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  • Best Landlord Insurance In Alaska For Your Rental Property!

    Owning Best Landlord Insurance In Alaska For Your Rental Property! can be a lucrative investment, but it also comes with risks, such as statewide vacancy rates of 3.9%, disasters, and accidents.

    And whether you’re a first-time landlord or have years of experience, you know that rental property insurance is necessary.

    In this post, we’ll cover thebest landlord insurance in Alaska, how much landlord insurance you’ll need, and help you find the most affordable landlord insurance companies in AK.

    Who Has The Best Landlord Insurance In Alaska For Rentals?

    Steadily offers the best landlord insurance in Alaska for rental properties. It provides tailored coverage for single-family homes, multifamily units, and vacation rentals. Steadily stands out for its fast online quotes, affordable premiums, and specialized protections for landlords, making it a top choice in the state.

    How Much Does Landlord Insurance In Alaska Cost?

    The national average cost for landlord insurance in Alaska is around $1,230 per year.  Generally, larger metropolitan areas can be expected to pay higher policies.

    How Much Is Landlord Insurance In Alaska Per Month?

    The average monthly cost for landlord insurance in Alaska is around $103  per month. However,  as stated above, landlord insurance costs vary per property.

    Factors That Affect Your Alaska Rental Insurance Quotes

    There are several factors that insurance companies consider when you’re getting a quote. Below, we cover some of the most important ones, which are:

    Your Building – The age of your property determines the cost of your insurance coverage. Is there any water in the pipes? When was the roof last replaced? Is it copper wiring or aluminum wire?

    Your Location – When it comes to determining your rental insurance rates, one of the most important factors that insurance companies consider is the location of your house.

    Credit History – You have a distinct credit score for insurance products developed specifically for you. Your rates will be lower if your credit score is higher. However, some states no longer allow insurance companies to use your credit to determine rates.

    Coverage Levels – When you start reviewing quotes, you will see that each insurance provider will let you choose various coverage options.

    Deductibles – A deductible is another alternative that you may customize to your budget. A deductible is a sum you must pay before insurance pays out.

    What Type Of Landlord Insurance Should A Property Owner Carry In Alaska?

    In Alaska, there are three distinct types of rental property insurance coverageto consider. They’re known as “forms,” and each has a different degree of coverage. Below we discuss the different types of landlord insurance coverages in detail:

    DP1 – Dwelling

    A named-peril policy (DP-1) is an insurance policy that protects you against a specific hazard. This implies the policy will pay for only those events expressly included in the coverage wording, and your insurance coverage will not compensate for anything else.

    DP2 – Replacement Cost

    The (DP-2) policy will give you more coverage than the DP-1. This is accomplished by extending the range of additional perils and providing reimbursement on a replacement cost rather than a cash value cost basis.

    DP3 – Open Peril

    The most popular landlord insurance policy is a DP-3 policy, an open peril policy. An Open Peril Policy means your coverage will cover damage caused by anything other than items on the prohibited list.

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    What Does Landlord Insurance In Alaska Cover?

    If you’re renting a property, your landlord insurance policy will cover the structure and land and provide enhanced general liability insurance to ensure you don’t have to worry about legal costs. If your home becomes uninhabitable, your income loss protection will come into action, reimbursing the rent that your tenant was supposed to pay.

    Property Damage

    Standard rental insurance includes this sort of coverage to repair or replace your property after a covered loss, such as fire, vandalism, or natural calamity.

    Loss Of Use Coverage

    If your property becomes uninhabitable because of issues such as a sinkhole, mold, or termites, your landlord policy rent loss coverage will come into play and pay you the rental income that a tenet would have paid.

    Liability Protection:

    Liability protection covers the medical bills or legal expenses incurred by a tenant or visitor if they are injured due to an apartment building care problem.

    You may select a broader range of coverage on your insurance policy or opt for a restricted variety of coverages at a lower price.

    • Water
    • Fire
    • Windstorm & Hail
    • Lightning
    • Lawsuits
    • Vandalism & theft
    • Riot and civil commotion
    • Injury

    What Type Of Rental Properties Will A Landlords Insurance Policy Insure?

    A landlord insurance policy will usually provide coverage for all sorts of rental dwellings, ranging from single-family homes to apartment complexes, including vacant, undergoing renovations, or being converted into a rental property. They can also cover AirBNBs and similar rentals.

    What Is Not Covered By Rental Property Insurance?

    Although landlord insurance is a certain safeguard for landlords to rent out their property, it does not cover everything. The following is a lists of conditions that landlord insurance does not generally cover:

    Flooding: Regardless of whether a flood occurs due to natural phenomena or an accident, you will need to buy flood insurance to cover those specific costs.

    Maintenance repairs: If an appliance, such as a stove or dishwasher, breaks down and doesn’t work correctly, landlord insurance will not cover the repairs or the money to buy a new one.

    Renter’s Personal Property: If the landlord fails to maintain the rental property and causes damage to the tenants’ possessions, and as a result, landlord insurance will not cover it. We recommend requiring all of your renters to obtain renters insurance to safeguard their belongings.

    Careless Tenants: Landlord insurance may not always cover irresponsible renters who fail to maintain your rental house properly. Property owners may have to consider additional protection against these sorts of claims.

    Does Homeowners Insurance Cover Rental Properties?

    No, A standard home insurance policy will not cover any income losses or liability claims resulting from a renter residing in their home while they are away on vacation, at work, or otherwise. If you own an investment property that’s rented out full time, landlord insurance rather than the usual homeowners policy is required for the protection of your business property.

    Do I Need Landlord Insurance By Law In Alaska?

    In Alaska, landlord insurance is not required by law, but it is a brilliant idea to get it. It’s a good idea to acquire landlord insurance if you rent and maintain your possessions because landlord insurance helps protect against the unexpected. It is important to note that your homeowner’s policy will most likely not cover any losses or damages caused by you or your renters.

    Who Should Buy Alaska Rental Property Insurance?

    Anyone who rents out their property or properties should have landlord insurance (also known as rental property insurance). Mainly because it may provide you with several advantages, including:

    • Financial protection against natural disasters
    • Protection against a tenant getting injured on your property
    • Coverage for fire and water damage
    • Coverage against legal liability

    Can A Landlord Require Renters Insurance In Alaska?

    Yes, as a Landlord, you can require your tenants to purchase renters insurance in Alaska, and it’s a win-win situation for everyone involved.

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    How To Get Your Free Landlord Insurance Quote In Alaska?

    If you’re a landlord in Alaska, it’s critical to have the right kind of insurance for your property, and if you are expanding your rental portfolio, you should also look into the Best Landlord Insurance In Arizona For Your Rental Property! The fastest way to get a free landlord insurance quote is to click on any of the above buttons to obtain quotes and be protected immediately.

    Frequently Asked Questions About Alaska Rental Insurance

    How much is landlord insurance in Alaska?

    The national average cost for landlord insurance policies in Alaska is around $126 per month or $1,516 per year. However, landlord insurance costs around $103 per month or $1,230 per year in Alaska. Generally, larger metropolitan areas can be expected to pay higher policies.

    Is landlord rental insurance worth it?

    Landlord insurance is worth it as a landlord to mitigate your risk and protect yourself from financial loss. However, you should always ensure that the monthly premium doesn’t cost more than what your property brings in on average every month; otherwise, it won’t be worth the cost of coverage.

    Is Geico landlord insurance good?

    Yes, Geico is a great option for landlords to purchase rental property insurance. However, It’s also worth noting that you should definitely review multiple quotes from multiple companies for the best rates. We like Progressive for landlord insurance in AK.

    What insurance is a landlord responsible for in AK?

    A landlord in Alaska is only responsible for the insurance on the building itself and not the property’s contents. To cover their property, tenants need a renter’s policy or an umbrella policy.

    Best Landlord Insurance In AL

    Best Landlord Insurance In Arizona

  • What Is Voluntary Life Insurance?

    There are several types of life insurance and trying to understand each of them can be time consuming. One of these policies is voluntary life insurance. But what is voluntary life insurance?

    I’ve prepared this guide to help you understand how voluntary life insurance works in 2022.

    What Is Voluntary Life Insurance?

    Like any other life insurance program, voluntary life insurance doles out a payment or death benefit to the beneficiary in your plan upon your death. Voluntary life insurance is a form of group life insurance, in which an employer takes out a supplemental life insurance policy on behalf of their employees to provide them with additional coverage. In other cases, you and your employer will work out an agreement in which you pay a portion, and the company pays the rest.

    Understand How Voluntary Life Insurance Works

    The name implies that the insurance is voluntary. Therefore, can you drop voluntary life insurance at any time? That partly depends on whether you get temporary voluntary life insurance—also known as term life—or permanent life insurance. But it also depends on whether your employer’s plan offers a conversion provision, which allows you to convert your group voluntary life insurance policy to an individual one.

    Similarly, portability allows you to take the insurance with you when you leave the company. However, in general, you can cancel voluntary life insurance during their company’s open enrollment period.

    If you’re trying to cancel voluntary life insurance outside of the open enrollment period, you’ll want to contact the insurance company. Check with your company’s human resources department for any further questions.

