Personal Perspective

1. Drive a basic vehicle. Luxury, racing or other high-end cars will cost more to insure. By choosing a basic vehicle, you still get where you’re going but pay less to insure your ride.

2. Drop comprehensive and collision coverage. Unless your vehicle is new or you’re required by the loan company to keep full coverage,

save yourself some serious cash and drop full coverage.

3. Reduce the number of cars on your policy. If you’re looking to cut the amount of money you spend on insurance in one year, reducing the number of vehicles you insure will do the trick.

4. Insure multiple vehicles. When you want to cut the cost of each vehicle’s insurance premiums, combine them under one policy. This trick is especially applicable to immediate family members who live in the same household.

5. Install an anti-theft device on your vehicle. This one investment can result in premium savings.

6. Drive safely. Some insurance companies offer safe drivers big discounts, so keep your record clean for five years to enjoy lower premiums. Taking a safe drivers course or a motor vehicle accident prevention course might also reduce your insurance costs.

7. Celebrate your birthday. Often, drivers under 25 and over 70 pay high insurance rates because of their higher accident risk. Talk to your agent about how your birthday about age-related discounts.

8. Remove mechanical or cosmetic modifications. They make your car run or look cool, but they could also factor into higher auto insurance premiums.

9. Bundle multiple policies with one company. You’ll receive a discount on your auto and home premiums and get the coverage you need.

10. Shop around. By comparing rates from different companies, you may find more affordable coverage.

1. Do you have home insurance?

Airbnb does not specifically require participants to carry home insurance. However, they do provide a free Host Guarantee of $1 million in coverage for damaged property, excluding jewelry and collectibles. That figure isn’t much, though, when you consider that anything from a full-house demolition to a severe physical injury could occur while strangers rent your home. Make sure you have an insurance policy in place to protect you.

2. How often will you rent your home?

Many home insurance policies provide liability coverage for occasional rentals. Yours might not. Plus, that term “occasional rental” isn’t definitive. It could mean once a year or once a month. Verify your policy’s rental coverage and frequency.

3. Do you have enough liability and medical coverage? 

While renters could damage your physical home, they could also fall down the steps and file a lawsuit or require extensive medical treatment. Update your home insurance to provide adequate worst-case-scenario liability and medical coverage.

4. Are your guests’ possessions covered?

After securing coverage for your home, consider your guests’ belongings. Make sure your home insurance policy covers their electronics, jewelry or other valuables that might be stolen, lost or damaged while they stay in your home.

5. Do you need a commercial or landlord policy?

If you rent via Airbnb often, you could technically be considered a hotel owner. In this case, you’ll need commercial insurance. Likewise, if you purchase a second home or rent your vacation home, you may need landlord insurance.

1. Fire: Too much clutter could start a fire, especially when it accumulates around a heater vent, stove or power outlet. Clutter could also block escape routes and prevent firefighters from getting into the home if a fire starts.

2. Mold: Excessive debris can cause mold and other bacteria to flourish in a hoarder’s home. Not only is mold dangerous to a hoarder’s health, but most insurance companies consider mold to be a neglectful home maintenance problem that warrants rate hikes or a policy cancellation.

3. Insects and Rodents: A home that’s full of trash will attract insects and rodents. When left unchecked, these pests can damage a home’s walls, wiring and even foundation, leading to unsafe living conditions.

Your home doesn’t need an expensive security system to prevent burglaries. Several simple but powerful steps help you secure your home and prevent break-ins.

Lock the Doors and Windows

Forty percent of burglaries occur because robbers can simply walk, crawl or climb into houses. Even if you’re at home, lock your doors and windows. Remember to lock basement, second floor and attic entryways, too.

Hide Valuables

Leave your valuables in plain sight, and you invite a break-in. Instead, be careful what you toss or recycle because thieves can use your trash to see what types of things they might find inside your home. Likewise, never leave valuables like your motorcycle or bike unattended in the driveway, and close your home’s curtains.

Pretend You’re Home

Even if you’re on vacation, you can pretend your home and fake out potential burglars. Leave your front porch light or an interior light on, turn on a radio and ask a friend to grab your mail and newspaper every day as you protect your home.

Secure Doors and Windows

Wimpy doors and windows give thieves easy access to your home and garage. Invest in quality steel doors and double paned windows for greater security. You can also install nails on your window frames to prevent someone from opening an accidentally unlocked window.

