Explanation of Landlord Insurance

If you are planning on renting out a home that you own, you are probably a candidate for landlord insurance. Typically this type of insurance included two different kinds of coverage: properly and liability protection. Both of these coverages are meant to protect you, as the landlord, form and financial losses.

Landlord Property Protection

Typically, this helps to cover the physical property related to the property that is being rented. This may include the dwelling itself as well as equipment kept on site for maintenance. Generally coverage includes:

  • Dwelling
  • Other Structures
  • Personal Property Utilized to Service the Dwelling

Landlord Liability Protection

This aspect of a landlord insurance policy can help to cover another person’s medical bills as well as your legal expenses if someone were to be injured on the property you are renting, and you were to be found responsible. For example, if a tenant were to fall down stairs at your rental and the court were to determine that it was due to your failure to maintain the stairs and/or the railing, then you may be held responsible to handle the legal, medical or other costs of your tenant. In this case, your landlord liability coverages can help to cover these expenses.

Additional Coverages to Consider

Depending on the condition, neighborhood, or geographic area of your rental, adding on certain optional coverages to your landlord policy is something you may want to consider. For example:

    • Vandalism and Burglary
    • Personal Umbrella Policy
    • Rental Property Under Construction
    • Building Codes

If you are considering renting out a property that you own, it is important to take the time to talk with a local agent and find out more about what options you have available to you. This is the best way in which you will be able to determine which coverages will best suit you and the property that you will be renting.

What is the Purpose of Gap Insurance?

Gap insurance is a type of insurance that financial institutions recommend when someone takes out a loan to purchase a vehicle without a sufficient down payment amount. This situation happens quite often since people sometimes decide to trade in their car on a new or better one while they still owe on their previous loan. There are various reasons people make this choice, but they often end up trading a vehicle that has a lower trade-in value than the amount they owe.

Automobile dealers are able to make the trade and help them get a loan for the new vehicle, but they end up in yet another “upside down” loan. If the borrower has good credit and adequate income, they are able to get a better vehicle. However, the financial institution that holds the loan feels they must protect their interests, so they recommend or even require, the addition of Gap Insurance to the contract.

Most people are aware that automobile insurance companies do not cover the full value of the vehicle in the case that it has been damaged beyond repair in an accident. The principle paid on a vehicle loan does not typically keep up with the depreciation value of the automobile, so the loan holder, even if they are on worker’s compensation insurance, will not be fully compensated in the case of a “totaled” vehicle.

When there has been an accident serious enough to damage a vehicle beyond repair, it is likely the driver has suffered serious injury as well. This may mean a temporary loss of income, so the loan holder may not be able to pay off the balance of the loan. Gap insurance takes care of this problem by paying off the balance of the loan in the case of a serious accident where the loan holder cannot do so.

What’s Payment Protection Insurance?

Payment protection insurance or PPI as it’s typically referred to is a type of insurance that will help you to pay your monthly expenses including mortgage, credit cards, loans and other expenses should you be ill, injured or lose your job and are unable to work for a period of time.

It’s very important to keep in mind that payment protection insurance has many exclusions that can apply and you’ll likely have to prove that you’re unable to work and why with full and complete documentation.

Payment protection insurance prices will vary greatly from one policy to another and depending on what they cover. If you foresee that you may become unemployed in the near future and already have payment protection insurance you may wish to ensure that it’s fully covered.

Many payment protection policies will also have a waiting period so make sure that you’re aware of these specific stipulations.

Payment protection insurance will vary on how long it will carry you over while you’re unemployed. If your injured or unable to work due to illness you may also wish to consider a long-term disability policy to cover the gaps that you’ll have in your coverages.

Payment protection insurance can be a good thing to have when you have it for the right reasons. To get more detailed information set up an appointment with your insurance agent and ask to discuss your options regarding payment protection insurance and what all it will cover.

You’ll have to keep up with your premiums to ensure that you have this coverage when you need it and you may have to prove your inability to work to receive your insurance from this type of policy.

Not all policies are the same so again, read the fine print and make sure you fully understand what you’re signing before you sign and pay your premium.

What Is Pet Insurance? – A Basic Overview

As the name suggests, pet insurance is an insurance policy somebody takes out on his or her pet. Just like medical insurance for people, this policy will help to cover medical costs in case they are needed. This might be due to an accident, or if the pet might have fallen ill.  The policy will cover some (if not all) the cost depending on the nature of the policy.

However, pet insurance isn’t limited to medical cases. There are companies with several options for covering the death of a pet, or when it goes missing. It’s a market that’s rapidly growing and pet owners really appreciate it.

Is Pet Insurance Offered By The Government?

