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While her house is paid off, her home-related costs, including insurance, property taxes, and maintenance, have risen. In 2019, her home insurance cost about $890, but last year, according to her record-keeping, she paid almost $1,500. Increasingly, cities and states across the country are legalizing and even incentivizing ADU construction as a way to boost the supply of smaller, more affordable homes. Courtesy of SylviaThis comes as older people, including homeowners, are struggling with rising housing costs in communities across the country. But property taxes and insurance costs are also way up, making it hard for many homeowners to afford their payments.
Persons: , Sylvia, She's, who's, I'm, it's, ADUs —, Sylvia ADUs, ADUs, Policygenius, Beverly Dashnaw Organizations: Service, Business, BI, Harvard Joint Center for Housing Studies Locations: Arizona, Missoula , Montana, California, Montana, Missoula, ADUs, In Montana, Helena
The land below many U.S. cities is sinking, including New Orleans, New York City, Miami and south San Francisco. This phenomenon, known as land subsidence, can severely affect the integrity of buildings and infrastructure. Problems associated with land subsidence can cost U.S. homeowners 6% of their home value. Their research focused on the Central Valley of California, but Nemati said the findings could be extrapolated nationwide. Consumers are likely to see the effect of land subsidence directly, in the form of problems with their home, and indirectly, in the form of issues for their local economy.
Persons: Mehdi Nemati, Nemati Organizations: University of California, Finance Locations: U.S, New Orleans , New York City, Miami, San Francisco, Riverside, Valley of California
Older homeowners who live on fixed incomes are having a particularly hard time managing these rising costs. She blames rising property taxes and insurance costs but notes that inflation, in general, has also squeezed those on fixed incomes. Older homeowners are struggling in communities across the country. AdvertisementThe housing affordability crisis comes as the country is also facing a retirement crisis. AdvertisementMany older homeowners forced out of their housing end up unhoused, part of a growing homeless population in the state.
Persons: , Beverly Dashnaw, she's, Montana, Policygenius, Dashnaw, it's, Greg Gianforte, Gianforte, you've Organizations: Service, Business, Harvard Joint Center for Housing Studies, Republican, American Locations: Montana
Driving uninsured has various consequences, including fines, license suspension, and even jail time. If you drive without car insurance, your insurance rates could increase when you purchase or renew it. It can be tempting to skip the extra cost that car insurance adds to the price of owning a car. License suspension:Many states suspend your license or registration (or both) for months if you're caught driving uninsured. If you live in an area with high rates of uninsured drivers, this could cause issues for you.
Persons: It's, Alani Asis Alani Asis, Forbes, She’s, Read Organizations: UM, Department of Transportation, Department of Insurance, Department of Motor Vehicles, Insurance, The Insurance Research, U.S, Business, AARP, CNN, Fortune, U.S . News, Finance, University of Hawaii Locations: U.S, New Hampshire, Virginia, New York, Connecticut, California, Georgia, Manoa
I've been working with wealthy clients for nearly 15 years, and I've noticed a few common habits. I've been advising wealthy clients for nearly 15 years, and I'm often asked for the secret sauce, or the commonalities I see in my wealthiest financial-planning clients that make them successful. My most successful clients lean on us to help them separate those emotions and make sound financial decisions. My most successful clients value receiving comprehensive financial plans specific to their goals and situations. My most successful clients value receiving comprehensive financial plans specific to their goals and situations.
Persons: I've, , I'm, that's, they've, doesn't Organizations: Service, Everest, Google, Jobs, Relief, Economic Security Locations: Policygenius
How to Find a Life Insurance Policy
  + stars: | 2024-04-24 | by ( Liz Knueven | Alani Asis | Paul Kim | )   time to read: +12 min
To submit a life insurance claim, however, you'll need to know which life insurance company holds the person's policy. NAIC's Life Insurance Policy Locator ServiceIf you don't know the insurance company your deceased loved one has a policy with, the NAIC's Life Insurance Policy Locator Service can help with your search. What to do once you find a life insurance policyFiling a claimOnce you've identified the insurance company and retrieved the deceased's policy information, follow these steps to claim a found life insurance policy:Contact the insurance company: The insurer will provide the claims form and instructions. The closest living relative (e.g., spouse or child)The policy's beneficiaryEstate executors and TrusteesFinding life insurance policy frequently asked questionsHow can I determine what type of life insurance policy I need? Only the beneficiaries named in the policy or their legal representatives have the right to file a claim on a life insurance policy.
Persons: you've, Policygenius Organizations: National Association of Insurance, Social, National Association, Insurance, Financial
What are Insurance Premiums?
