Category: Financial

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Financial Insurance

Life Insurance: What You Need to Know

life insurance guide 101

In order to know which life insurance policy is best for you, you must first understand its function. What is life insurance? It is a contract between you and an insurer to provide your beneficiary with death benefits based on your payment of premiums.

Still sounds complicated?

In this guide, you’ll learn all of the basics that you need to understand—no matter your stage of life. Whether you’re shopping for the first time or switching policies, we encourage you to read on to find out more about life insurance 101.

Types of Life Insurance

The two primary types of life insurance are term and permanent. With term insurance, you are covered for a set amount of time. It typically lasts 5-30 years, whereas permanent insurance covers your entire life or up to 100 years old.

For the most part, providers sell term policies with level premiums, so you never have to worry about the rate going up as you get older. However, you may have the option to convert your policy to a permanent insurance after the life insurance term is up. With permanent policies, you can choose between whole life and universal plans. Whole life means that you pay the same premium throughout your entire life while universal life insurance gives you flexible premiums.

The biggest difference between term and permanent policies is the ability to build value. A term plan has no value at the end of the life insurance term, but permanent insurance increases cash or loan value. That means you can withdraw, invest, or even borrow against that value. If that’s a feature that is important to you, a permanent policy would be your best option.

Calculating Life Insurance Rates

Your health and age are two of the biggest factors determining your premium rate. In fact, policies are issued either simplified issue or fully underwritten. The former often comes at a higher price because it is based on simple application questions. The latter typically offers lower rates if you show good health through a thorough medical exam and lab work.

Those aren’t the only factors that insurance companies consider, however. They also base your premium on:

  • Your Gender
  • Family Medical History
  • Location
  • Lifestyle

What Does It Cover?

You might be thinking that if your young and healthy, you don’t need insurance at all, but that’s simply not true. It is especially important for young people with families to get insured. A good life insurance policy can help your loved ones with:

  • Funeral Expenses: Did you know that the average cost of a funeral is over $7,000? Add to that the cost of a cemetery plot, headstone, or vault, and it’s even higher. These high end of life expenses are the biggest life insurance selling points for a majority of people.
  • Replacement Income: If your income plays any role in your household’s finances, you need life insurance. When you leave behind a spouse and young children, it helps them maintain their standard of living.
  • Mortgage Payments: It is also crucial that you have life insurance to cover mortgage payments. Nothing could be worse than losing a loved one and your home all at once. Your insurance policy could help with monthly payments or pay off the remaining balance entirely.

How Much Coverage Do You Need?

The answer largely depends on your family and financial needs. Typically, young married couples with children and single parents need the most coverage for the items we mentioned above. We suggest that you take a look at your mortgage or other loans, the cost of your funeral, and your income to choose an amount that best fits your needs.

On the other hand, empty nesters and retirees typically need fewer death benefits. You may not need life insurance at all if you’ve paid off all of your debts and saved accordingly. A financial advisor can help you determine how much coverage you will need.

Get Your Life Insurance Quote

Every policy is different. What may be best for you could be entirely different from what is best for your neighbor. For that reason, we recommend that you do further research and shop around for the best life insurance quote for your needs. There are plenty of agents and online tools ready to help you choose a life insurance policy.

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Financial Insurance

The Basics of Health Insurance

guide to health insurance

Health insurance is the product you purchase to cover any essential or emergency medical expenses. Much like other insurances, many complicated terms and requirements make health insurance confusing for first-time buyers.

However, you must do your research, so you can make sure you have the right coverage for when you need it most. You don’t want to risk being uninsured or underinsured. To learn more about the basics of health insurance, keep reading this guide!

What Does Health Insurance Cover?

