If you are planning on doing a home renovation or just want a few tips to increase the value of your home then you have come to the right place.
Often homeowners put thousands of dollars into renovating their home without really knowing that they will be able to profit from the work that they have invested into their home, only to find out later when they sell it.
To help you avoid making the same common mistake, we did some research and found a few tips that could help you increase your homes value and get the most bang for your buck out of your renovation project.
First, we have a quick video for all of the Tech savvy people who want to add value and convert to smart home technology.
Now, for adding value on a small budget, this is an infographic that will give you a look into how you can add value to your home with a small budget. The info comes from a list compiled from the answers of 24 real estate agents who were asked the best way to increase your homes value for $5,000 or less.
Be sure to update your homeowners insurance policy after doing work on your home. If you have added value to your home, it is important that you don't end up under insured because of having an outdated policy.
Myth 1: Red cars cost more to insure
Busted: It's OK if your little Corvette is red or your big Cadillac is pink. Color has no impact on your car insurance price. Custom paint jobs are another story—if you paint your vehicle, be sure to add the optional coverage "custom parts and equipment" to your policy.
Also Read: 4 Car Insurance Mistakes That Could Cost You Big Time
Myth 2: Comprehensive coverage is the same as full coverage
Busted: While the word "comprehensive" might imply you have everything you need, the coverage only protects you from things out of your control like theft and vandalism. It will not cover you if your vehicle collides with another car or object.
Also Read: How to Get Cheap Car Insurance For Teens
Myth 3: Cheap cars cost less to insure
Busted: If your cheaper car has a large engine, weighs a lot, or is an unusual model, it might cost more to insure than a more expensive small car. However, if you have a cheaper car, you will usually pay less for comprehensive coverage.
Read: Top 10 Most Affordable Cars of 2018
Myth 4: Personal auto insurance covers my vehicle for business use
Busted: Although you're typically covered by your personal policy for business errands, a commercial auto policy will be required if you're using your vehicle for delivery services or transporting passengers for a fee. You may also need commercial auto insurance for certain vehicle types.
Myth 5: Insurance companies pull credit for quotes and then my credit takes a hit
Confirmed, then busted: Yes, insurance companies may view your credit report to provide the most accurate quote. However, it is a soft inquiry only, meaning your credit score will not be affected in any way. You could quote hundreds of insurance companies in one day, and your score will never change.
Myth 6: My rate will decrease when I turn 25
Confirmed: You are likely to see a decrease in price when you turn 25, assuming all other factors remain the same. Typically, the biggest rate drops come at 19 and 25. As drivers gain more experience, they're less likely to be in an accident. But, these savings can easily be cancelled out by a poor driving record or other factors.
Last year’s Equifax hack, in which more than 140 million Social Security numbers were exposed, fortunately hasn’t prompted a wave of identity theft, at least yet. But a recent survey discovered that over 40 million Americans have had their identity stolen. Even including children, that means nearly 1 in 8 people in the U.S. has been the victim of identity theft.
If you’re unlucky enough to join that group, some financial impacts of the theft may be addressed--say from the unauthorized use of your credit cards. But not all may be covered, such as legal fees. If you suffer such losses, there may be some reprieve through your homeowners or renters insurance. Here are the ways you may be covered, including some options to buy protection if you don’t yet have it.
Identity Coverage Through Your Homeowners or Renters Insurance
It‘s possible that your current property insurance policy could have identity theft coverage written into it. Whether or not that’s the case, you may also be able to add ID theft coverage as a rider (or policy add-on). Using a rider, you can either add identity theft insurance to your existing policy or increase your coverage limits.
Just note that every homeowners insurance policy will differ and there are over a dozen different types of coverage included within a standard homeowners or renters insurance policy. Checking your policy will allow you to determine whether fraud coverage is already included, and what type of coverage it provides. In many cases, the coverage will help pay for the cost of restoring your identity, but some policies may cover additional expenses or have certain exclusions.
