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Have Strong Policies in Place For Claims
Snow removal is one chore every property owner must do. Most towns and municipalities have ordinances that require property owners to keep public walkways clear. Use the best snow removal tips as you remove snow this winter.
Sidewalk
You can use either a shovel or a snow blower to clear your sidewalks. A plastic, metal or electric shovel works great if you have short sidewalks or live in an area that receives less than four inches of snow each year. Otherwise, consider buying a snow blower.
An electric snow blower is virtually maintenance-free. It clears a path that’s 14 to 18 inches wide and is ideal if you receive up to 12 inches of snow annually.
Invest in a gas-powered snow blower if you have a large area to clear or receive up to 40 inches of snow annually. A single-stage snow blower clears a path that’s 18 to 22 inches wide and is fairly easy to handle.
You’ll want a double-staged snow blower if the snowfall exceeds 40 inches a year or you have more than 150 feet of sidewalk to clear. It clears a 24-to-30-inch path, and certain models can handle snow that’s 20 inches deep.
Steps
Packed snow and ice on steps makes them treacherous. Use a shovel or broom to clear them. You can also spread a thin layer of ice melting agent on your steps.
- Sodium chloride (rock salt) works best when the temperatures are above 25 degrees.
- Calcium chloride works in below-zero temperatures but can leave a slippery residue on your steps.
- Calcium magnesium acetate is expensive but is salt-free, biodegradable and less corrosive than salt on concrete.
Roof
You typically don’t have to remove snow from your home’s roof unless you receive a heavy, wet snowfall. Six inches of wet snow weighs the equivalent of 38 inches of dry snow and can cause roof damage. When your home’s interior and closet doors begin to stick or you see drywall or plastic cracks around them, your roof is beginning to buckle under the snow’s weight.
If you can reach the roof with your long-handled snow rake with a telescoping handle and built-in rollers, go ahead and do the job yourself. Otherwise, hire a licensed and insured professional. They own the extension ladders, anchor harnesses and other specialty tools needed to climb onto your roof and remove snow safely.
Proper Technique
Any time you remove snow, dress in layers, bend with your knees and pace yourself.
The next time it snows, use these snow removal tips as you clear your property. In the meantime, make sure your homeowner’s insurance is updated and will cover any snow-related damages or injuries.
Why do you Need a Home Inventory?
The insurance company needs proof that you actually own the items you’re claiming were lost, damaged or stolen. Your inventory list will also assist the insurance company in determining an accurate replacement value for everything on your claim.
Organize by Category
Some homeowners find that it’s easier to organize their belongings by categories. Furniture, artwork, electronics and jewelry would be possible headings. Under each category, you would list the items you own. With this inventory system, you have a list of your possessions even if you frequently rearrange your rooms.
Organize by Room
You can also track your belongings by room. Start in the kitchen and list the dishes, pans, food items and linens. Continue walking through each room until you have a complete list of everything you own.
Details to Include on Your List
In addition to the list of items you own, add a few details to your inventory so that you can give the insurance company an accurate view of your possessions. You’ll need to estimate the value of each item and include the sales receipt with your inventory list, if applicable. Record serial numbers for electronics and appliances, too. Also, consider taking pictures or a video of the items you own. This way, you have visual proof of the item’s condition at the time it was damaged, lost or stolen.
Schedule Inventory Updates
Because you probably buy and sell stuff regularly, you’ll need to update your home inventory list frequently. Consider making this task a semi-annual event or add it to your monthly schedule if you frequently buy and sell stuff. Then discuss your inventory with your insurance agent. You need to make sure you have adequate insurance coverage in case you must file a claim.
Store Your Inventory List Wisely
It does you no good to store your inventory list where you can’t access it. Make a written copy and keep it in a bank lock box or with a trusted friend. You can also store a digital copy of your inventory on a USB or online in an encrypted file.
What Does “Totaled” Mean?
Repairing a damaged vehicle could cost more than the vehicle is worth. In this case, your insurance company may not pay for the repairs. Instead, it will declare your vehicle a “total loss”.To determine whether or not they’ll repair the car, some insurance companies require for damages to exceed 51 percent of the car’s pre-accident value. Other companies set the threshold at 80 percent. Your insurance company will also add the cost of repairs and the cost of a rental car and compare that total to your car’s cash value as they decide if repairs are worthwhile.
What Happens to Your Vehicle After It’s Totaled?
Once your car is totaled, you’ll receive a check for the vehicle’s actual cash value minus the auto insurance deductible you owe. Your vehicle is then transported to a salvage yard where it’s auctioned and typically chopped into parts. Your insurance company keeps any profit made from your vehicle’s salvage.
Can You Keep Your Car?
