Your New Auto Insurance

Here’s a question thousands of homeowners and renters will be asking now that the recent heavy rains are abating: Will insurance cover the water damage in my basement? Unfortunately for most the answer is “probably not.” Standard Homeowners’ insurance does not cover damage from flooding, so unless you have a specific flood insurance policy, you will have to foot the bill for any water damage from the recent rains. The Insurance Information Institute offers this rule of thumb: water that comes from from top down (ice dams, for example) is generally covered, but when water comes from the bottom up, such as in flooding, it’s not covered.

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There are many advantages to shopping around for auto insurance. Not only can drivers often find better and lower rates, but they may also find better coverage at a lower rate as well. Conversely, shopping around can sometimes lead to paying a slightly higher price but finding much better coverage. Comparing rates and policies is an important step in finding the right insurance policy, but what is even more important is knowing the best times to look for new or altered insurance coverage.

Anytime that drivers move – whether it be around the block or across the country –they will have to update their insurance policy. This makes moving a great time for drivers to consider adjusting their policies or  find a new one. Depe

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If you had an un-reimbursed loss of more than $500 due to fire, theft, or natural disaster, you may be able to claim that on your taxes. According to the IRS:

“A casualty loss can result from the damage, destruction or loss of your property from any sudden, unexpected, or unusual event such as a flood, hurricane, tornado, fire, earthquake or even volcanic eruption.

A theft is the taking and removing of money or property with the intent to deprive the owner of it. The taking must be illegal under the law of the state where it occurred and it must have been done with criminal intent.”

Losses that may be eligible include:

• Un-reimbursed losses due to theft, fire, accidents, storm damage, or similar events if losses are greater than $500 and 10% of your adjusted gross income.

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With new cars averaging about $26,000, buying one is a major investment and should be considered as such. Although some buyers might think they have paid enough to expect problem-free driving and a long lasting vehicle, the fact is that a healthy fraction of consumers add an extended warranty. What is an extended car warranty, exactly, and how do you make the decision about getting one?

An extended car warranty – which can be purchased for both new and used vehicles, at any time during your ownership – can be thought of as “mechanical health insurance.” Similar to service plans, with elements of auto insurance like possible deductibles and exclusions, you are essentially paying up front so that you don’t have to pay a lot more when something breaks down. Read full article…

People hear so much about bumper-to-bumper, cradle-to-grave coverage in new car commercials that they can be forgiven for thinking it means eternal coverage with no exceptions, exclusions or fine print. As some felonious businessmen discovered, it is possible to write third-party extended car warranties for used and new vehicles in such a way as to cover just about nothing. Reputable carmakers, dealers and third-party warranty firms, of course, are numerous, and have various kinds of plans to fit most every car owner’s situation. Your primary activity should be investigating all the factors that affect your decision, and before you begin the process of selecting an extended car warranty. Read full article…

If you are living in a rented accommodation, you do need to consider renter’s insurance. Although your landlord will have to provide building insurance before he is cleared to accept renters in his property, he will not have to provide any insurance to cover your belongings that you take to the property with you. It is also worth checking what level of coverage you are investing in. If it is basic, you may need to top up the coverage to be sure you are not left uncovered in the event of a major disaster.

Most policies do not as standard cover damage to either property or possessions from floods, earthquakes and hurricanes but you can buy extra coverage or a separate rider to cover these things. Read full article…