For standard coverage with both homeowners and renters insurance, a $500 limit on identity theft coverage is very common, but that number can vary depending on how much property coverage you’ve purchased. That figure falls far short of the potential losses when your identity is stolen.
Identity theft recovery can include all of the following expenses, each of which regularly can exceed $1,000:
In fact, 2014 data from the Bureau of Justice Statistics reveals the direct out-of-pocket loss for identity theft was nearly $4,000. This figure does not include the value lost from decreased productivity. Lifelock notes that the average time spent recovering from identity theft is 7 hours, although extreme cases could result in much more than that.
If you’re concerned about the potential costs of identity theft, you can increase the limits of your coverage through adding a rider to your policy. Indeed, this is a simple way to reduce your financial risks.
If your identity is stolen, to utilize coverage from your homeowners or renters insurance, whether from a rider or not, you’ll need to file a claim with your insurance company. That claim should include a police report detailing the fraud event, evidence of the fraud, an itemized list of damages, and may require proof of the steps you’ve already taken to stop further abuse (such as canceling your credit or debit cards, or registering for fraud alerts with a credit agency).
The Value of a Quick Response & Identity Theft Coverage
Most identity theft now seems to occur as a result of massive data breaches. Many point to big-name incidents like Equifax and Yahoo, but small-business breaches are just as common and perhaps more damaging given the slow release of information. In the case of most breaches where sensitive information is stolen, customers often aren’t informed until days, weeks, and sometimes even months after the event occurred. This makes responding properly to such events extremely difficult for consumers.
Responding swiftly to identity theft once you’ve learned you’ve been a victim, and knowing what insurance you have in place, can mean the difference between losing a few hundred dollars and taking a huge hit to your finances. Once your account information has been stolen and utilized by an identity thief, recovery can be very costly.
This content originated on ValuePenguin.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Did you know that two thirds of homes in the US are underinsured by an average of 18%?
In other words, to replace a $300,000 home you would have to come up with $54,000 that you would be missing through your insurance policy.
What would you do if you had to come up with $54,000 in an emergency?
What makes it worse, a common practice for some greedy insurance companies (none that we represent, thankfully) is to knowingly under insure a home to keep your premiums low, which in turn guarantees a sale for them.
We don’t think that’s right! To us, the insurance industry isn’t about making a sale, it's about protecting people and helping them prepare so that they know they are covered in their time of need.
That’s why we wanted to give you the opportunity to arm yourself…
With the knowledge of how to avoid these problems before they arise and make sure that you are never under insured.
How to Make Sure You Have Adequate Coverage
Having the right amount of coverage is all about avoiding common mistakes that are made while purchasing your policy.
At Ferguson Insurance, we always want to make sure that you are avoiding these pitfalls. However, in case you already have a policy these are a few of the things that may put you at risk.
Mistake #1: Putting mortgage amount or actual cash value of your home instead of the replacement cost of your home.
This number are not always the same. In fact they are very seldom the same. Know the replacement cost for your home and get your homeowners price quote based on that.
Mistake #2: Not getting disaster coverage.
Floods, earthquakes and certain other types of disaster are not covered in your standard homeowners policy. If you are in a high risk area for hurricanes you may need to consider a special windstorm coverage to supplement your homeowners policy.
Mistake #3: Being too cheap.
We all want to save cash, just not at the expense of our homes. Ask for the best coverage you can get for the money and not the lowest possible premiums.
Mistake #4: Not understanding deductibles.
Your deductible can change based on the cause of damage. You could be asked to pay anywhere from 1% to 5% in a flood or as much as 15% for an earthquake.
Mistake #5: Not insuring the contents of your home.
You have a policy but you don’t spring to cover the things you have bought overtime. You may be looking at a very large bill to replace all of the lost items if you have to pay out of your own pocket.
Think about everything you could have to replace in an emergency. You could replace your home, then have to pay for all of the furniture and appliances that you need in it.
Mistake #6: Not updating your insurance policy
So you bought your home 7 years ago, remodeled the kitchen and bathroom but haven’t updated your homeowners insurance policy? You could be way under insured based on having to replace your home in today’s market.