There are many different plans and coverage options available, but the government requires all public and private health insurance policies to cover the basics. These required services are referred to as the 10 health essential benefits, and they include:

  1. Prescription Drugs
  2. Pediatric Services
  3. Emergency Services
  4. Hospitalization
  5. Preventative Services & Chronic Disease Management
  6. Addiction & Mental Health Services
  7. Pregnancy, Maternity, and Newborn Care
  8. Laboratory Services
  9. Ambulatory Patient Services
  10. Rehabilitative & Habilitative Services

You may find that your state requires insurers to offer more essential coverage. It is very rare that you would find a state that restricts these 10 essential services.

Commonly-Used Health Insurance Terms

When you start to compare health insurance plans beyond the essentials, you’ll notice that there are many different terms thrown around. Some plans may offer a high deductible with a low coinsurance rate. Others may vary based on out-of-pocket limits. In order to find the right plan for your needs and budget, you need to know what all of these terms mean.

  • Deductible: The amount of money you must pay before your health insurance starts to cover any of your medical expenses. Your deductible amount resets every year, even if you exceed it the previous year.
  • Copayment: The flat fee you pay for certain services, such as doctor visits and prescription drugs. It’s also referred to as a copay, and you typically pay it regardless of whether you met your deductible or not.
  • Coinsurance: Unlike your flat-fee copay, coinsurance is a percentage of the medical costs you have to pay after reaching your deductible.
  • Out-of-Pocket Limit: This amount is the most that you will be required to pay for your medical costs. Your deductible, copays, and coinsurance all make up your out-of-pocket expenses.

How to Determine the Cost of Health Insurance

Since all of the different factors can vary from plan to plan, you need to know how to calculate your health insurance costs. You shouldn’t compare the premiums alone. Instead, you need to calculate the overall expenses by adding up the five major features of your plan.

Premiums

Your premium is your monthly bill that you pay for health insurance coverage. It’s important to understand that this isn’t the amount you’ll pay for your actual health care services. A low premium often means that you have less coverage, so you should expect to pay more out of your own pocket for your health care expenses. This amount also does not contribute to your deductible or maximum out-of-pocket limit.

Deductibles

Your deductible is the amount that you have to pay before your insurance provider steps in to cover your expenses. A lower premium usually means that you’ll have a higher deductible, so you need to find the balance between what you can afford to pay now versus in an emergency.  

Coinsurance

Once you meet your deductible, your insurer helps to pay for a percentage of your health care expenses. You are still responsible for the other portion until you reach your maximum out-of-pocket limit. However, there are some plans that cover 100% of your expenses after you reach your deductible.

Copayment

Before and after you meet your deductible, you’ll have to pay this flat rate every time you go to the doctor or receive prescription drugs. The amount of your copay depends on your insurance provider and the plan you select. A common copay is around $15 to $25 for a routine visit to an in-network doctor.

Maximum Out-of-Pocket Limit

If you want to know the maximum amount of money that you’ll ever have to pay for health care, you should look at the maximum out-of-pocket limit. Aside from your premiums, every cost contributes to the limit, so you’ll never have to pay more than that amount for your health care expenses. Keep in mind that a higher monthly premium usually gives you a lower maximum limit.

Learn More About Health Insurance

Since payments and plans can vary so much from one provider to another, you should request a health insurance quote from several different companies. We suggest that you speak with each provider to learn more about their coverage options. You can also read some of our other health insurance guides to find out more about how it works.

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Financial Real Estate

Home Inspection Preparation

home inspection

The chore of selling your home is almost done. You’ve prepped it, listed it, and found a buyer. They managed to make an acceptable offer (congratulations!) and now it’s time for the home inspection. Hold off on filling up and taping those moving boxes shut, this step has caused many deals to fall through.

In most real estate deals, the home inspection happens once the buyer has signed the purchase agreement, but before the final closing date. Many buyers prefer to make the closing of the deal contingent on the acceptable results of a home inspection.

This lets them back out of the sale if any serious issues or defects are found by the home inspector. There is generally the opportunity for the seller to remedy the items, but if they are a major expense, like roofing or foundation issues, they may not agree to the expense.

