4 Types of Home Protection Worth Investing In

For most people, their home is their biggest investment. It is also the place where you and your family relax, enjoy each other and take respite from long days at work or school. Consider investing in these four types of protection systems for your home.

Gas Line Warranty

When the infrastructure in your area is old or there is construction taking place, damage could happen to the natural gas line. 

A crack or sudden break of a natural gas line could cause the leaking gas to be ignited by a spark. Gas line warranties provide you with critical financial protection in the case of a natural gas line breakage. 

The warranties also insure against accidental damage and natural wear and tear of the lines.

Whole Home Surge Protection

If you live in an area where brownouts are frequent or lightning strikes are common, whole home surge protection systems could protect your home from a fire. 

These systems provide a place where the energy from a lightning strike can be dissipated into the ground instead of spreading through your home's wiring. 

Surge protection systems are also useful for electrical fluctuations when the level of electricity dips and then surges.

Fire Sprinkler System

A fire sprinkler system could help to save your life and the lives of your household members in the event of a fire. 

Fire sprinkler installations can be done at the time a home is constructed, during a remodeling project or as a retrofit. Some companies, like Nor Cal Fire Protection, know that they are hardwired into the smoke detector units. 

The sprinklers are designed to stop the spread of a fire and give your family enough time to escape the home. Installations of fire sprinkler systems are accomplished within a few days.

Home Security System

Installing a home security system can give you peace of mind. These systems alert you and the local police in the event of a break-in. 

The alarms can also sound in case of a tornado warning, providing you with the opportunity to seek shelter in your basement or an interior room of your home. A security system may also allow you to call for emergency medical services.

These helpful home protection systems offer safeguards for different parts of the structure. They also offer peace of mind from significant financial losses that could occur from a natural disaster or criminal activity. 

Each of these four home protection systems allow you to take action and keep yourself and your family as safe as possible.

How You Can Get Tax Benefits on Home Loan

We’ve all considered getting a Home Loan at some point. Investing in real estate is never a bad idea. Real estate has had a solid record of increasing in value over time. Besides, there are also various tax benefits on Home Loans that you can avail.

But, a mortgage isn’t the easiest loan to get. In fact, it can be one of the hardest. This is where you should consider different lenders, various schemes, and the rates of interest that are offered. 

But it comes as no surprise that there isn’t much clarity on how Home Loans work. How do you pick the best Home Loan lender, one that suits your personal financial status?

Here’s a quick guide that can help you understand the complexities of Home Loan and how you can get one that works for you.

Why Go for a Home Loan

The obvious reason you should go for a Home Loan is the financial cushion it provides. A property is a serious purchase, and a Home Loan will make it easier for you to make that purchase. 

With it, you don't have to compromise on your lifestyle and lose financial stability. Besides, a Home Loan application is now easier to apply to than ever before.

There are also some other tax benefits that you can get on your Home Loan.

So, tax benefits on Home Loan can be availed under the following sections. These are government warranted and can only be found with banks, NBFC, and other financial corporations. 

So, a regular taxpayer is eligible to get the following tax benefits under these sections.

Section 80C

This falls under the Income Tax Act. It entails that tax benefits can be availed depending on the principal amount of said Home Loan. There is an upper limit of Rs.1, 50,000 on this tax. 

This tax deduction takes place irrespective of the time and date of the payment. Even the total amount for stamp duty and the registration is allowed for deduction. This will be deducted even if the Home Loan isn’t taken.

Section 24

This section makes the borrower eligible for a tax benefit even on the interest that is paid for the Home Loan. There is an upper limit of Rs.2 Lakh for this deduction. It’s done in a different manner. 

The interest of various investments over a period of time summed and then deducted. You can claim this on a yearly basis even if no payments have been during that year.

There is a slight catch. If you have taken a repair, reconstruction, renewal loan, then you aren’t eligible for tax deductions on the interest of said loan. So it’s best to keep that in mind when you go for a Home Loan.

