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Articles by Miranda Marquit

What Sort Of Liability Coverage Do You Have On Your Rental Car?

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When I travel, I try to avoid actually renting a car. I either road trip it, or I try to stay somewhere near public transportation. However, there have been times when renting a car has been the best option. When you do rent a car, though, you need to be careful of the liability coverage involved.

If you get in an accident, you will be responsible for damage you cause to the rental vehicle, to other property, and perhaps even to injuries you cause to others. Before you rent a car, make sure you have the liability insurance coverage that you need. Here are some things take into consideration:

Coverage Offered by the Rental Car Company

Rental Car Insurance CoverageIn some cases, the rental car company offers auto insurance on the cars. Some companies, like the Hertz on Demand program, offer free liability coverage. However, it's important to realize that this doesn't mean you have the coverage you need. Many free liability program only offer the state minimum on liability coverage. So, you might only be covered for a relatively small amount, like $25,000 or $50,000.

Of course, you could also pay the fee for extra coverage on the rental car. Most rental companies will sell you coverage for a flat daily rate. However, it can get a bit pricey in some cases. You'll want to see what others offer before you decide to take the rental company's liability coverage.

Rental Car Insurance from Your Credit Card

Many people don't realize that their credit cards might actually come with rental car insurance coverage. A number of credit cards offer  free liability coverage for rental cars. This can be a real help for you when it comes to making sure you are protected when you drive a rental car. Once again, you need  to double check the coverage limits. You are likely, though, to receive good coverage.

In order to make sure that your coverage is activated, you will need to pay the rental fee with the credit card in question. Additionally, you will need to sign the insurance waiver offered by the rental car company. When you don't get coverage through the rental company, you need to sign a document indicating that you are declining the rental car company's coverage.

Your Current Insurance Policy

You might already have rental car liability coverage through your current auto policy, and not even realize it. Contact your insurer to find out what the limits are, as well as the terms for coverage. You can also find out about an umbrella policy that can help shield you from liability issues associated with your rental car experience.

It's also possible to get what is known as a nonowner liability policy. This can allow you to have insurance when you rent a car. Check the rates for the level of coverage you want. If you frequently rent cars, it might be more cost efficient to get this separate coverage.

Review your options, as well as how often you use rental cars. You want to be able to get the best coverage for your money, and ensure that you have enough coverage to pay for issues that arise if you get in a wreck with your rental car.

Watch Out For These Gaps In Your Home Insurance Policy

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When you have a home insurance policy, you often assume that you are covered for damage to your home. And, while this is the case for many situations, the truth of the matter is that you might actually be missing out on some coverage. Indeed, there are some rather costly gaps in many home insurance policies.

Double Check Your Homeowners Policy

Before you assume that any sort of damage will be covered by your homeowners policy, look through the document. Find out exactly what is covered. You might be surprised to find that the following acts of nature probably aren't covered by your policy:

home insurance gaps

  • Floods: Most of the time, you have to buy flood insurance if you want to be protected. Floodsmart.gov offers you a way to check to see if you need flood insurance. Realize, though, that even if you don't live in a flood zone, you might still want coverage — especially if you are afraid of some freak natural circumstance.
  • Earthquakes: There are a number of homeowners policies that don't cover earthquake damage. If your home has been damaged in an earthquake, you could find yourself bearing the brunt of the cost.
  • Mudslides: If something happens and your home is damaged by mudslide, you probably can't expect your home insurance policy to cover the costs. If you live on a hill, or your home is built on the side of a mountain, you need to be aware of the possibilities that can come with rain runoff.
  • Tornado: Don't assume that your home is covered in the event of a tornado. Otherwise, you might be unpleasantly surprised.

If you live in areas that are prone to extreme weather, you need to make sure you are properly covered. Chances are that your homeowners policy won't cover those types of damages. You might need to purchase extra coverage — or purchase a separate policy.

You should also find out whether or not the policy covers home business activities. Many policies won't cover damage possessions that you use for home business purposes, or pay out liability claims if someone is injured on your property while coming to conduct business. There are some policies that will protect up to a certain amount, but it is usually less than what your homeowners policy generally covers. If you are running a home business, you'll want to double check the terms of your policy so that you know whether you need to add more coverage for your home business.

Make Sure You Have Adequate Insurance

Realize, too, that you might not have adequate coverage for the items inside your home. Often, insurance companies cap what they will pay out on possessions. Additionally, you might find that insurers adjust the payout due to depreciation.

Also, you should understand that you might not be covered for the total cost to rebuild. Some homeowners, who have had their homes for a long time, find that their houses have gained in value — but they haven't upped the coverage. Go through your coverage and determine whether or not you need to increase the amount. Otherwise, you might find yourself paying out more than you expected.

