Important Tips For Buying Disability Insurance

Are you insured in the event you become disabled?  Many Americans don’t have disability coverage because they don’t feel that they need the insurance.  Ask yourself if you could afford to support yourself and loved ones if you were out of work for a long period due to illness or injury.  Strangely enough, many of us carry life insurance policies to protect our families in case of death, but decline disability coverage.  For younger workers, it’s more likely you will be injured than it is that you will die.  It also is more likely that you will be hurt away from your job than on the job and that you will become disabled due to disease than to an injury. 



When considering long-term disability insurance there are several things you should keep in mind.  The first item is that most automatic disability coverage given by the majority of employers is not enough to sustain you during an injury.  You will probably need to purchase additional coverage.  If you carry only your company’s insurance, you may lose your right to appeal a denied claim.  This is because the insurance company works for your employer, not for you.  So your individual rights may be limited.  You also need to find out if the benefits you receive will be taxable income.  Most company policy benefits are taxable, but some individual policies are exempt. 

 

When purchasing individual coverage, look for a policy that will provide you with the best coverage and the least number of restrictions.  Most policies are fairly specific about what is covered and what is not.  The rates for coverage often are calculated based on your age and sex.  For example, a middle age female can expect to pay slightly more than her male counterpart does.



When shopping for a policy, use a licensed agent who is approved to work with several insurance agencies.  This will provide you with a broader range of options.  Individual policies that are not regulated by the Employee Retirement Income Security Act (ERISA) give you greater flexibility and safeguards to protect yourself. 


If you can afford it, be sure that your policy is based on your overall ability to do your specific job.  Avoid policies that provide benefits only if you become totally disabled.  And, be sure that your policy is not written such that if you can perform even a portion of your job, your benefits will be reduced.  Your best bet is to purchase a total disability policy. 

Look for a policy that covers both physical and psychological disabilities.  Also, make sure your policy waives your premium during any period of disability.  Most policies have only a short waiting period to get started and the benefits should be applicable for your entire lifetime.  If they do not last for your entire lifetime, aim for an age when you know that you will be getting another income such as Social Security or a pension. Be sure that your coverage is guaranteed as long as you pay your premiums.  If possible ask for a cost of living increase to be written into the policy.  It will be worth it if you find yourself disabled.


Purchasing a long-term disability policy is a good idea for most working adults.  Disability insurance not only offers you peace of mind, it’ll go a long way to support you and your family if the unforeseen strikes.

5 tips to stay on top of home maintenance

Where to find reliable contractors

By Dian Hymer
Inman News®

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You're not alone if your roof is leaking and you're kicking yourself for not having called a roofer during the summer months. Most people have a limited concept of preventative maintenance. This can lead to big problems that end up being more expensive than if you had routine maintenance in place.

Many buyers don't understand that home maintenance goes with homeownership. When you rent, someone else usually pays for repairs. As a homeowner, you're responsible for keeping your home in good condition.

Unless you're handy at home repairs, it can be costly to maintain a home properly. But there is a benefit at the end of the line. Buyers pay more for homes that are well-maintained and show a pride of ownership.

It can be a hassle to properly maintain your home unless you organize and prioritize the projects that need to be done. You also need to set a schedule and stick to it.

Most home maintenance can be done annually: roof maintenance (including gutters and downspouts); sealing exterior cracks; weatherproofing; a furnace and air conditioning inspection; and inspecting and cleaning the drainage system.

Mark these events on your calendar so that they can be scheduled for about a month before you'd like to have the work done. If you wait until just before the rainy season to start your annual maintenance, you could have trouble finding good contractors to help you.

Don't wait until your roof is leaking to repair or replace it. There will be collateral damage to the interior of the house. Your homeowners insurance company might pay to repair the interior damage, less the amount of your deductible, but it won't pay to replace the roof. Too many claims could be grounds for not renewing your policy.

HOUSE HUNTING TIP: Assemble a crew of contractors and tradespeople who can help you with your home maintenance. It's not always easy to find reliable people who do good work. You'll end up frustrated and having to do more oversight if you work with people who don't show up or do the job right.

Ask your real estate agent or acquaintances who own homes in the area to recommend tradespeople to you. If the seller is happy with people who have worked on the property, ask for a list of names and contact information when you close the sale.

Homeowners who haven't the time or expertise to determine what needs to be done to keep their home in good shape could ask the home inspector that inspected the house for them to do a reinspection periodically to point out areas that need attention.

One of the keys to good home maintenance is to take care of critical items as soon as they become apparent. For instance, don't postpone repairing a plumbing pipe leak. Have it repaired as soon as you notice it.

Don't assume that because your house is new that you won't have any maintenance issues. If the gutters back up on any house, even a new house, water can leak into the house or down the inside of the walls. This, left unchecked, can lead to a major repair to the framing. If repaired right away, you may just need to seal and touch up the paint.

