Insurance
The wildfires still raging in Los Angeles have displaced thousands of homeowners — many of whom have inadequate coverage due to a broken home insurance system in the state. And while new efforts to keep affected homeowners insured and expand coverage areas are going into effect, it may be too little, too late for many. How the home insurance system in California failed residentsRetaining homeowners insurance in California is notoriously difficult for those living in areas vulnerable to wildfires. And the problem has only gotten worse in recent years.The effects of climate change, combined with poor forest management, have accelerated…
Smart Spending Tips discusses whether a health savings account is the right choice for you. Americans have an important financial choice to make at this time of year. It is open enrollment period for health insurance plans. What is open enrollment? Open enrollment is a period in late fall when individuals can sign up or change their health insurance without a qualifying event such as getting married, having a baby or losing other health coverage. During this period, you can change to plans that cover even pre-existing conditions. In 2022, the open enrollment period runs from November 1 through January…
Smart Spending Tips on insurance credit score. How and why do insurance companies check your credit score? In most states, it’s legal for insurance companies to check your credit score when you apply for coverage. And 95% of them do. It’s a practice called credit-based insurance scoring, and many insurers believe that a consumer’s insurance credit score predicts how likely they are to file a home or auto insurance claim. What is an insurance credit score? Insurers don’t pull the same report that banks or credit card companies see. Instead, they use a special insurance credit score to decide whether…
Take Smart Spending Tips’s quick quiz to test your life insurance knowledge if you are considering taking out insurance. Life insurance is a contract between you and an insurance company designed to provide financial protection for your beneficiaries in the event of your death. Policies come in various types with different features and costs. How good is your life insurance knowledge? 1. What is the primary purpose of life insurance? A. Save money for retirementB. Cover medical expensesC. Provide financial protection for loved onesD. Invest in the stock market 2. What is a beneficiary in a life insurance policy? A.…
You wake up to find no running water in your house. Pressure from a tree root has collapsed the line between your home and the city’s water main — and because the broken pipe is on your property, you’re on the hook for repairs.If you want to protect your finances from this type of scenario, consider adding service line coverage to your homeowners insurance policy.What is service line coverage?Service line coverage is an optional type of insurance that can pay for repairs to underground utility lines on your property. Depending on your insurer, service line coverage may pay for damage…
Like human health insurance, pet insurance covers the cost of medical care. If your furry friend gets seriously sick or injured, the vet bills for treatment may add up fast. Having pet insurance coverage can help.Plans can vary significantly from one company to another, so it’s important to understand what pet insurance covers before you buy it.Key terms in this articleThe amount you pay for your pet’s vet expenses before your insurer starts reimbursing you. Most deductibles reset each year.Medical problems your pet has before you buy your policy. Pet insurance plans generally won’t pay to treat pre-existing conditions.The time…
More than 270 million rates analyzed by our team of specialists.More than 50 insurance companies analyzed in all 50 states and Washington D.C. (See our top picks.)Homeowners insurance costs an average of $1,915 a year, or about $160 a month, according to NerdWallet’s analysis. However, this is just a benchmark.We’ve analyzed pricing data from more than 100 insurance companies to bring you the average homeowners insurance cost in every state and the largest U.S. cities.Our sample policy was for a 40-year-old homeowner with good credit, $300,000 of dwelling coverage, $300,000 of liability coverage and a $1,000 deductible. The cost of…
It’s hard to pinpoint how much life insurance you should buy down to the penny, but you can make a good estimate by using our life insurance calculator below.In general, you should add up your long-term financial obligations, such as mortgage payments or college fees, and then subtract your assets. The remainder is the gap that life insurance will have to fill.Why you can trust NerdWalletLife insurance calculatorThis life insurance calculator uses your existing assets and debts to figure out how much life insurance coverage you need.How to manually calculate how much life insurance you needFollow this general philosophy to…
Full coverage car insurance isn’t a specific type of policy, but a combination of coverage types that typically includes liability, comprehensive and collision insurance. If you have a loan or lease, your lender likely requires you to have it.See what you could save on car insuranceEasily compare personalized rates to see how much switching car insurance could save you.Finding the cheapest full coverage car insuranceBecause it combines several types of coverage, finding cheap full coverage insurance can be tough. For example, full coverage car insurance can cost more than triple the price of minimum required coverage. That’s why it pays…