If you’re a little nervous about the inspection, as the home seller, you are certainly not alone. Many sellers find this final hurdle nerve-wracking. On one hand, you don’t want the deal to fall through, on the other hand, you don’t want to be saddled with the cost of repair for anything that might be major. Here are some things that you can do to help prepare for the event.

1.   Clear The Way

The last thing a home inspector is going to want to see is that anything they need to inspect is blocked by stuff. Storage, junk, furniture, whatever, get it out of the way. If something common cannot be inspected, the buyer will see that in the report, and it could be a red flag.

2.   Walk The Perimeter

Check your siding, trim, windows, caulking and seals, doors, and weatherstripping of your home. This is all small stuff that you should have in order easily.

3.   Check The Roof

You may not have ever looked up there, but you know who’s going to? You guessed it, the home inspector. So haul out the ladder and take a look at the roof. Clean the gutters, remove any moss, look for and replace missing tiles or shingles.

4.   Check Your Bulbs

This is simple, but it can be your undoing. A light that doesn’t work tells an home inspector one of two things, either the bulb is out or the wiring or outlet is faulty. Since they won’t be bringing extra bulbs to test, make sure they won’t need them.

5.   Toilets

Clean and functioning properly are key. Worn parts can cause a toilet to keep running, get that stuff replaced before it’s noted on the home inspection report. The parts are only a few bucks and anyone can do it.

6.   Pilot Lights

This one is important if you turn your furnace off during the warmer months. The inspector is going to test the major appliances, so make sure that they are ready.

7.   Water Leaks

This is a big one. Look under cabinets and up at floor joists in the basement if you have one, and look for signs of leaks. Fix the leak, and fix any water damage before the home inspection.

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Career & Education Children Education Family Government Grants

Education Grants for Single Mothers and Fathers

Education grants for single parents

We’ve all seen the ads talking about “grants for single mothers” or “go back to school now, forgivable loans”. But they always seem to feel like scams, and I’m left wondering many times if there is any authenticity to them. In most cases, they are exactly what they sound like: too good to be true.

Many end up leading to lists of financial aid links and programs that you can buy, while some others aren’t even legit websites and are just scams trying to take money and information from those looking for help.

With that in mind, there are some real educational funding programs that provide grants for single parents. There are also scholarship programs and educational grants for single parents that are based on skill and merit. Lastly, there are programs to help students pay off educational loans.

Federal Pell Grants

The Federal Pell Grant Program is one of the more well-known grant programs. It is not limited to only single mothers, despite being known as the “single mother grant”. Pell grants have helped many parents continue their education and boost their earning ability.

Federal Pell Grants are based strictly on financial need and are generally offered only to undergraduate students. To qualify for a Federal Pell Grant the applicant must first have filled out and filed a Free Application for Federal Student Aid or FAFSA. Applications can be filled out online through the official website. The 2020-2021 school year holds a maximum possible Federal Pell Grant amount of $6,345.

Federal Supplemental Education Opportunity Grants

The Federal Supplemental Education Opportunity Grant programs operate on a state-by-state basis. They are most frequently given to students who show the most need based on the information submitted in their FAFSA. Depending on the degree of financial need, awards up to $4,000 per year can be seen.

Academic Competitiveness Grant

This is another merit-based grant. The Academic Competitiveness Grant is specifically designed for first year college students and second year students who graduated in 2006 or after. It is awarded as a supplement to students receiving the Federal Pell Grant. Students can expect up to $750 for their first year and up to $1,300 for their second year.

Individual State Grants For Single Parents

In addition, a large number of states offer their own various grants and financial assistance options for single parents. These are less popular and often underutilized because fewer people know about them. Qualifications for each of these will vary by state. California’s version, called the Cal Grant is prioritized for low-income and otherwise disadvantaged families. These programs should have websites in coordination with the state, and more information will be available there.

