With the new year comes the tendency to make resolutions that are designed to help a person address what they perceive to be as their own shortcomings. While resolutions such as “exercise more” and “lose weight” are often at the top of the list, these types of resolutions often fall by the wayside all too soon after the first of the year. The following insurance resolutions for the new year are simple to implement and can have long lasting effects.
1. Purchase Life Insurance
This is a resolution that should be on everyone’s list but it does not always seem to make it to fruition. Make 2015 the year you talk to your insurance agent and find the ideal life insurance plan for your circumstances and your budget. You’ll rest easier at night knowing that your loved ones are taken care of and your assets are protected.
2. Take a Fresh Look at Your Homeowners Insurance
Did you or a member of your family receive an expensive gift this holiday season? If so, you might want to take a look at the deductibles that you previously chose for your homeowners insurance. While a high deductible often looks attractive because it can make your payments lower, if it is too high it can be difficult to replace items that are covered unless you dip into savings or other monetary reserves.
3. Does it Make Sense to Bundle?
If you have insurance with more than one company, you could be missing out on significant savings. Most insurance companies have a bundle plan that allows you to save money if you have more than one policy with them. Much like car insurance policies that give you a multi-car discount, bundling your insurances with one company can often allow you to enjoy savings on your policies.
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Investing in rental property is an exciting and cost-effective venture for many people. Savvy individuals are able to charge enough rent to offset the mortgage payment of the rental property, allow for maintenance costs and provide a bit of a profit at the end. In order to protect your investment, however, you need to have an adequate amount of insurance.
Many people assume that their homeowners insurance covers their rental properties as well. It pays to do your research into the subject now before something catastrophic occurs and you find yourself in a financial crisis. Having the right kind and amount of insurance can protect you now and long into the future.
While having homeowners insurance for your rental home is required by almost all lenders who provide you with a mortgage, a traditional policy might not be the best option for your rental property. Here are three points to keep in mind when deciding what type of insurance best suits your needs.
1. Unless you are renting the home out as being fully furnished, you will not need to insure the contents of it. Instead, that responsibility falls to the renter in the form of renter’s insurance.
2. It is highly likely that you will need more liability insurance. With the title of ‘landlord’ comes an increased sense of responsibility. In the event that your tenants are injured while on the property, you will likely need to bear some responsibility. Even if it is due to an event beyond your control, such as the weather, you should plan for the additional responsibility. Your insurance agent can be a valuable guide in this matter.
3. If you are like most landlords, you depend on the rent you receive from your tenants. Consider an insurance policy that specifically protects you from the loss of this income. If you ever experience such a loss, you will be glad to have it.
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In Times Square with thousands of strangers or in your living room with close friends, ring in the new year with a party. Just make sure to follow several tips that keep your New Year’s Eve celebration healthy and safe.
Drink Responsibly
If you’re planning to drink, do not drive. Don’t let your drinking friends drive, either. Instead, choose a designated driver, hire a taxi, take public transportation or invite everyone to crash in your living room.
Go easy on the alcohol, too. Pacing yourself prevents alcohol poisoning and ensures you can pay attention to your surroundings as you act smart and stay safe.
Handle Food Safely
Appetizers, hors d’oeuvre and snacks keep the party going. Heat food adequately and refrigerate leftovers promptly, though, to prevent food poisoning. Check in with guests about possible food allergies, too, as you safely indulge in party foods.
Navigate Crowds
Whether you’re a guy or gal, grab a friend and travel in a group for safety. Keep an eye on your surroundings, never go anywhere with strangers and never leave your beverage unattended. Leave your valuables at home and hold your phone and wallet in a front pocket, too, especially if you’re headed to a crowded celebration downtown.
Drive Carefully
Winter weather can make roads slippery, particularly when you travel after dark. Drive carefully as you leave early, go slow and maintain a safe distance from other vehicles. Of course, if the roads are too bad, stay home and watch the party on TV instead of going out this year.
Ban Guns and Fireworks
Stick with noise makers and sparklers if you need special effects on New Year’s Eve. Otherwise, an inexperienced user could kill or injure someone. Plus, shooting guns and fireworks could break local noise ordinances and other laws.
Ringing in the new year is a fun tradition. Use these tips to keep the party, your guests and you safe and healthy.
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Valued at $46.2 million, the Graff Pink diamond is one of the most expensive pieces of jewelry in the world. Your jewelry box might not hold anything that priceless, but you certainly want to insure your valuable or sentimental pieces, including the diamond cufflinks you wore at your wedding or your grandmother’s ruby brooch.
1. Hire an Independent Appraiser
An independent appraiser will carefully and thoroughly inspect each piece of jewelry you own, and he or she will then determine the exact value of your works of art. Be sure to obtain a signed document that includes a detailed description and appraiser’s value for each piece.