    Types of Voluntary Life Insurance

    Overall, the different types of voluntary life insurance include the following:

    Voluntary term life – This affordable plan covers a set amount of time and works best when purchased at a younger age.

    Voluntary permanent life (aka whole life) – Whole life insurance offers higher premiums than term life, but the premiums also don’t increase, which can be good if you’re looking for long-term life insurance coverage. As part of their voluntary life insurance policies, some companies will offer what’s called guarantee issue.

    If you meet certain criteria, such as signing up during your company’s enrollment period and actively working at the time of application, you can qualify for guarantee issue. It provides life insurance automatically—up to a certain amount of coverage—without requiring you to take a medical exam or answer health-related questions to receive coverage. Guarantee issue can be a lifesaver for individuals who are worried that they may be denied coverage due to underlying medical conditions.

    However, if you need coverage above the guarantee issue, you will need to submit to a medical questionnaire and a potential physical exam. Your spouse and dependent children may also receive partial coverage through guarantee issue.

    This form of coverage for your dependents is known as dependent group life insurance, which may help with funeral costs and other related expenses if your spouse or child unexpectedly dies. Finally, many voluntary life insurance policies will contain provisions for accidental death and dismemberment, also known as Voluntary AD&D.

    Basic Life Insurance Vs. Voluntary Life Insurance

    In the insurance business, basic life insurance usually refers to term life insurance.

    Term life insurance is the most common life insurance policy and lasts for a fixed amount of years.

    In the case of basic life insurance, the employer pays all the costs.

    However, basic life insurance programs usually cap coverage at $25,000 or $50,000.

    That’s why some employees choose to purchase a voluntary life insurance supplement to get higher coverage and greater protection throughout their lifetime.

    Should You Get Voluntary Life Insurance?

    Regarding voluntary life insurance Dave Ramsey generally disapproves.

    Ramsey states that employer life insurance premiums increase each year and that there are many circumstances—such as being diagnosed with a medical condition and leaving the company—that could make it difficult to get new insurance. It’s true that you may not want life insurance tied to your employer. What if you decide the company is no longer a good fit, and you want to leave, potentially losing your coverage?

    In the twenty-first century, it’s becoming less likely that you’ll stay with an employer until retirement.

    Plus, you may want to have the greater flexibility that comes with shopping around for your own plan.However, if you foresee that you’ll be working for your employer in the long run, it may be worth considering voluntary life insurance, if only for convenience.

    Your employer will usually let you decide the amount of coverage that you need.

    Additionally, some employers allow continuation of coverage or portability measures that let you keep the life insurance policy when you leave the company. Plus, if you qualify for the guarantee issue, you can bypass some of the usual headaches that people with pre-existing medical conditions deal with.

    If you have a spouse or young child, you may want to get dependent life insurance through your employer.

    How Much Voluntary Life Insurance Do I Need?

    By this point, you’re probably wondering, “How much voluntary life insurance should I have?

    Especially since maximum coverage amounts for voluntary life insurance vary wildly among employers and insurance companies.

    For example, under The Hartford’s voluntary life insurance plan, the guarantee issue ranges between $100,000 and $250,000 (in increments of $25,000), with a guarantee issue maximum of $50,000 for your spouse and $10,000 for your dependent child.

    But if you work for The Scripps Research Institute, with a spouse, you can seek up to $500,000 (in increments of $10,000) during the open enrollment period. However, the guarantee issue is only up to $50,000.

    So, the question you’ll want to ask is whether the guarantee issue will suffice, or if you foresee any additional expenses down the road (such as unexpected health issues) that may warrant going above the guarantee issue.

    Taking Action

    You may still be debating between group voluntary life insurance through your employer and individual life insurance plans that you purchase on your own.

    In my opinion, unless there is a medical reason stopping you from getting covered, you should never go without a personal (individual) life insurance policy for yourself.

    If you need life insurance, you can get immediate quotes and coverage by clicking clicking here or on any of the above buttons.

  • Why Buy Life Insurance? 15 Reasons Plus Tips!

    Passing up the “buy life insurance” item on your to-do can be very easy.

    In fact, most people would actually prefer to do their own taxes than Why Buy Life Insurance?

    But what if I told you:

    There are a ton of reasons why you need buy life insurance and that the longer you wait the higher the financial risk for your family

    In this post today I will go over a detailed list of why you need to buy life insurance and why you should stop procrastinating about protecting your family’s future.

    Why Buy Life Insurance?

    I have learned that life insurance isn’t for yourself, it is for the people you leave behind, this has inspired my list of 15 reasons why you need life insurance.

    1. To Protect A Special Needs Child

    I have a brother and sister that are both autistic and even though they are currently teenagers, they still require a ton of supervision and attention.

    I love them with all of my heart but I know that when my father passes away they would be in a very bad position if he didn’t have life insurance.

    They have to go to special schools and take extra classes and really need someone that can take responsibility for them around the clock.

    I don’t know if we consider this enough but according to care.com a nanny that has a focus on special needs children could cost up to $20.00 per hour.

    The math on this type of care for 1 year can bankrupt the average family if they needed full-time care.

    To watch my brother and sister for let’s say 6 hours per day would cost:

    • $600 Per Week
    • $2,400 Per Month
    • $28,000 Per Year

    If you are the person primarily responsible for any special needs child, not having life insurance is irresponsible at best.

    Leaving kids without any financial support that can’t fend for themselves is just wrong.

    I made sure my brother and sister were covered if something happens to my father.

    2. Paying Final Expenses

    When you pass away there are going to be several final expenses that need to be paid.

    The one that of course stands out the most is your burial.

    While the SSA will pay out a $255 death benefit, it is about $9,700 short of what the average cost of a burial is in the U.S.

    Below is a list of things that will need to be covered for your funeral:

    • embalming: $500
    • the funeral director’s services: $1,500
    • cost for using the funeral home: $500
    • Cost Of A Grave Site: $1,000
    • cost to dig the grave: $600
    • cost of a headstone: $1,500
    • cost of a grave liner: $1,000

    As you can easily tell, this list starts to add up very fast and if you don’t have life insurance your family might be having to run a GoFundMe campaign which isn’t life insurance.

    3. Cover Children’s Expenses – Day Care

    According to Very Well Family the average cost of center-based daycare in the United States is $11,666 per year ($972 a month), but prices range from $3,582 to $18,773 a year ($300 to $1,564 monthly).

    Paying upwards of $18,000 a year is extremely expensive and if you have more than one child the price doubles or triples.

    It is important to make sure that you have enough life insurance in place if you have small children to make sure you can take care of their daycare expenses.

    If you had to keep your child in day care until they were old enough to go to pre-school – usually around age 3, that would be anywhere from $10,000 up to $56,000 over that time span.

    4. To Replace Your Spouse’s Income

    One of the largest reasons to purchase life insurance is income replacement.

    I usually suggest that families get at least 15 to 20X(times) their annual income in life insurance to make sure there is enough money to replace the lost income.

    If your family is used to living on $75,000 and and that income goes away how long do you think they will be able to survive.

    They could lose the home, have to move and change the kids schools, a ton of things can happen when income goes to $0.00 no matter what lifestyle you have.

    It is essential to make sure you have enough coverage to replace your spouses income for a long period of time.

    5. Cover Real Estate Investments

    If you have real estate investments that your family is supported by, they will need life insurance to keep things running.

    Imagine having multiple properties and they are unable to keep them up to code or pay the correct management company to keep the business going.

    You could have several rents that are due on a monthly basis, maintenance fees, paying any employees and keeping landlord insurance policies active.

    Having cash on hand to handle any unexpected issue with your real estate investments is smart and there is no better protection than life insurance.

    6. Pay Off Debts

    If you are married or live in a community property state, your spouse is probably going to be responsible for your debt if you pass away.

    Credit card bills, auto loans, the mortgage, business loans, you name it.

    For this reason alone you need to have life insurance for yourself and your spouse.

    Life insurance can quickly get rid of the debt and allow you to start over on a new financial journey.

    7. It Can Be A Forced Savings Account – Return of Premium

    The return of premium term life insurance policy gives you the best of both worlds.

    It acts as both a life insurance policy and a savings account and while the premiums can be more expensive than your average term policy, they are much more affordable than whole life.

    The way a return of premium policy works is that if you outlive your term policy it will pay back to you all the premiums you paid into the policy in a lump sum check.

    If you pass away before the term ends, it will pay out 100% of the life insurance proceeds to your beneficiaries.

    In essence, think of this as a forced savings account with a free life insurance policy attached.

    8. To Buy a Business Partner’s Shares

    Another solid reason to have life insurance is if you are a partner or key-person inside of a business.

    You might not understand all the ways of financing or funding a business and if they pass away you want to be able to purchase their shares from the family members that might not want to be part of the business.

    If you don’t have those funds you would be stuck with partners that really can’t help the business grow.

    Also, if you invested into a small business with someone and they were the primary employee that would make everything run, you probably want coverage on them.

    It’s best to protect yourself and your business.

    9. Because “People” Kill People

    I am sure you have heard the old saying, “Guns don’t kill people, people kill people.”