Have you ever had a catastrophe only to realize you didn't have enough coverage?

Get A Quote On The Homeowner's Insurance Coverage You Need!

Can You Contest That Will?

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Most of us know the importance associated with solid estate planning — especially if we have assets to divide. One of the most important aspects of planning is the will. Many of us think of the will as the final word in inheritance. However, this is far from the truth. Some things, like beneficiaries listed on retirement accounts and life insurance policies, supersede what is in a will. And, there is always the possibility of contesting a will if you feel as though distribution wasn't what it should be.

Contesting A Will

can you contest a willAs you might imagine, though, contesting a will isn't exactly a walk in the park. First of all, you need to find out the procedure for your state. If you feel that you have been left out for a reason that doesn't make sense, or you don't like what you received, it's vital that you actually determine whether you have reasonable grounds to contest the will, and that you know the law in your state.

Also, be prepared to pay. While you might be able to intimidate the executor of the will into giving in if your demands are small and you threaten to contest, there is also a good chance that it will cost you upward of $10,000, by the time you pay litigation and attorney costs. You also need to be ready for it to take two or three years to come to a conclusion. And don't forget about the ill will and relationship toll it can take.

Reasons To Contest A Will

If you decide that contesting a will is worth it, you need to examine the situation, and figure out if you actually have grounds. Here are some of the reasons that you can contest a will:

  • Accidental Disinheritance: Were you born after your parents' last will was made? If they never got around to updating their estate planning, or making a new will, many states allow you to contest the will on the grounds that you were accidentally left out.
  • Incompetence: This is one of the main reasons that wills are challenged. You have to show that the deceased was incompetent when he or she wrote the will. It doesn't count that dementia set in three years ago if the deceased wrote the will 10 years ago, in control of his or her mental faculties. It takes a lot to prove incompetence, including witnesses and medical records from the time that the will was written.
  • Undue Influence: Was the writer of the will subject to undue influence? In some cases, a will might be changed to illogically include someone who is in a position to influence the writer. This can include a new spouse who works to get the children excluded, or a health care worker that spends a lot of time with the writer.
  • Improper Execution: It's also possible to contest a will based on the idea that it wasn't properly executed. If there are multiple versions of the will, and they aren't clearly dated, you can also contest based on the fact that the will in question might have been revoked. You can also try to prove that the will is a forgery.

Realize that you can't contest a will based on sour grapes. If the writer did everything right, and was of sound mind, the will stands, and it's a waste to contest it.

Tired Of Credit Card Offers? Take Your Name Off the Marketing Lists

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Lately, my mailbox has been stuffed full of credit card offers. To be honest, I haven't done anything about it because I'm actually in the market for a shiny new credit card. Hopefully one with a fat signup bonus, and a decent rewards program. So I'm ok with the credit card offers.

What I'm not happy about is the constant stream of solicitations for refinancing my home loan, switching my car insurance company, and changing my TV service. At some point, it needs to stop. Not only because it's annoying and wasteful, but also because it can be a bit of an identity theft risk.

Cutting Off The Junk Mail Stream

credit card junk mailAt some point, I'll probably cut off the credit card offers. And I'll also want to stop the flow of other junk mail. The good news is that it's possible to do this — do it fairly easily. You have to online stops to make:

  1. DMAchoice: Use this site to opt out of direct marketing campaigns. While you probably won't stop everything forever, this site can really help you slow the trickle.
  2. OptOutPrecreen: This site is all about opting out of prescreened credit card offers. If you want to stop receiving offers for loans and credit cards, you can use this site to reduce your junk mail from that quarter.

Even though it seems as though the junk mail industry is one of the few things helping the USPS stay even remotely in the game, that doesn't mean I want to keep receiving that stuff. It's frustrating to have to wade through it all, and shred it. As result, I'll soon be heading them off.

Protecting Your Identity

While there is no completely full proof way to avoid having your identity stolen, you do need to do what you can to prevent identity theft. One of the ways to do that is by reducing the amount of information about you floating around. Stopping junk mail can also help.

When you have your name taken off marketing lists, you are in fewer databases that can be hacked. On top of that, there is still a risk when it comes to the way that identity thieves sometimes get your information — from marketing mail. Some unscrupulous could use the offers to pretend to be you, and get a credit card in your name. All it takes is a little extra information, and an address change, and the card goes elsewhere. (It's a good idea to keep on top of your credit by checking for these fraudulent accounts on your credit report.)

These days, it's all about information. Restricting your information can be one of the ways that you can reduce the chances of being a victim of identity theft. When you do receive marketing mail — especially if you are receiving prescreened credit offers — be sure to shred them. You don't want to throw out something that someone else can use to pretend to be you.

If you are tired of receiving junk mail, and if you want to do your part to live a greener lifestyle, you can put a stop to a lot of what appears in your mailbox. And it just might help you protect your identity as well.