Section 80EE

This section offers borrowers a tax benefit on the interest they pay for a Home Loan if they’re first time buyers. It's difficult to get this deduction due to two reasons.

One is that the total value of the property being purchased shouldn’t exceed Rs.40 Lakh. The second is that the amount sanctioned cannot go beyond Rs.25 lakh. The upper limit of the deduction under this section is Rs.1 Lakh.

Keeping these things in mind should get you the best kind of tax benefits possible on Home Loan. If you prefer a Joint Home Loan, then ensure that you and your partner have good credit scores. That can help reduce the interest rate.

4 Secrets to Securing the Best Auto Insurance Rates

Auto insurance is a fact of life for anyone who drives a car. Just about every state requires a minimum amount of insurance for those who get behind the wheel. 

Though auto insurance isn't that expensive for most people, you still want to do everything you can to pay as little as possible. Here are four secrets to securing the best auto insurance rates.

Shop Around

You may think that all insurance companies are the same, and that you will get the same rate from each one, but that usually isn't the case. 

Insurers have different underwriting standards, so that speeding ticket you got three years ago may figure prominently in one insurer's decision and not at all in another's. 

You can do the work yourself by going online or making calls to get quotes, or you can work with an independent insurance broker who can run your info by dozens of insurance companies to get you the best deal.

Don't Pay for More Insurance Than Needed

Many people pay for full auto insurance coverage because their agent encourages them to. Others may start out with full coverage on a new car and keep it through the years even though their car isn't worth much anymore. 

Paying only for what you need can save you money on auto insurance. The law requires you to have liability insurance, and if you have an old car that isn't worth much, that's probably all you need.

Raise Your Deductible

The deductible is what you pay out of pocket on a claim before your insurance kicks in, and the higher it is, the less your insurer has to pay out. 

Professionals, like those at Metropolitan Insurance Service Consultants, know that this lowers the insurer's risk and makes your insurance premiums lower. Just don't raise your deductible so high that you would have trouble paying it if you file a claim.

Don't File Small Claims

If you have a $500 deductible on your insurance policy and you have $600 in damage to your car, it is better to just eat that extra $100 and pay to fix the car without filing a claim. 

Filing lots of small claims will end up costing you more money in the long run in the form of higher premiums.

These tips won't guarantee your car insurance premiums are lower, but they will increase the chance. 

When looking for car insurance, make sure you educate yourself on the process and learn all the ways you can reduce your premium costs.

What to Do When You Feel Like You Can't Get Out of the Money Drought

Many people worry about money. In fact, a survey shows that rich and poor people worry about this. Some people feel like they cannot get out of a dry spell, which can definitely be disheartening. The following are a few tips that may help during these times. 

Redefinition of Self

One of the most important things a person can do is redefine him or herself. People should understand that they are a natural resource. 

The problem is that some exploit the resource if it is undervalued while others understand the true value of the resource and demand more from themselves. Redefining of self drives a person to reach for higher ground. 

Financial Advisors

People are not always financially wise, which could make financial advisors invaluable.

These financial experts can help budget money and come up with a plan that ensures that whatever money is earned is actually stretched. 

Advisors also help workout financial plans to help individuals reach goals more efficiently. Now, it is true that these professionals can sometimes be quite harsh regarding the budget limits imposed on the person that contracts them but, in the end, these sacrifices should be worth it. 

Accept Situations

Sometimes the money problem a person is dealing with is beyond repair, and it is important to accept this truth. Accepting issues that cannot be resolved helps light up paths that may offer relief. 

Those who are bankrupt need to start looking for a professional, such as one from the Law Office of Barbara B. Braziel, to help with the issue. This is not ideal since it does put a negative mark on a person's financial record, but it also provides a new start. 

Create Change

There are many ways to change a person's life. For example, most people stick to one or two ways of making money when there are many ways to make money, like investing or taking on a few independent gigs from time to time. 

The person who feels trapped with money issues should also consider arranging a living situation that requires less money such as finding roommates or moving to a more affordable state.

