Category Archives: Insurance

How to Purchase Rental Property Insurance

Renting out rooms and properties is an increasingly common method of adding an extra stream of revenue. However, with this method comes the need for rental property insurance, also known as landlords insurance. In a perfect world, tenants would always pay rent on time, take good care of the property they’re renting, and conduct themselves accordingly.

Sadly, the world is far from perfect, which makes the obtainment of rental property insurance absolutely critical. In some cases, homeowners policies automatically provide this type of insurance, but sometimes they don’t. In the event of the latter, the individual who is renting property is tasked with the responsibility of securing landlords insurance.

Determine Which Type of Landlords Insurance is Needed

As affirmed by The Huffington Post, there are a variety of rental property insurance policies. Making the right investment is very critical. In many cases, sitting down with a financial advisor is a good idea prior to purchasing rental property insurance. Getting a professional opinion allows landlords to make the most informed decisions and get additional insight before making payments. Different policies cover different events; complete awareness of which landlords insurance is best for you is always preferable to purchasing the wrong insurance and having to do damage control at a later date and time.

Have Some Money Stashed Aside

Although costs of rental property insurance vary, there are some determining factors, explains Trusted Choice. Physical and geographical location, area quality, tenants, physical conditional, etc will each play a role in how much renters have to pay for insurance.

For this reason, having a certain amount of funds put aside (preferably a few thousand dollars, at the very least) can prove to be helpful. Moreover, landlords insurance can be quite pricey; therefore, renters should make sure that they are in a financial position to comfortably make this purchase.

Find Out if You Qualify for Any Discounts

Despite the fees associated with landlords insurance, certain companies and policies do offer various discounts under the right circumstances. Liberty Mutual is one insurance agency which provides discounts, provided that renters meet certain criteria. Early shopping, new property, and mutual policy purchases can make one eligible for certain discounts. This is certainly a matter which landlords should ask insurance companies about. Making the most of an opportunity to save money almost always wields benefits.

A Final Word

The process of purchasing renters property insurance should not serve as a deterrent from landlords who are considering renting to tenants. Not only is renting out rooms and property an excellent revenue stream, but it’s also a great business opportunity.

As a matter of fact, renting out property has become a prevalent part of the gig economy; many individuals rent out rooms or even entire homes and apartments on Airbnb.

 

Authored by Gabrielle Renee Seunagal

How to Purchase Life Insurance

The obtainment of life insurance is something which very few people like to think of. For starters, the subject is inherently morbid and serves as a stark reminder that each person will pass away some day. However, for as dreadful as the notion may be, we will all die at one point or another.

In most cases, the death and loss of a loved one can be particularly stressful for friends and family. Moreover, the financial costs of planning for a funeral can be quite expensive for relatives, depending on their socio-economic status. For this reason, purchasing life insurance is absolutely paramount.

Know Where to Shop

An awareness of where to purchase life insurance is incredibly important. There are many scams out there and people who parade as life insurance agents. For this reason, individuals who are seeking life insurance should look in there hereinafter places explains, Nerd Wallet.

Insurance agents, life insurance company websites, and direct life insurance agencies are the best places to seek out coverage. However, shoppers must still be wary and take certain precautions. Genuine life insurance companies will never ask for your social security number (and other related personal information) when they’re only providing rates and quotes. Moreover, checking out potential insurers with resources such as the Moody’s or Standard & Poor’s and/or A.M. Best’s Consumer Insurance Center is always advisable.

Sit Down with a Financial Advisor

Many individuals who seek out life insurance decide to consult with a financial advisor prior to making any major decisions, as noted by New York Life. This is largely due to the fact that the ultimate goal of an insurance company is to sell. This does not necessarily mean that life insurance companies will be disingenuous, but listening to a financial advisor definitely comes with benefits.

First and foremost, a financial advisor will be able to help individuals create adaptable budgets and determine which life insurance plan and policy is best for them. This can be especially advantageous for first-time shoppers who are not particularly seasoned in the market of life insurance or understanding which options are beneficial for themselves and their families. Financial advisors can also provide insight into which companies are most reputable and which plans ought to be avoided.

Take Your Time

So many people often feel rushed into purchasing life insurance. In many cases, they’re told that they could die any day and that having insurance will ease some of the burdens of their grieving families. However, the merits of purchasing life insurance should not overshadow the importance of quality. Different policies and plans will work for different people, families, and situations. Complete and unadulterated certainty of one’s chosen life insurance policy prior to making any payments or purchases is absolutely paramount.

 

Authored by Gabrielle Renee Seunagal

How to Purchase a Car

Purchasing a car, especially for the first time, marks a monumental and significant milestone in any person’s life. In many regards, a new car represents freedom and the ability to go wherever one pleases without having to rely on public transportation, rides from friends/family, or rideshare services such as Lyft or Uber. Nevertheless, the freedom associated with car ownership simultaneously comes with responsibility.

Before one can get to the perks and duties of owning a car, they must first make the purchase. In and of itself, this task requires considerable preparation and financial security. Going forth, readers will learn about everything which comes along with purchasing a car.