    Well that couldn’t be more true now than ever, I just read a story that really upset me – I was really pissed.

    An unknown group of cowards did a drive by shooting into the house of a single father who is raising 7 kids.

    The shooting killed an 11 year old boy while he slept in his room with his other siblings.

    It’s some of the worst news I have heard this week so far, but there is probably worse news to come.

    Unfortunately we live in a world where people can’t seem to stop killing.

    It’s important to have coverage on everyone in your family.

    10. College Planning

    According to College Data the average cost of college is – $34,740 at private colleges, $9,970 for state residents at public colleges, and $25,620 for out-of-state residents attending public universities.

    No matter what way your kids plan to go to college it will be a hefty cost behind it and if you want them in the best schools, they will need money available to attend college.

    Having enough life insurance to cover a few years of college tuition for your kids is an essential part of planning out how much life insurance you need.

    Why put your kids in a position of hoping to get scholarships or having to work through college to pay for school.

    And we definately don’t want them getting student loans.

    How Much Coverage Should You Buy?

    The average insurance agent will tell you that you want to have 10X (times) your annual income.

    However, in my mind that means you will only have enough coverage to protect your family for 10 years.

    So, I usually recommend between 15 and 20 times your annual income.

    If you make $50,000 per year, would you want to leave your family with a $500,000 life insurance policy or a $1,000,000 life insurance policy?

    The way it works is that most insurance companies allow you to purchase up to 30(X) times your annual income.

    It doesn’t go past that because life insurance wasn’t created to make people rich, only to supplement a lost income.

    Also, once you go past $2 Million in coverage life insurance companies may start to do financial underwriting to make sure you have the assets and can afford the policy.

    Exam or No Exam Life Insurance?

    You have two primary ways to apply for life insurance and that is with an exam or without an exam.

    Both options have their advantages and disadvantages but it is going to come down to what option is the most convenient and affordable to you.

    A no exam policy is going to cost a bit more per month than a policy without an exam; however, going the traditional route with an exam is going to cost you more time.

    Exam Life Insurance

    • Up To 3 Weeks For Approval
    • Medical Records Requested
    • Medical Exam Required
    • Can Have Lower Rates

    No Exam

    • Instant or Next Day Approval
    • No Medical Records Requested
    • No Medical Exam Required
    • A Bit More expensive

    As you can see, these products are almost evenly matched so do you want your coverage faster or do you want to save a few bucks?

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    Whole Life or Term Life

    The two primary types of life insurance you can purchase is permanent life and term life insurance. The most common type of permanent life insurance is whole life insurance. Whole life insurance is much more expensive than term life insurance.

    Term life insurance is not only the most affordable option between the two but it is also much easier to understand. Whole life builds cash value over time that can be borrowed against but it isn’t something I ever recommend doing.

    Whole Life

    • Builds Cash Value
    • Last Your Entire Life
    • Up to 30 times more expensive
    • more complicated product

    Term Life

    • Much More Affordable
    • Last For A Specific Term Length
    • Doesn’t Build Cash Value
    • easy to understand

    You don’t have to take my word for it either, we asked over 40 personal finance experts which option is best and almost all of them chose term life over whole life.

    Taking Action

    Hopefully, this list has helped you realize why you should have life insurance and what it will mean to your family if you don’t have coverage. Feel free to click here, use our quoter, or the button above to get some quick quotes and get covered today.

  • Best Renters Insurance In Wisconsin For Apartments & Homes!

    The best renters insurance for the 33% of the Wisconsin residents that rent will depend on their individual needs and budget.

    If you are a new renter, need a more affordable rate, or need renters insurance for an apartment or home in WI, then you’re in luck.

    We made this quick and easy guide to help you work through the daunting task of buying a renters insurance policy in Wisconsin.

    Finding insurance for an apartment or house has never been this easy, if you’re looking for affordable pricing and quality protection from top-rated companies, then keep reading.

    How Much Is Renters Insurance In Wisconsin?

    The average cost of renters insurance in Wisconsin is $9.91 per month or $119 per year. Wisconsin renters insurance is more affordable than the annual U.S. average of $187 by $68 annually when renting an apartment or single-family home.

    Who Has The Cheapest Renters Insurance In Wisconsin?

    Lemonade has some of the best cheap renters insurance rates in Wisconsin, and they offer one of the easiest and fastest ways to get renters insurance coverage.

    However, renters should compare rates and policies with multiple companies to ensure they get the best deal for themselves.

    With Lemonade, you can also bundle your homeowners insurance and very soon bundle auto insurance policies as well to get even lower rates on your coverage overall.

    What Factors Impact The Renters Insurance Premium?

    The renters insurance cost in Wisconsin will vary depending on several factors such as:

    Where you live – Different cities in Wisconsin will always have a different renters insurance rate, depending on environmental risks, such as fire and crime. If your home or apartment has security cameras or you live in a gated community, this could also reduce your cost.

    Your deductible – A higher deductible usually means lower monthly payments. Would you instead pay less monthly and more at once, or would you instead pay more monthly and a lower deductible if you need to use your coverage? It depends on what is best for your budget and your personal belongings.

    How much coverage you need – What items are you covering? If your belongings have a value that exceeds the minimum coverage, you might want to increase the limit on your renters insurance policies. However, such a change might increase the cost of your renters’ insurance.

    What Does Renters Insurance Cover In Wisconsin?

    Renters insurance covers your personal property and liability if you are legally liable for any injuries or damages caused to someone else. Below we go over each area of coverage in more detail.

    Personal Property Coverage

    Personal property coverage means that if something happens to your belongings, the insurance company will give you money to replace them at either cost or current value (depending on your type of policy).

    Personal Liability

    Personal liability insurance will cover you if someone decides to sue you after getting hurt at your house. The insurance company will pay the legal costs and any settlement to the injured party.

    Medical Payments

    Medical expenses go hand in hand with personal liability protection. So, for example, if someone sues you because they hurt themselves at your house, this coverage will take care of their medical bills.

    Loss Of Use (also called Additional Living Expenses – ALE)

    Loss of use coverage means that if something happens to your home and cannot live there because of the damage, your insurance company will reimburse your living costs.

    What Items Will Renters Insurance Cover In Wisconsin?

    In Wisconsin, renters insurance, also called personal property insurance, covers everything you own that’s portable, temporary housing if your home becomes uninhabitable, and injuries sustained by other people at your residence.

    Coverage options include things such as:

    • Clothing
    • Computers
    • Other Electronics
    • Appliances
    • Jewelry (up to a limit)
    • Medical expenses and legal fees if someone is injured on your property
    • Accidental damage to someone else’s property
    • Weather – damage from the weight of snow, frozen pipes, lightning, or windstorms.

    What Type Of Damage Does Renters Insurance Cover In Wisconsin?

    A renters insurance policy will provide low-cost coverage for you and your belongings for things like:

    • Fire
    • Riots
    • Smoke Damage
    • Vandalism
    • Theft
    • Windstorm
    • Water Damage
    • Visitor injuries
    • Vehicle impact (to property)
    • Damage from the weight of snow
    • Frozen Pipes
    • Lightning

    What Does Renters Insurance Not Cover In Wisconsin?

    Renters Insurance usually will not cover anything outside your dwelling and might not cover property damage for all perils. Below is a list of a few things usually not covered on your renters’ policy:

    • Bed bugs and pests – The majority of renter’s insurance policies will not cover damages associated with bed bugs, with limited exceptions. Along with other pests, such as rodents, they are considered a maintenance issue and are therefore ineligible for coverage under your typical renter’s policy.
    • Earthquake and flood damage – Renters coverage does not usually include earthquake or flood damage. Still, if you live in a high-risk area and can’t get earthquake or flood coverage through your renters policy, you’ll need to purchase an additional policy for those perils. But, again, speak with your renters insurance company about these options, as they’re often available to add-on.
    • Car theft or damage – If you own a car, the renter’s policy will not cover damage or theft. Your best option is to purchase a comprehensive insurance package that also protects your vehicle from collisions and weather-related damage. This way, your auto and renters insurance can work in tandem.

    Will Renters Insurance Cover My Roommate In Wisconsin?

    With such high housing costs, many Wisconsin residents have roommates to offset expenses.

    However, renters insurance does not cover any damage costs associated with your roommate’s belongings unless they are listed on the policy, and you split the cost of renters insurance.

    Renters insurance will cover anyone listed on the policy. Thus, if your roommate’s name is on the policy, they have coverage.

    However, we would not recommend adding roommates unless they are related or a spouse. Adding a non-relative to your policy may save you some money, but it will split coverage among all those assigned to the policy.

    So if your policy covers up to $20,000 in damage, you and your roommate would only be covered for up to $10,000 each. 

    Is Renters Insurance Required By Law In Wisconsin?

    A renters insurance policy is usually not required by law in Wisconsin, although many landlords may require it for you to live on their property. The landlord’s insurance will only cover the building you live in, so it is wise to consider protecting your property with renters insurance.

    Can A Landlord Require Renters Insurance Coverage In Wisconsin?

