Finance Tips

You probably know that all US states have different minimum coverage amounts that are required to be carried within the driver’s insurance policies. And depending on where your car is registered you will have to meet these requirements. What happens if your policy has coverage amounts lower than the required minimum? That depends on the state you drive in. But usually, in case of an accident if the authorities learn that you have coverage below the minimum amount you can face a penalty or even taken into custody. So, in order to avoid that, here are the minimum requirements of coverage state by state:

Alaska 50/100/25
Alabama 20/40/10

Arkansas 25/50/15
Arizona 15/30/10
California 15/30/5
Colorado 25/50/15
Connecticut 20/40/10
Delaware 15/30/5
Florida 10/20/10
Georgia 15/30/10
Hawaii 20/40/10

Idaho 20/50/15
Illinois 20/40/15
Indiana 25/50/10
Iowa 20/40/15
Kansas 25/50/10
Kentucky 25/50/10
Louisiana 10/20/10
Maine 50/100/25
Maryland 20/40/10

Massachusetts 20/40/5
Michigan 20/40/10
Minnesota 30/60/10
Mississippi 25/50/25
Missouri 25/50/10
Montana 25/50/10
Nebraska 25/50/25
New Hampshire 25/50/25
New Jersey 15/30/5

New Mexico 25/50/10
Nevada 15/30/10
New York 25/50/10
North Carolina 30/60/25
North Dakota 25/50/25
Ohio 12.5/25/7.5
Oklahoma 10/20/10
Oregon 25/50/10
Pennsylvania 15/30/5

Rhode Island 25/50/25
South Carolina 15/30/10
South Dakota 25/50/25
Tennessee 25/50/10
Texas 20/40/15
Utah 25/65/15
Virginia 25/50/20
Vermont 25/50/10
Washington 25/50/10

Wisconsin 25/50/10
West Virginia 20/40/10
Wyoming 25/50/20

The numbers refer to bodily injury and damage liability limits to be carried by the car insurance policy. The first number is the limit of injury liability per person. The second number is the injury liability limit per accident. And the third number refers to damage liability amount. And if the property damage limit is pretty evident, needed to pay for any damage to property or infrastructure delivered by your vehicle during the accident, the first two limits need a more detailed explanation. Let’s take an example from Alaska – 50/100. The first number means that a person injured in the accident that gets covered can receive up to $50,000. The second number refers to the total injury car insurance coverage per single accident. If there are two persons in the car who sustained damage they will receive up to $50,000 each (a total of $100,000). But if there are 3 or 4 persons, the $100,000 will be distributed amongst them, making individual coverage limits lower. In case all the persons require maximum per capita coverage of $50,000 the first who file for it will get it, and the other ones will be covered by the policy of the car owner who was at fault during the accident.

Myth: Standard policies will pay for flood damage.

Fact: None of standard insurance policies will cover any damage resulted from a flood. In case you have the need for flood coverage you should purchase it separately or include it as a weaver to your standard policy.

Myth: The medical payment coverage included in the insurance policy will pay for my and my family’s medical costs.

Fact: This type of coverage will pay for the injuries that someone other than you or your family members (guests, neighbors, visitors, etc.) had sustained while being on your property. However, your homeowners coverage won’t take effect if it’s you or someone else from your family. In such a case standard health insurance plans are employed.

Myth: In case my house is devastated the insurance company will pay as much money as I tell them my house was worth.

Fact: If it occurs that your house gets devastated due to a various reasons (explosion, fire, tornado, etc.) the insurance company will only cover your lost items and the house itself if you provide all the necessary information such as purchase price and serial numbers of all the items that were lost. Of course, it’s impossible to provide such information from memory after the house was destroyed. That’s why your insurance agent is likely to recommend you having an inventory of all the items (especially valuable ones or equipment) stored in your house, and having a copy of it in different places. This way you make sure that you will be covered to the right extent and the insurance company assures that there is no fraud with your claim.