SMART Grants

The National Science and Mathematics Access to Retain Talent Grant or SMART Grant is an award given to students in programs related to the sciences, such as mathematics, technology, engineering, and more. The recipients are determined by merit from third and fourth year Pell Grant students.

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Credit Financial

Best Airline Credit Cards of 2021

Airline Credit Cards

When you’re deciding on airline credit cards, one of the most important things to think about is the rewards that the card offers. Many cards offer bonus points for using certain services, hitting a certain total spent, and more. The best one for you ultimately depends on which card best fits your needs.

Best Airline Credit Cards

Chase Sapphire Reserve

If you have excellent credit and are looking for a great airline card, this one would be a great choice. Anyone that spends $4,000 on purchases within 3 months of opening the account will earn a bonus of 50,000 points.

Pros:

  • Welcome bonus
  • Points for airline and hotel partner programs
  • Yearly $300 travel credit

Cons:

  • Excellent credit score required
  • High APR of 16.99%-23.99%
  • High annual fee of $550

Capital One Venture Rewards Credit Card

This card is a great option for those with good to excellent credit. With a welcome bonus of 60,000 miles for anyone that spends $3,000 on purchases in their first 3 months having the card. It even has a fairly low annual fee of $95.

Pros:

  • 2x rewards on daily purchases
  • Miles don’t expire
  • No fees on foreign transactions

Cons:

  • Must have good to excellent credit to qualify
  • High APR of 17.24%-24.49%

Delta SkyMiles Gold American Express Card

For those looking for a great card that has a sign-on bonus that’s easier to earn, this would be a good choice. To earn the 35,000 bonus miles, you just need to spend $1000 in purchases within the first 3 months of having the card.

Pros:

  • Earn 2x points on food purchases, including supermarkets, delivery, and takeout
  • The first bag checked free when you fly with Delta
  • The first year is free, and an annual fee only $99 after that

Cons:

  • APR of 15.74-24.74%

Citi AAdvantage Executive World Elite Mastercard

Earn 50,000 bonus miles with American Airlines by using the Citi AAdvantage Executive Elite Mastercard. The sign-on bonus is available for those that spend $5,000 in purchases within 3 months of opening the account.

Pros:

  • You and 8 traveling companions get the first bag checked for free
  • Earn 10,000 miles if you spend $40,000 in the first year
  • Earn double points on all eligible American Airlines purchases

Cons:

  • $450 annual fee

United Explorer Card

The United Explorer Card lets cardholders earn up to 65,000 bonus miles on eligible purchases. The first 40,000 comes from spending $2,000 in the first three months the account is open, with an additional 25,000 coming if $10,000 is spent in the first 6 months. Some of the other perks include priority boarding and 25% back on in-flight purchases.

Pros:

  • 2 miles per dollar at United, restaurants, hotel stays, and delivery services
  • 1 mile per dollar on all other purchases
  • United Club access
  • No blackout dates

Cons:

  • $95 annual fee, though the first year is free
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Financial Real Estate

Zillow Home Estimates Are How Accurate?

How Accurate are Zillow Home Estimates

Zillow is one of the most popular websites and apps to find information on homes for sale. Founded in 2006, Zillow is a real estate database that lists information about millions of homes all across North America. Users of the service can even search an area for information using criteria such as price, square footage, the type of home, or any number of listed amenities.

One of the big draws to Zillow is the estimate that it calculates for how much any particular home is worth. These numbers come from public sales data, as well as comparable homes. Currently, Zillow provides estimates of value on about 100 million homes across the US. While they can be relatively handy in finding a starting point for home valuation, there are a number of reasons why they may not be correct for a significant number of homes.

1.   Garbage In, Garbage Out

Zillow uses complex algorithms to keep its estimates updated and as current as possible, updating them three times a week. But this is based on both publicly-submitted data, and publicly available information. By their own account, Zillow estimates are within “10 percent of the selling price of the home” but that estimate is only as good as the data behind it.