  + stars: | 2024-04-09 | by ( Tanza Loudenback | Alani Asis | Paul Kim | )   time to read: +12 min
Health insurance, life insurance, auto insurance, disability insurance, homeowners insurance, and renters insurance all require the policyholder to pay a premium to continue receiving coverage. The types of insurance policy premiums include car, life, health, homeowners, renters, and disability insurance. Life insurance premiumsAs previously mentioned, term life insurance premiums are locked in when the policy is signed. Another factor that goes into homeowners insurance premiums is your insurance score, which you do have some control over. Insurance premiums frequently asked questionsHow often do I have to pay insurance premiums?
Persons: policyholders, you'll, they're, Policygenius Organizations: Health Locations: New York, California
One cost pulling the average way up: car insurance, which rose 20.6% over the past 12 months. For drivers, the question isn't why rates are up across the board, but how they can keep their auto insurance costs from breaking the budget. How to keep your car insurance costs downSome reasons for rising premiums are unique to you, experts point out. But if your car insurance costs are going up as a matter of course, there are a few steps you can take to bring things down. "The best way to save money on your car insurance is to compare quotes from multiple companies to make sure you are getting the lowest possible rate," she says.
Persons: Loretta Worters, it's, Mark Hamrick, It's, Rachael Brennan, You'll Organizations: of Labor Statistics, Insurance, Institute, District of Columbia
Florida, which has long attracted new residents thanks to its beaches and absence of state income tax, is getting an economic boost driven by young Americans seeking new opportunities. AdvertisementYoung people are driving Florida's economic strength. Getty ImagesFlorida's economy is growing thanks to the newcomersFlorida's population surge is driving the state's robust economy and demand for housing. The Sunshine State's economy is projected by Wells Fargo to expand in 2024, propelled by a robust job market. Thanks to the more damaging weather, Floridians paid more for home insurance in 2023 and the second-most for car insurance compared with other states.
Persons: , Wells, Sean Pavone, Wells Fargo, Taylor Tyson, Miami —, Policygenius, Hurricane Ian, Matias J, Forbes, Michael Bordenaro Organizations: Service, Smart Asset, " Employers, Wells, , Census, SEC, Miami, Miami Herald, Tribune, Getty Locations: Florida, Florida . Florida, Tampa , Florida, Wells, — New York , California, New Jersey, California, New York, Florida — Jacksonville, Tampa, Hurricane, Miami, St, Petersburg
Washington, DC CNN —The storms pummeling California this week hit a part of the US already being battered by a home insurance crisis. With insurers strained by climate change and inflation, many are demanding higher premiums, making it much harder to find affordable (or any) home and fire insurance. But it is not just California; homeowners in other areas prone to weather events like Florida, Louisiana, and Texas are also facing challenges. Meanwhile, in hurricane-battered Florida, Farmers Insurance deemed it too risky to continue insuring homes and pulled out of that market entirely. “This isn’t just climate change, it is climate-change-plus,” Bach said.
Persons: , Amy Bach, United, Michael Monaghan, Sellers, you’ve, Jennifer Branchini, Bach, Hurricane Andrew, ” Bach, mitigations Organizations: DC CNN, Allstate, Farmers Insurance, Coldwell, California Association of Realtors, National Oceanic, Atmospheric Administration, Hurricane, FAIR, California Department of Insurance Locations: Washington, California, Florida , Louisiana, Texas, San Francisco, California’s, Golden State, Florida, Vermont, Colorado, Pleasanton, United, “ Florida, Louisiana
How Buying a New Home Could Save You Money
  + stars: | 2023-11-19 | by ( Aly J. Yale | )   time to read: +5 min
As the median payment on a new mortgage creeps toward $2,200, most buyers are desperate to save cash wherever they can. They’re offering lower mortgage ratesIf slashed prices aren’t enough to get a mortgage payment in your budget, builders have another offer: A lower mortgage rate. (Essentially, the builder prepays the lender the interest for the years the mortgage rate is reduced). NAHB’s data shows that 29% of builders offered mortgage rate buydowns in October. “Many builders are using sales incentives—including mortgage rate buydowns—as a method of addressing housing affordability headwinds,” says Robert Dietz, chief economist at NAHB.
Persons: Aly J, , Nick Bailey, Max, Robert Dietz, buydowns —, Lennar, what’s, Angel Conlin, Pat Howard Organizations: Yale, Builders, National Association of Home Builders, , NAHB, Kin Insurance Locations: Denver, Chicago, , Policygenius
The average home insurance premium increased 21% between May 2022 and May 2023, according to recent analysis by insurance marketplace Policygenius. “To help pay for these higher costs, insurers have increased policy premiums on homeowners in both high- and low-risk areas,” says Pat Howard, a home insurance expert at Policygenius. “Even homeowners in places that don’t experience a lot of extreme weather, like Vermont and New Hampshire, are facing relatively high increases.”Fortunately, if your home insurance premiums rise, you don’t have to take it lying down. How to reduce home insurance premiums at renewal timeMore than 9 out of 10 homeowners who renewed their policies this May saw an uptick in premiums, according to Policygenius. How to reduce home insurance premiums as a new homeownerIf you’re just now buying a home, the tips are much the same: Shop around, look for discounts and consider bundling your home insurance policy with other insurance policies you might need—such as life insurance or car insurance.