    Yes, it is quite possible to have a landlord require renter’s insurance in Wisconsin. They may make renters insurance mandatory and ask for their or the property manager’s name to be covered under your policy as an “additional insured” individual.

    In addition to this protection, most landlords will also ask for a minimum amount of coverage during lease signing.

    How To Reach The WI Department Of Insurance?

    The best way to contact the Wisconsin Department of insurance is by phone at (608) 266-3585 or toll free at (800) 236-8517

    You can also reach them via email at: ocicomplaints@wisconsin.gov

    You can reach the Wisconsin Department of Insurance at the below mailing address:

    Mailing Address:

    Office of the Commissioner of Insurance,

    P.O. Box 7873,

    Madison, WI 53707-7873

    Physical Address:

    Office of the Commissioner of Insurance,

    125 South Webster Street,

    Madison, WI 53703-3474

    For more information about the Wisconsin Department of Insurance, you can visit their website at:

    https://oci.wi.gov/Pages/AboutOCI/OCIAddPhone.aspx

    Where Can I Apply For Renters Insurance In WI?

    Applying for renters insurance in Wisconsin is easy and can take just a few minutes. The best way to get quotes and apply for coverage is online because most companies have a free online process that will deliver a quote within seconds or minutes.

    Here’s how:

    1. 1Get Your Personal Information Together. You will need your name, address, and Social Security number. The online forms guide you through several questions to learn more about the rental you will be living in and what coverage you need.
    2. 2View Your Instant Quote. Once you have your info, you want to click here or any of the above buttons to start the quote process. Once you have your quotes and pick the coverage option that works best for you, it’s time to get covered.
    3. 3Start Your Online Application. Once you have all of your personal information together, your next step will be to start the application. Again, this will be easy by just following the prompts after you complete your quote.
    4. 4Pay For Your Policy & Print Your Proof Of Insurance. Once your policy has been approved and paid for, simply print out your proof of insurance, and you’re covered.

    Taking Action

    Renters insurance is a necessity for renters who want to protect themselves from the unexpected. It covers your personal belongings in case of a fire, theft, or other disasters.

    In Wisconsin, renters insurance isn’t required by law; however, landlords can direct you to have coverage before moving into your apartment or rental.

    After reading this post, if you are still unsure of which company in Wisconsin to choose or how much it will cost, all you need to do is click here to get some instant quotes and get covered today.

    Frequently Asked Questions

    How much is renters insurance per month in Wisconsin?

    Renters insurance costs $9.91 a month on average in Wisconsin; however, the average cost of renters insurance varies by the size and value of your rental property, so you might find renters insurance is cheaper if it’s worth less than $100K or more expensive for those with larger properties worth over $400K.

    What is the best renters insurance in Wisconsin?

    The best renters insurance company in Wisconsin is Lemonade because they have some of the best coverage options, affordable premiums and can cover you in less than 5 minutes 100% online. Lemonade offers renters insurance in Wisconsin for as little as $9 per month.

    Is renter’s insurance worth it?

    Yes, renters insurance is worth it because it protects your possessions and has other benefits such as paying for some personal property losses, such as the cost of repairing or replacing the furniture that is damaged by fire from a lightning strike.

    Can I buy renters insurance online?

    Yes, you can buy renters insurance instantly online from most companies. Most of the top A-rated companies have an application process that is 100% online where you can get quotes, apply for coverage, and make payments, all without speaking to an agent.

  • Best Condo & HO6 Insurance In Georgia!

    If you’re like the Georgia condo insurance, you might be wondering how to get the best condo insurance for your investment.

    Surprisingly, most individuals are unaware that HO6 insurance rates differ significantly between insurance companies – often by hundreds of dollars each year!

    You should always get more than one h06 insurance quote to ensure you’re getting the best deal when you are shopping for coverage.

    So read through our post reviewing the top condo and HO6 insurance providers in Georgia before purchasing new coverage or renewing your existing policy this year.

    What Is The Average Annual Cost Of Georgia Condo Insurance?

    The average annual cost of condominium insurance is $493, or about $41 per month. However, bear in mind that the final price will vary for all condo owners depending on where you reside, your deductible amount, liability coverage options, and other plan options.

    What Affects the Costs of Your Condo Insurance Georgia?

    Where you reside – The expense of condominium insurance varies from city to city depending on such factors as the presence of fire risks and criminal activity. Security measures such as security cameras or living in a guarded community can also lower homeowners insurance premiums.

    Your deductible – A higher deductible implies lower monthly payments. Would you prefer to pay less each month and spend more at once or pay more each month while having a larger deductible? It depends on your budget and personal belongings. Always be mindful when viewing any Georgia condo insurance quotes.

    How much coverage you need – What items are you covering? If your belongings have a value that exceeds the minimum coverage, you might want to increase the liability coverage limit on your homeowners insurance policy. However, such a change might increase the cost of your home insurance plan.

    How Much Georgia Condo Insurance Do I Need?

    Your condo insurance policies should have at least $300,000 to $500,000 in coverage if you can afford it. The final amount of coverage that you’ll need will be determined by the expenditures of replacing various items.

    However, most condo insurance covers at least $100,000 in losses, and they generally cover the value of your unit on a condo with a mortgage.

    You should also think about additional coverage for things such as:

    Your Home Office – You can’t forget equipment inside your home office either. Our home offices are just as equipped as actual offices nowadays, so be mindful of the costs.

    Furnishing Your Home – It’s easy to stack up over $25,000 in furniture when you think about furnishing your home with dining sets, bedroom sets, and other types of chairs and ottomans.

    Things Like Art – While some people collect coins and stamps, others (like myself) have an action figure collection. Anything that is considered to have Exceptional Value should be covered.

    Your Personal Property – Things like your clothes, shoes, or other personal property should be accounted for in detail. You don’t want a policy that can’t cover all of your personal items due to a covered loss.

    Use Our Calculator For Extra Help – We created a pretty cool condo insurance calculator that you can use to understand better how much coverage you need.

    When you decide how much condo insurance you need, it’s best to act like a detective. You should also determine if you have specific risks like an exotic pet.

    What Does HO6 Insurance Cover In Georgia?

    It’s critical to know what your condo insurance protects and won’t protect. We’ll go through everything that condo insurance covers:

    Personal Property Coverage

    The coverage of your personal belongings is an essential part of a condo insurance policy. If your items are stolen or destroyed due to a covered loss such as fire or water damage, they will be compensated.

    This coverage will generally cover your belongings on a replacement cost basis. Replacement cost coverage is when the insurance company reimburses you what it would cost to replace the item today, not what you paid for it previously (known as actual cash value replacement. You always want to be sure you have a replacement cost policy when searching for condominium insurance.

    Personal Liability

    If you have ever found yourself watching an episode of Judge Jerry (Yes, Jerry Springer has a show as a judge now), you might find it odd that family and friends sue each other.

    This is precisely why you need this type of coverage; if your friend or family member is injured inside your unit, condo insurance will help pay for their medical expenses and protect you financially with legal expenses if they decide to sue. You would be surprised at how much the defense costs.

    Damage To Interior Structure

    The one thing you have to remember is that when you buy a condo, you only own what’s inside the unit. This means you still need coverage for your walls, floors, ceilings, and counter-tops, and these items are specifically covered by your condo insurance.

    Loss Of Use

    Suppose you can no longer live in your unit because of damage caused by a covered loss. In that case, your policy will help cover your living expenses such as hotel and travel costs or other additional living expenses while your unit is being repaired.

    What Doesn’t Condo Insurance Cover In The State Of Georgia?

    Although condo insurance covers a lot of things, it does not cover the following items:

    • Floods
    • Earthquakes 
    • Wear And Tear
    • Nuclear Hazards
    • Intentional Injuries To Others
    • Damage From Birds,
    • Destruction From Rodents
    • Damage From Insect

    What Will My HOA Master Policy Cover In GA?

    The HOA’s “master policy” in Georgia typically covers damage and personal injury. The Home Owners Association’s policy should cover repairs to the property’s common areas such as:

    • Roofs
    • Common Walls
    • Lobbies or atriums
    • Stairwells
    • Elevators
    • Basements
    • Fitness centers 
    • Pools
    • Ponds & Lakes
    • Playgrounds.

    Is Loss Assessment Coverage included in Georgia Condo Insurance?

    In Georgia, our condo insurance plans cover up to $2,000 in claim compensation. It may assist pay the common loss payment for your HOA.

    Condo Insurance Vs. Home Insurance & Renters Insurance

    Condo Insurance

    Condo insurance is only for your personal property and internal structures, your condo policy will cover:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Coverage For Loss Assessment 

    Homeowners Insurance

    Homeowners insurance is the best defense you can give your family from a disaster and usually covers:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Loss Assessment 

    Renters Insurance

    Renters insurance is only for your personal property, your renters policy will usually cover:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Loss Assessment Coverage

    Is Condo & Townhome Insurance The Same Policy?

    A townhouse owner is generally responsible for both the inside and outside of the property since everything on the lot it’s built on is their responsibility.

    A condo-unit insurance policy is an HO-6, whereas a townhome insurance policy is an HO-3.

