Before a loss or damage to a home that is undergoing a renovation, make sure that you increase any coverage on your homeowners policy, especially if the value of your home will be increased by five percent or more. Get the increase in your coverage before work begins on the project. And – make sure the contractor you are dealing with (and any subcontractors) have liability and workers compensation insurance.

Updates to your home that take place in a renovation project can actually save you premium dollars. If you are replacing your heating, plumbing, wiring or roof, for example, they can qualify you for a lower premium.

A “cost estimator” is filled out for new homeowners insurance quotes, which determine the replacement cost of your home. This helps to ensure that you have the correct amount of coverage. Any significant change in your home due to renovation projects should be taken into account to be sure that the amount of insurance you have is adequate.

Travelers Insurance offers wedding insurance, which is becoming increasingly popular. With the average wedding costing about $24,000, it can get expensive when things go wrong – and they sometimes do.

Wedding insurance can alleviate the stress of worrying about venues that go out of business, a photographer who doesn’t show up, lost rings, severe weather or other problems. Moreoever, wedding insurance isn’t expensive. For a couple hundred dollars, an insurance policy can be purchased that covers a host of problems.

No one wants to worry about disasters when there’s a wedding to plan with a million details. That’s why when it comes to the question of purchasing  wedding insurance, more couples are taking the plunge.

Progressive Insurance, one of our carriers, recently posted this list of tips to prevent motorcycle theft:

Don’t make your motorcycle an easy target for thieves. Here are some simple steps you can take to protect your bike.

• Always remove the key from your ignition and keep your front fork locked.
• Garage your bike out of plain view whenever possible.
• If you have to park outdoors, do so in well-lit, secure areas. Look for an outdoor security camera and park in its view if you can.
• Lock your bike to a stationary object, or to another motorcycle when traveling with others. Use high-quality locking devices.
• Consider adding an audible alarm or tracking device.
• When parking in public, check your bike frequently.
• Always carry your registration and insurance card with you when you ride, but keep your title at home or in another secure place.

• antiques
• fine art
• coins
• stamps
• trains
• political memorabilia
• glass and pottery
• musical instruments
• vintage clothing
• guns and knives

and the list goes on …

Applying for coverage is very simple. You do not have to submit a complete inventory to apply for the insurance, nor are appraisals required. However, it’s an excellent idea to have an inventory completed in the event that you do have a claim. It could be stored in a safe deposit box, or even online for future reference.

Homeowners insurance is quite often not sufficient to cover collections. In the event that you have a small collection, you could schedule it on your homeowners policy, but you may find that collectibles insurance is actually less expensive.

If you are an eligible self-employed individual, or an S corporation shareholder, you can use the self-employed health insurance deduction to reduce your tax liability. Any premiums that you paid for health insurance covering yourself, your spouse and your dependents will generally qualify for such a deduction.

If you have a child under the age of 27 and paid premiums for their healthcare as well, these will qualify even if the child is not the taxpayer’s dependent.

The insurance plan must be set up under the taxpayer’s business. You cannot be eligible to participate in an employer’ sponsored health plan.

Many statistics exist which establish that identity theft is on the rise. A study by the Bureau of Justice Studies in 2010 found that between 2005-2007, there was a 23% increase of this activity. In 2008, there was another 22% rise in incidents over the previous year. And by 2009, the number of adults affected by identity theft was a record 11.1 million – for a total fraud amount of $54 billion. The average victim spends 21 hours and $373 out of pocket resolving the crime.

You may hear a lot about identity theft online, through fraudulent emails and phishing schemes. However, stolen wallets and documents actually account for 43% of all identity theft, while online methods accounted for only 11%. And 13% of identity fraud crimes were committed by someone the victim knew.

Insurance coverage of this type protects policyholders from losses due to the theft, such as costs associated with repairing your identity, including attorney fees, loan application fees and lost wages. This endorsement is typically a very small addition to your policy premium, and helps give peace of mind.

