Showing posts with label Homeowner's Insurance. Show all posts
Showing posts with label Homeowner's Insurance. Show all posts

Wednesday, March 23, 2022

How Your Post-Retirement Lifestyle Affects Your Insurance Needs

Once you retire and begin living a vastly different lifestyle than you had while going to work day after day, many changes will come along concerning your financial picture.

Specifically, you need to take a closer look at your insurance needs. Since no two individuals have the exact same circumstances upon retirement, it is vital your insurance needs are tailored to help you and your family as much as possible. 

To formulate the best plan, keep these tips in mind.

Keep Your Life Insurance

Though it may be tempting to toss aside that life insurance policy you had for years, keeping it and making some changes may be a better option. 

For many retirees, life insurance policies are popular options for wealth transfer. Therefore, if you want to transfer wealth to your children or perhaps a favorite charity, you can now do so.

Maintain Your Health Insurance

Even if you are age 65 or older and eligible for Medicare, seek advice from US Health Advisors and take a close look at your medical insurance once you retire. 

If you are like some retirees and decide to take on a new job, you may be eligible for health benefits through an employer plan. Since Medicare does not cover 100% of medical costs, it may benefit you to use your employer insurance in some cases. 

If you stay job-free, purchasing a Medicare supplemental plan may be necessary. Everyone’s situation is unique after retiring, so it’s important to consult an experienced professional for advice.

Changes to Your Home Insurance

First of all, always choose to maintain your homeowner's insurance once you retire. If you don't and then suffer a large loss, the money to overcome this will likely need to come from your savings. 

Also, think about increasing your liability limits, especially if you want to add a swimming pool or do more entertainment at home.

Will You Need Travel Insurance?

If like many retirees, you plan on traveling around the world, you may want to purchase travel insurance for added protection and peace of mind. 

If you purchase this specialized insurance, make sure it includes coverage for medical emergencies and evacuations, and also covers trip delays or cancellations.

Now that you are retired and ready to start enjoying life to its fullest, make it as easy as possible to do so by having the absolute best insurance coverage in place. 

From making sure your medical bills are covered to protecting yourself with extra liability limits in the event someone gets hurt while on your property, planning ahead will be a smart decision.

Thursday, April 9, 2020

How to Evaluate Your Homeowner's Insurance for Better Deals

While homeowner's insurance is a crucial part of owning a home, that doesn't mean you should be paying more than you have to. As with other types of insurance, it's important to evaluate your homeowner's insurance regularly to ensure you're getting the best deal. 

The process of finding these better deals, though, can be a bit tricky. To help you navigate through the red tape, here are some tips to help you evaluate your homeowner's insurance for better deals.

Consider Changes

Unless you have some type of special arrangement with your insurance company, you probably only pay your homeowner's insurance bill once a year. A lot can happen in a year, though. While most life changes won't affect your insurance rates, some will. 

Therefore, it's important that you think back through your past year to figure out if any changes that have happened could net you a lower premium.

Shop Around

Just as you should with your auto insurance every six months, you should be willing to shop around for new homeowners insurance every year. Different companies can offer different rates as they change their rate schedules, which could result in big savings for you. 

In some cases, you can use a quote aggregator that will provide multiple quotes at the same time. Just be sure to read the fine print on these sites to ensure the rate you see is actually the rate you'll receive.

Check Your Coverage

There are some insurers that try to get more money out of their customers by providing more insurance coverage than is necessary. That's why it's crucial that you comb over your homeowner's insurance policy to make sure that your coverage actually fits your needs. 

In some cases, the coverage that is provided is meant to satisfy minimum standards. Other lines of coverage, however, can be changed, saving you a nice amount of money.

Check for Discounts

Safe practices around your home make you a lower risk for insurance companies. In many cases, lower risk means lower cost when it comes to your insurance coverage. That's why it's a good idea to check with your insurance company for any discounts that they offer that you're not currently receiving. 

Discounts for security systems, smoke detectors, deadbolt locks, and other home safety devices are commonly available, so make sure your insurance company knows you have these devices in place.

While it's important to shop around to ensure you're getting the best deal, it's also important to consider the value you're receiving from your current insurer. In some cases, even if your current insurer doesn't have the very best rate, they may still offer the best value based on responsiveness, customer service, willingness to pay, and other qualities. 

Therefore, do your best to balance the need to save money with the need to be protected in the event that you face some type of covered loss.

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