    Is H06 Condo Insurance Required By Law In Georgia?

    Although there are no laws in Georgia requiring condominium homeowners to obtain insurance, obtaining a policy is the best thing you can do for your condo unit.

    Your primary residence will be one of the most important purchases you’ll ever make, not insuring it would be a big blunder.

    Also, keep in mind that just because it isn’t required by law doesn’t mean your mortgage lender or condo association won’t require it.

    Can A Mortgage Lender Require Condo Insurance Coverage In Georgia?

    Yes, before you can officially buy your condo, your mortgage lender will require that you purchase condo insurance.

    Once you pick the insurance company that you think would be best to cover your newly bought home, they’ll tell you your premium, and you’ll set your coverage to begin on the day of your closing.

    Your lender will want you to have homeowners insurance lined up and ready to go before you come to the closing.

    How Can I Get A Condo Insurance Quote Online In Georgia?

    You can get quotes on your condo and coverage online in Georgia, here, at Simply Insurance.

    Buying coverage online is the quickest and simplest method to obtain coverage.

    All you have to do is click here to get some instant quotes and get covered today.

    Georgia Condo Insurance Frequently Asked Questions

    What is the average monthly cost of condo insurance in Georgia?

    The typical condo insurance cost per month is around $41. in Georgia. However, keep in mind that final rates and costs all depend on your specific needs and situation.

    Is condo insurance expensive?

    No, compared to a traditional homeowners insurance policy, condo insurance isn’t that expensive.

    Is insurance higher on condos?

    Depending on your specific situation, insurance is usually NOT higher on condos than it is on a traditional single-family home. The primary reason is that someone living in a Condo will need less coverage for their home, which in turn means they will pay less on a monthly basis.

    Do you really need condo insurance?

    It’s always a good idea to get condo insurance. Even if you don’t have any valuables, you may want liability protection. Most condo homeowners associations also demand that owners carry insurance.

  • Best Condo & HO6 Insurance In Nevada!

    If you’re like the 942,433 Nevada residents that own a condo, you might be wondering how to get the best condo insurance for your investment.

    Most individuals are unaware that Nevada condo insurance rates differ significantly between insurance companies – often by hundreds of dollars each year!

    So read through our post reviewing the top condo and HO6 insurance providers in Nevada before purchasing new coverage or renewing your existing policy this year.

    What Is The Average Annual Cost Of Nevada Condo Insurance?

    The average annual cost of condominium insurance is $424, or about $35 per month. However, bear in mind that the final price will vary for all condo owners depending on where you reside, your deductible amount, liability coverage options, and other plan options.

    What Affects the Costs of Your Condo Insurance Nevada?

    Where you reside – The expense of condominium insurance varies from city to city depending on such factors as the presence of fire risks and criminal activity. Security measures such as security cameras or living in a guarded community can also lower homeowners insurance premiums.

    Your deductible – A higher deductible implies lower monthly payments. Would you prefer to pay less each month and spend more at once or pay more each month while having a larger deductible? It depends on your budget and personal belongings. Always be mindful when viewing any Nevada condo insurance quotes.

    How much coverage you need – What items are you covering? If your belongings have a value that exceeds the minimum coverage, you might want to increase the liability coverage limit on your homeowners insurance policy. However, such a change might increase the cost of your home insurance plan.

    How Much Nevada Condo Insurance Do I Need?

    Your condo insurance policies should have at least $300,000 to $500,000 in coverage if you can afford it. The final amount of coverage that you’ll need will be determined by the expenditures of replacing various items.

    However, most condo insurance covers at least $100,000 in losses, and they generally cover the value of your unit on a condo with a mortgage.

    You should also think about additional coverage for things such as:

    Your Home Office – You can’t forget equipment inside your home office either. Our home offices are just as equipped as actual offices nowadays, so be mindful of the costs.

    Furnishing Your Home – It’s easy to stack up over $25,000 in furniture when you think about furnishing your home with dining sets, bedroom sets, and other types of chairs and ottomans.

    Things Like Art – While some people collect coins and stamps, others (like myself) have an action figure collection. Anything that is considered to have Exceptional Value should be covered.

    Your Personal Property – Things like your clothes, shoes, or other personal property should be accounted for in detail. You don’t want a policy that can’t cover all of your personal items due to a covered loss.

    Use Our Calculator For Extra Help – We created a pretty cool condo insurance calculator that you can use to understand better how much coverage you need.

    When you decide how much condo insurance you need, it’s best to act like a detective. You should also determine if you have specific risks like an exotic pet.

    What Does HO6 Insurance Cover In Nevada?

    It’s critical to know what your condo insurance protects and won’t protect. We’ll go through everything that condo insurance covers:

    Personal Property Coverage

    The coverage of your personal belongings is an essential part of a condo insurance policy. If your items are stolen or destroyed due to a covered loss such as fire or water damage, they will be compensated.

    This coverage will generally cover your belongings on a replacement cost basis. Replacement cost coverage is when the insurance company reimburses you what it would cost to replace the item today, not what you paid for it previously (known as actual cash value replacement. You always want to be sure you have a replacement cost policy when searching for condominium insurance.

    Personal Liability

    If you have ever found yourself watching an episode of Judge Jerry (Yes, Jerry Springer has a show as a judge now), you might find it odd that family and friends sue each other.

    This is precisely why you need this type of coverage; if your friend or family member is injured inside your unit, condo insurance will help pay for their medical expenses and protect you financially with legal expenses if they decide to sue. You would be surprised at how much the defense costs.

    Damage To Interior Structure

    The one thing you have to remember is that when you buy a condo, you only own what’s inside the unit. This means you still need coverage for your walls, floors, ceilings, and counter-tops, and these items are specifically covered by your condo insurance.

    Loss Of Use

    Suppose you can no longer live in your unit because of damage caused by a covered loss. In that case, your policy will help cover your living expenses such as hotel and travel costs or other additional living expenses while your unit is being repaired.

    What Doesn’t Condo Insurance Cover In The State Of Nevada?

    Although condo insurance covers a lot of things, it does not cover the following items:

    • Floods
    • Earthquakes 
    • Wear And Tear
    • Nuclear Hazards
    • Intentional Injuries To Others
    • Damage From Birds,
    • Destruction From Rodents
    • Damage From Insect

    What Will My HOA Master Policy Cover In NV?

    The HOA’s “master policy” in Nevada typically covers damage and personal injury. The Home Owners Association’s policy should cover repairs to the property’s common areas such as:

    • Roofs
    • Common Walls
    • Lobbies or atriums
    • Stairwells
    • Elevators
    • Basements
    • Fitness centers 
    • Pools
    • Ponds & Lakes
    • Playgrounds.

    Is Loss Assessment Coverage included in Nevada Condo Insurance?

    In Nevada, our condo insurance plans cover up to $2,000 in claim compensation. It may assist pay the common loss payment for your HOA.

    Condo Insurance Vs. Home Insurance & Renters Insurance

    Condo Insurance

    Condo insurance is only for your personal property and internal structures, your condo policy will cover:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Coverage For Loss Assessment

    Homeowners Insurance

    Homeowners insurance is the best defense you can give your family from a disaster and usually covers:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Loss Assessment

    Renters Insurance

    Renters insurance is only for your personal property, your renters policy will usually cover:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Loss Assessment Coverage

    Is Condo & Townhome Insurance The Same Policy?

    A townhouse owner is generally responsible for both the inside and outside of the property since everything on the lot it’s built on is their responsibility. A condo-unit insurance policy is an HO-6, whereas a townhome insurance policy is an HO-3.

    Is H06 Condo Insurance Required By Law In Nevada?

    Although there are no laws in Nevada requiring condominium homeowners to obtain insurance, obtaining a policy is the best thing you can do for your condo unit.

    Your primary residence will be one of the most important purchases you’ll ever make, not insuring it would be a big blunder.

    Also, keep in mind that just because it isn’t required by law doesn’t mean your mortgage lender or condo association won’t require it.

    Can A Mortgage Lender Require Condo Insurance Coverage In Nevada?

    Yes, before you can officially buy your condo, your mortgage lender will require that you purchase condo insurance.

    Once you pick the insurance company that you think would be best to cover your newly bought home, they’ll tell you your premium, and you’ll set your coverage to begin on the day of your closing.

    Your lender will want you to have homeowners insurance lined up and ready to go before you come to the closing.

    How Can I Get A Condo Insurance Quote Online In Nevada?

    You can get quotes on your condo and coverage online in Nevada, here, at Simply Insurance.

    Buying coverage online is the quickest and simplest method to obtain coverage.

    All you have to do is click here to get some instant quotes and get covered today.

    Nevada Condo Insurance Frequently Asked Questions

    What is the average monthly cost of condo insurance in Nevada?

    The typical condo insurance cost per month is around $35. in Nevada. However, keep in mind that final rates and costs all depend on your specific needs and situation.

    Is condo insurance expensive?

    No, compared to a traditional homeowners insurance policy, condo insurance isn’t that expensive.

    Is insurance higher on condos?

    Depending on your specific situation, insurance is usually NOT higher on condos than it is on a traditional single-family home. The primary reason is that someone living in a Condo will need less coverage for their home, which in turn means they will pay less on a monthly basis.

