Tag: biscoe insurance group

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How to Rent Out Your House for SXSW

Want to escape the SXSW madness and get your vacation paid for? If you’re a homeowner in the Austin area you could do as so many others are doing and rent your house out during the festival. People with prime real estate close to downtown can charge festival goers hundreds of dollars a day to shack up in their home.

SXSWHomeRent

Sound interesting? Before you let the dollar signs decide for you, there are a number of insurance concerns that need to be considered.

Check with the Housing Authorities

Your city, county, state or HOA may have insurance requirements for homeowners that are renting out their home for a local event. Start with your HOA if you have one. It’s possible that they won’t allow the home to be rented out at all. If it’s okay with the HOA, move on to the city regulations for renting short-term. In addition to insurance requirements, there may be health and safety regulations, permits and more that have to be dealt with before a home is rented out.

Call Your Home Insurance Agent

If you’re interested in renting out your home, it’s always advisable to speak directly with your insurance agent. They’ll be able to explain how your current policy covers your home and what is needed if you decide to rent your house out for just this one event, for short-term periods or for longer spells. There’s a good chance you’ll need to obtain additional coverage. Follow up your conversation with a confirmation email that outlines everything you covered on the call.

Take Pictures of Everything, We Mean Everything

Once the home insurance policy is squared away, there’s still one more thing to do. Take pictures of the entire house inside and out, including furniture and electronics. If damage is done you want to have photographic evidence of the home’s condition before it was rented out.

Work the Cost of Additional Coverage Into the Rate

Just like cleaning fees and cancellation fees, you can work the additional cost of the insurance coverage into the rental rate you charge.

Add a Security Deposit to Cover Small Fixes

Small fixes like carpet cleaning or having to repaint may not be covered by your insurance, and if they are they may not be worth the cost of the deductible. The best way to cover yourself is to require a refundable security deposit. Not only will you be covered if small fixes are needed, but the security deposit can also be used to cover the cost of the deductible.

Suggest That Renters Get Their Own Insurance

It’s always a good idea to suggest that your renters get their own insurance policy that covers their possessions. Anything they bring into the house won’t be covered by your home insurance.

Now that you have your insurance needs covered, it’s time to list your home for rent and start planning where you’ll go during SXSW. Just don’t forget to cover yourself and the possessions you take with you while you’re on vacation.

 

Image Source: www.flickr.com/photos/106574022@N04/11415696705

Original Source: http://www.mybiginsurance.com/travel-insurance/rent-house-sxsw/

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Insurance Tips for SXSW Travelers

Insurance. It’s usually not the first thing you check off on your packing list before heading to SXSW. But anytime you’re traveling, it’s smart to give your insurance policies a quick look. Here’s what to search for in each policy.

OLYMPUS DIGITAL CAMERACar Insurance Checklist for Traveling

Whether you’re driving your own or renting a car, automobile insurance is one of the most important policies to check. When you’re out on the road you’re more likely to need it, so make sure you’re adequately covered by answering these questions:

  • Does your insurance cover a rental? No matter which rental service you use it’s a given that they’re going to ask if you want to purchase insurance. While this is something worth considering, first check to see if your rental is already covered by your car insurance. Look over the details, and if it doesn’t seem adequate then go ahead and get the additional rental insurance or add a rider to your policy. There are usually numerous plans offered that cover specific items, like personal effects and liability. To minimize costs, just get what isn’t already covered by your car insurance.
  • How long does your auto insurance cover a rental? If you’re planning to be in Austin for the entire SXSW experience, you need to look into any limitations on how long your auto insurance covers rental cars.
  • Who all is covered on your car as a driver? Some policies limit coverage to specific drivers, while others cover everyone.
  • Does your insurance meet the minimum in Texas? In the state of Texas, residents are required to have a minimum amount of collision insurance. If you don’t have liability insurance that covers at least $30,000 for each injured person, up to $60,000 total per accident and $25,000 for property damage per accident, go ahead and up your coverage.
  • Is your insurance card handy? Under Texas laws, you need to either have paper or electronic proof of insurance with you the whole time.