Even though your auto insurance premium is determined by your insurance company, there are things you can do to keep it as low as possible:

 Drive safely.  There can be a huge difference in insurance rates for drivers who have tickets or violations on their records. And they factor into your premium for years, so be mindful of this when on the road. Staying within the posted speed and careful driving can save you premium dollars as well as expensive tickets.

 Mileage.  If you increase the number of miles you drive on a regular basis, your car insurance rates will go higher. Car pooling with other workers or taking public transportation can help you control premium costs as well as the cost of gas and parking.

Review your coverage. Do you have the correct coverage on your policy? Request a policy review to make sure you know what you have, and that it makes sense for you and your family. Lowering coverage isn’t a good way to reduce costs, because it could be disastrous in the event of an accident. But raising your deductible is an easy way to save money on premiums.

Shop around. Staying with one insurer for a long time may result in your premiums being higher than the competition. Competition is fierce in the auto insurance market, and rates change regularly. Every insurance company out there is working to find new discounts or policy packages to attract new customers.

Because of this, rates can fluctuate a great deal within a single year. By shopping the competition, you get an idea of how your current premium compares. You don’t have to wait until your current policy expires to get this information. In fact, shopping early can add discounts to your quote.

Did you manage your finances to give any of these gifts?

1.      Make a Will. Designate who you want to be your childrens’  guardian if you die. Otherwise, the court makes this decision. Do you trust the court to do the right thing?  Putting your choice of guardian in writing is a huge gift that could make all the difference in the world.

2.      Buy Life Insurance. Provide for your children, their living expenses and education in the event of your early death. Term life insurance is very reasonably priced; in fact, premiums have been dropping for years due to greater life expectancies. If you can’t afford a large policy, get a smaller one to start. You can add to it as you earn higher income and can purchase more.

3.      Get an Advance Directive. Putting your family through this wrenching decision should you be incapacitated can be heartbreaking. A living will lets you make the call on whether you want medical care or end-of-life measures under this circumstance.

4.      Update Beneficiary Designations. Despite what you put in your will, the person listed on your life insurance, annuities, retirement and other accounts is the one who will inherit that money upon your death.  If you have divorced, had more children, or other life change, review these designations so that you give the money to the beneficiaries of your choice.

5.      Organize Your Records. Where are your will, your advance directive, power of attorney, your life insurance policy, and financial records? Take the burden off your heirs by getting your documents in order. Let family members know where this information can be found. Also list your attorney, accountant and investment planner’s names, as well as computer and other important passwords.

6.      Purchase Long Term Care Insurance. Most children cannot pay for their parents care in the event there is a need for you to go to a nursing home. The wealthy can afford this expense, and the poor will be covered by Medicaid.  If you fall into the middle, look into getting a long term care plan at an affordable expense.

Every golfer would like to cash in on this policy!

At the Lake Merced Golf Club near San Francisco, members pay into an “insurance” pool which pays out when they hit a hole-in-one and then have to pay for a celebratory round of drinks at the club bar. Should they need the funds to pay for the drinks, the insurance pays out to the lucky golfer.

The original article on this type of insurance appeared in Daily Finance.

Property insurance protects against financial losses due to destruction or damage to the location of the business and its contents. Casualty insurance protects the business itself. Income interruption due to a loss, terrorism coverage, and employee dishonesty are some examples.

Liability insurance also has many faces. General liability, Professional Liability, Employers Liability and Directors and Officers Liability insurance are some of the types available. Figuring it all out could be a headache. A good agent will go over your individual needs.

Fortunately, many insurance companies offer packages for small business (Business Owner’s Policy or BOP) and they are often customized for particular industries. In this way, insurance can be offered to a business owner that includes common coverages needed for their business type and risk. Insuring commercial automobiles and Workers Compensation with those same companies often results in lower premiums due to multi-policy discounts.

Get a quote for business insurance by contacting us at (410)977-2915 or email us at cedlund@mdinsurancepro.com.