    Do you really need condo insurance?

    It’s always a good idea to get condo insurance. Even if you don’t have any valuables, you may want liability protection. Most condo homeowners associations also demand that owners carry insurance.

  • How To Invest Life Insurance Proceeds?

    Most of us have never had hundreds of thousands, or millions of dollars at once, however; if you have recently received life insurance proceeds. You might feel stuck and unsure what to do with such a windfall. What do you do with all of that money, how do you make sure you don’t squander it or put it in the wrong places?

    I asked over 30 personal finance experts a crucial question: How should a surviving spouse invest their life insurance proceeds?

    This guide will be a starting point for a much better understanding of How To Invest Life Insurance Proceeds? And let me tell you, the insights I received from these 30+ finance experts is some of the best advice you can get at such an emotional time in your life.

    We’ve listed all of them below!

    The Experts On How To Invest Life Insurance Proceeds

    Read each finance expert’s advice on how to invest your life insurance proceeds:

    #1: Marguerita Cheng (Blue Ocean Global Wealth) 

    @BlueOceanGW

    “Where and how you decide to invest should take into consideration your age, your time horizon, income & expenses“

    Answer:

    At first glance, the question “How should a surviving spouse invest their life insurance proceeds?” sounds simple, but as with many things in life, the best response is “it depends”.

    There is no perfect investment recommendation because every family situation is unique.

    Your investment allocation or where and how you decide to invest should take into consideration your age, your time horizon, income & expenses, assets & liabilities tax bracket, goals, etc.

    For example, when my Dad passed away in February 2015 after his 9 year struggle with Parkinson’s disease, I helped my Mom complete the paperwork for his whole life insurance policies.

    I gave my Mom the same advice that I give all of our clients.

    Allow yourself the time and space to grieve.

    Do not rush into an any investment decisions.

    In fact, the best thing you can do at this time is refrain from making any investment decisions.

    It is important to allow yourself to adjust to the uncertainty.

    If appropriate, enlist the help and support of friends and family and work with a Certified Financial Planner who can help you develop a financial plan so that you understand your present situation.

    If you understand your present situation, you can feel more comfortable and confident planning or the future.

    Here are some strategies to help you chose the right wealth manager for you and your family.

    Top

    #2: Philip Taylor “PT” (PTMoney.com) 

    @ptmoney

    “If you have the income to support it, start placing the stock fund and cash fund portfolio into tax-advantaged accounts“

    Answer:

    First, take a year to think about it without doing anything.

    You don’t need to rush it.

    Keep the proceeds in a savings account with interest.

    Then, after major obligations like the mortgage have been paid off, take the remaining proceeds and split it into thirds: one in a low-cost stock index fund, one in a bond fund, and the other in cash in a savings account.

    Moving forward, if you have the income to support it, start placing the stock fund and cash fund portfolio into tax-advantaged accounts using annual maximum limitations.

    Top

    Related Content: The Ultimate Guide To Term Life Insurance

    #3: Barbara Friedberg (Robo Advisor Pros) 

    @barbfriedberg 

    “Put the proceeds into a bank savings account, make sure not to exceed the FDIC insurance limits of $250,000 per depositor, per bank, per ownership category.“

    Answer:

    After losing a loved one, the first step is to wait.

    Put the proceeds into a bank savings account, make sure not to exceed the FDIC insurance limits of $250,000 per depositor, per bank, per ownership category.

    Pay off your debt.

    Hold out a percent of the proceeds for emergencies (6-9 months living expenses).

    Invest the rest in accord with your risk level and time horizon. If you lack investing expertise, you might want to hire a financial planner to help invest.

    You might consider using a robo-advisor to help invest the proceeds.

    You can find reviews of Personal Capital, Betterrment, Schwab and others here.

    Top

    #4: David Auten & John Schneider (Debt Free Guys) 

    @DebtFreeGuys

    “Don’t think there’s a one size fits all.“

    Answer:

    Don’t think there’s a one size fits all.

    Depends on Social Security benefits & other money.

    Suggest working with an advisor @massmutual or @Prudential

    Top

    #5: Carl Richards (Behavior Gap) 

    @behaviorgap

    “They should invest the only way one can invest: based on their values and goals.“

    Answer:

    No need to make this complicated, they should invest the only way one can invest: based on their values and goals.

    Top

    89 %

    Percent of People (in a recent survey by The Simple Dollar) that would spend a financial lump-sum paying off debt.

    #6: Tyler Huck (Oxygen Financial) 

    @TylerHuck

    “Putting aside money for your children in a 529 or UTMA account to draw from in the future for college expenses can be a great idea.“

    Answer:

    Wipe out debt that may be dragging down your family income.

    If there is any outstanding mortgage, auto loans, consumer debt, student loans, etc. that are on the family balance sheet, go ahead and wipe those out.

    Putting aside money for your children in a 529 or UTMA account to draw from in the future for college expenses can be a great idea.

    If the surviving spouse needs to supplement the deceased spouse’s income, invest the remaining funds into a non-qualified brokerage account with interest bearing positions that are more conservative in nature.

    While life insurance proceeds that are paid to a beneficiary are tax free, any interest received off investments of those proceeds are taxable.

    Looking at state specific municipal bonds can be a great way to remain conservative with your investments and generate income for yourself that is exempt from those taxes.

    For example, if you live in Georgia and buy municipal bonds that are Georgia-specific, all interest generated from those bonds are tax free at both the federal and state level.

    Top

    #7: Andrew Schrage (Money Crashers) 

    @MoneyCrashers

    “You’ll probably need a portion of life insurance proceeds for near term expenses“

    Answer:

    You’ll probably need a portion of life insurance proceeds for near term expenses, but you should try to make sure that you have at least 50% left for investing purposes.

    After that, maximize your 401k plan contributions if your employer offers such a program.

    If more is left, open either a Roth or traditional IRA.

    Another option is to invest in real estate, but you should really only undertake that strategy if you’re well-versed in that area.

    You could also beef up your own retirement portfolio, making sure to maintain a healthy mix of stocks and bonds, with the mix dependent upon your age.

    A final option is to purchase either an annuity or life insurance policy with a cash-value aspect to it.

    Top

    #8: David Ning (Money Ning) 

    @MoneyNing

    “The surviving spouse should seriously consider increasing the safe asset portion of the household’s investment portfolio.“

    Answer:

    It’s important, first of all, to assess whether this large insurance proceed along with a lost of one source of income changes the financial situation of the household, as it often does.

    The surviving spouse should seriously consider increasing the safe asset portion of the household’s investment portfolio.

    Once that decision is made and the new asset allocation mix is set, then just invest according to the plan.

    We at MoneyNIng.com advocate low cost diversified index investing, so the mechanics of it all should be straight forward.

    Top

    #9: Benjamin Bingham (3 Sisters Sustainable Management) 

    @gbbingham

    “In choosing investments they should consider the environment and society as well as their financial needs.“

    Answer:

    First, this depends on the survivor’s age and circumstance.

    If there is another generation to consider, after securing enough investments to match the survivor’s risk/return profile, income and liquidity needs, they might consider paying off all debts so that is no longer a worry or burden in the future.

    They should set aside travel or other wellness related money to help them heal from their loss and if they aspire to greater knowledge or education, they should invest in themselves by enrolling in courses that give them a sense of meaning and purpose.

    Lastly, in choosing investments they should consider the environment and society as well as their financial needs.

    This is the legacy they leave as an inspiration to others.

    For further thoughts on money they could check out my book here.

    Top

    Taking Action

    WOW! HUGE thanks to everyone who contributed to this much needed post!  Please share if you think this is useful! Still in need of coverage? get a quick life insurance quote. If this investing thing seems a little scary you can try your hand at some of these trading platforms. If you are currently going through this situation, please feel free to ask questions in the comment section below.

  • What Are The Different Types Of Life Insurance?

    When you are trying to secure your families financial future, figuring out the kind of life insurance you need is essential.  While there are several different versions of life insurance, they can all be divided into either term or permanent.

    With the only difference being how they actually function.

    In this post today I will go over all of the different types of life insurance, how they work and the pros and cons of each one.

    What Are The Different Types Of Life Insurance Policies?

    The different versions of life insurance plans include:

    • Term Life Insurance

    • Term Life Vs Whole Life

    • Permanent life insurance

    • Return Of Premium Life Insurance

    • Universal life insurance

    • Guaranteed Universal Life Insurance

    • Variable life insurance

    • ​No Exam Life Insurance

    • Simplified issue life insurance

    • Mortgage Protection Life Insurance

    • Accidental Death insurance

    • Final expense & Burial Insurance

    • Guaranteed issue life insurance

    • Key Person Life Insurance

    Features

    Term Life

    Whole Life

    Universal Life

    No Exam Life

    Duration

    1 – 30 Years

    Life

    Life

    2 – 30 Years

    Guaranteed Death Benefit

    Yes

    Yes

    Yes

    Yes

    Guaranteed Cash Value

    Doesn’t Build

    Yes

    Yes

    Doesn’t Build

    How Cash Value Grows

    Doesn’t Build

    Earns Interest at a fixed rate

    Changing rate chosen by insurer

    Doesn’t Build

    Premiums

    Level

    Level

    Customer can choose

    Level

    Term Life Insurance

    Term life insurance is one of the primary forms of life insurance and is going to be what people think of as the most straightforward type of life policy. The way term life insurance works is that you pay a set monthly premium (like $30.00 per month), for a specific amount of coverage (Like $100,000), for a set period or term length (Like 20 Years). If you live past the term length, the policy will end, or you can renew it on an annually renewable basis at which time your premiums can increase. If you pass away before the term ends, 100% of the coverage (or death benefit) will pay out to your beneficiaries. Term life insurance quotes tend to be more affordable than permanent life insurance policies.