If incorrect information has been listed on the website, that can continually affect the integrity of the estimates. While users can correct this information, the updated estimate may not be immediately visible. Sometimes the change simply isn’t significant enough to change the price.

2.   Mistakes In Important Figures on Zillow

Since the price of the most recent sale is part of the determination of the estimate, but if that information is inaccurate, the resulting estimate will be off as well. Zillow does take into account the taxes that are paid, but the tax assessor’s values can be flawed.

3.   Old Information On Zillow Not Reflective Of The Current Home

The homeowner may have made some significant improvements to the home, but Zillow may not be notified until the next tax assessment. This can derail the estimates in the meantime, meaning they can be off until the following year. This can be a fully remodeled gourmet kitchen that adds $40k to the value of the home, but since it didn’t need a permit there isn’t a tax record. It can also be the added bedroom that needed a permit and has a tax payment on file.

4.   Turnover Rate Affects Accuracy, In A Good Way!

Since a large part of Zillow’s data comes from home sales and tax records, if there has been a number of home sales in your immediate area, they may have an abundance of data. This means your Zillow-generated estimate has the potential to be much more accurate.

For example, if you live in a hot Florida suburb, you may see a high rate of turnover, while in rural areas people tend to stay in their homes for many years, even several generations. It is highly market dependant.

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Career & Education Education Government Grants

How to Finance Your Child’s College Education

pay for your child's college tuition

Finding out that your child has been accepted into college is most likely going to be one of your proudest experiences. But then the reality sets in of how much it’s going to cost to pay for tuition, fees, and even room and board for four years at a private college. With averages that top $30,000, paying for a college education isn’t as cheap as it used to be.

Thankfully, there are a handful of ways to make sure there is some financial wiggle room for when your little genius starts their higher education. Let’s take a look at the top ways.

1.   Federal Loans

This should be the student’s first stop If the funds haven’t already been saved. Filling out the Free Application for Federal Student Aid or FAFSA will help determine the amount of aid your student may be eligible for through federal and state programs. Some of these programs will be grants, but a major portion of the cost will likely be paid for by Federal Student Loans.

If your child is a dependent, they may also be eligible to get a Parent PLUS Loan, if you provide your information. It will depend on your credit, but it’s a fixed-rate and will cover up to the entire cost. The other option for federal loans is Stafford Loans.

2.   Private Loans

Even after grants, scholarships, and federal loans, depending on where your child is going to be enrolled, there still may be some costs due. This is where private student loans may be of benefit. They will often be at varying levels of interest, depending on credit, and each lender will have their own terms, just like with any other type of loan. Loans can be obtained either in the parent’s name or in the student’s with the parent as a co-signer.

3.   Leverage A 529 Plan

The 529 College Savings Plan is becoming increasingly popular these days. These savings plans allow a higher contribution than other savings plans, and the funds can be used for any college-related costs tax-free. The plan can be diversified significantly and offers a much better return than traditional savings accounts.

4.   Use Home Equity

This is one of the two “last resort” options. If you are the owner of your home you may be able to fund some or all of your child’s tuition with the equity in your home. This is not the highest-risk method, but it’s second in line. You can use either a home equity line of credit, take out a home equity loan, or even do a cash-out refinance. All carry some risk.

5.   Use Retirement Funds

This is an absolute last resort option. The type of funding available would depend heavily on the type of retirement account that was being drawn from. If this is an option you would like to pursue, you should reach out to your financial institution, as well as your tax professional, to discuss how to impact your retirement minimally.

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Financial Savings Tech & Media Technology

Saving Money With These Top Apps

Saving Money Apps

Truth is, if saving money were easy, then half of us wouldn’t make financial resolutions each year. However, we’ve got some money saving suggestions that you can pick-up on at anytime. Consider what we deem to be the 4 best money saving and money making apps to date!