No, the government doesn’t provide pet insurance. Instead, the people who control pet insurance policies and influence the laws regarding these policies are called the North American Pet Health Insurance Association.

As it stands, pet insurance is only offered by private companies.

Who Needs Pet Insurance?

Nobody can deny that the price of a vet can easily equal that of a general MD, and it’s understandable. There are many people who love their pets like family members, and rightfully so. Which also means they only want the best for them if something happens.

Pet insurance makes it more affordable for people to keep their pets in good condition, and it’s incredibly handy in situations when money is very tight.

The Premium Calculation Process

At this point a lot of people are wondering how the premiums are calculated, and it follows pretty much the same formula as traditional calculations. Variables like what type of animal the cover is for, their age and breed, all these things come into account.

As a side-note, pet insurance does extend to various animals, and there are many different policies to choose from. Please be careful when buying pet insurance as their have been companies that needed criminal defense against insurance fraud. When in doubt ask your friends and family if they have gotten pet insurance companies.

What Is Tuition Insurance For?

A college education requires a very large investment of time and money. When you start college, the last thing on your mind is leaving college. But every year, there are a number of students who are forced to quit their studies for a variety of reasons.

Some students may fall ill, or may have to return home to visit or care for a sick family member. Unfortunately, sometimes a student may have to withdraw from studies when a parent or legal guardian passes away. When this happens, often the tuition is not refunded.

It’s difficult enough for these students to deal with the personal struggles that they are facing. But then they must also deal with the consequences of leaving school, including the loss of that large investment of tuition and related costs.

Tuition insurance can protect a student who is attending any high-cost educational institutions from the loss of tuition and other costs that result from the student having to involuntarily withdraw from school.

This type of insurance will usually cover withdrawals for medical reasons or in the case that the student’s legal guardian dies, and will either cover the costs associated with the student’s tuition, or by refunding it. In some cases tuition insurance may cover student loans as well.

Such insurance is often provided through your educational institutions, from insurance providers who offer such policies, or as an option along with a student loan. Coverage will range from policy to policy, but it will usually cover the cost of tuition (in part or as a whole), as well as academic fees, room and board, and possibly some other education related expenses.

There are limitations to this coverage. The reimbursement may be limited to the first few weeks of the semester, and if the withdrawal is due to mental health, most often the reimbursement will only be a maximum of 60 percent of the tuition.

Explanation of Interest Rate Insurance

The holder of a loan or of a variable rate mortgage is the one who would greatly benefit from interest rate insurance. Generally, interest rate insurance is offered independently from the originally borrowing, and typically interest rate insurance is used as an alternative to a remortgage onto a rate which is fixed.

A simple insurance policy will protect only against any risk of the repayments beginning to rise due to the interest rates, keep in mind, however, if they payments are rising because the borrower has been defaulting on repayments then you do not qualify for insurance. There is absolutely no requirement for the insurer to be checking up on the credit status of the purchaser, nor is it required of the insurer to look into the value of any assets that are secured.

Being as there will absolutely be no arrangement necessary and there will be no valuation fees, and/or bank and legal charges means that it is actually quite a bit cheaper to opt for an insurance as opposed to having to turn to a remortgage. What the absence of credit checks, as well as valuations, means is that it is able to be made available to every holder of a variable rate loan, with no exceptions.

Now, not only will an interest rate insurance provide the holder with protection from any rising interest rates, it also will under no circumstances raise the holder’s initial pay rate. As a matter of fact, it the interest rates does fall, what the policyholder will actually see is a great benefit in the form of payments on their mortgage and/or loan that are reduced, this is especially noticeable if you compare it to a fixed rate alternative. This makes interest rate insurance beneficial for those who are taking out a loan or a mortgage rather than insurance for employers.

What’s Expatriate Insurance?

If you’re planning on living or working in a foreign country, you may wish to look into expatriate insurance. Expatriate insurance is a policy that is designed to cover you for financial and other potential losses that you may incur while residing in said foreign country.

Such insurance policies cover personal property and your personal automobile. They will also cover for emergency evacuation should there be a situation where you need to be evacuated. If you’re in need of medical or dental care they will cover this as well.

There are also clauses for short-term travel insurance and for terrorism and war. You can also find clauses that include kidnapping and ransom situations. If you’re traveling to a foreign country that has had any type of civil unrest, you’ll want to make sure that you’re able to cover your needs should an emergency situation arise.

These insurance policies are readily available by most insurance agents and brokerages. You’ll have to pay for them before you leave or arrange for funds to be withdrawn from an account to pay the premium while you’re out of the country.

Keep in mind that these kinds of insurances will go far to help you in an emergency, however, you’ll have to have access to them at the time of the emergency.┬áBut if you find yourself in an emergency situation it might take a while to literally get access.

