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Millennials Focus on College not Insurance

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Millennials

As the largest and most educated generation, you would expect that millennials would take insurance coverage seriously. Sadly, studies reveal that one in four adults between 18 years to 29 years do not have health insurance. Furthermore, millennials are less likely to take up other forms of insurance like auto, life, home, and renters. As the most educated generation, millennials need to learn the importance of having insurance.

According to research and interviews surveyed among millennials, it was found that millennials view insurance as an unnecessary expense. To them, they don’t need it and won’t need it any time soon. To the older generation, they appear as a generation that is subservient of the punches and curve balls that life throws at people each day.

While insurance does not inspire excitement, its impact on one’s life is virtually unrivaled. At some point in life, an individual will experience misfortunes such as theft, flooded home, fire, car accident, or others. Misfortunes are not planned and since they occur without any prior confirmation, it is wise to protect yourself.

Insurance provides peace of mind especially when faced with difficult situations. It can help you to settle financial problems brought about by misfortunes. Furthermore, getting insurance does not mean that you are paranoid, it means you are smart.

Here is an insurance checklist all millennials graduating college should keep in mind.

1. Research different types of insurance products

As a millennial, the first thing you need to do is learn about the different types of insurance products available in the market. There are those insurance products that have been around for a long time for example car, home, renters, life, and health insurance.

Today, rider share services like Uber and Lyft have offered millennials job opportunities but what many don’t know is that your personal car insurance does not cover commercial use and there is an insurance gap. It is important to learn more about comprehensive car insurance, smartphone protection plan, travel insurance and others. What are their pros and cons? What do they cover? Should millennials buy life insurance? This will help you to stay informed.

While researching, it is important to learn the terms and conditions, the premium rates charged for different levels of insurance products, and the best insurance companies.

2. Itemize your expenses

It is wise to take time and learn what you want and what you need. Today, millennials are faced with tough decisions when it comes to spending. Many will opt to order in rather than shop at a grocery store and prepare meals at home. Others will opt to own a car yet they cannot afford to maintain it properly. In order to plan your life, you need to itemize your expenses.

You can divide your expenses in three categories: ongoing, immediate and future. Examples of immediate expenses include mortgage, uncovered medical expenses, funeral costs, car loans, credit card debt, taxes and estate settlement costs.

Examples of ongoing expenses include food, rent, utilities, transportation, health care and clothing. Future expenses include retirement and insurance. If your ongoing and immediate expenses are more than your income, then it’s time to spend wisely. Take a bus or subway as the travel insurance costs are less, cook more instead of eating out and pay off your credit card debt to improve your credit score.

3. Talk with an experienced insurance professional

While your parents and older siblings have interacted with insurance brokers and have covered themselves with 2 or more insurance products, they don’t count. Millennials need to learn how to identify a good insurance company within your area. Walk in and make an appointment to speak with an experienced professional.

It is important to have a list of questions prepared early to allow for a constructive interview. Furthermore, it allows you to learn more about the products they have to offer. Experienced insurance agents will always provide you with tons of useful information even helping you create a customized insurance plan which covers important aspects of your life. This will not only help to ensure you are protected but it will save you money.

4. Find where to buy insurance

Today, there are several options of buying insurance not only health insurance but car, travel, smartphone protection plan, renters, home, and life insurance among others. If you are looking for health insurance providers, you can always start with the government health exchange or state exchange.

Millennials can also consult private companies. Doing so helps you to sample the different plans on offer and select one that fits your lifestyle. What you need to know is that when it comes to insurance, finding the best deals on premium should not be your goal but the best plan that fits you. Look at the options and support on offer too.

5. Read and re-read the fine print

Now that you have learned all about the different types of insurance products, their options and the market places where you can purchase them, it’s time to pick a plan. Once you have selected a plan that fits your lifestyle, you will be given forms to fill.

While millennials are said to be the largest educated generation, when it comes to contracts, many do not take time to read the fine print carefully. Scanning the documents quickly will result in you missing a key detail(s). This one detail can result in you not being compensated or result in you not being covered for something.

So, to avoid such mishaps, millennials should take their time to read and re-read the fine print. If you don’t understand what some phrases mean, consult an expert within or outside the insurance company. Having a better understanding of what you are getting into will save you a lot of money now and in the future.

Congratulations!

You have gone through the insurance checklist every millennial graduating college needs to know finally picking up a plan that fits their lifestyle. At this point, you need to know that you have added a new expense in your life – insurance premium. You need to keep up with the payments just like you do with your college loan, credit card payments, rent and other utilities. Not making the payments early will result in you not being covered and you may end up being penalized too.

