than you think. Also, some people don’t have the temperament or disposition for this job. (For others, however, the work can be highly satisfying and lucrative.)
Here are 11 things to know before signing up to become an Uber or Lyft driver:
1. Your actual earnings may be less than advertised. Although an Uber study in early 2015 said its drivers in 20 cities averaged more than $19 an hour, a BuzzFeed survey found Uber drivers in Denver, Detroit and Houston earned less than $13.25 an hour after expenses in late 2015. In Detroit, they brought home just $8.77 an hour, on average. (Full Article)