Home/Renters Insurance Checklist for Traveling

When you’re away from home your house still needs protection. Below are questions that can be answered by taking a look at your home insurance or renters insurance policy.

  • How long will you be gone? If it’s an extended vacation that will keep you out of your home for a long spell, it could cause your home insurance to lapse. However, this typically won’t happen for at least 60 days.
  • Do you need to leave the utilities on? Shutting off the utilities can save money, but it can also cost you your insurance coverage. If a cold snap comes through and damage occurs because the house isn’t properly heated, you could be on the hook for the costs. However, turning off the water is a good idea because it will keep potential flooding from happening. Check your policy to see how damage during your absence is covered.
  • Are all your possessions properly covered? When you’re away on vacation your home and all the things inside it are more vulnerable. Thieves will sometimes even stake out neighborhoods to look for homes that appear to be vacant. Before heading out check the Coverage C section of your policy, which addresses personal property. If anything isn’t properly covered call your agent to make adjustments.
  • What possessions are covered while you travel? When you checked the personal property portion of your policy you probably noticed your laptop or high-end camera was covered by your home insurance. But what if you take them with you to SXSW? Some policies will protect items that you take with you on your travels. If your policy doesn’t consider getting personal property insurance to cover big-ticket items at all times.

Take a Look at Personal Umbrella Coverage

If your policies are looking a little slim you could up the coverage on each one or opt for personal umbrella protection (PUP). Personal umbrella insurance offers you additional protection on top of what you already have in the event that your auto or home insurance can’t cover everything.

It’s an affordable way to make sure insurance-related costs like legal fees and lost wages are covered instead of coming out of your own pocket. When you’re away on your travels, packing an umbrella is always a good idea.

 

Image Source: www.flickr.com/photos/hmk

Original Source: http://www.mybiginsurance.com/travel-insurance/insurance-tips-sxsw-travelers/

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Protect Your Growing Family with Adequate Life Insurance

New parents are going through a lot of life changes. From your sleep patterns to your disposable income to your social life, nothing will be the same once you bring your baby home from the hospital. It may not seem as important as learning to change a diaper while you’re half asleep, but having a rock-solid life insurance policy is one of the best ways to ensure your growing family is protected.

happy_familyHere’s what you need to consider about life insurance now that you’ve got someone else depending on you.

Starting a New Life Insurance Policy

As soon as you add a new member to your family the need for financial protection grows substantially. Many people don’t even consider getting a life insurance policy until they become a parent. Even then, they may just be thinking about covering the expenses related to funeral costs and paying off debts.

To provide your family with adequate coverage you’ve got to consider all of the financial burdens that would arise if the breadwinner were to no longer provide for the family. Providing for children all the way through college can be much more expensive than you might first expect. It’s often suggested that parents in their 30s should have approximately 15 to 20 times their income in coverage.

Other factors to consider are the type of policy you’ll take out and whether it provides added financial benefits like cash value that can be borrowed against.

Adjusting Your Current Life Insurance Policy

If you already have a life insurance policy, that’s great. But for each child you bring into the world adjustments should be made to your plan. Leaving a spouse with one child to take care of is very different than leaving them with three.

Likewise, if your income changes or the breadwinner of the family shifts then your life insurance policy should be updated. When your children move past college and become financially independent, you may find that you don’t need such a sizable death benefit. Life insurance is something that will grow along with you. It’s not a one-and-done type of decision.

Adding Life Insurance for Your Kids

Thinking about the loss of one of your children is difficult, but adding the pressure of funeral costs and possible lost income from time off at work will do nothing but compound the situation. You may want to consider getting a policy that provides life insurance for children. They are designed to free parents of financial burdens when they suffer the loss of a child. You can opt to cover each child individually or add a child rider to your own policy.

At the end of the day, thinking of your life insurance policy as another member of your family can help you to remember how closely it’s tied to your life changes. If you plan to add to your family or are a new parent in need of coverage, give us a call. Our agents can help you determine how much coverage you need for your family.

