Rate Shock in Insurance Premiums by 64-146%

A news report warns of a Rate Shock on Insurance Premiums by 64-146% in California. The serious flaw of Obamacare is it has too much regulations and mandates that shoot up the cost of insurance for people who buy it on their own.

The impact of this problem will be felt when the law’s main provisions kick in on January 1, 2014, leading many to worry about health insurance “rate shock.”

How to pay Health Insurance without bank accounts?

If you are a person who don't trust banks or don't want to deal with their unreasonable bank charges like overdrafts then you are in trouble, you can't pay your health insurance without a bank account.

Next January federal health law will require Americans to carry health insurance, but most health plans accepts credit cards for first month's premium then pay the succeeding monthly premiums with check or an electronic funds transfer from a checking account. To those who don't have bank accounts this will be a real problem.

I think the government should require the health insurance providers to implement a reasonable payment options for everyone.

You can read more about it here. http://www.npr.org/blogs/health/2013/05/17/184814772/latest-health-hurdle-buying-insurance-without-a-bank-account

Robert Hurdman's Financial Thinking

We have found Robert Hurdman's Financial Thinking blog very useful. He talks about finances and savings and he gives valuable advice on money and investments. I personally don't know a lot about investing and the stock market so I'll be sure to bookmark his site so I can learn more. You can check him out at Financial Thinking.

What does Standard Home Insurance cover?

Unplanned home repairs can ruin your budget, especially if it is a major repair. It can break you financially. A standard home insurance policy will not cover mold damage or earthquake damage.

A Standard Home Insurance covers damage and loss of the structure of your home in the event of hail, hurricane, lightening or fire (structural components). Standard Home Insurance policies do not cover mold damage due to neglected maintenance, such as faucet or pipe that are leaking. In case of flood and earthquake, a separate policy is required. The location of the property is taken into account if it is prone to natural disasters. Other detached buildings on your property like garages or gazebo get the typical coverage of 10%.

The Personal Property coverage included in a standard home insurance policy covers your personal items (jewelry, cash, collections, clothing) and household contents (furniture) if they are stolen or destroyed by fire or hurricane. It will only cover to a certain extent like $5,000 for personal belongings. You will need to pay more to get additional coverage.

Automobile insurance policy will cover the loss of your car or damage to it, but will not cover personal belongings that are inside like briefcase, laptop, suitcase, purse, wallet, GPS, iPod, sunglasses etc.

Home insurance covers theft of your personal belongings from a vehicle, even if the crime occurs away from your property. Whether you are a homeowner, condo owner, or tenant, personal items will generally be covered under your property insurance policy.

The personal property that is temporarily away from your home is usually insured for up to 10% of the amount of your personal property insurance or $1,500 or whichever is greater.

Personal liability protects you or your covered family members if you injure another person or cause damage to someone else's property. It's also known as third-party insurance because it protects you if a third party files a claim against you. Personal liability insurance can be purchased as part of a package policy. Pets are also included in this portion of your policy protecting you against bodily harm or property damage that they may cause to others.

Simplified Homeowner Insurance Policies

No more gibberish insurance talks and hiding conditions by using terms ordinary people are unfamiliar with, and that are usually in the middle of a thousand-word fine print.