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Why buy earthquake insurance?

 

There are many factors when considering whether or not to purchase earthquake insurance on your home. Do you live on or near a fault line? Is your home on sandy soil or bedrock? What materials were used in the construction of your home and the quality? Earthquake coverage is not included in a typical homeowner’s insurance policy so an endorsement to your current policy or supplemental policy may be necessary.

Unlike flood insurance, which is mandatory if your home is in a flood zone, earthquake insurance is not required in quake zones. Sadly, a home can be a total loss in the event of a large earthquake so purchasing coverage will provide peace of mind in the event you cannot afford to replace or repair potential damage. Standard earthquake insurance can cover your home’s contents up to your policy limits.

The cost of earthquake insurance varies from state to state. Keep in mind, earthquakes happen more than just on the West Coast. There is no average cost for earthquake insurance. It will vary greatly depending on your deductible, coverage requested and the construction style of your home.  You can also chose to purchase the coverage as an addition to your current policy or you can reach out to a carrier that specifically writes earthquake insurance.

Will I be fined for not having health insurance?

 

The Affordable Health Care Act is now in full effect. What this means is that all Americans that are within a certain income level are required to have health insurance.

Recent data shows that most individuals get their health insurance through their employers. The remaining consumers are either covered by private insurance or through federal or state programs, Medicare and Medicaid. Data also shows about 50 million Americans are still uninsured.

Individuals or families that fall below the income tax filing levels would not be fined. In addition, consumers that are underemployed or unable to find a policy that will cost them less than 8% of their adjusted gross income would also be exempt.

Here is a breakdown of the fees since the inception of the plan.

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**The 2017 percentage rate will stay the same at 2.5%, however the flat fee will be adjusted due to inflation.

Why Rental Insurance is Important

Even if you are not purchasing the home, or apartment, you are living in, you should still consider insuring your valuables, and odds are, you have more than you might think.

Things like jewelry seem like an obvious choice that would warrant protection, but for a very affordable price, you can get coverage for those items, as well as furniture, appliances, clothing etc. In addition, renters insurance can protect you beyond just your personal property at your apartment or house but also in your vehicle. (think about a laptop in the backseat)  It can also give you protection against any liability from injuries sustained by people visiting your home.  Also, if your place needs any serious repairs that require you to leave the premise, rental insurance will cover any reasonable increase in your living costs for housing, food etc., that you incur while you are removed from the property.

For a few hundred dollars a year, you can have the peace of mind knowing that you and your personal belongings are covered.

There are 3 things to  consider when looking at purchasing a Renters Policy:

Replacement cost coverage. Standard insurance policies pay you the actual cash value of your loss minus depreciation. Replacement cost coverage allows you to purchase the damaged item at the price it would cost you to replace it. That’s a great option, especially if your damaged television is only worth $500 but it would cost $1000 to replace it.

Specific Personal Property Endorsements. Standard insurance policies limit the amount they will pay out for specific items, like jewelry. If you have jewelry or collectables, it would be wise to get additional coverage.

Deductible.  The lower the deductible the lower out of pocket cost you will have in the event of a claim. This also directly correlates with the cost of the insurance policy.