Maintain Your Landscaping

Instead to surrounding your house with tall plants that give thieves a place to hide, use your landscaping as a criminal deterrent. Plant prickly roses under windows, and keep all exterior plants trimmed. Cut off tree branches that extend to your roof, too, to deter access to your second floor.

Know Your Neighbors

When neighbors unite, crime decreases. Start a Neighborhood Watch Program or agree to keep a casual eye on the homes in your neighborhood as you prevent break-ins.

These tips help you avoid break-ins, but you also want to purchase or update a home insurance policy. While it won’t prevent a break-in, it does give you peace of mind if a burglar strikes. 

Renters insurance covers your possessions if they’re stolen, lost or damaged. It also gives you liability protection if you or someone else is injured while visiting you. You may wonder, though, if overnight guests who are not listed on your policy are covered by your renters insurance.

If Their Stuff is Stolen

Let’s say you and your guest go out for the evening and come home to find that all the electronics in your apartment were stolen, including your guest’s laptop. Would your guest be able to file a claim under your renters insurance policy?
Perhaps, depending on your coverage. When you purchased your policy, you included a value of all your possessions. If the value of the stolen items does not exceed your policy limit, then you can file a claim for all the stolen items, including your guest’s laptop.

Next, see if your policy covers actual cash or replacement value. Actual cash value coverage reimburses you the amount of money you paid for the item when you first bought it. Replacement value coverage gives you enough money to buy a new item at today’s cost. This policy detail determines whether or not your guest receives enough money to buy a new laptop.

Likewise, you have to prove what’s missing. You’re welcome to include your guest’s laptop in your claim, but you’ll need a physical description of the stolen item, including its serial number and value.

If They’re Injured

When one of your guests fall down the steps, your renters insurance may pay for medical treatment. The same theory applies to guests who stay overnight. Check your policy for liability limits, but rest assured that injuries your guest suffers while staying with you could be covered by your renters insurance.

If They Do Damage

Suppose your guest becomes clumsy and accidently smashes your glass figurine collection. File an insurance claim to replace the items. Whether you damage your belongings or someone else does, your renters insurance will cover it.

When will your next overnight guest arrive? Update your renters insurance now to ensure you’re ready for anything. 

Now that summer’s here, you’re ready to invite guests over to party. What responsibilities do you have, though, if you serve alcohol? Consider these facts.

You’re Responsible

If one of your guests drinks and injures someone or causes an accident during or after the party, you could be responsible thanks to social host laws that vary between states. Understand your state’s laws and be prepared to serve alcohol responsibly because your intoxicated guests’ actions could become your liability.

Protect Your Assets

Your home, bank accounts and paychecks are at risk if you’re found liable for an intoxicated guests’ actions. Lawsuits could run into the millions of dollars, especially if someone is killed. Protect your assets when you:
*Stay sober

*Limit drinks

*Don’t play drinking games

*Say no when someone’s had enough

*Designate a driver to take guests home, call a taxi or let guests crash at your house until they’re sober
Never Serve Alcohol to Minors

Every state and even municipalities within a state enforce different laws about serving alcohol to minors. However, you’ll stay on the right side of the law if you don’t serve alcohol to minors during your backyard parties or leave alcohol available during parties your kids might host when you’re not home. Doing so could get you fined or jailed.

All Home Insurance Policies are not Created Equal

Home insurance policies can include social hosting liability that you’ll need if you serve alcohol to party guests. Review your policy today and make sure it includes adequate social hosting liability coverage. If it doesn’t, discuss your options with your agent or shop around for a policy that will protect you and your assets.

Backyard party season has arrived, but be careful when you serve alcohol. Know the facts so that you can protect yourself and your guests. Be sure to review your homeowners insurance policy, too, as you maximize your coverage and prepare to have a fun and safe summer.

Now that your teen is driving, you need to purchase auto insurance for him or her. That means you need to decide if the family’s newest driver will have an individual auto insurance policy or be added to the family policy. Learn the pros and cons as you make this important decision.

Pros

1. Teens reduce their future insurance costs when they get an individual policy. By proving that they’re responsible and safe drivers, teens build a track record that can gain them favorable auto, renters and other insurance policy rates in the future.

