Insurance Column

Insurance is never a fun topic, as you’re essentially preparing yourself for some future calamity, but it’s something every responsible adult needs to tackle every once and a while. Whether it’s auto insurance, health insurance, or something more morbid like life insurance, if the article relates to the topic it’ll appear in this column.


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 Insurance 
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Is renters insurance worth it?

Is renters insurance worth it?Lots of insurance is mandatory these days: Homeowners insurance is required for anyone who doesn’t own their home free and clear, drivers in most states have to have some form of car insurance and pretty soon we’ll all have to carry some kind of health insurance or pay a fine because of the Affordable Care Act.

But renters are still free to skip renters insurance and the monthly premiums that go with it — and most do. According to a recent poll, only 34 percent of renters in the United States carry insurance.

But if so many choose to go without, is renters insurance worth it?


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 Insurance 
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Watch out: Car vandalism spikes on Halloween

This is a common sight on Nov. 1 thanks to Halloween car vandalismIf you have a garage attached to your house or access to a parking garage you may want to take advantage of it to protect your car tonight. Halloween is the worst day of the year for acts of car vandalism, according to a recent analysis by the Highway Data Loss Institute.
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 Insurance 
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Car insurance surprise: Want your car back fast? Pay up

If the other driver's car insurance company won't play ball, you may have to pay up to get your car back fastThe Friday evening before I headed to the Financial Blogger Conference, I was in a car accident. A college student making a left hand turn out of a parking lot hit my car. Thankfully, no one was hurt.

It’s been more than 12 years since my last car accident, and that happened while I was still on my parents’ car insurance; this is the first time I’ve had to deal with a car accident on my own car insurance policy.

In addition to being surprised by just how slow-moving the process was, I was also confronted with an interesting dilemma: Should I pay to get my car back faster?

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 Cars, Insurance 
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Let your car insurance company spy on your driving?

Would you let your car insurance company monitor your driving?There are big changes in the way car insurance gets priced coming, and you’ve got a chance to get in on them now. Question is, do you want to?

All the information car insurers have collected on you in the past — your age, your credit score, whether you’re married, whether you made the honor roll — are designed to help them make an educated, but ultimately flawed, guess about how likely you are to wrap your IROC around a telephone pole while trying to change your fantasy football lineup on your smartphone.

But thanks to the inexorable march of technology toward a dystopian future of robot overlords and Justin Bieber greatest hits albums uploaded straight into our brains, insurance companies now have the ability to measure directly what they could once only guess at: your driving behavior.


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 Health Care, Insurance 
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How Much Will Obamacare Cost You?

ObamacareThe year 2014 is fast approaching. And with the new year, you will be required to purchase health insurance if you don’t already have it. If you can’t get insurance through your work, you’ll be able to purchase a plan on the health insurance exchanges that should be offered starting in 2014.

How much you end up paying on the exchanges depends on where you live, your age, the number of people covered by the plan, and whether or not anyone covered uses tobacco.


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 Insurance 
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5 Car Insurance Discounts You Should Know About

Car InsuranceAhhh insurance! Everyone loves insurance!

Actually no one loves car insurance, except for insurance agents, because it’s something we pay for that we hope we never need. I used to try everything I could to get a discount (something that has extended to other insurances) and so I wasn’t surprised by any of the insurances included in CarInsuranceQuotes.com’s recent slideshow, titled “5 Car Insurance Discounts You Should Know About.”

Check out the slideshow and let me know if any surprise you. :)

 Insurance 
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5 Ways to Save Money on Homeowners Insurance

GEICO BillboardHomeowners insurance is one of those “necessary evil” expenses. If you own a home, you need homeowners insurance (if you have a mortgage, your lender will require it). Like all other insurances, my approach to them is to use it strictly for disaster scenarios and try to save as much money as possible on the annual premiums. That means getting the bare bones coverage and putting the money we save into a savings account where it can accrue interest.

The best example of this was with our car. My first car was an Acura Integra, I just had liability insurance and it saved me about a thousand dollars a year (I was much younger then and in a riskier demographic). I put that extra money into a savings account and was lucky enough to never need it. I did the same with my next car, again I was lucky enough not to ever need it and that account now has a few thousand dollars in it.

We do the same with our homeowners insurance though the difference in savings is not as significant. Here’s what we do to lower our premiums:

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 Insurance 
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Do You Need Supplemental Insurance?

insuranceAs a young professional, it’s easy to begin thinking that you are practically invincible. If you have a job that offers health care benefits (and if you’re ready for the PPACA to take effect in 2014), it doesn’t seem necessary to supplement with anything else.

Unfortunately, this isn’t always the case. There are many reasons that even young professionals should consider supplemental insurance.

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