Just a recap of the insurance checklist for millennials – start by learning more about different insurance products, itemize your expenses, consult an experienced insurance professional, learn where to buy insurance, select the right plan that fits your lifestyle and re-read the fine print before signing on the dotted line. It’s time to let go off the bullet proof attitude because misfortunes can occur at any time. Smart thinking will protect you.

Pet Insurance for Christmas? Care for them too!

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Pet Insurance

Christmas is just around the corner, and everyone is beginning to eye what they want to buy the special people in their lives. iPhones, video games, and other electronics are always at the top of gift-givers shopping list. However, buying a loved one a pet is still a very popular option.

But wait… Before you buy your loved one a pet, you should also consider buying pet insurance along with it.

You might be asking yourself “Why bother?” or “Does pet health insurance actually exist?”

It does, and it’s a very smart option for pet owners and purchasers.

In this article, I’m going to explain to you why you should buy pet insurance and how it can greatly benefit you and the person you purchase a pet for.

Let’s start here.

What is pet insurance and is it worth it?

Our pets become a part of our families. We love them almost as much as we love our children. So when an unexpected injury or illness occurs, we want to give our pets the best possible care.

Unfortunately, that care can be expensive. Often pet medical procedure costs rival that of human medical bills. In fact, one trip to the vet for an unexpected injury can easily cost hundreds or thousands of dollars

Pet medical insurance will help you cover the cost of those unexpected expenses.

So is pet insurance worth it? Absolutely. It can help you save money and allow you to give your pet the proper care they need. Not being able to follow your veterinarians recommended course of treatment because you can’t afford it is devastating. And in some cases, it can even cost your pet it’s life.

When you buy someone a pet as a Christmas gift, the last thing you want to do is put them in such an unfortunate position.

How much does pet insurance cost?

One of the best things about pet insurance is that it’s relatively inexpensive. On average pet insurance cost about $40 a month. However, that’s not a good indicator of how much pet insurance will cost for the pet you are purchasing insurance for.

Many variables including the age of the pet, the breed, the company you choose, and the state you live in can make your premiums significantly lower or higher than nationwide averages.

The best thing to do is shop around and compare plans as you would if you were purchasing health insurance for yourself.

What companies offer pet health insurance.

Pet insurance is hugely popular with pet owners because of all the benefits it comes with. So as you would expect, there are hundreds of companies that offer pet insurance coverage.

Below are a few of the most popular:

*Healthy Paws Pet Insurance: This company offers lifetime benefits and no claim caps. That’s one of the reasons they consistently maintain a high customer satisfaction rating.

*Pet Plan Pet Insurance: This company has been providing pet insurance since 1976. They offer great rates and a customizable annual deduction.

*Embrace Pet Insurance: This company allows you to use any veterinarian you choose. They also offer a customizable annual deductible.

These are just a few of the most popular companies amongst a host of many. Don’t hesitate to shop around and compare plans to make sure you’re getting the best coverage and best rates available.

Conclusion

Buying a loved one a pet this holiday season is a gift they’ll never forget.

It’s a lot more personal than an iPhone or a Xbox because a pet is something that becomes a significant part of our lives. Something we bond with and truly grow to love.

Don’t second guess your choice to buy your loved one a pet. But also take the proper steps and consider getting the pet insured. Life happens and you want you and your loved ones to be protected. Buying pet health insurance will help you achieve that goal.

Are You Taking the Right Precautions for Winter?

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We have been blessed with great weather as it took until November 18th for it to start snowing again in Cleveland. Even though it has not been much, the Lake Erie effect is sure to become an overpowering factor by producing lower windchill and increasing the amount of snowfall.

As a kid, snow is awesome. As an adult, not so much when you are used to making the same commute to work everyday. As snow starts to fall, you will have to allot for extra time to brush your car off, shovel the driveway, and to commute to work as everyone drives slower when the roads get worse. Don’t add unwanted stress to your commute by failing to prepare for the winter roads in Cleveland. Please follow this checklist to lower your chances of filing a claim and ultimately save yourself from any potential, unwanted stress in the future.

Determine if you Need New Tires Based on your Tire’s Tread

As the winter begins to get colder in Cleveland, make sure your tires have the proper amount of tread to provide the most amount of traction you can get as the roads begin to get icier. According to Farmer’s Insurance, about 34% of all skidding claims occur between the months of October and December.

You can measure the amount of tread on your tires through a simple penny test. Other than that some tires have indicators that show when you need to replace your tires. Based off how much the tire has been worn down in comparison to the indicator, you can determine if your tire needs to be replaced.

Our local counter parts, Goodyear, offer great tires specifically designed for the winter. Having specific tires for the winter might make all the difference from avoiding an accident amidst the unpredictable weather of Cleveland.

