More Americans rent their homes than at any point since the mid-60’s. In the wake of recession, wage stagnation and student debt, the number of renters across the country has soared, and at this point more than 43 million households rent. Student debt is a particular factor here given that, like so many economic concerns, […]
Do College Students Need Renters Insurance?
When you’re packing for college, you may be thinking more about clothes, gaming consoles or the perfect laptop than insurance. Whether you’re heading to a campus dorm, renting a house or leasing an off-campus apartment, it’s important to protect your possessions. Don’t make the mistake of thinking you’re too poor to need coverage. Many students […]
5 Reasons Why You Should Purchase Renters Insurance
Renters insurance is just like home insurance, only it’s for renters. Whether you are a student or self-employed individual who has rented an apartment, you need renters insurance for many good reasons. The top 5 of them are as follows: It Covers Losses to Personal Property Your personal property and belongings can be lost or […]
What is Renters Insurance and What Does it Cover?
Renters insurance covers costs associated with damage to your personal property, personal liability damages, emergency medical expenses for guests and living expenses if your apartment becomes unlivable. However, not every event related to these categories will be covered by your renters insurance policy, as certain events or “perils” are excluded. Before you make a claim, […]
The 5 Culprits for Rising Auto Insurance Costs
According to James Lynch, chief actuary, vice president of research and education at the Insurance Information Institute (III), there are five main factors responsible for frequently rising auto insurance rates. More miles driven. Not surprisingly, the number of accidents is directly related to how much people are driving. “When you go into a recession, a […]
Types of Auto Insurance
There are several different categories of auto insurance and each covers a different aspect of your risk as a driver. Liability: If you are deemed at fault in a car accident, liability coverage will pay for repairs, medical costs for injuries suffered by others in the vehicle, plus other expenses related to the accident such […]
How to Read (And Actually Understand) Your Auto Insurance Policy
Auto insurance policies are confusing and boring documents filled with legal jargon that can be an absolute nightmare to read. Your policy is a legal contract binding the insurance company to perform specific actions under certain circumstances for an agreed upon price. Insurers want the contract to be as specific as possible, which is why […]
Auto Insurance Database Would Improve Police Ability to Catch Uninsured Drivers
“Can you go ahead and give me your license, registration and insurance card, please?” That question never signals happy times. Almost always it’s asked for a driver pulled over for a traffic infraction or involved in a crash. The law enforcement officer can quickly verify your license and registration status via a real-time statewide database, […]
Facts and Statistics on Flood Insurance
As of July 31, 2018, Hurricane Katrina in 2005 had the highest amount in NFIP payouts, at $16.3 billion. Hurricane Harvey of 2017 ranked second with $8.8 billion in NFIP payouts. Superstorm Sandy, which occurred in October 2012, ranked third, resulting in $8.8 billion in NFIP payouts. Hurricane Irma, also in 2017, ranked ninth with […]
Flood Insurance
Flooding is the most common and costly natural disaster in the United States, causing billions in economic losses each year. According to the National Flood Program (NFIP), 90% of all natural disasters in the United States involve flooding. There is no coverage for flooding in standard homeowners or renters policies or in most commercial property […]
3 Types of Water Damage
Is Your Home Insured For Water Damage? Water is one of the most common causes of damage in homes, and it represents a large number of insurance claims. Water damage to your property can happen from any number of sources: Plumbing or Appliances Severe Weather or Storms Accidents Infiltration Causes of Water Damage in Insurance: […]
Common Questions About Flood Insurance
Check out the answers to some common questions about flood insurance. Answers all come from the Federal Emergency Management Agency (FEMA). I Don’t Have Flood Insurance – Why Do I Need It? Floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year. Floods cost America, on […]
Homeowners Insurance: Premium, Policy Limits and Other Home-Related Insurance
Premium Many factors influence your premium and it will also vary by insurance company. An independent agent can help you shop for the best price without compromising your coverage. Some of the things that can affect your premium include: The cost to rebuild your home (this is not the same as the purchase price which […]
Unoccupied and Vacant Home Insurance: What is it and Do I Need it?
If you leave your home unattended for weeks at a time, your homeowners policy likely won’t provide coverage in the event of a claim during the time it is unoccupied or vacant. As a result, any damages or losses that occur would have to be paid out of pocket. For these times, unoccupied and vacant […]
Renters No More: Millennial Home Buyers
According to Primary Residential Mortgage Inc., Millennials are currently the largest class of homebuyers in the market. It may come as a surprise to some, but this young, tech-savvy generation is still set on finding a home, even during a volatile market with rising interest rates and fewer homes on the lower end of the […]
Water Damage in Your Home
Water damage is the leading cause of property-related losses for homeowners, according to Chubb claims data. A recent Travelers report revealed similar findings. After analyzing eight years of claims data, the insurer found that 20% of homeowners claims were attributable to non-weather water issues including plumbing, sewer or appliance leaks and failures – making non-weather […]
One-Third of Homeowners Liability Claims are From Dog Bites
In 2017, dog bites and dog-related injuries accounted for more than one-third of homeowners liability claims according to the Insurance Information Institute. There are approximately 89.7 million dogs in the United States and 36.5% of U.S. households own at least one dog. The average cost per dog bite claim was $37,051, totaling over $700 million […]
Breaking Down Your Homeowners Policy
Homeowners insurance is important to many people and is often required to satisfy your mortgage requirements. But how well do you actually understand your policy? Most homeowners policies can be broken down into six sections. Dwelling: This pays for damage to your house and structures that are attached to your house. This includes plumbing, electrical […]
How to Secure Your (Easily Hackable) Smart Home
As more devices and appliances with Internet capabilities enter the market, protecting those devices from hackers becomes critical. Unfortunately, many of these non-computer, non-smartphone devices – from toilets to refrigerators to alarm systems – weren’t built with security in mind. So what can someone who’s already bought one of these devices do? When it comes […]
How to Survive a Ransomware Attack – And Not Get Hit Again
Made famous by the WannaCry attack that crippled the NHS in 2017, ransomware is continuing to hit businesses. According to security research firm Symantec, infections have steadily increased every year since 2013, reaching record levels in 2017. Even over the last few months, ransomware has impacted multiple organizations, including the PGA of America, and the […]