2. Building credit is possible with a teen auto insurance policy. Of course, teens have to pay their premiums on time to earn this benefit, but they’ll reap the rewards when they go to rent an apartment or open a credit card in a few years.

3. Teens have access to several unique auto insurance discounts. Taking a safe driving course, maintaining good grades, holding a steady job and paying premiums on time are four unique discounts that some insurance companies offer to teen drivers.

Cons

1. Many insurance companies won’t give risky teen drivers an individual policy. Statistically, teens are the most dangerous drivers on the road because they are inexperienced and easily distracted. Remaining on a parent’s policy may be the only insurance option available to teens.

2. Teen policies are expensive. Insurance companies typically charge higher rates to drivers under 25. Plus, teens can’t take advantage of multi car and multi policy discounts. Because of these factors, teens face high auto insurance costs.

3. Parental auto insurance rates can increase by hundreds of dollars thanks to teen drivers. Not only does adding another driver and car cause the policy premiums to rise, but any claims also increases insurance premiums.

If your teen really wants his or her own auto insurance policy, shop around for the best rates and coverage. In cases, the higher premium costs for a teen policy provide benefits are a good trade-off for teens and their parents.

Work from home, and you have the pleasure of working in a field you love, making your own hours and avoiding a long commute. Unfortunately, you’re also at risk of being sued if you make a mistake, cause an accident or invade someone’s privacy. You need the liability protection that umbrella insurance provides.

What is Umbrella Insurance?

You already have homeowners or renters insurance that covers your home’s structure and belongings, but working from home brings an additional set of problems your current insurance may not cover. You could accidentally share a client’s personal data or fail to deliver on a promised deadline. In both cases, you could be sued and lose your home, vehicle and other assets.

What Does Umbrella Insurance Cover?

Umbrella insurance provides liability coverage as it protects your assets and gives you peace of mind. While umbrella insurance policies vary, most cover:

*Damage caused to someone else’s property

*Injuries received during an accident

*False claims

*Invasion of privacy

*False arrest

How Much Does Umbrella Insurance Cost?

There’s no standard industry fee for umbrella insurance, so you’ll need to discuss cost details with your agent. However, coverage is usually available in increments of one million dollars, and the average cost per million in coverage is $200-$300 per year.

Why do you Need umbrella Insurance if you Work From Home?

Because you work at home, you alone hold the responsibility for your mistakes and liabilities. You don’t have a company or corporation backing you up and covering any lawsuits you may face. Instead of risking your home, vehicle, business and other assets, invest in umbrella insurance.

In today’s lawsuit-happy world, umbrella insurance is one asset that’s almost a necessity as you establish, maintain or grow your work from home business. Call your insurance agent right now and discuss your specific business and insurance needs. You may need the coverage and peace of mind it provides.

Renting a house saves you big bucks on vacation since it’s usually cheaper per night than a hotel. Plus, you have amenities like a washer and dryer, kitchen, full bath and maybe even a large backyard. That doesn’t mean, though, that your vacation home is perfect. Like any home, it’s susceptible to thieves, weather damage or other problems.

You might want to invest in insurance coverage as you rent a vacation home this summer.

Make Sure the Landlord has Property Insurance

You don’t plan to go on vacation and have a terrible time, but accidents, bad weather and mistakes happen. Who will pay the bill if the home’s rotted stair railing fails and sends you tumbling off the steps and into the ER? Can you afford to replace an antique vase you or one of your kids accidentally breaks?

In most cases, the landlord’s insurance will cover these accidents. Always ask if the home is covered before you sign a rental agreement, though, to ensure you’re not left covering the bill that should be the vacation home owner’s responsibility.

Make Sure you Have Insurance

Most homeowner and renters insurance policies cover your belongings if they’re lost, stolen or damaged. This coverage applies whether you’re in your home, at school or at vacation.

It’s a good idea to double check your policy before you travel. Add additional coverage if necessary to ensure you are indeed covered for every possible scenario. Ensure the policy is current and paid in full, too. You don’t want to file a claim while on vacation and discover that your coverage lapsed.

Renting a house can be an affordable, comfortable and fun part of your next vacation. Before you sign a lease agreement, make sure the home and your possessions are insured. The peace of mind helps you truly relax and unwind no matter where your vacation takes you.