Myth: If my house gets robed things like jewelry will also be paid for.

Fact: It is true that such valuables like jewelry are covered with your homeowners insurance. However there are limits to the amounts the policy will cover such things, with most insurance companies putting a cap of $1500 on all the valuables that are lost due to fire or burglary. In case you think that it’s too little to cover the actual value of your jewelry or furs you should buy additional coverage for such items.

Myth: I should lower my coverage if I want to get cheap home insurance.

Fact: Saving money doesn’t necessarily imply that you have to cut down the most important aspects of insurance coverage. The whole purpose of having an insurance policy is to be adequately covered in case of damage delivered to your house. You can use other more effective methods of cutting your insurance costs such as installing security and fire alarm systems in your house, or getting your home insurance from the same provider as auto or health insurance. This will usually give you great discounts.

Myth: Can I use the purchase value of my house as the dwelling coverage amount when defining the amount of insurance coverage for my policy?

Fact: It’s the most common mistake the homeowners make when purchasing insurance for their house. The main catch is that the purchase value of your home is comprised of both the value of the house and the land it’s built on. And it’s evident that in case of a fire, storm or any other even that might destroy your house, the value of the land should not be reimbursed. That is why you should use the replacement value of your house as the dwelling coverage for the insurance policy. The easiest way to calculate the replacement value is to multiply the square footage by the construction costs in your area.

For most of us buying a home is the biggest investment to mike during the whole lifetime. And it seems reasonable that such an important investment needs reasonable coverage. That’s why you need home insurance.

What’s included in your homeowners insurance?

In case you finance your house purchase through a mortgage, your lender is most likely to require you buying basic homeowners insurance. The basic homeowners insurance includes coverage against the following risks:

• Theft
• Fire and lightning
• Smoke
• Frozen pipes
• Ice and snow

Basic insurance policies also usually include liability coverage for cases when someone is injured in your house. In case there are legal actions taken against you it will also pay for court fees. Basic insurance will also cover your costs in case it’s impossible to live in the house due to fire or any other accident.

What’s left out of coverage?

To learn what is not included into the coverage you should read through your policy, especially the Exclusions part. Things not covered by standard policies vary from one insurer to another, but most likely they will include damage due to earthquake, flood, nuclear accident (very useful isn’t it?), war, act of terrorism and similar. Of course, you can buy additional coverage for such events to be included into your home insurance policy. Wear and tear damage is never included into the policy because it’s considered to be maintenance, which is the owner’s sole responsibility.

How much coverage do I need?

When buying a house through mortgage loan your lender will require you to purchase minimum home insurance coverage. However, it’s usually not the amount of coverage to meet your insurance needs. Instead, try calculating how much money it would require to rebuild your house entirely and use this amount as the base for getting the right coverage amount. Speak to your agent when completing the insurance policy to calculate the exact amount, or even run a full inspection for qualified appraisal.

Typically, liability limits are around $100,000, however it’s too little to protect your assets in case of legal action. You may opt to raise your limits up to $500,000 for an additional price. Sometimes it may be useful to get umbrella coverage, which pushes your limits beyond $1 million, however such coverage is typically offered only when you have both your auto and home insurance from the same carrier.

Money saving tips

Sometimes homeowners insurance can be quite expensive. Especially when you have many items under additional coverage. In order to keep the coverage you need while still having reasonable rates you might want to consider raising your deductibles first. Deductibles are the amount of money you will have to pay out of your own pocket for the damage before the insurance policy kicks in. and the higher is that amount the lower will be your premium. The usual deductible within standard policies is $250. Try raising it to $500 or even $1000, and your rates will go down by up to 15%.

Another good way to make your home insurance cheaper is installing security features such as alarm or video, special locks and so on. This way you protect your assets and the insurance company is likely to give you a good discount for that.