Ready, Set, Save Money!

Many mobile applications boast about their ability to help you save money, but which ones are actually worth it? If you’re busy like the rest of society, then you’re probably also looking for something that’s not super time-consuming. Consider these options below:

Trim

A financial assistant in your pocket, Trim has the power to help you automate your financial life. After securely connecting your accounts, Trim will analyze your connected accounts to determine where you can save more money. It’ll specifically look for those recurring subscriptions you have and cancel them upon your request. Maybe you no longer need those weekly newspapers or monthly clothing boxes, huh?

Trim also has a Bill Negotiator, where it helps users save $5-$50/month with Comcast and more! With Trim, you can really make the most of your money without investing a lot of your time.

ShopTracker

Do you often shop at Amazon and want to get paid for it? Then you might want to check out ShopTracker. Sign-up for an account by simply completing an application. You’ll need to provide the following information:

  • Your name
  • Birthday
  • Street Address
  • Zip code
  • Gender

After that, you’ll be asked how often you make purchases on Amazon, the type of account you have on Amazon, and the number of accounts in your household. If you qualify, you’ll need to install the application and sync it with your Amazon account. Following successful installation, ShopTracker will automatically pull data monthly from your account and you’ll get paid for it.

Chime

Looking for a bank with no monthly fees, overdraft fees, or foreign transaction fees? If yes, then meet Chime! Chime comes with a Visa debit card, savings account, and checking accounting; it’s very ideal for those who like to bank on-the-go. By opting in to their ‘Save When You Spend’ feature, every time you spend money, it automatically rounds up transactions to the nearest dollar and transfers it to your savings account. They also automatically transfer 10% of every paycheck directly into your savings account, so you can’t help but save!

You Need A Budget

An application that can be used on your computer, phone, tablet, Apple Watch, and Alexa is ‘You Need A Budget’. After connecting your bank accounts, you can set-up some goals and start easily tracking them. Individuals who love visuals will love seeing their progress in graph and pie chart form. Need some extra assistance setting up a budget? Check out their live workshops or send them an email!

Digit

Want to save money without thinking about it? Then download ‘Digit’! Once you’ve securely added your bank accounts, Digit will calculate how much you can comfortably save everyday and automatically set it aside for you. The money is added to your Digit savings account and can be retrieved by simply sending Digit a text message. You’ll be able to access the money in your checking account on the next business day free of charge. Guess what else? There’s no account minimums!

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Financial Real Estate

Want to Sell Your Home? Best Tips and Steps

Sell Your Home

Whether you have decided you are ready to sell your home or you are still deciding if you really want to move or not, understanding the selling process can help you along your journey. Really, the process is pretty straightforward. Let’s take a closer look at what you will need to do to ensure your home sells.

Deciding to Sell Your Home

Before committing to putting your home on the market, you should ultimately ask yourself why you think selling is the right decision. Is your home too small? Outdated? Not in a good location?

After you decide to sell, it is completely normal to be nervous and have doubts about your choice. There are a few signs that show you are ready to take this step:

  • You are equity positive, which means you do not owe more than the value of your home.
  • You are in a position financially that will allow you to buy a home that is a better fit for you and your family.
  • You’ve done a gut check, ensuring your emotional state will allow you to treat the selling of your home like a business transaction without feelings getting in the way of critiques and negotiations.

After you determine that you are totally ready to sell, you should determine the value of your home and decide when you would like to start the selling process.

Best Method to Sell Your Home

When it comes to the actual selling of a home, most people do not have the first idea of what to do. This is where a real estate agent comes in. They are professional home sellers and they will be able to help you get your home on the market.

