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Insurance for College Students

Insurance for College Students

It seems just like yesterday your little pumpkin was born, but now he or she is off to college. You pack up his or her belongings, drive the child off to the dorm (or apartment), drop him or her off, and breath a sigh of relief. Will he get enough sleep? Will she get enough to eat? Will he make the football team? Will she get the grades she needs to get into law school? All of these are normal worries. Something else you should be worrying about: is your kid (and his or her belongings) covered while he or she is at university? Now THAT is a good question. Let’s find out more about insurance for college students. Dorm Life vs. Off-Campus Life While Tommy or Jill is living at the dorm or off-campus in an apartment, are their belongings covered? The answer: it depends. If your student lives in the dorms on campus and is registered as a full- or part-time college student, their belongings may be covered by your homeowners’ insurance policy. Typically the amount of coverage will be 10% of the contents limit on your homeowners’ insurance policy. For example, if your contents limit if $50,000, then the limit for your student will be $5,000. Will this cover all of his belongings? If he has an expensive computer or other electronics equipment, you may want to consider increasing your contents limit at home or talking to your broker about special coverage for these items. There may also be an age limit for this coverage, usually age 25 or 26. If you have a college student...
Three Overlooked Policies Business Owners Need

Three Overlooked Policies Business Owners Need

When you start your own business, the main focus is getting things started. That often means going without necessary items in order to make sure the business gets a strong push out of the gate. New (and even some seasoned) business owners will often go without to make sure their hard work isn’t for nothing. One area where it is easy to cut corners is insurance. The policies entrepreneurs often leave on the table are the very ones that could be most helpful. Here are three overlooked policies every business owner needs: 1. Workers Compensation If you have a small business or even a large one with a lot of payroll, it can be tempting to file an exemption or waiver with the state, and leave yourself without workers compensation coverage in the event of an accident. This is not the best decision. As a sole proprietor or new business owner you may be the only employee your company has or you may be one of the hardest-working employees. What happens to your company if your hardest-working employee is unable to work due to a work-related injury? If you think your health insurance will cover you, think again. Many health or medical insurance policies will exclude coverage for on-the-job injuries. If you are injured on the job and unable to work for any length of time, will your business survive? Will your family suffer financially? Solution: Add yourself to the worker’s compensation policy. In most states there is a cap on owner/officer payroll (find out more here), so the premium investment won’t be as much as you think. You...
New Year Personal Insurance Checkup

New Year Personal Insurance Checkup

As 2016 comes to a close many people will be thinking about the future. Do you have New Year’s Resolutions? Have you made specific personal financial goals for 2017? The end of the year is a good time to take stock of the year that was and review your personal insurance to see if any changes need to be made. Here are a few points to ponder: Auto Insurance Since auto insurance is mandatory in most states, it is easy to just “set it and forget it”. You buy the policy, put the premium on auto-deduct from your checking account and motor off into the sunset. Here are some questions you should be asking yourself: Are all of my current autos on my policy? Have I sold, donated, or traded any vehicles in the last 12 months? Has my insurance agent been notified of any driver changes like a new driver or the departure of a driver due to death or divorce? Have any special modifications been made to a current vehicle that would change the value? Are my insurance needs being met by my current insurance policies? Do I have coverage I don’t need? Is there coverage I need that I don’t have? Another important question to ask: Do I know where my auto ID cards are? Many insurance companies now offer apps that include your auto ID card, or they allow you to print your auto ID card from their website. A good rule of thumb is to have two hard copies: one for your glove box and one for your wallet, even if you have an...
High Cost of No Health Insurance

High Cost of No Health Insurance

Health insurance has experienced a revolution in the last few years. Medical coverage used to be employer-provided and was rarely purchased privately by individuals. The Affordable Care Act (ACA) has made coverage easier to obtain for several reasons: Individuals may purchase coverage on their own. Small businesses may purchase coverage for their employees. Pre-existing conditions are now covered. Failure to procure health insurance coverage can result in financial losses ranging from inconvenient to catastrophic. With coverage available to millions more Americans, uninsured losses should become a thing of the past. Chronic/Terminal Illness Can Cost You For the average healthy person, health care and medical costs per year may be minimal. But what if you are diagnosed with a chronic illness such as lupus, or an illness like cancer that is usually terminal? Your health care costs will skyrocket. According to the Lupus Foundation of America, the average annual cost for lupus treatment was over $12,000 per year in 2008. The rising cost of doctor visits and prescription drugs will have inflated that figure in the last 8 years since the study was conducted. Cancer costs are dependent on many factors: the age and gender of the patient, the location of the patient and the treatment center, the type of cancer, and the life expectancy. It is estimated that 8 weeks of chemotherapy can cost up to $30,000 and sometimes more, depending on the diagnosis. And that is just for the drugs! Costs of doctor visits, facility charges (hospital or clinic), and personnel (doctors, nurses, other staff) can greatly inflate this figure. Accidental Costs Can Be Painful Accidents happen. Whether...