2. Check Your Current Insurance Policy
Most homeowner or renter insurance policies include cash value or replacement coverage for personal belongings. As long as that figure is high enough to cover everything you own, including your real jewelry, you’re set.
3. Purchase a Rider
If your current policy does not cover your valuable gems, purchase a rider. It offers additional coverage for your precious collection.
4. Take Pictures of all Your Pieces
The police need detailed descriptions of your jewelry if a piece is lost or stolen. Take detailed pictures of each piece to increase the likelihood of recovery.
5. Update Your Inventory Regularly
Once you’re sure your jewelry is adequately insured, mark your calendar for an annual inventory review. Add new pieces you recently purchased and remove pieces you sold or gave away to ensure your collection is completely covered.
6. Inspect Your Jewelry
As part of your annual review; take your jewelry for an inspection. The jeweler will look for loose settings, chips or scratches. Take new pictures after any needed repairs are made.
7. Store Your Jewelry in a Safe Place
Insurance will replace your real jewelry if it’s lost, stolen or damaged, but don’t take chances. A fireproof safe hidden in your home or a safety deposit box at the bank protects your gems, especially if you own expensive pieces that you wear only on rare occasions.
You do not want to file a claim for stolen jewelry and find out it wasn’t insured. Follow these tips and talk to your insurance agent today as you protect your valuable collection.
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Whether you received valuable collectibles or heirloom jewelry, you’ll want to insure these holiday presents. Your homeowners or renters insurance policy may provide coverage for some of your new items, but anything above the existing coverage limit requires a personal articles floater. Consider specific gifts that you’ll want to insure this year.
Jewelry: Your homeowners insurance policy should cover jewelry valued at less than $2,000. However, appraised jewelry that’s more valuable will require a floater.
Furs: From a real fur jacket to a fake fur-trimmed hat, add any furs you receive to your homeowners insurance policy.
Fine Art: Paintings, sculptures, rare books, manuscripts, ornamental collectibles, glasses and antique furniture fall under the fine art category. Record these items and their value on an itemized schedule attached to your insurance policy.
Electronics: Laptops, cameras, TVs and other electronic devices, plus telescopes, video recording equipment and films, are typically included in your existing homeowners or renters insurance policy. If these items are high-end, consider a floater.
Coins or Stamps: Depending on their value, you’ll want to add a floater for new coins or stamps in your collection.
Musical Instruments: List any musical instruments, including sound equipment, on a floater.
China, Crystal or Silverware: List these items on a schedule and include the insurance coverage amount.
Sporting Goods: Bicycles, golf equipment, guns and other sporting goods fall under your existing insurance policy unless they’re collectible, rare or expensive.
Tools: Insured under your homeowners or renters policy, your new tools won’t need a floater unless they exceed the value of your existing coverage.
As with everything in your home inventory, record a detailed description, serial number, purchase date, value and picture of your new holiday presents. Store copies of this information with your insurance policy in a fireproof safe and in a secure location other than your home.
Go ahead and enjoy your new holiday presents. Just remember to check with your insurance agent to be sure they’re covered.
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While food is the primary cause of childhood choking, holiday decorations and other seasonal hazards can also be dangerous. If an item fits in a tube that’s one and three-quarters inches wide, a child can choke on it. As you decorate, unwrap presents and eat during holiday celebrations, take six precautions that keep your young guests safe.
- Hang ornaments, lights and tinsel out of reach. Shiny and inviting, these tree decorations should be kept on the upper half of the tree or placed on wreaths that are out of a toddler or young child’s reach.
- Remove fake berries from the table centerpieces. Kids are usually hungry, and fake berries look just like the real thing. So for safety, remove fake berries and any other artificial table centerpiece component that resembles something edible.
- Pick up small items like spare change, buttons and jewelry. Especially if you’re not used to having youngsters around, you may store these choking hazards in jars throughout the house or lying loose on counters. For safety, move them to a high shelf where little hands can’t reach.
- Give toy batteries to parents after the celebration instead of wrapping them with the gift. You don’t want kids to suck on or accidentally swallow batteries that are supposed to power their new toys.
- Toss wrapping paper, tape and ribbon as soon as the presents are opened. Have a trashcan handy, and use it to dispose of these choking hazards after each gift is opened.
- Store food out of reach. While you prep the meal, keep an eye on the serving area and table. Little ones may grab food, whether it’s bite-sized or full sized, and stuff it into their mouths. To be safe, prep a few kid-safe snacks in advance for hungry kids to enjoy between meals.
Create a choke-free holiday when you implement these six precautions. With them, everyone can enjoy a safe and happy holiday.
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