Persons: Aly J, Yale It’s, Pat Howard, you’ve, ” Howard, you’re, Florida’s, you’ll Organizations: Yale Locations: Vermont, New Hampshire, Gulf of Mexico, West Coast
With lifespans longer and families more spread out, it's essential that I think about long-term care. Long-term care insurance comes in many forms at many costs. The days of an unmarried woman taking care of elderly relatives are a thing of the past, which is why long-term care insurance products are more popular. Long-term care insurance goes beyond the standard health care insurance policy. A long-term care insurance policy protects against the risk of having to pay out of pocket for in-home and/or out-of-home care services.
Persons: , Robert Kircher, what's, What's Organizations: Service, Northwestern Mutual Insurance, Life Locations: United States, Massachusetts, Policygenius
Watching my parents navigate their 80s made me think differently about long-term care insurance. My dad and stepmom bought long-term care insurance while they were in middle age and still without any medical problems. My stepdad was diagnosed with lymphoma and required 24-hour nursing care for several months after he first fell ill. Since they didn't have long-term care insurance, he and my mom had to pay out of pocket for home health care: approximately $10,000 per month. When my parents first needed care and support, I initially thought my husband and I were too old to qualify for long-term care insurance, but it turns out we aren't; many people seek out the insurance in their mid-50s to mid-60s.
Persons: , stepmom, stepdad Organizations: Service, US Department of Health, Human Services, American, of Medicine Locations: United States, Policygenius
Ashley Ray was in the midst of purchasing her "dream car" when she got a troubling call from her mother. Ray's car deal was delayed, so she was able to use the money to help her mom avoid losing the house. She was glad to be able to help her mom, but as she told her Twitter followers, "god loves a joke." It can be stressful to prioritize your own long-term financial needs when other people are relying on you. There can also be a cultural expectation to take care of your parents and other relatives as they age, Miura says.
Persons: Ashley Ray, it's, Ray, Ray's, Danielle Miura, Miura Organizations: CNBC, Pew Research, AARP
Frequent weather catastrophes, induced in part by climate change, are bearing down on homeowners and would-be buyers. Here's how consumers can navigate the home insurance market amid increasing climate-driven weather risks:The home insurance market disruption is going to get worseThings are likely to get worse for homeowners and would-be buyers. Also in June, Farmers Insurance became the latest insurer to pull out of Florida, a market that's been roiled with turmoil for many years. Policyholders should expect to pay moreThe average cost of homeowners insurance nationwide is $2,777 a year, with rates varying by state, according to, a consumer comparison service. Already, some homeowners are choosing to roll the dice on ownership without insurance rather than pay increasing premiums.
Persons: Hurricane Ian, Idalia, Ian —, John Dickson, David A, Sampson, , George Hosfield, Rich Sorkin, Stephen Bennett Organizations: Global, Aon, American, Casualty Insurance Association . Insurance, LexisNexis, Allstate, Farmers Insurance, Jupiter Intelligence Locations: Pine, Hurricane, Matlacha , Florida, Florida, California, Cuba, Oklahoma, Hawaii, Arkansas, Louisiana , Nebraska , Iowa , Kansas , Oklahoma , Illinois, Kentucky, Tennessee
To calculate 28% of your monthly income, multiply your gross monthly income (that's your income before taxes) by 0.28. If you like to spend a large chunk of your paycheck on traveling, for example, a large monthly mortgage payment might not fit into your lifestyle. 1,000 ÷ 5,000 = 0.2To get a conventional mortgage, the maximum DTI you can have is typically 50%, including your proposed monthly mortgage payment. How much house can I afford frequently asked questionsHow much do you have to make a year to afford a $400,000 house? Mortgage interest rates can have a big impact on how much house you can afford.
Persons: you've, You'll, it's, Freddie Mac, Fannie Mae, you'll, homebuyers Organizations: National Association of Insurance, PMI Locations: Chevron, Arkansas, North Carolina
Farmers Insurance will stop offering insurance in Florida. Compare homeowners insurance quotes with Policygenius »Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. News 6 Orlando reported that this change will affect about 100,000 Farmers-branded home, umbrella, and auto insurance policies. However, the bulk of insurance policies offered by Farmers in Florida are under other brands, like BristolWest and Foremost Signature. "Affected customers will receive notifications detailing when their coverage will end and will be advised of options for replacement coverage," Farmers told News 6 in a statement.
