Insurance

What Is Title Insurance?

At some point during the mortgage process, you’ll be faced with this mysterious item known as “title insurance.” There are actual two types of title insurance. If you’re getting a mortgage, you’ll be required to get the first type. You may also opt to get the second type. Title Insurance Defined Title insurance offers protection in case there is a defect in the title. That is, in case…
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Flood Insurance Policy Basics

Most people who don’t live in hurricane regions don’t think they need flood insurance. Then a plugged storm drain overflows into their home and they discover that homeowner’s insurance doesn’t cover it. Regardless of where you live, you should consider adding flood insurance to your policy. Where to Get Flood Insurance Flood insurance is provided by the National Flood Insurance Program. Although you buy it through your homeowner’s…
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Homeowners Insurance Basics: What Kind of Policy Do You Need?

Like car insurance, a homeowners insurance policy is a necessity for every owner. Not only will it protect you in the event of theft, fire, or other disaster, but it offers protection if someone is injured on your property. Unfortunately, many people discover too late that they’re underinsured. Use my basic guide to determine how much insurance to buy and which policy elements to look for. Once you know…
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All About Disability Insurance

I’ve mentioned a couple times that my husband is receiving disability insurance while recovering from surgery. However, I was startled to discover recently that California is one of only five states with a state-run disability program. If you don’t live in one of these states (California, Rhode Island, Hawaii, New York, New Jersey), you should pursue other options for getting this insurance. How State Disability Programs Work In states that…
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Calculating the Benefits of Double Health Insurance

I have generous health insurance through my employer, which covers me and my spouse (and dependents, were I to have any) without cost to us. My husband also has free coverage for himself through his employer. That’s served us well in the past when our employers bought insurance through different insurers. My insurance counted payments from his primary coverage toward his deductible under my plan. They also covered…
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Mid-Year FSA Update

As I’ve mentioned before, we opted to contribute the maximum $2500 to our FSA account this year because we initially expected to pay $2000-$4500 in coinsurance for my husband’s surgery. As it turned out, we paid $0 in coinsurance, which meant we have to scramble to spend down the $2500. Half-Year FSA Check-In We use our FSA frequently, so I frequently check the balance and process requests for additional information.…
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How to Buy Individual Health Insurance

If you don’t have health insurance through your employer, or your spouse’s employer, you can either buy an individual health insurance plan, a family plan, or a group plan through a trade group or credit union to which you belong. The costs will be higher, but the cost of not having insurance is much higher. More than 50% of all bankruptcies are caused by medical bills. This basic…
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2 doctors checking a male patient for his blood pressure

Update on Dual Health Coverage

Six months ago I wrote a post about calculating the benefits of dual coverage health insurance. At the time, my employer was switching health insurance plans so that my husband and I would both have Anthem through our employers, and he would have dual Anthem coverage with different benefit levels. Once we learned he was scheduled for surgery, I called to find out how the benefits would be coordinated…
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A Reminder about Renter’s Insurance

Yesterday while driving to work, I heard a report about some of the people who have lost their homes in the Georgia floods. They are renters and their rented homes are gone, along with their stuff. They went to shelters seeking money, but found only food and a place to sleep. The Red Cross can’t provide vouchers until it gets government money and the state is strapped. If…
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Lessons from Celebrities: The Importance of Life Insurance

Whenever I hear about the deaths of celebrities like Heath Ledger and Brad Renfro, my first thought goes to the children they left behind. I pray that the surviving parents have the strength to help their children through this. I also hope that the celebrities listened to their financial advisors and arranged for trusts and life insurance. Most of us can only dream of earning the kind of…
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