Maybe you’re completely attached to your car and don’t want to total it. You can insist on keeping the car and then pay for the repairs yourself. The insurance company will subtract the deductible and salvage yard payout from your car’s actual cash value. You need to make sure the insurance company and adjustor know that you want to keep your vehicle as soon as possible, though, because once it’s totaled, you’ll have a tough time retrieving it from salvage. The vehicle must also pass inspection before it can be insured again.
What if You Disagree With the Assigned Value?
The insurance company uses several factors to determine your auto’s value, including its mileage, special equipment and pre-accident condition. If you disagree with that value, you can hire an independent appraiser to perform an inspection of your car and put the results in writing. If you are still unable to come to an agreement about your car’s value, contact your state’s department of insurance. A consumer representative will investigate the case and mediate. If these steps do not work and you still think you deserve more money, pursue arbitration or litigation. Decide first if your vehicle is valuable enough to pursue the cost of legal action.
What Exactly is Trauma Insurance?
A trauma insurance policy pays you a lump sum of money if you suffer from a specific traumatic event like cancer, stroke, heart attack or accident. You can use the money to pay out-of-pocket treatment costs or cover better treatment than your health insurance offers.
It can also allow you to cut back your hours at work or take a stress-free vacation.
Because you can’t plan for traumatic events, it’s wise to be prepared with trauma insurance. Thanks to this policy, you can focus on recovery. You don’t have to spend time worrying about how the mortgage will get paid or return to work before you’re fully recovered.
Do you Need Trauma Insurance?
While trauma insurance is not essential like auto or homeowners, it can help you manage a challenging time in life. What would happen to you and your family if you were in an accident and couldn’t work? If you were to have a heart attack, could you truly relax and recover or would you return to work right away and put yourself at risk?
How Much Trauma Insurance do you Need?
You choose how much trauma insurance you buy. Several factors can affect your decision. Consider your:
- Income – How much money do you need to replace your income if you are required or choose to take time off for treatment or recovery?
- Dependents – Do you have children, grandchildren or aging parents who rely on you for their financial provision?
- Debts – How much money do you still owe on your mortgage, personal loan or other debts?
- Assets – Do you have assets like property or a bank account that you can access if necessary?
Your financial advisor or insurance agent can assist you in determining how much coverage you need. He or she will ask you about your monthly living expenses, accessible savings and future plans as you decide together on how much trauma insurance to buy.
1. Review Your Benefits
Does your current health insurance policy include vision, dental or prescription medicine coverage that you rarely use? Dropping these options could reduce your health insurance costs.
2. Shop for Private Health Insurance
Instead of automatically accepting your employer’s coverage with higher monthly premiums or fewer benefits, shop around. Private health insurance could be a more affordable option for you.
3. Increase Out-of-Pocket Expenses
Put your good health to good use and elect to pay lower monthly premiums in favor of higher out-of-pocket expenses. Yes, your deductible and copays will increase, but you could save money in the long run.
4. Consider Joining Your Spouse’s Policy
If your spouse or partner has employer-sponsored health insurance, discuss the costs of joining his or her policy. You could save money by switching to family coverage instead of carrying individual policies.You should also check out your options after qualifying events occur in your life. In those cases, you may be able to switch your health insurance coverage and save money. Those events include:
- Marriage
- Child Birth or Adoption
- Legal Separation or Divorce
- Death of Spouse or a Dependent
5. Rethink Insurance Options When You’re Laid Off
January is a typical month for downsizing. If you lose your job, you could be eligible for Cobra (Consolidated Omnibus Budget Reconciliation Act). You continue to pay your health insurance premiums plus a two percent administrative fee, and your insurance does not lapse.The costs of COBRA can be expensive, though, especially when you aren’t receiving a paycheck. You have 60 days to decide if you want your COBRA benefits or not, so start researching private options as you make the best financial decision for you.
6. Get and Stay Healthy
Little things like exercising regularly, eating a balanced diet and quitting smoking can reduce your health care costs since you’ll see the doctor less often. Additionally, your employer may offer wellness incentives for healthy living that can reduce your premium costs. Even if they aren’t offered, you will save money when you get and stay healthy.
1. Buy When You’re Young
Young people enjoy the best life insurance premium rates because of their age and good health. Instead of waiting until you’re married or have kids, buy a policy when you graduate high school and lock in low rates.You can also purchase a whole life insurance policy. It comes with a steady premium and provides coverage for the rest of your life, no matter what happens with your life circumstances or health.
2. Buy a Term Policy
This type of life insurance covers you for a set number of years. It’s the life insurance most people choose when they are the primary caregiver for someone, including an aging parent or young children. While it pays nothing if you do not die before the term expires, it’s an affordable option and gives you the peace of mind you need.