    Whole Life Insurance

    The other primary version of life insurance is what is known as whole life insurance. Whole life insurance is a type of permanent life insurance, and it will last for your entire life. Unlike a term life insurance policy, you can also build what is known as cash value inside of a whole life policy. When you make monthly premium payments into your policy, a percentage of those payments go towards building up cash inside of your policy. With this cash, you can use it to help pay monthly premiums or to borrow against in an emergency. The way whole life insurance works is that you pay a set monthly premium (like $90.00 per month), for a specific amount of coverage (Like $50,000), for your entire life. When you pass away, the death benefit will pay out 100%, and if you have allowed your cash value to build, that will pay out in addition to your death benefit.

    Term Life Vs Whole Life Insurance

    This is an age-old battle that you will definitely run into when trying to decide the best kind of life insurance for you. It really comes down to which option you can afford and also what role life insurance will play for you.Will you try to treat it as an investment or will you use it simply as it was intended to be used for, which is to insure your life.We have a detailed guide where over 40 personal finance experts pick a clear winner between term life vs whole life.

    Whole Life

    • Builds Cash Value
    • Last Your Entire Life
    • Up to 30 times more expensive 
    • more complicated product

    Term Life

    • Much More Affordable
    • Last For A Specific Term Length
    • Doesn’t Build Cash Value
    • easy to understand

    No Exam Life Insurance

    No medical exam life insurance can be either a term life or permanent life insurance policy. These policies will not require you to take a medical exam to be approved. However, you will mostly find these types of policies to be offered as term life products. While these policies won’t require an exam, they still go through the remainder of the underwriting process. Such as requesting medical records, telephone interviews, and can take a few weeks to get approval. No exam life insurance can also have other benefits like instant approvals and immediate decisions. Those policies are known as Simplified Issue No Exam life insurance policies which we discuss below.

    Simplified Issue Life Insurance

    Simplified issue life insurance is most commonly a type of term life insurance that allows you to get approved for life insurance extremely fast. These policies are often called No Exam life insurance policies; however, they go a bit further with eliminating things from the underwriting process. With a Simplified Life insurance policy, along with no medical exam, you also get to avoid a telephone interview, medical records, and a lengthy application process. Insurance companies access your personal data from several companies to make an instant decision on your insurability. The leading companies are the Medical Information Bureau (MIB), Intelliscirpt for your prescription drug history, and your Motor Vehicle Record (MVR) to check your driving history.A simplified issue life insurance policy can offer you term life insurance coverage in as little as 5 minutes.

    Check out the comparison of the two products below:

    Traditional Term

    • Up To 3 Weeks For Approval
    • Medical Records Requested
    • Medical Exam Required
    • Can Have Lower Rates

    Simplified Issue

    • Instant or Next Day Approval
    • No Medical Records Requested
    • No Medical Exam Required
    • A Bit More expensive

    Mortgage Protection Life Insurance

    Mortgage life insurance is a type of insurance that will pay out directly to your mortgage company if you were to pass away. It’s also known as Mortgage protection insurance and is a type of decreasing term insurance policy. As you pay your mortgage the coverage amount or death benefit decreases to match your remaining mortgage.

    These policies usually don’t leave anything behind to your family, only the mortgage company.

    Accidental Death Insurance

    Accidental death insurance is a kind of life plan that will only pay out if you pass away from an accident. These policies will not require you to go through underwriting so are basically guaranteed approval types of policies. The way an accidental death insurance plan works is that you pay a set monthly premium (like $6.00 per month), for a specific amount of coverage (like $100,000), until you reach a certain age (Usually 65).  If a person passes away from anything other than an accident, the policy will not pay out. You can purchase these policies separately or as a rider in addition to a traditional term life insurance. If you purchase accidental death insurance as a rider on a term policy, it will pay out on top of your life insurance if you pass away from an accident.  

    So, if you have a $100,000 term policy with a $50,000 accidental death insurance rider and you pass away from an accident, the policy will pay out $150,000. If you pass away from a heart attack; however, the policy would only pay out $100,000.

    GET AN INSTANT LIFE INSURANCE QUOTE TODAY!

    Final Expense & Burial Insurance

    Depending on who you are speaking with or what keywords you typed in Google, you might see final expense insurance or burial insurance. 

    These two types of policies are precisely the same, they just go by two different names.  Final Expense and Burial Insurance are both types of whole life insurance policies that focus on people between the ages of 50 to 85.

    These policies won’t offer more than $25,000 in death benefit and are much easier to get approved for if you can’t get a traditional life insurance policy.  The idea is to use these policies for your final expenses or burial and usually nothing more.

    Guaranteed Issue Life Insurance

    A guaranteed issue life insurance policy is any form of life insurance product that doesn’t require you to answer health questions for approval. While these can be both term and permanent policies, you will see a guaranteed issue policy more geared towards seniors as whole life policies or for people who need high risk life insurance. It is usually the final option if you can’t get approved for a traditional life insurance policy or a final expense policy. These policies have a 2 to 3 year waiting period on them before they will pay out the entire death benefit. Always ask how long the waiting period is if you decide to get this type of policy.  If you pass away before the waiting period, the policy will only pay out the premiums you paid into it plus a few percentage points.

    Key Person Life Insurance

    Key person insurance is just life insurance on the “key” or primary person in a business. In a small business, this is usually the owner, the founders or even a key employee or two.  If the death of someone in your business would mean the business falls apart, then you probably should have key person life insurance on them. These policies function just like traditional life insurance policies and you just need to let the insurance company know that you are interested in that type of policy.

    What Life Insurance Policy Type Is Best For Me?

    In my honest and professional opinion, Term life insurance is usually the best option for most people who need life insurance. Term life insurance is going to be the most affordable and easy to understand with straightforward protection. We have a great guide on how term life insurance works that you can check out if you don’t know where to start.

    Taking Action

    Figuring out what will be the best type of life insurance for you and your family is essential and knowing the pros and cons of each option will make buying the right policy easy. Remember, life insurance is NOT for ourselves, but for those that we leave behind, so don’t waste any time.  You can click on any of the above buttons to get instant quotes and coverage. 

    Frequently Asked Questions

    What are the types of life insurance plans?

    There are two primary forms of life insurance and those are Term Life and Permanent Life Insurance. The different combinations and layouts of these policies can create over 15 different variations of life insurance.

    What is the best type of life insurance policy?

    The best kind of life insurance policy for about 90% of Americans is going to be term life insurance.   This is because of the costs and how simple the product is. 

    Which is better term or whole life insurance?

    We had a panel of experts answer this question and it turns out, according to them, term life insurance is better than whole life because it is super affordable and easy to obtain.

    What life insurance does Suze Orman recommend?

    Suze Orman recommends that you purchase a term life insurance policy, she also recommends dental discount plans.

    What is the main reason for buying life insurance?

    The primary reason for buying life insurance is to protect the financial future of your family, loved ones, or business partners.

    What is the most popular type of life insurance?

    The most popular type of life insurance is term life insurance, when people think of life insurance this is usually what they are thinking about.

  • Life Insurance Rates By State In America!

    The cost of life insurance can vary significantly from state to state. The good news is that we have included life insurance rates by state for all 50 states.  Let’s discover which states have the Life Insurance Rates By State In America! and take a look at some of the most affordable and most expensive states for landlord insurance.

    How Much Does Life Insurance Cost By State?

    The national average cost of Life Insurance is around $631 per year, however, you need to do your due diligence before you decide on what life insurance options will work best for you.

    Average Cost Of Life Insurance Rates By State Chart

    Life Insurance costs vary from state to state. The most expensive state for life insurance is New Jersey, where the average annual premium is $732. On the other hand, Mississippi has the most affordable term life insurance, with an average annual premium of only $581. 

