Must-have insurance information for new homeowners Creston News Advertiser
29.04.10
Once the excitement of buying a new home begins to subside, the reality of protecting that home from the unexpected needs to be addressed. A home is likely to be your biggest investment ever.
Homeowner's insurance policies are challenging to understand. You can have many different types of coverage within a single policy, and different financial obligations can be set out for the homeowner and the insurer. Here is a basic overview of some of the most important points you need to consider when choosing your coverage.
Types of coverage
You can cover many different insurable incidents and items with your homeowner's insurance policy. Some of the most common are:
Dwelling: Dwelling covers losses that occur to your home and any structures that are attached to it. Dwelling does not cover fences or sheds.
Other structures: "Other structures" covers those structures on your property that are not attached to your home, like your fence or shed.
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What are the Advantages and Disadvantages of Term Life Insurance?
When you’re shopping around for life insurance coverage there is one big decision that you have to make before you look for quotes- which type of life insurance is right for you? There are several options, but the most common types of life insurance available are term life insurance and whole life insurance. Term life insurance is temporary life insurance because it lasts for a certain time, or term. Whole life insurance is permanent insurance that will last for your lifetime. They are very different forms of life insurance coverage. Term life insurance is more affordable, which is the reason why most people opt for this type of coverage.
What are the Advantages of Term Life Insurance?
• Very low cost compared to whole life insurance.
• Large amount of protection can be purchased at affordable rates.
• Option to choose from many different terms or periods of coverage – 1, 5, 10, 15, 20, or 30 years.
• Best choice for temporary protection needs, such as your mortgage, college tuition, or a car loan.
What are the Disadvantages of Term Life Insurance?
• Premiums increase at each renewal (the older you are, the more it costs).
• Term insurance does not build cash value.
• Coverage ends when your policy term expires.
Although term life insurance only offers coverage for a term, the benefit is that it is very affordable. You can adequately protect your family during the years when you need the most insurance. For example, if you are 35 years old, married with children, and you have a mortgage then you will probably want to have a large amount of life insurance. You should have enough to pay off your mortgage and other debts, pay for your children’s college tuition, and replace your income for the next 10, 15, or 20 years. You can get a $2,000,000 thirty year term life policy for about $1800 per year if you’re male and $1400 per year if you’re female. That’s a lot of insurance coverage for a reasonable amount of money. If you were to choose whole life you would easily pay 3 to 4 times as much for the same amount of coverage.At the end of 30 years, your obligations will be much less so you can opt for a much smaller insurance policy.
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