Overtime the replacement cost of your home will increase along with the prices builders charge, the price of materials, etc. Don’t let more than 2 years go by without getting updated replacement cost estimates.
We want to be a part of the solution… If you already have a policy it’s important that you call us and make sure you have the proper coverage for you home.
We offer obligation free consultations to help you (and your family) feel safe and secure knowing that you are prepared for whatever may come.
Saving money is always a high priority for our auto insurance clients. Most of all, people want to feel that they are getting a great deal.
These cars are just that, great deals.
We made a list of the Top 10 most affordable cars of 2018.
*Affordability was primarily based on 5 year ownership, not MSRP or cost to insure. These numbers are for entertainment and educational purposes only. Your actual experience could be different, be sure to get a more accurate quote before making your decision to buy a car.
10. Chevy Malibu
Chevy Malibu Facts:
Chevy's midsize sedan was completely redesigned in 2016 and remains mostly unchanged for the 2017 and 2018 model. It features a longer wheelbase, Teen driver statistics, Ecotec turbo engine and a body that is 300lbs lighter than ever before. It also comes in hybrid models as well.
Insurance cost: $1,359.66
5 year Ownership Costs: $31,591.00
9. Honda Accord
Honda Accord Facts:
After discontinuing the Coupe version of the Accord, Honda has upgraded a few features including the new turbocharged engine and the infotainment system. With 30/38 miles to the gallon, this is by far one of the most affordable cars available today.
Insurance cost: $1,332.84
5 Year Ownership Costs: $31,591.00
Also Read: 6 Car Insurance Myths Debunked
8. Toyota Camry
Toyota Camry Facts:
The new Toyota Camry is easily one of the most exciting redesigns in recent years. The body style and new 8 speed standard (gas-only options) are huge bonuses when you consider how easy it is on your wallet.
Insurance cost: $1,377.65
5 year Ownership Costs: $30,197.00
7. Toyota Tacoma
Toyota Tacoma Facts:
This year, the Toyota Tacoma has discontinued its 5-speed manual on some models but has also added Sense-P Safety suite as a standard feature. A large value in a smaller sized truck.
Insurance cost: $1,282.17
5 year Ownership Costs: $30,060.00
6. Ford Fusion
Ford Fusion Facts:
Was recently given a rating of 8.3/10 by USNews. Not a lot of engine power but makes up for it in handling and affordability.
Insurance cost: $1,379.19
5 year Ownership Costs: $29,922.00
Also Read: How to Get Cheap Car Insurance For Teens
5. Hyundai Sonata
Hyundai Sonata Facts:
CNET.com said it may be it's new favorite sedan and rightfully so. This years model has plenty of new safety features as well as a new suspension for a more sporty feel.
Insurance cost: $1,388.73
5 year Ownership Costs: $29,630.00
4. Honda Civic
Honda Civic Facts:
Rated a perfect 5 stars by Car and Driver. The Honda Civic is a comfortable ride with a fun and exciting edge that rarely comes with such a low cost.
Insurance cost: $1,436.89
5 year Ownership Costs: $27,158.00
3. Nissan Sentra
Nissan Sentra Facts:
The Nissan Sentra is an enigma. Not well rated but sells well. Still, a great option when it comes to savings.
Insurance cost: $1,433.65
5 year Ownership Costs: $25,737.00
2. Toyota Corolla
Toyota Corolla Facts:
There's good news and bad new...
Good news, there's great safety features and lots of leg room (and of course, the price)...
The bad news, no Android Auto or Apple CarPlay and brake "aren’t very confidence-inspiring"
Insurance cost: $1,437.51
5 year Ownership Costs: $25,361.00
Also Read: 7 Dangerous Things Teen Drivers Do and 7 Tips to Keep Safe
1. Hyundai Elantra
Hyundai Elantra Facts:
Lot's of cool features but also kind of on the small side when it comes to rear seating. Excellent for those who don't want their teen driver chauffeuring friends around.
Insurance cost: $1,413.37
5 year Ownership Costs: $24,494.00