With ‘do it yourself home alarm systems’ one can have security, safety and peace of mind with no more laying wide awake at nighttime listening to every noise or questioning if your home is secure when everyone’s at work.

The most recent technological advancements in do it yourself home alarm systems lets you choose to go as simple as just a few alarms in your doorways and home windows as well as as advanced as setting up safety cameras in each room of your private home in addition to the outside. The greatest news is you can save money by installing your personal home alarm gadgets.

There are no extra expenses after getting the home alarm systems since you’ll be able to install and set them up by yourself. There are no annual contracts or any other ongoing costs. You settle on which equipment will be best for you and your home and you decide on the system in which you would invest your very own time and money.

The do it yourself home alarm systems consist of uncomplicated, and complete instructions. If you have a drill and understand how you can use it, you will have all the mechanical knowledge required to get the task done.

2 advantages of installing alarms at your residence are that most homeowners or renters insurance policies include a reduction for them and you may bring the house alarm systems with you if you move.

You can find so many ways by which home alarm systems function. A loud sound is normally step one in protecting your house against burglars. The very last thing that a housebreaker needs is to draw attention to himself. Two of the noises utilized in house alarm devices are very loud sirens or the noise of barking dogs.

The primary house alarms system might not be a threat for professional intruders that know the best way to deactivate even the most advanced alarms in existence, but for the the typical novice criminals these house alarm systems should be enough. You will find alarms positioned remotely to call the law enforcement or a security officer from time to time, this gives the robbers a chance to get away. This results to alarms being disregarded by the police force and securities, thus your own home alarm system almost always becomes useless.

Light is the second line of protection for your home. It is hard for a burglar to get inside your own home undetected every time you have safety lighting around your doorways or movement sensors that turn on lights every time there is even the smallest movement detected.

Research state that houses with no alarm systems usually tend to be burglarized than those with alarm devices. Upgrading your alarm system may lessen the possibilities of a criminal getting into your home.

A full body massage is a systematic, therapeutic stroking and kneading of your body’s muscles. There are many benefits that can be gained through regular massages including the most basic pay-off which is relaxation. But there are also additional benefits that lots of people aren’t even aware of. Aside from the physical benefits of massage which can greatly help to reduce pain and inflammation in some parts of the body, it is also beneficial for your mental health because it helps reduce stress and anxiety. Those two factors alone can cause many other problems in your body.

Did you know that stress-related disorders are the basis for between 80 and 90 percent of the complaints that people visit their family physicians about? Human touch is a one of the best methods involved in the healing process, but the problem is, it’s not a method commonly practiced in modern medicine. A natural human instinct is to reach out to another person when you’re feeling overwhelmed. And if you’re like most people, you need an outlet for your frustrations, worries and concerns. Having someone to listen to you can be very comforting, but that doesn’t always solve the problem. Actually, one of the complaints heard frequently by massage therapists is that physicians don’t touch their patients any more.

What’s interesting is that years ago, massage was a big part of nursing. Apparently, there used to be a much higher level of personal care with a lot more touch involved – wellness expressed through massage. But now, especially with the recent shortage of nurses, they are for the most part, as busy as the doctors. Modern nurses are performing procedures and writing charts just like the physicians do, in addition to dealing with the patient’s insurance policies and companies. There isn’t, and hasn’t been, much opportunity for nurses give their patients massages for some time. Some believe that massage is crucial to the healing process and not only in a hospital atmosphere either.

Massages in general and specifically full body massages, have become increasingly popular over the years. More and more people are taking advantage of getting a massage on a regular basis. As a result, these lucky individuals live a less stressful life with a major reduction in anxiety levels, which brings about a better, overall sense of well-being. Massage simply enhances your general health – both physically and mentally.

If you haven’t tried a full body massage, it is highly recommended that you do. It’s a great way to get started on a path to healthier living and reaping the all of the benefits that a massage has to offer. After all, you owe it to yourself, don’t you?