Work Out the Logistics

Before the soon-to-be car owner goes to the dealership, they need to have the required logistics completely worked out and squared away. In this case, logistics means money. A concrete budget, preference in car make/model, and costs of ownership should all be settled and taken into account, explains Nerd Wallet. The individual getting ready to purchase the car should also remember that ownership costs include gas, maintenance, insurance, and upkeep.

Purchasing a car can be a considerably costly endeavor; hence, some people opt to consult a financial advisor prior to making such a major purchase. However, if one can budget and work out the logistics on their own and without the services of a professional, they’re more than welcome to do so.

Do Your Homework

Aside from budgeting and financial planning, another important step of purchasing a car involves research and ensuring that everything checks out. Therefore, soon-to-be car owners should not only check out the cars they’re thinking of purchasing but also the company or dealership which they are buying from. Virtually everyone is familiar with the stereotypes of snake oil car salespersons, but these type of people are quite real and crafty.

Going online and checking out dealership/company reviews is always helpful; both positive and negative reviews should be considered and taken under advisement. Even after the individual has chosen a dealership and found the car of their choosing, they should always take the vehicle for a test drive.

As Bryant Motors explains, a test drive will truly allow purchasers to get an idea of the car’s quality. Moreover, any dealership who refuses to allow their customers a test drive should be avoided at all costs; prohibited tests are always a huge red flag.

A Final Word

Many soon-to-be car owners bring friends or family with them to dealerships as they prepare to purchase their own vehicles. Not only can this decision be great for moral support, but friends and family can also pick up on red flags which the individual at hand may miss due to their lack of experience.

Happy car hunting!

 

Authored by Gabrielle Seunagal

4 Insurance Savings Tips For Your Teen Driver

Car Insurance Young Drivers

#CarInsurance in Canada is definitely pricey, no matter which way you look at it! When talking about car insurance in particular, teen drivers are often considered to be high-risk.  In fact, male drivers cost approximately 52% more than that of female drivers.  But why?  The vast majority believe that teenage boys are more likely to be involved in an accident versus teenage girls–though this might seem a bit gender biased.  It is understandable why adding a teen driver to an existing insurance policy is so unsettling for parents.  Just the mere thought of a teenager out on the roads makes some parents cringe.

Teenage Driver Making Phone Call After Traffic Accident

The reason insurance companies are notorious for having those outrageous rates on #teendrivers, and the reason for them doing so is simply for protection.  Because these drivers are inexperienced, they are clearly more at risk on the roads, and definitely the highways.  The statistical evidence for an accident is stacked against this age group, even though many teen drivers won’t ever be involved in an accident.  Still, insurance companies believe the higher rates lower the potential claim risks and this isn’t about to change any time soon.  However, there is good news.

Parents can save some money on their insurance here and there, at least getting some much needed relief.  If you’re in Canada and interested in learning exactly how you can acquire a cheaper rate with your teen added as a driver, then continue reading.  Below you’ll find some tips and strategies on how you just might get a more affordable rate, which can save you more money over time–as long as your teen avoids traffic citations and altercations on the roadways.

Get The Top Insurance Savings Tips To Save Time And Money

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Remember, you can find ways to ease the costs of car insurance once your teen driver gets behind the wheel!  These following steps are going to give you the peace of mind you need!  You’ll find that some of these are far more innovative than others too.  It really is amazing how far technology has come, especially with regard to smart devices.  You’ll see what we mean in this very first tip!

Your Insurer Can Actually Track Your Teen’s Driving

While it might seem a little abrasive, it is a great way to prove to your insurer you have a dependable driver!  These “telematics”, as the industry describes them, can plug right into a cars steering column!  For example, Progressive offers technology that transmits driving data back to their database.  After about 6 months you could see a sizable reduction in your car insurance (if your teen is rated a safe driver).

Use Smart Devices That Can Stand Alone, Or Be Downloadable Apps

Technology like On-star can communicate driving data as well, and many big providers recommend these.  Undoubtedly, many of these smart devices have the capability of directly downloading data to the insurance providers database, as mentioned.  The drivers speed can be recorded, how often and how hard they break can be noted and even what times of the day the vehicle is driven can be documented.  If your provider discovers your driver is driving at the least busiest times of day, and drives carefully, you will receive a discount!

Don’t forget about the good student driver discount

You can definitely save quite a bit if your student has exceptional grades and high school attendance!  You see, positive behavior pays off!  If your young adult is enrolled in college full-time, you might receive additional discounts to save money.

Driving School Might Be A Good Way To Save

You can enroll your teen in driving school to help lower insurance costs as well.  Three visits to the school, during a 6 month period can provide huge savings for your insurance.  Remember, your teen has to steer clear of traffic violations and accidents for a full year to maintain the savings!

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Cheaper Car Insurance

Now that you know the ins and outs of car insurance policies, it’s time to learn how to save money on your policy. Vehicle insurance policies can be quite expensive, especially if you’re young or if you live in certain areas. Luckily, there are some simple steps that you can take to lower your premiums and increase the amount you can put into savings every month.