What Things Motivate Your Spending?

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Introspection is not something many of us apply when spending money. Unfortunately, too many of us just buy mindlessly, without really think about why we buy the things that we do.

A little self-knowledge, though, can go a long way. If you are unhappy with your financial situation, maybe it's time to look at your spending habits, and figure out if they match with your spending priorities. Part of that is looking at your money motivations, and examining why you buy the things that you do.

Necessity

One of the main motivations for spending is need. If you need something, you are going to spend money on it. For most of us, money is a means to an end. We need food to nourish our bodies, so we spend money on food. We need a place to live/shelter, so we buy a home. Necessity is all about survival. If you are spending money so that you can survive, it's clear that you need to keep spending money on those things.

But make sure you know where the line is. Don't call things needs when they are really wants. You might be spending on something that you think is a need, when it really isn't. Another issue is trying to move out of survival mode. It's not fun to see all your money go to survival. If everything is a struggle, you might need to figure out how you can earn more money, perhaps with a second job or a side hustle.

Enjoyment

Another money motivator is enjoyment. Do you enjoy the things you spend your money on? I stopped buying trinkets because I realized that I didn't enjoy them. I had got in the habit of buying them, but I don't really have a good time with them. I am happier with a good book, or going out to dinner, than I am looking at a trinket. My husband likes collecting action figures. He enjoys looking for them on eBay, and getting a good deal (or sniping them out from under someone else). He also enjoys looking at them and arranging them for display.

That's fine. Having a hobby — one that you can afford — or buying things or experiences that you enjoy, is fine. But make sure that is what you really want to spend your money on. If you spend money on things and experiences that you don't actually enjoy, your money is wasted, and you are unhappy. Evaluate your spending, and make sure you are happy with where your money is going.

Impress Others

Sometimes, we spend money on things we don't enjoy in an effort to impress others. Look at your motivation there. If you are buying things because you are “supposed” to have them. Or because you think that it will add to your status in the neighborhood, you probably aren't very happy with the outcome. It's nice to feel as though you are on top of things, and that you are a major player in the neighborhood, but it's not true enjoyment. And it's certainly not need.

Examining your money motivations can help you figure out where you could change your spending, and maybe start using your resources for things that matter to you, rather than wasting money and racking up debt for things you don't actually need or even want.

3 Things To Consider When Investing During Retirement

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Too often, we plan our investments to get us to retirement; we forget that it's a good idea to plan to continue investing through retirement. With life expectancy rising, most of us can expect to be living in retirement for 25, 30, or even 40 years. This means that you can't just put your retirement on automatic, trusting that your portfolio will carry you through without changes. Between inflation, continued fees, and market volatility, it doesn't make sense to assume that the portfolio you have at retirement is the end.

Instead, you need to keep up with your investment planning. While you don't need to become a day trader, there are some things to think about when investing during retirement to make sure that your portfolio survives throughout your golden years:

investing in retirement

1. Reconsider the 60/40 Stock/Bond Allocation

You don't have to keep sticking with the same old thing, especially since we saw how it can be a real problem with an asset allocation that focuses exclusively on stocks and bonds. Instead, think of how you can add something a little different to your portfolio. The longevity that many of us can expect in retirement means that if you are 55, you can use a 20 or 25 year horizon for part of your portfolio. There are some alternative investments (you can tap into commodities with the help of ETFs), as well as a number of options that, if appropriate to your risk tolerance, can be added to your portfolio.

Don't think that you have to shift everything to bonds as you head toward retirement. While you want to include those types of investments, your retirement is likely to be a long one, and you'll want to keep building assets with a portion of your portfolio during retirement.

2. Diversify Your Income

Retirement is a great time to look for income in diverse places. You can start a side hustle, or turn your hobby into a money maker. Working a little in retirement, if you are doing something you love and that brings in another income stream, can be a great way to invest in your future.

You can also consider a little wider view of “income investing.” Many retirees think of income investments strictly in terms of bonds. However, there are other opportunities. Dividend stocks can provide you with better returns than Treasuries — especially in a low-rate environment. Think about your options, and your risk tolerance. It might be that you can handle the addition of dividend aristocrats in your retirement portfolio as you move forward.

3. Watch Out for Cash

Many retirees like cash because it's safe. After all, you can't lose when your cash is housed in FDIC or FOMC insured financial institutions, right? Unfortunately, this isn't true. Inflation is a big deal, and it's highly unlikely that you will be able to beat inflation with the meager returns you get on cash — especially if your retirement lasts more than 20 years. While having some cash isn't the end of the world, don't switch everything to cash as you retire. Instead, look for other options, and consider that you will need to adjust your asset allocation, and look for new opportunities, throughout your golden years.