Persons: Policygenius, it's Organizations: . Farmers Insurance, Farmers, Service, Farmers Insurance, Orlando, Farm, Allstate Locations: Florida, Wall, Silicon, California
Farmers insurance has confirmed it is pausing new homeowners policies in Florida. If you need home insurance in Florida, compare quotes and ensure you have enough disaster coverage. Compare homeowners insurance quotes with Policygenius »Get the latest tips you need to manage your money — delivered to you biweekly. Flood insurance, for example, is not included in a standard homeowners insurance policy because it's not required for people who don't live in a high-risk area. While you can get flood insurance through a private company, it's also available through FEMA via the National Flood Insurance Program.
Persons: , Luis Sahagun, it's Organizations: Farmers, Service, Insurance, Farm, Allstate, Policygenius Companies, FEMA, National Flood Insurance Locations: Florida, California
What Is Cash Value Life Insurance and Is It Worth It?
  + stars: | 2023-06-09 | by ( )   time to read: +10 min
What is cash value life insurance? Although you’ll see insurance companies advertise various life insurance products, all policies can be divided into two categories: term and cash value. How your policy’s cash value worksCash value life insurance is so named because of its ability to build cash value. Types of cash value coverageThere are two main types of cash value insurance:Whole lifeWhole life insurance is the most popular form of cash value insurance. Universal lifeUniversal life policies are more flexible than whole life policies.
Persons: Kat Tretina, you’re, PolicyGenius, Jay Zigmont, , they’re, ” Zigmont, Andrew Latham, you’ll, , Latham Organizations: Universal, American Council of Locations: Water Valley, Miss, Santa Ana, Calif
In 2016, when Shawn Loht bought his house near New Orleans, he easily found homeowner insurance with a $2,000-a-year premium. Then his provider failed, leaving him facing a premium of nearly $13,000 a year from the state’s insurer of last resort. Mr. Loht’s experience has become increasingly common as insurance companies react to cascading natural disasters by raising rates, reducing coverage and exiting some markets entirely. And Allstate, the state’s fourth largest insurer, quietly stopped selling new home, condominium and commercial insurance policies last year, confirming the change to The San Francisco Chronicle last week. “These disasters are wiping out large swaths of homes and insurance companies are responding in kind by getting out of there.”
Persons: Shawn Loht, , Hurricane Ida, Loht, Pat Howard Organizations: Allstate, San Francisco Chronicle Locations: New Orleans, Louisiana, California, Northern Colorado, Nebraska, Mississippi
State Farm and Allstate are no longer accepting applications for new home insurance in California. Existing State Farm and Allstate homeowners insurance customers in the state will retain their coverage. Compare homeowners insurance quotes with PolicygeniusGet the latest tips you need to manage your money — delivered to you biweekly. State Farm cited both high construction costs in the state and the increasing risk of wildfires as the reasons behind its decision. This won't affect State Farm auto insurance customers in California, either; applications for car coverage will remain open and nothing will change for existing policy holders.
Persons: Policygenius, , ABC10, it's Organizations: State Farm, Allstate, Farm, Service, CNN, Cal, California Department of Insurance, Policygenius Companies Locations: California, CNN , California
Fewer Adults Have Life Insurance, but Skipping It Can Be Risky
  + stars: | 2023-05-15 | by ( )   time to read: +11 min
But financial planners say a basic life insurance policy, especially products known as term life insurance, should be an important part of many Americans’ financial plans. A life insurance policy:Replaces lost income: If you were to pass away, your family could use your life insurance policy’s death benefit to replace your income. How to shop for life insuranceIf you’re ready to start shopping for a life insurance policy, follow these steps:1. According to PolicyGenius, an insurance marketplace, typical rates for a whole life policy, the most common type of permanent life insurance, are about 10 times the cost of a term life policy. Term Life Insurance Because term life insurance expires, it's often a far cheaper option.
And that is pocket change compared with the impact climate change may ultimately have on the value of your home. We have reached a turning point: Climate risk is driving insurer decisions like never before. Both private and government-backed insurers are undercapitalized for dealing with the potentially massive disasters we could be facing in coming years. They are up even more in parts of Florida and the Southwest that are predicted to suffer significant impacts from a warming climate. Last summer, the water level in Lake Mead, a critical source of water for 25 million people in the Southwest, reached its lowest level since the reservoir was filled in 1937.
Most carmakers said their battery packs are repairable, though few seem willing to share access to battery data. Lauterwasser said access to EV battery data is part of that fight. EV battery problems also expose a hole in the green "circular economy" touted by carmakers. Hill estimated at least 95% of the cells in the hundreds of EV battery packs - and thousands of hybrid battery packs - Synetiq has stored at Doncaster are undamaged and should be reused. 'PAIN POINTS'The British government is funding research into EV insurance "pain points" led by Thatcham, Synetiq and insurer LV=.
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