Expatriate insurance companies will vary in the premium costs and the things that they cover so make sure that you read the fine print and abide by all of the requirements for your specific policy. If you have any questions regarding a specific situation be sure that you fully discuss this with your insurance agent at the time of procuring your expatriate policy to ensure that you’re fully covered for such a scenario.

What Is the Patient Protection and Affordable Care Act?

The subject of healthcare has been a hot topic in recent decades, part of which has involved the Patient Protection and Affordable Care Act, which is abbreviated as PPACA or ACA. Enacted on March 23, 2010, the Act changed many aspects of the healthcare system in the US.

President Obama, with a lot of support, enacted this federal statute to help expand the health coverage by the poor in the country. This has earned ACA another name: Obamacare. No matter what you choose to call it, the action had a tremendous impact on the number of people insured and able to obtain medical coverage in states throughout the country.

It provides subsidies and various other funds to help the poor and underinsured. Pre-existing conditions and other reasons that people were often denied coverage were also addressed in the groundbreaking statute. As a result, more people have insurance than ever before.

Although that is the case, there are many people who do not support the ACA and have been working to overturn portions of the act. The current administration is among those who deem the act a burden to taxpayers and an unnecessary area of government control.

Various labor groups and unions have been working to repeal the legislation and there are many who believe that it is going to happen while President Trump is in office. The Supreme Court and other courts are likely to weigh in on cases in the future that involve the act, which could further complicate matters.

Although the statute has helped to provide medical insurance, either through Medicaid or government subsidies of private insurance, it is not clear whether or not that will continue to be the case in the future. This is an important political topic that is sure to see changes at the very least.

Attempts To Stem A Financial Meltdown – The Dodd-Frank Act

In 2007, The United States of America (and indeed the world) was being placed under enormous financial strain through the actions of financial institutions both foreign and domestic.

Global finances were being placed under enormous strain and it was realized that a new approach to policing the actions of financial institutions was long overdue.

This led them President Barack Obama to lead the charge towards the adoption of the ‘Dodd-Frank Wall Street Reform and Consumer Protection Act‘ which became law in mid-2010.

The Act served to consolidate the regulatory agencies that oversaw the financial services sector and also (among other things) set up new oversight mechanisms to police what was by then recognized as a ‘systemic risk’ to the United States economy.

The increased regulation was aimed in large part at making sure that what had been referred to as a ‘Wild West Situation’ around the widespread practice of derivatives trading was made much more transparent.

The consumer would also receive new protections and a new Consumer Protection Agency with widespread powers was established. The days of financial institutions promising returns that were simply not within the realms of sustainability were over.

In essence the Act had two tiers. One was to protect the U.S. economy from the practices of financial institutions that had, until then been a systemic risk to the stability of both the economy and the American dollar. The second was to protect the American consumer from predatory practices that had prior to the passing of the Act caused extreme financial hardship to many individuals and families that had chosen to believe in promises of returns that were completely unrealistic.

The passing of the Act was a clear signal to financial institutions that the era of taking advantage of consumers, as well as presenting a clear and present danger to the American economy would no longer be tolerated.

What Exactly Was The Proposed National Insurance Act of 2006?

The National Insurance Act of 2006 was first proposed back in April 2006. The purpose of this act was to help the Department of Treasury become established as an Office of National Insurance. It was going to be headed by the Commissioner of National Insurance, authorizing the Commissioner to regulate, supervise and provide some type of registration for the insurance self-regulatory organizations. The Commissioner would be responsible for supervising, licensing and chartering National insurers.

What Was Its Main Purpose?

The main purpose was to authorize the underwriting of insurance, and also provide a comprehensive system for supervising and regulating these agencies. It was designed to monitor not only insurance branches in the US, but also non-US insurance companies. Those that would offer national insurance would need to obtain a federal license because they would be converted from state to national insurance agencies. It would also remove state oversight on many of the business practices involved with insurance because they would become federally based.

Did It Go Through?

The bill itself was never enacted. Although introduced in April 2006, Congress did not approve it. It was introduced to the 109th Congress at the time. Although it did not go through, it was a radical idea which made it possible for federal oversight over many of the aspects of providing insurance in the United States. However, Congress deemed that it was not necessary as there are already state laws that govern insurance, providing proper regulation and oversight at the state level.

Though it may have seemed like a good idea, it is clear that since that time, there has been no need to present this to Congress after its failure to pass from a bill into a law. Since there have been no regulatory problems with insurance (like car insurance after a car accident) since that time, there has not been a need to reintroduce the bill in an attempt to get federal regulation over insurance policies and companies.