    STATE

    AVERAGE ANNUAL PREMIUM

    STATE

    AVERAGE ANNUAL PREMIUM

    Alabama

    $602

    Montana

    $601

    Alaska

    $655

    Nebraska

    $603

    Arizona

    $615

    Nevada

    $607

    Arkansas

    $584

    New Hampshire

    $708

    California

    $668

    New Jersey

    $732

    Colorado

    $645

    New Mexico

    $588

    Connecticut

    $724

    New York

    $675

    Delaware

    $657

    North Carolina

    $617

    District Of Columbia

    $636

    North Dakota

    $603

    Florida

    $627

    Ohio

    $599

    Georgia

    $630

    Oklahoma

    $598

    Hawaii

    $687

    Oregon

    $627

    Idaho

    $597

    Pennsylvania

    $658

    Illinois

    $631

    Rhode Island

    $660

    Indiana

    $593

    South Carolina

    $615

    Iowa

    $601

    South Dakota

    $591

    Kansas

    $601

    Tennessee

    $609

    Kentucky

    $599

    Texas

    $633

    Louisiana

    $597

    Utah

    $636

    Maine

    $641

    Vermont

    $655

    Maryland

    $712

    Virginia

    $682

    Massachusetts

    $718

    Washington

    $655

    Michigan

    $610

    West Virginia

    $590

    Minnesota

    $639

    Wisconsin

    $607

    Mississippi

    $581

    Wyoming

    $601

    Missouri

    $590

    How Much Does Term Life Insurance Cost By State?

    The average cost of term life insurance is $22.59 a month for a 40-year-old female buying a 20-year term policy for $250,000 in coverage. For a male, the average life insurance cost is around $27.35 a month for the same coverage.

    How Much Does No Exam Life Insurance Cost By State?

    On average, a healthy 30-year-old might pay around $25 to $40 per month for a $250,000 policy, though comparing carriers offering the best rates can help you find more affordable options. However, these rates can increase significantly for older individuals or those with health issues

    How Much Does Bitcoin Life Insurance Cost By State?

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  • Best Condo & HO6 Insurance In Florida!

    If you’re like the 100,000 Florida residents that own a condo, you might be wondering how to get the best condo insurance for your investment.

    Surprisingly, most individuals are unaware that Florida condo insurance rates differ significantly between insurance companies – often by hundreds of dollars each year!

    It’s critical to shop around and compare rates for your condo insurance to ensure you’re getting the best deal.

    So read through our post reviewing the top condo and HO6 insurance providers in Florida before purchasing new coverage or renewing your existing policy this year.

    What Is The Average Annual Cost Of Florida Condo Insurance?

    The average annual cost of condominium insurance is $964, or about $80 per month. However, bear in mind that the final price will vary for all condo owners depending on where you reside, your deductible amount, liability coverage options, and other plan options.

    What Affects the Costs of Your Condo Insurance Florida?

    Where you reside – The expense of condominium insurance varies from city to city depending on such factors as the presence of fire risks and criminal activity. Security measures such as security cameras or living in a guarded community can also lower homeowners insurance premiums.

    Your deductible – A higher deductible implies lower monthly payments. Would you prefer to pay less each month and spend more at once or pay more each month while having a larger deductible? It depends on your budget and personal belongings. Always be mindful when viewing any Florida condo insurance quotes.

    How much coverage you need – What items are you covering? If your belongings have a value that exceeds the minimum coverage, you might want to increase the liability coverage limit on your homeowners insurance policy. However, such a change might increase the cost of your home insurance plan.

    How Much Florida Condo Insurance Do I Need?

    Your condo insurance policies should have at least $300,000 to $500,000 in coverage if you can afford it. The final amount of coverage that you’ll need will be determined by the expenditures of replacing various items.

    However, most condo insurance covers at least $100,000 in losses, and they generally cover the value of your unit on a condo with a mortgage.

    You should also think about additional coverage for things such as:

    Your Home Office – You can’t forget equipment inside your home office either. Our home offices are just as equipped as actual offices nowadays, so be mindful of the costs.

    Furnishing Your Home – It’s easy to stack up over $25,000 in furniture when you think about furnishing your home with dining sets, bedroom sets, and other types of chairs and ottomans.

    Things Like Art – While some people collect coins and stamps, others (like myself) have an action figure collection. Anything that is considered to have Exceptional Value should be covered.

    Your Personal Property – Things like your clothes, shoes, or other personal property should be accounted for in detail. You don’t want a policy that can’t cover all of your personal items due to a covered loss.

    Use Our Calculator For Extra Help – We created a pretty cool condo insurance calculator that you can use to understand better how much coverage you need.

    When you decide how much condo insurance you need, it’s best to act like a detective. You should also determine if you have specific risks like an exotic pet.

    What Does HO6 Insurance Cover In Florida?

    It’s critical to know what your condo insurance protects and won’t protect. We’ll go through everything that condo insurance covers:

    Personal Property Coverage

    The coverage of your personal belongings is an essential part of a condo insurance policy. If your items are stolen or destroyed due to a covered loss such as fire or water damage, they will be compensated.

    This coverage will generally cover your belongings on a replacement cost basis. Replacement cost coverage is when the insurance company reimburses you what it would cost to replace the item today, not what you paid for it previously (known as actual cash value replacement. You always want to be sure you have a replacement cost policy when searching for condominium insurance.

    Personal Liability

    If you have ever found yourself watching an episode of Judge Jerry (Yes, Jerry Springer has a show as a judge now), you might find it odd that family and friends sue each other.

    This is precisely why you need this type of coverage; if your friend or family member is injured inside your unit, condo insurance will help pay for their medical expenses and protect you financially with legal expenses if they decide to sue. You would be surprised at how much the defense costs

    Damage To Interior Structure

    The one thing you have to remember is that when you buy a condo, you only own what’s inside the unit. This means you still need coverage for your walls, floors, ceilings, and counter-tops, and these items are specifically covered by your condo insurance.

    Loss Of Use

    Suppose you can no longer live in your unit because of damage caused by a covered loss. In that case, your policy will help cover your living expenses such as hotel and travel costs or other additional living expenses while your unit is being repaired.

    What Doesn’t Condo Insurance Cover In The State Of Florida?

    Although condo insurance covers a lot of things, it does not cover the following items:

    • Floods
    • Earthquakes 
    • Wear And Tear
    • Nuclear Hazards
    • Intentional Injuries To Others
    • Damage From Birds,
    • Destruction From Rodents
    • Damage From Insect

    What Will My HOA Master Policy Cover In FL?

    The HOA’s “master policy” in Florida typically covers damage and personal injury. The Home Owners Association’s policy should cover repairs to the property’s common areas such as:

    • Roofs
    • Common Walls
    • Lobbies or atriums
    • Stairwells
    • Elevators
    • Basements
    • Fitness centers 
    • Pools
    • Ponds & Lakes
    • Playgrounds.

    Is Loss Assessment Coverage included in Florida Condo Insurance?

    In Florida, our condo insurance plans cover up to $2,000 in claim compensation. It may assist pay the common loss payment for your HOA.

    Condo Insurance Vs. Home Insurance & Renters Insurance

    Condo Insurance

    Condo insurance is only for your personal property and internal structures, your condo policy will cover:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Coverage For Loss Assessment

    Homeowners Insurance

    Homeowners insurance is the best defense you can give your family from a disaster and usually covers:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Loss Assessment

    Renters Insurance

    Renters insurance is only for your personal property, your renters policy will usually cover:

    • Personal Property
    • Personal Liability
    • Medical Coverage
    • Loss Of Use Coverage
    • Loss Assessment Coverage

    Is Condo & Townhome Insurance The Same Policy?

    A townhouse owner is generally responsible for both the inside and outside of the property since everything on the lot it’s built on is their responsibility.

    A condo-unit insurance policy is an HO-6, whereas a townhome insurance policy is an HO-3.

    Is H06 Condo Insurance Required By Law In Florida?

    Although there are no laws in Florida requiring condominium homeowners to obtain insurance, obtaining a policy is the best thing you can do for your condo unit.

    Your primary residence will be one of the most important purchases you’ll ever make, not insuring it would be a big blunder.

    Also, keep in mind that just because it isn’t required by law doesn’t mean your mortgage lender or condo association won’t require it.

    Can A Mortgage Lender Require Condo Insurance Coverage In Florida?

    Yes, before you can officially buy your condo, your mortgage lender will require that you purchase condo insurance.

    Once you pick the insurance company that you think would be best to cover your newly bought home, they’ll tell you your premium, and you’ll set your coverage to begin on the day of your closing.

    Your lender will want you to have homeowners insurance lined up and ready to go before you come to the closing.

    How Can I Get A Condo Insurance Quote Online In Florida?

    You can get quotes on your condo and coverage online in Florida, here, at Simply Insurance.

    Buying coverage online is the quickest and simplest method to obtain coverage.

    All you have to do is click here to get some instant quotes and get covered today.

    Florida Condo Insurance Frequently Asked Questions

    What is the average monthly cost of condo insurance in Florida?

    The typical condo insurance cost per month is around $80. in Florida. However, keep in mind that final rates and costs all depend on your specific needs and situation.

    Is condo insurance expensive?

    No, compared to a traditional homeowners insurance policy, condo insurance isn’t that expensive.

    Is insurance higher on condos?

    Depending on your specific situation, insurance is usually NOT higher on condos than it is on a traditional single-family home. The primary reason is that someone living in a Condo will need less coverage for their home, which in turn means they will pay less on a monthly basis.

    Do you really need condo insurance?

    It’s always a good idea to get condo insurance. Even if you don’t have any valuables, you may want liability protection. Most condo homeowners associations also demand that owners carry insurance.