Evaluate All Possible Routes to Work

Driving might not always be the best route to work during the winter months when the roads start to get worse. Not only can driving become dangerous, but also inconvenient when it adds another 15 minutes onto your commute due to scraping the unwanted snow off your windshield and slower driving.

The RTA Transit operates during these winter months and could provide you with a more time efficient way to get to work. Choose your departure location, direction you want to go, and destination to see what time you will need to arrive at the RTA station. Not only is it consistent from point A to point B, but it is also stress-free. Driving in the winter can be stressful: worry less and live longer by taking the RTA.

Check you Car Weekly, Monthly, and Biannually 

The Consumerist writes a great article, “7 Things to Regularly Check on you Car to Save Money,” which describes what things need to be checked, how often, and how much money you could save. The list includes:

  1. Antifreeze (Biannually)
  2. Oil (Monthly)
  3. Air Filter (Monthly)
  4. Transmission Fluid (Monthly)
  5. Brake Fluid (Monthly)
  6. Tire Tread (Monthly)
  7. Tire Pressure (Weekly)

You will be surprised with how much money you will save and how much repairs that need to be made by checking these seven attributes. If you choose to neglect all of the precautions completely, I recommend doing it at least once before the year ends so you can save yourself any potential headache in the future.

Mentally Prepare Yourself

Tell yourself that you need to wake up 30-60 minutes earlier than you usually do. If your morning routine includes meditation (Headspace is a great app for beginners), showering, breakfast, or working out, please give yourself extra time to continue these habits.

Feeling rushed is not a pleasant feeling. Get up in time to enjoy your morning ritual and start your day off right so any unexpected trouble that winter brings does not make you late.

Be Aware of your Driveway Situation

Make sure your driveway is always shoveled. If you are short on cash, get up early and do it yourself as a great aerobic exercise to start the day off. If that’s the case, buy some necessary shoveling supplies from Home Depot and/or Ace Hardware.

You can also contact local snow removal contractors through TaskEasy and get a free quote today!

 

PhotoCredit: Phil Warren

3 Reasons that Will Make You Excited about Renter’s Insurance

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Photo Credit: Living in Monrovia

What’s awesome about renter’s insurance is that it’s inexpensive, covers all personal belongings, protects against injury lawsuits on your property, and almost anyone can get it.

Whether you’re a college student or brand new apartment owner, renter’s insurance can serve as a valuable investment.

How Much is the Average Renter’s Insurance Policy?

“According to the Independent Insurance Agents and Brokers of America, the average cost is only $12 per month, or $144 per year, for $30,000 of property coverage and $100,000 of liability coverage. That’s a fraction of what homeowners pay.”

That’s right only $12 a month. This is only $2 more dollars than a monthly subscription to Netflix, 2 venti pumpkin spice lattes, and one heck of a deal for any person on a budget.

The average renter’s insurance policy is inexpensive because it covers your personal belongings not the building structure like homeowner’s insurance.

That is why it’s significantly less than your average homeowner’s insurance policy.

It is your landlord’s responsibility to provide insurance for the building itself. It’s your responsibility to provide insurance for your personal property and any accidents that occur on your property.

I don’t have that much “stuff”. Why do I need Renter’s Insurance?

You have more “stuff” than you realize. For example, a college student’s personal belongings add up quickly such as a personal computer, tablet, bicycle, furniture, speakers, clothes, shoes, watches and jewelry.

In any event that any of this “stuff” is damaged or stolen, a renter’s insurance policy has the ability to replace these items. All policies are different so contact your current insurance agent to see what damages are actually covered and discover your policy limits.

Get a free quote for renter’s insurance and see how much your “stuff” is worth.

Nothing bad is going to happen. It won’t be worth it.

Let’s be real. Anyone can get hit with a natural disaster. Even though your typical renter’s will NOT cover these damages. According to FreeAdvice,

“fire or lightning, windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, smoke, vandalism or malicious mischief, theft, damage by glass or safety-glazing material that is part of a building, volcanic eruption, falling objects, weight of ice, snow, or sleet, water-related damage from home utilities, and electrical surge damage are covered by renter’s insurance.”

That is a list of unfortunate risks that you could be exposed to everyday and the RIGHT renter’s insurance policy will cover you.

Not to mention, larceny rates in America are ridiculous. Its astonishing to look at statistics depicting how much property theft is in each state based off this bar graph.

If you have friends over and they trip on your stairs, then you are liable. Depending on the severity of the injury, it could break your bank if you do not have renter’s insurance.

3 Takeaways for Renter’s Insurance

1. Affordable

2. You most likely have enough “stuff”

3. You are exposed to more risks than you think

Protect what you love, with agents you trust!

 

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