Likewise, even though you just had the exterior painted, you still may have areas that will need touch up every year or so, especially if they receive intense sun exposure.

THE CLOSING: Don't go for the cheapest contractor or building materials just to save money. If an inferior-quality job has to be redone sooner than anticipated, your savings will dwindle.

Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author of "House Hunting: The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide."

Before You Buy Homeowner's Insurance

In order to guard yourself from risk and liability, it is essential to invest in a homeowner’s insurance policy that will give you the protection you need.  Although such policies are not a requirement by law, any mortgage company will require this as a stipulation to receiving your next home loan.

Types of Policies

Several types of plans are available that include various optional riders dependent on your particular needs.  There are specific policies for older homes, mobile homes, condos, and anything from basic protection to high liability coverage.  However, a majority of owners will invest in something known as an HO-3 policy, because it offers protection for both the dwelling as well as your contents that are available in your home.  

For example, the HO-3 policy will guard the outside of your property from any of the open perils (i.e. threats or dangers) to your home and also named perils for your contents.  However, there will be a list of specific issues that the policy will not protect you from (such as earthquakes or water damage).  Uncovered perils may be added at an additional cost. 

On the other hand, others may be interested in reviewing the options available with the newer HO-5 policy.  This coverage takes the HO-3 a step further by providing open peril policies for both the home and also contents.  So essentially you would be protected for more items within your house, without having to prove that damage occurred under one of the named perils.

Other Important Factors

Next, there are liability limits.  In the event that damage would occur, this amount would provide the coverage necessary to help restore your home.  However, please keep in mind that this is not the same thing as the home’s actual value.  There are other things that you need to consider such as the land, possessions, living expenses (if you need to rebuild), or other structures that are located on your property.

Therefore, take the time to assess what type of limit you would need to help cover the total loss in the event of a major catastrophe.  Also, be sure to revisit your policy from time to time as the property appreciates, and/or you consider making changes and additions to the property.

Finally, it’s important to review the differences between actual cash value and replacement costs.  For those who have a lot of contents that hold a high value, it may be better to consider replacement cost coverage, which could be worth the added price.  This will provide a brand new replacement for all covered contents.  

On the other hand, for people who are less concerned with replacing everything at market value with comparable items, you may want to consider actual cash value protection for household items which will take into account depreciation.

Of course, this is only the tip of the iceberg when considering a homeowner’s policy.  Other things that can be considered include:

Jewelry Coverage

Personal Articles Coverage

Umbrella Coverage

Liability Claims Protection

So...take the time to schedule an appointment with a qualified insurance agent to discuss your needs and review what else may be available.  If you need names and numbers of reputable insurance agents, please feel free to contact me as well.

Why Do I Need Title Insurance?

Before purchasing a home, it is vital that you have a better understanding of title insurance policies that are available for both lender and homeowner protection.  If obtaining a mortgage, title insurance will be a requirement to shelter the lender for the full amount of the loan until it is completely paid off. 

However, owner title insurance will be something you need to consider if you want to protect your own interests as well, since the aforementioned would not cover your own equitable interests in the property.  Typically the purchase of an owner policy can either be covered by the seller, or is something that you can include along with the lender policy for a small investment.

When purchasing a home, buyers are actually obtaining a right to occupy the land and property space which comes in the form of a title.  Therefore, insurance is necessary to identify any issues that may be attached to the title of the home before closing on the property. 

Several Issues That This Search Could Uncover Include:

• Easements that may allow for roads, sidewalks, cables, etc. to be built on your land.

• Judgments or liens that are a result of unpaid taxes or money that is owed.

• Errors or forged signatures contained within deeds, trusts or wills.

• Undisclosed heirs or rightful owners to the property.

• Additional legal issues or pending suits such as divorce that could affect the purchase.

Owner title insurance will protect both homeowners and their heirs from any claims that arise as a result of problems that were initiated prior to obtaining the coverage.  In the event that you were to inherit your own liens or judgments against the home, a new policy would then protect the next buyer if these bills were overlooked and remained unpaid upon closing.

Did you know that approximately 1/3 of all title searches will uncover some type of issue on a property?  Although these tend to be extremely thorough and accurate, there are still those rare instances where certain matters will remain undetected.  Title insurance is therefore the solution for any such cases that may arise.

In the event that you purchase a policy and claims do arise, the policy will reimburse you for any losses that are incurred under the coverage.  Therefore, the stress, fees and wasted time that you can avoid when faced with such unfortunate circumstances are well worth the small investment.

To obtain information on reputable title companies that I highly recommend before your next purchase, feel free to contact me using the information included below.

Rhonda Miller: 405-820-1740

Email: rhonda@rhondasrealestate.com

Website: http://www.rhondasrealestate.com