Preston Micalizio

The key difference between homeowners insurance and renters insurance is that homeowners insurance covers the residence structure itself plus the homeowner’s personal property, while renters insurance covers only the tenant’s personal property but not the structure they live in.

Maintaining a clean driving record helps prevent post-accident car repairs, lowers your insurance costs and may qualify you for a safe driver discount. That’s why any infractions should be avoided or attempted to be removed from your record whenever possible, as they can lead to fines, higher premiums and a suspended driver’s license.

If you’re not careful, switching car insurance companies may result in unexpected cancellation fees or lapses in coverage that can increase your car insurance rates for a while. Losing discounts from your current insurer after switching can also lead to higher overall insurance costs without you realizing it.

The national average cost of car insurance is around $1,718 per year for full coverage and $488 per year for minimum coverage. However, factors such as where you live, your driving record, personal information, the make and model of your car and the types of coverage you buy can all affect your premium.

Your car insurance company accounts for a number of changes in your life that could affect your car insurance premium, such as moving to a new area or buying a new car. While not all life events will have a positive impact on your insurance rates, understanding how the changes in your life affect your premium can let you know what’s important to notify your insurers about for potential discounts.

The average cost of homeowners insurance is around $186 per month but your actual rates will vary based largely on how likely you are to file a claim. To calculate your risk exposure, insurance companies consider several factors including the age of your home, your claims history, if you have amenities that increase your liability exposure like a pool or trampoline and more.

Getting a ticket out of state should generally be treated with the same severity level as getting one in your home state, as you’ll likely face the consequences of a ticket regardless of where you received it. You’ll likely want to pay the traffic ticket or contest it in court, as ignoring the ticket could result in heavy fines, dropped insurance coverage and/or the suspension of your license, among other consequences.

Instances where you’re found to have misrepresented yourself in your life insurance application, have a death that is excluded from coverage or allow your coverage to end before your death can all result in your life insurance payout being denied to your beneficiary or your policy being canceled. Life insurance policies are often taken out decades before a potential claim, making it critical to ensure you don’t waste the investment you’ve made in monthly premiums.

If you need to file a renters insurance claim, you’ll want to gather the necessary documentation and contact your insurance company as soon as possible. Avoid delays in filing and double-check that whatever loss you’re filing a claim for will be covered. Otherwise, your claim could be denied.