3. Quit Smoking
Life insurance premiums are significantly higher for smokers than for non-smokers. That’s because smoking causes a variety of health problems, lowers life expectancy and increases the probability that the insurance company will need to pay your life insurance claim.
Kick the habit and be smoke-free for 12 months to get cheaper life insurance rates. If you had a life insurance policy as a smoker, contact your insurance company to get the discount you deserve for your hard work.
4. Cover Only What you Need
Most financial advisors recommend that life insurance policies provide at least 10 times your annual income. This amount can pay off the mortgage and cover outstanding debts, final expenses, schooling and daily living expenses. You may not need this much coverage, though. Maybe your mortgage is paid off or you don’t have children.Take time to calculate exactly how much life insurance you need. Then buy a policy for that amount. You’ll end up eliminating unnecessary coverage while still having enough to meet your family’s needs.
5. Buy Separate Policies
If you purchased a joint policy for you and your spouse, consider switching to separate policies. This way, you can adjust your payout to match different earnings. The premiums could be cheaper, too.
Beneficiary – the person who receives the proceeds of a life insurance policy after the insured dies; primary, secondary and tertiary beneficiaries refers to the order in which beneficiaries receive the payout
Medical Examination – the exam required before the insurance company can issue a policy, it’s usually conducted in-home by a licensed paramedical professional
Mortgage Protection – the policyholder’s mortgage will be paid upon his or her death
Nearest Age – insurance companies use a person’s nearest age when determining premium costs, someone who’s 27 years and five months old would be claimed as a 27-year-old on the policy
Non-Medical Term Policy – no medical exam is necessary, the insurance company will ask applicants a few questions about their age and past physical health before making a decision on coverage
Preferred Risk – the applicant’s physical health, occupation and other characteristics indicate that he or she will live longer than other people of the same age
Premium – the payment someone makes to pay for their life insurance policy
Rider – an add-on to the policy that expands or waives a coverage or condition of the policy, typical riders include Accelerated Benefits, Accidental Death and Dismemberment, Accidental Death Benefit, Disability Income, and Other Insured
Smoker Ratings – assigned to applicants based on whether or not they have smoked in the past 12 months, affects the policy premium
Standard Risk – the applicant is entitled to insurance coverage without extra ratings or any special restrictions
Sub-Standard Risk – the applicant has a physical condition, personal or family history of illness or disease, risky occupation or other dangerous habit that could shorten his or her longevity
Term Life Insurance – protects the insured for a set term and expires when that term ends
Underwriter – the company that receives the premiums and accepts responsibility for the life insurance policy contract, the company employee who approves or denies claims or the agent who sells policies
Whole Life Insurance- provides coverage until the policyholder dies rather than for a set term, also provides tax-deferred accrual of cash
When you’re laid off from work, you typically lose your benefits package. Instead of putting off essential treatment or facing financial hardship because of your medical bills, consider several options that assist you in keeping important medical coverage when you’re laid off.
Sign up for COBRA
If you quality for COBRA (Consolidated Omnibus Budget Reconciliation Act), you’ll receive a letter from your employer. You have 60 days to enroll, and it’s effective for up to 18 months. With COBRA, you keep the same coverage as you had when you were employed, but you’ll pay the full premium and possibly a two percent administrative fee.
Join Your Spouse or Partner’s Health Insurance Plan
If your spouse or partner has health insurance through his or her job, ask if you can be added to that policy. Many companies offer an enrollment grace period for laid-off spouses or partners, but you’ll need to apply within 30 days of your layoff.
Buy Short-Term Health Insurance Coverage
Also known as gap or temporary insurance, short-term health insurance lasts for six months to one year. These plans typically cover emergency care or medication you need for an acute medical condition, not routine care or treatment for pre-existing conditions. You also may be unable to renew your coverage, but it’s an option if you’re healthy, expect to find another job soon or can buy regular health insurance when the short-term coverage ends.
Investigate Private Health Insurance
A variety of companies offer private health insurance. You can enroll online or in-person at a local insurance agent’s office. Be sure to compare several packages to get the one that fits your needs and budget.
Check with the organizations you belong to, too. Professional, trade, college and religious groups may provide discounted health insurance for members.
Apply for Affordable Care Act Coverage
Since you no longer have health coverage from your employer, you can apply for Affordable Care Act coverage from the federal government. Based on your income, you could receive health insurance at a reduced cost. The application is available at healthcare.gov.
Pursue Low-Cost or Free Options
Because your income may have dropped after your lay off, check into programs that offer low-cost or free health insurance. You can apply for medical assistance through the Department of Public Welfare, and CHIP may cover your kids. Free neighborhood clinics also provide treatment at no cost to you.
Even though you are laid off from your job, you can still have health insurance coverage. Research your options. Additionally, take care of your health as you reduce the risk of illness or injury. For additional assistance, contact your insurance agent.