These are just a few ideas that may help a person who feels like he or she is stuck in a dry spell. 

Of course, a financial advisor or even a bankruptcy lawyer will have more suggestions on how to deal with financial struggles, so take notes from one or the other whenever possible.

How to Manage Your Money and Prepare for Retirement on a Budget

We all hope to retire at some point in our adult lives. However, to achieve that goal, it is important to have a level of fiscal literacy. 

This means that you know how to manage your money today in a way that allows you to save money for later in life. What are some ways that you can prepare for retirement regardless of how old you may be right now?

Talk to a Financial Advisor

Whether you are 20, 40 or 60, a financial adviser can help you make the most of your financial resources. 

This person may be able to recommend mutual funds or other investment accounts that can grow exponentially over time to help grow your nest egg faster. You may also be given insight into how you can use Roth IRA or 401k accounts to help manage your tax burden in retirement.

Take Advantage of Social Security

Social security benefits can be worth thousands of dollars per month depending on how long you worked. 

If your spouse has a work record, you may be able to claim benefits based on that record whether you are a male or female. Professionals, like Horn & Kelley, PC Attorneys at Law, know that looking into these possible benefits is incredibly important. 

They may help you secure your financial future in the event that you are disabled or choose to raise the kids instead of go to work.

Find Easy Ways to Downsize Your Lifestyle

Instead of living in a 3,000 square foot home, it may be better to buy a condo. If you like to travel, it may be a good idea to buy an RV that you can customize to your liking. 

These options may cut your housing payment by hundreds of dollars per month as well as reduce the amount of maintenance that you are responsible for.

Buy Long-term Care Insurance

There is a good chance that you could live into your 80s or 90s. Therefore, there is a good chance that you will get sick or otherwise suffer health issues that require long-term care. 

Buying long-term care insurance helps pay for the services that you need without depleting your personal assets.

Retirement should be a time in life when you get to live life on your own terms. If you take the time to plan out how much you will need to live comfortably, you should be able to achieve your goal. 

Those who need help managing their money should turn to a trusted family member, friend or professional financial adviser for assistance.

Building Your First Home? 4 Strategies To Handle Tricky Financing

When you build your first home, one of the things that you have to make sure that you have in order is the financing. 

If your credit score is good and you can show the income to pay the loan or mortgage off, then it's usually fairly easy to secure the financing that you need. 

It's best to make a budget of the size of the home and the work that you want and need done before applying so that you have an idea as to how much you will need to borrow.

Type Of Closing

There are basically two ways that most finance institutions will handle the closing on a new home. Most will go through a one-time closing. 

This means that the interest only loan will be approved for about six to 12 months while the home is in the process of being built. Once the home is built, it is converted to a fixed rate for 29 years. 

It's best to pay off the loan as soon as possible so that you don't wait this long. The second is a loan with two closings. There is an interest only construction loan for the building of the home and a second closing that will be refinanced once the home is built.

Qualifications

This is where you need to have the good credit scores and the income that is required to secure a loan. Most companies will look harder at a construction loan than a typical loan for purchasing a home because the collateral is not in place yet. 

Most down payments are about 20 percent. Appraisals and inspections are required before the loan is secured. 

Real Estate Agents

Sometimes, a real estate agent can help you get a lower interest rate and get through the loan process a bit faster. 

You need to get the agent to submit pictures and paperwork about the property and the intentions of the home that is to be built. This will often show that you are dedicated to the process of finishing the home and that you aren't going to back out.

Save Money

Before you secure a loan, save as much money as possible. Try to start saving about a year in advance. 

If you have a good amount of money available, you can use it to pay off a good chunk of the loan soon after its secured instead of struggling to get it paid back once the home is built.

Building your new home is an adventure. If you aren’t sure the best way to go about financing, consider working with a professional like those at Assurance Financial Group. 

You get to decide what it looks like and what it has inside. Once you jump over the financial hurdles, it's usually smooth sailing during the construction and design process.