Real estate agents do a lot:

  • Analyze the housing market to help determine a fair price for your home
  • Help guide you through prepping the house for photos and showings, including decluttering, repairs, and staging
  • Recommend professional stagers and photographers to show the true beauty of the home
  • Using social media and real estate platforms to market your home
  • Find potential buyers to show your home to, highlighting all of the best parts
  • Handle negotiations so you get the best price
  • They do the bulk of the paperwork, and walk you through anything you need to handle

Getting Ready

It can be tempting to completely remodel your outdated kitchen or replace the flooring in the owner’s suite. The most important things to fix are things that matter to buyers. As long as everything is functional, the most important thing to do is keep your home clean, decluttered, and as neutral as possible.

Negotiations and Closing

Once your home is on the market, it’s a waiting game on your end. You essentially wait for people to show interest. When the offers start coming in, you’ll need to make counter offers and choose the best offer, put the offer into escrow, handle any problems related to your deed or title, have the home inspection, and close on the sale.

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Financial Insurance

Home Insurance and How to Buy

Homeowners Insurance

When you purchased your house, you did more than just make a huge financial investment. You purchased a place to call home—a place you could make memories with your family and feel safe. Not to mention, a lot of time and energy goes into finding the perfect house to buy. For all of those reasons, you need home insurance to protect the emotional and financial investment you just made.

We know that buying insurance of any kind is overwhelming, however. There are so many companies, policies, and benefits. It can be difficult to find the best house insurance policy for your budget. That’s why we’ve put together this guide to take you through the steps of finding the best homeowners insurance for you.

Choose What to Cover with Your Policy

A pretty standard home insurance policy covers repair or replacement costs for your home and its contents in the event of peril. The damage could be caused by fire, smoke, water, theft, and more. The coverage includes your main structure and any outbuildings, HVAC systems, and personal property. Your policy even covers medical and legal expenses if someone outside of your family gets injured while on your property.

Unfortunately, standard home insurance isn’t always enough coverage, especially if you have any particularly expensive items. Your insurance policy may even limit the amount of coverage for collectibles, jewelry, and artwork. If this is the case, you can often add extra coverage for a higher premium. You may also be required to get flood insurance, depending on where you live.

It is up to you to evaluate the value of your home and items while also taking into consideration other risk factors. All of these things will help you decide what kind of coverage you need.

Determine Your Home Insurance Coverage Amount

Once you have a better idea of what you need to cover, you’ll know how much coverage you need. We recommend that you start by calculating the replacement cost of your home and any other structures on your property. From there, you need to take an inventory of all of the items in your home and appraise their value. You’ll want to keep an ongoing inventory in case you ever need to file a claim.

If this all seems a bit too daunting, you can always enlist the help of a licensed insurance agent. He or she can walk you through the process and ensure that your inventory is detailed down to the salad fork or gym sock.

We recommend that you pay attention to the wording of your policy. Though your premium is lower for plans that cover the actual value of your items at the time of the disaster, you could end up paying a lot out of pocket to replace things. A replacement value policy ensures that you have all of the coverage you need to pay for a new item.

Select a House Insurance Company

Now that you know the exact specifications of your policy, you’ll be able to narrow down your search for a home insurance company. You should start by finding a list of companies that offer the coverage you need in your area. From there, we recommend that you take a look at the benefits that set each insurer apart from the others. Some examples of what to look for include:

  • Good Discounts
  • Good Financial Strength Ratings
  • High Reviews
  • 24/7 Assistance
  • Exceptional Customer Service
  • Simple Claims Process
  • Other Insurance Products for Bundles

As you can see, it comes down to more than premium rates and deductibles. We recommend that you speak with family, friends, and even professionals to learn more about their personal experiences with insurance companies. An insurance provider who goes above and beyond in your time of need offers more value than simply choosing the lowest price.

Start Shopping by Requesting a Home Insurance Quote

With your shortlist of home insurance companies and policies, you can begin to request quotes. We suggest that you get a home insurance quote from each provider and compare it to all of the benefits they offer. Don’t forget to take the whole picture into account! The best home insurance company should protect the investment you made in your home.