Winter Home Maintenance Tips

Your home is probably one of the most important, and expensive, investments you will make. By taking care of your home properly throughout the year you will help to protect this investment. Your home will continue to be a place of safety and will help keep your family and friends well for many years to come.

 

With winter here, there are many steps that can be taken to help protect and weatherize your home which can help reduce the likelihood of an expensive homeowners claim. The following is a list of tips to help you get started down the right path.

  • Homes that rely on heating fuel should ensure an adequate supply remains on hand. In the event of a heavy snow, carriers may not be available for days afterward. By keeping a proper supply your family can stay warm and toasty during the wait.
  • If you haven’t already done so, replace or clean your furnace filter. While it is best to do so before the need for the furnace arises, it is better late than never. It is also advisable to have your heating system serviced by a professional before the winter months hit.
  • The heat in your home should never be set lower than 55 degrees. Any lower and it can be difficult, and expensive, to get the heat back up to a tolerable and safe level.
  • If there are rooms that are not in use, close them off while also making sure that there is sufficient heat to prevent frozen pipes.
  • All pipes that run through areas that are not heated should be well insulated. This includes those that run through the attic or crawlspace of your home.
  • A tip for any time of the year – always check your hoses on your washing machine making sure to replace them when any sign of wear or leakage appears. Also, clean out the exhaust duct and the space underneath your clothes dryer so that lint will not have a chance to build up which could lead to a fire.
  • Check your gutters and roof drains clear of debris which could clog them. Doing so will better allow run-off to flow from the roof and help prevent rotting eaves and fascia.
  • Make sure to check all outdoor fixtures and outlets for loose connections and/or frayed wires. Also, never overload a circuit by using too many plugs on one outlet or by overuse of extension cords.

By following each of these home maintenance tips you will be better prepared for the winter weather to come. This can make a world of difference in whether or not you will be facing an expensive homeowners claim this season.

Saving Money on Insurance: When It’s Not Worth It

Let’s face it, these days every penny counts. When it comes to auto insurance though there are definitely times when saving a bit can come back to bite you.

Listed below are four instances in which an inferior insurance policy can be a severe hindrance or can even lead to financial ruin.

Unexpected Death

While no one likes to think that they will simply pass away with no notice, it does happen every day. In this case, if you don’t have a decent life insurance policy in place your family could be the ones to suffer the fallout.

Also, keep in mind that life insurance rates can be a great deal cheaper if you opt in at an earlier age. The older you get, the more expensive it can be.

Lawsuit Due to Injury Sustained on Your Property

A homeowner’s policy can sometimes seem expensive, but by cutting corners and selecting minimum coverage you could be placing yourself in a tight spot. In the event that someone gets hurt while on your property you could be open to a lawsuit. This even applies if they are on your property without your permission.

While the rule of thumb may be the more property you have, the more liability you should carry, it is important to speak with a trained insurance specialist who can help advise you on an appropriate level of coverage.

Hit by an Uninsured Motorist

The law in most all states says that drivers must be covered by a certain level of auto insurance. This does not mean that everyone carries such coverage. By leaving off on uninsured motorist coverage you can be placing yourself in the position of responsibility by having to cover your own damages.

When you compare the average yearly cost of uninsured motorist coverage with the amount you may have to pay in the event of such an accident, the need for such becomes quite clear. Another type of coverage, underinsured motorist, can also come in handy when faced with someone who has purchased too little insurance.

Car Rental Following an Accident

Many of us today do not have a spare vehicle that we can drive in the event that our main one is damaged in an accident. This means that you may be faced with having to rent a car until your own can be repaired or replaced. While some auto insurance policies may cover reimbursement for a rental, not all will do so. This is usually offered as an option which people tend to pass up.

Take a few moments and figure up the amount you would pay out of pocket for a rental in the event of an accident. Suffice to say that you would be much better off opting for the additional rental car coverage especially if repairs will take any length of time.

While there are more than just these four instances, these alone should make you stop and think before deciding to opt for the cheapest possible policy or before turning down options that could help save a great deal more in the long run.

Insurance Buying Tips

When you set out to purchase an insurance policy, do you go in expecting it to be something that you will need to use at some time? Most people would say no; however, it is important to look at this sort of purchase as one that could very well be needed in the future. By treating it as something you will have to rely on, you will better understand why choosing the correct amount and type is so important.

How Much Is Enough?

Protecting yourself, your loved ones, and your assets can depend on many things. How many dependents do you have? Do you have a mortgage? Does your spouse work? Each of these must be considered when selecting an appropriate amount of coverage. While there are many online calculators that can help, sitting down with a trained agent can make a serious difference in making the right choices.

Shopping Around

Just as with anything else, if you want to find the best possible policy to fit your needs, then it is important to look at several different carriers. An independent insurance professional can help accomplish this much more easily as they typically deal with many different companies and can help you find the right policy without near the footwork on your part.