Image Source: commons.wikimedia.org/wiki/File:Happy_Family_Photo.jpg

Original Source: http://www.mybiginsurance.com/life-insurance-blog/protect-growing-family-adequate-life-insurance

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Why Couples Should Add Life Insurance to Their Wedding Registry

Planning a wedding is no small task. There are so many details, from the catering to the venue to the guest list. But in all the scheduling you may forget to add one big thing to your to-do list – life insurance.

Whether or not you and/or your soon-to-be spouse already have life insurance policies, a huge life change like marriage means at the very least you’ve got some updating to do. Here are the top five things to think about when it comes to your life insurance needs as newlyweds.

Newlywed Life Insurance Tip #1 – Start Planning for Your Family

It may be years down the road before you add to your family, but marriage brings babies to mind. Life insurance is all about providing protection for your family. Right now it’s just the two of you, but when you’re considering things like the death benefit amount it’s important to project for future financial needs.

Newlywed Life Insurance Tip #2 – Account for Expected & Unexpected Expenses

Buying your first home, covering expenses after losing a job, baby number three – life is full of both expected and unexpected expenses. When you have a family there are even more variables to account for. Some life insurance policies allow you to borrow against the cash value or withdraw it to cover life’s expected and unexpected expenses.

Newlywed Life Insurance Tip #3 – Think About the Life and Longevity of the Policy

It’s the age-old question of term versus permanent life insurance. While it’s tempting to opt for the cheaper term life insurance when you’re young and starting out, in the long run it may not be the most financially rewarding option. The policy could run out right when your kids get to college, and you’ll have to worry about renewing at an older (i.e. more costly) age.

Newlywed Life Insurance Tip #4 – Bring Together Your Budgets

Up until the time that the marriage license is signed there’s a good chance that your budgets are handled separately. But before you make life insurance moves lay everything out on the table – income, assets, debts. You need a clear picture of your current finances together to make the best decisions for your financial future.

Newlywed Life Insurance Tip #5 – Decide on Individual vs. Joint

If you both already have life insurance you may just want to update the policies or you may want to consider having one joint life insurance plan. There are a few benefits to a joint plan beyond only having to worry about maintaining one policy. A joint policy could lower the overall cost of having both spouses covered, and it could provide protection against estate taxes. There are two types of joint life insurance to choose from: first-to-die (the surviving spouse is the beneficiary) and second-to-die (heirs are the beneficiaries after both spouses pass).

If you’re getting married, you’ve probably got a lot of things on your mind. Call Biscoe Insurance Group and one of our knowledgeable agents can help you plan for your newlywed life insurance needs.

Original Source: http://www.mybiginsurance.com/life-insurance-blog/couples-add-life-insurance-wedding-registry

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How Men’s Increasing Longevity Affects Life Insurance

As we age a lot of things change. Parts of our bodies start to sag, our portfolios start to grow (hopefully) and our insurance needs are altered. Life insurance is something that has to transform as we age to stay up-to-date.

coupleonbenchFor men, aging must now be considered more than it has in the past. A recent study from the Institute of Health Metrics and Evaluation found that men are living longer and starting to close the age gap between themselves and women. They are also increasing their longevity at a faster pace than women. Between the years of 1989 and 2009, the IHME found that men added 4.6 years to their life expectancy while women only added 2.7 years in the same time period.

The reasons behind the increasing life expectancy in men are that they are living healthier lifestyles than in years past and are less likely to be obese than women. With these added years come new considerations and the need to plan for them. One such consideration is life insurance. Below are the factors likely to come into play with life insurance as a man ages.

The Possibility of Passing After Your Spouse

Many men name their spouse as the beneficiary of their life insurance policy, especially if they have children that are still minors. But now that men are beginning to narrow the life expectancy gap, they need to start planning for the possibility that their spouse may be the first to pass away. It’s always important to have a contingency plan for beneficiaries no matter what age you are, but as you get older this becomes increasingly more important.

Keeping Healthy to Keep the Cost of Insurance Low

If you haven’t gotten a life insurance policy yet or you have term life insurance that you intend to renew, your age will factor into the cost. The best thing you can do to offset the age increase is improve your health. It’s especially important to focus on heart health, exercise, eating right and kicking bad habits like smoking.

