The Importance of Renters Insurance and Why You Need It
February 18, 2008 by Erik Folgate
Filed under Insurance
Right now, there are many of you out there that read my blog and you rent an apartment, house, or you live in a dorm. And I can bet that there are many of you renting an apartment or living in a dorm room without paying for renters insurance. There are many types of insurances out there that just aren’t necessary for what you get in coverage, but renters insurance is coverage that you must buy today. If you think you can’t afford it, you’re wrong. You might have to give up a couple of small luxuries per month to pay for it, but the peace of mind is worth it.
Hillary Clinton Will Garnish Your Wages If You Choose Not to Buy Health Insurance
February 5, 2008 by Erik Folgate
Filed under Economic Policy, Insurance, Politics
This article from USA Today summarizes what Hillary Clinton spoke about on an ABC Sunday Morning show. She described her plan for funding her universal health care program, but the most revealing detail of her plan was that she would garnish the wages of those workers who could afford health care coverage, but chose not to buy it or participate in a universal health care plan.
Clinton Said, “I think you can automatically enroll people, and you will then say, ‘You’ve got to be part of this.’”
Should You Buy Liability Umbrella Insurance?
January 7, 2008 by Erik Folgate
Filed under Insurance
A reader asked me this question today:
What are your thoughts on personal liability “umbrella” insurance and who should have it?
There are two ways to answer this question. How much personal liability do you have in your life? Do you have a lot of assets to protect?
To Buy or Not To Buy Rental Car Insurance
December 18, 2007 by Erik Folgate
Filed under Insurance
You all know the awkardness of renting a car, and the sales rep will ask you if you want to buy rental car insurance. Their most popular pitch is that the worst could happen and you are stuck with buying them a new car. You try to remember if your auto insurance policy covers you for collision and/or liability in rental cars, but you can’t remember. Hell, you’ve never even read your auto insurance policy, let alone knowing whether it covers you for rental cars. Also, it’s not like they offer this coverage for an extra $5.00 per day. It’s about $25 to $30 a day, which can really increase your total rental bill.
Insure Your Valuables Separately On Your Homeowner’s Insurance
December 17, 2007 by Erik Folgate
Filed under Insurance
Unfortunately, not only does the holidays bring out the best in people, but it also brings out the worst in people. Crime tends to rise over the holidays, especially thefts. Thieves know that many of you will be out of town this holiday season. Will you be going out of town this holiday season? If so, your house could be a sitting duck for a burglar. Your insurance agent might have told you that your homeowner’s policy covers all of your personal contents. It does, for the most part, but some items are limited. Here is a list of some of the items that insurance policies put a limit as to how much they will pay for replacement.
Prepare Yourself For Catastrophes To Your Home
October 24, 2007 by Erik Folgate
Filed under Insurance
My thoughts and prayers go out to those who have literally lost everything they’ve worked for out in California. A house is your biggest investment, and the sentimental belongings such as wedding photos, important documents, and family heirlooms are irreplaceable. The only consolation I could offer up to someone who had their home swallowed up in a fire is that life is about much more than accumulating stuff, and you ALWAYS have to be thankful for being alive and healthy.
Filing A Claim On Your Homeowner’s Insurance Will Not Increase Your Premium
October 18, 2007 by Erik Folgate
Filed under Insurance
When I am doing inspections for property damage to residential property, I get this question about 75% of the time:
Will filing this claim cause my premium to go up?
I like to be as candid and honest with customers as possible. Some adjusters would just say, “That’s not my area of expertise”. I likeur to give people an answer that will actually answer their question. The answer is that filing a claim will NOT cause your homeowner’s premium to increase. Contrary to what many believe, they associate having a claim filed one year with their rates going up. The fact is that claims don’t dictate the premium with regards to homeowner’s insurance. Homeowner’s insurance does not act like auto insurance. Auto insurance has dozens, sometimes hundreds of tiers for premium rates. Your claim history, citation record, points on your license, and various other things contribute to the tier that you are placed in and the premium you pay.
Watch Out For New Health Coverage Programs To Offered By Your Employer for 2008
October 16, 2007 by Erik Folgate
Filed under Insurance
A new year always brings new decisions about your family’s future. One of those decisions is your health care coverage offered by your employer. With the onset of rising health care costs, employers are beginning to mix up the available plans offered to accommodate individuals in all types of situations. Yahoo Finance wrote a great article about what to watch out for with new health care coverage plans. Picking the right health care plan can be a daunting task. Here are some of the things listed in the article that you should look out for when thinking about switching plans or when your employer switches plans for you.
You Can Help Control The Cost Of Home and Car Insurance
September 27, 2007 by Erik Folgate
Filed under Insurance
Ever since the Hurricane Katrina disaster and the devastating hurricanes in 2004 and 2005 in Florida, insurers have received quite a bit of criticism for their business practices and consistently raising the cost of insurance premiums. The cost of car insurance also continues to rise. Insurance companies have really screwed up in the past. State Farm was caught using one engineering report to justify their position on multiple claims that the damage was due to flood not rain water. All of the major insurance companies in Florida have dropped more than 50% of their homeowner’s insurance business forcing people to look to the government for an expensive alternative. But, instead of sitting around and complaining about how horrible the insurance companies are in this country, I have some ways for us to help control the rising insurance costs. Yes, it is a fact that responsible consumers will make an impact on the cost of insurance over the long term. We can’t control whether a hurricane hits or a tornado rips through a town, but we can control the way we maintain our homes and cars.
Financial Lessons to Learn In The Post 9/11 Era
September 11, 2007 by Erik Folgate
Filed under Insurance, Investing, Spending and Saving
Before I begin the topic of this post, I just want to recognize all of the men and women that lost their lives six years ago today, whether they were in one of the airplanes, in the twin towers, or trying to rescue survivors. Your lives were taken by a bunch of cowards, and for that reason, we’ll always remember you.