Another benefit to working with an independent insurance professional is that they can help you navigate the many different levels of coverage offered by each carrier. Knowing that you are covered by a company that is both reputable and that offers a high level of customer service is certainly worth its weight as well.

Know Before You Buy

Keep in mind that an insurance policy is for all intents and purposes a legal contract. As such, it will typically involve quite a bit of technical language that may be difficult to understand. Make sure that you read it carefully and know what you are signing before doing so. Usually, a policy will tell you many things including:

  • Individuals or Assets Being Covered
  • Coverage Limitations and/or Exclusions
  • Coverage Periods
  • Amount of Coverage
  • Amount of Premium
  • Required Method for Reporting a Claim

Again, make sure to ask your independent insurance professional to clear up any questions you may have concerning any of these points.

Periodic Evaluation of Needs

Life brings changes. With these changes come changes in your insurance needs as well. As such, it is important to step back and review your insurance coverage to ensure that you still have the proper level necessary. Some of the various times you might want to re-evaluate your insurance coverage may include:

  • Following Marriage or Divorce
  • When Renting an Apartment or Buying a Home
  • Beginning a Family
  • Sending a Dependent to College
  • Purchasing a New Vehicle
  • Selling or Buying a Business
  • Taking on Care of an Elderly Parent
  • Retirement

No matter which of these life events is taking place, by evaluating your existing insurance coverage and assessing for any further coverage needs, you will be putting yourself in a much safer financial position in the event of any unfortunate circumstances.

 

Life Insurance FAQs

Q: How much is “enough” when it comes to life insurance?
A: Most experts will tell you that between 6 and 8 times your annual earnings is an ample amount. There are other factors though that should be considered when trying to determine as this amount as closely as possible.
Some factors to consider include:

  • Various sources of income not including your salary/earnings
  • Your marriage status and your spouse’s earning capacity
  • How many financial dependents you may have
  • Whether you can expect death benefits Social Security and/or from life insurance plan sponsored by your employer
  • If you will need to provide coverage for any special circumstances including estate planning, an education fund, mortgage repayment, etc.

Always speak to your insurance advisor who can help determine a more precise calculation on the amount of life insurance you might need.
Q: Should I purchase life insurance on my spouse and/or children?
A: While you may consider doing so in some cases, typically it is more important to concentrate life insurance needs on the individual who provides the main income for the household. This is the main focus before considering additional coverage for other family members. In the case of a dual income household, it would certainly be of benefit to provide life insurance coverage for both spouses.
Q: Is there any need for term insurance or cash value life insurance?
A: When you are making a decision on purchasing life insurance you must answer two basic questions:

  • “How much do I need?” and
  • “What type of policy should I purchase?”

These two questions actually involve two separate types of decisions – an insurance decision and a financial decision.

You should always strive to answer the “insurance” question first. An example of this may be the case in which you need such a large amount of coverage that you will need to select term life so that you can take advantage of the lower premium.

The financial decision will cover factors such as your tax bracket, whether you need short or long term coverage, and rates of return.
Q: Can I use my life insurance policy to repay my outstanding mortgage loan?
A: Typically, you can use your existing insurance policy for many different needs including paying of a mortgage in case of death of the insured.Another type, credit life insurance, is sometimes recommended when selecting an installment loan for purchasing new vehicles or expensive appliances or even in the case of debt consolidation. This raises a question: is credit life insurance a smart buy?

Credit life insurance almost always more spendy than term life insurance. Also, if you already have sufficient coverage through your regular policy, it is usually not advised because of its relatively high cost.

Auto Insurance FAQs

Q: What type of auto insurance coverage should I purchase?
A: Your agent can help you to know various things you must consider when deciding on the right auto insurance policy. Some of these include:

  • Selecting the right provider.
  • Knowing the correct amount of liability coverage that will offer you proper protection.
  • Choose any additional coverage you may need or desire.
  • Helping to keep you informed on other factors such as claim response and customer service.
Q: Is my non-insured family member or friend covered if they borrow my vehicle?
A: No worries, when you lend your car you can rest assured that the driver will be covered since the policy typically covers the vehicle rather than the driver.
Q: Can you explain comprehensive physical damage coverage?
A: Comprehensive coverage covers direct physical damage. This could be due to something such as storm damage, etc.
Q: Can you explain collision physical damage coverage?
A: Collision coverage takes care of damage that is incurred through a collision between your car and another object or vehicle.
Q: Is there any way to get a lower auto insurance rate?
A: There are actually many things that you can do to get a lower rate.

The first is to always seek out competitive pricing. This is where working with a company like The Hoffman Agency, LLC, is of great benefit. We are able to work with different carriers and help find you the rates you are looking for while also insuring that you have the best coverage possible. Another way that you might get a lower overall rate would involve raising your deductible. Typically the higher your deductible, the lower your rate. Keep in mind though that if you have a claim you will be responsible for paying the deductible.

« Previous Page