Naming Grandchildren as Benefactors

The older you get the more descendants you’re likely to have and the older they will be when you pass away. Many people who live to the average life expectancy and beyond have adult grandchildren that are a big part of their lives. It’s becoming more common for people to name their grandchildren as the beneficiaries of their life insurance policy.

Just keep in mind that naming your grandchildren as beneficiaries could come with additional taxes, like the Generation Skipping Tax. If the grandchildren are still minors when the life insurance policy is initiated, you’ll want to set up a trust in their name as well.

Budgeting for Life Insurance

Many people are having to reevaluate their budgets to reflect a longer lifespan. Life insurance is a budget item that has to be factored in. Depending on how your policy is written you may need to make monthly premiums for the entirety of your life so it doesn’t lapse. Consider the long-term costs and plan accordingly. You may be able to increase your premiums now while you’re still working so you can stop making payments at a later date or deposit a large lump sum to cover you well into retirement.

There are also tax incentives for certain types of life insurance policies, so speak with an insurance agent or financial adviser to understand all the ins and outs of how different options help you save during tax season. Our life insurance experts at Biscoe Insurance Group are happy to answer any questions about planning for life insurance as you age.

 

Image Source: www.flickr.com/photos/justcallmemo/8727658387

Original Source: http://www.mybiginsurance.com/life-insurance-blog/mens-increasing-longevity-affects-life-insurance

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Top 12 Christmas Tree and Lighting Safety Tips

We recently discussed the importance of testing and maintaining your smoke alarms, especially during the holiday season. Two big reasons are the tree and the decorative lighting. According to the National Fire Protection Association (NFPA), there were an average of 230 Christmas tree fires a year between 2006-2010. These fires caused $86.5 million in property damage.

Proper placement, selection and maintenance are all it takes to keep your tree a beacon of the season instead of a fire hazard.

christmas-tree-fireChristmas Tree Safety Tips

    • Don’t put the tree near your fireplace, radiators or other heat sources. It does create a nice holiday ambiance, but one drifting ember and your Christmas tree can become the fuel for an indoor bonfire. The NFPA notes that 1 in 5 Christmas tree fires from 2006-2010 were a result of the tree being too close to a heat source. The tree should be at least 3 feet away from anything that generates heat, including lights.
    • Don’t block exits. A Christmas tree can pose another potential fire hazard if it blocks exits or paths to an exit.
    • Check for the fire retardant label on artificial trees. If you choose to go faux, only buy a tree that clearly states it is certified fire retardant.
    • Water your Christmas tree regularly. You should water your tree as soon as you put it in the stand and every day thereafter. The less you water, the more dried out the tree is going to get. If you’ve ever built a fire before you know that dry wood is perfect kindling. The video below shows how big a difference there is in the flammability of a dry Christmas tree versus one that’s well watered.
    • Choose a tree that’s fresh and green. On the same note, when you purchase a tree pick one that’s not already on the dry side. Needles should be green and not fall off easily.

Christmas Lighting Safety Tips

  • Use lights for indoor use. Lights can be rated for indoor or outdoor use. Never mix the two when you’re stringing them together, and only use indoor lights on your Christmas tree.
  • Invest in new lights when needed. If you notice that your lights look worn in any spot, have exposed wiring, or have loose bulbs, it’s time to replace them. These are serious fire hazards that can easily be avoided. New lights also have fused plugs, which prevent sparks if there’s a short circuit.
  • Replace bulbs carefully. Only switch out lights when the strand is unplugged and make sure to use the correct wattage on the replacement.
  • Turn off the lights when you leave or go to bed.
  • Don’t cause an electrical overload. Spread your lights out between electric sockets or use a surge-protected power strip. Resist the urge to string many light strands together. It is more convenient, but it also causes more load on your electric socket.
  • Never run cables under carpets and rugs. This can damage the integrity of the cords.

One last safety tip: it’s time to retire your Christmas tree when the needles begin dropping. Don’t keep it in the house, garage or up against the structure. Check to see if there are local tree recycling programs that will help you get rid of it safely.

 

Image Source: www.flickr.com/photos/uscpsc/8263455073

Original Source: http://www.mybiginsurance.com/austin-community/top-12-christmas-tree-lighting-safety-tips