Saving Up and Planning For Unexpected Expenses

Oct 06, 18 Saving Up and Planning For Unexpected Expenses

“All days are not same. Save for a rainy day. When you don’t work, savings will work for you.”

M.K. Soni

The hurricane season last year left many households in wreck, not just on their properties but also in their finances. The destruction left by the inclement weather forced many people to spend more on unexpected expenses.

Over the past few years, destructive weather disturbances have become common. But while these phenomena are not new nowadays, the sad fact is that only very few American households actually save up for these ‘unexpected’ expenses.

Come to think of it, many of us make budget plans every year (some do it monthly). Some even write their financial plans on creative planners, such as those reviewed at We allot budget for basic necessities, transportation, mortgage, vacation, insurance, etc. But not all of us actually allot money for unexpected expenses. As a result, our finances get drained when these unplanned expenses occur.

Preparing for Sudden Expenses

Aside from storm-related costs, there are many other unanticipated expenses that can arise throughout the year. Emergency home repairs, additional power and heat consumption, car repair bills, annual insurance premiums, sports fees, new membership & subscription fees, medical expenses, and other lump sum expenses. This list can go on and on, as there are endless sudden expenses that you can face.

Saving Up For Unexpected Expenses

Unanticipated expenses can eat up a large sum of your daily budget and even savings. That is why, it is vital that you include it in your annual budget management plan. Here’s how to effectively prepare for these sudden costs.

  1. Identify the common unexpected expenses. Usually, these expenses are seasonal in nature so you can actually foresee them. Some examples of sudden expenses include car repairs, Christmas gifts, car insurance, winter season, dental bills, property taxes, etc.
  2. Review your previous year’s credit card and bank statements. See any irregular expenses or withdrawals. This should help you better identify the sudden expenses you’ve accrued.
  3. Sum up all the amounts paid for unexpected costs that are beyond your monthly paycheck. Divide the sum with your total annual paychecks. So, if you incurred $3,000 for sudden expenses, divide by 24 (if you receive bi-monthly paychecks), then you’ll need to allot $125 for unexpected costs.
  4. Consider it as a recurring expense and pay it up every time you receive your paycheck. For a more organized financial management, you can use the best goal planners that you can find at Get Life You Desire.
  5. Be ready to adjust with your budget and spending habits. You can also start saving small then move up until you reach the target savings. This should help avoid hurting your spending on basic necessities.
  6. Set up electronic transfers that will automatically fund another savings account intended for unexpected expenses. This will help you manage your money better and avoid forgetting your savings.

Once your savings begin to grow, you might be tempted to spend on unnecessary buys. Avoid this itch by thinking of your goals for the savings. Just think that if you spend it now, you’ll end up paying more on debts in case sudden expenses come your way.




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Firearms Insurance Basics

Oct 04, 15 Firearms Insurance Basics

Guns are dangerous things, there is no doubt about that, but they are also expensive. Therefore, it’s stands to reason that people who invest in firearms for their own protection want to protect these tools as well. This is where gun insurance comes into play.

There are quite a few policies available today, so you will have plenty of options to choose from if you decide to seek this type of insurance. The first thing to focus on when looking for the best policy is the type of the firearms you want to cover. Some of these plans are very specific, so you will need to take the future into account if you want to have a chance to expand your firearms collection in the future. Otherwise, you may end up needing to start searching for a new policy all over again if you buy a type of gun not covered by the current one.

You also need to pay attention to what exactly the policy protects you from. A good firearms insurance plan should cover the following:

  • Fire
  • Damage
  • Direct physical loss
  • Theft

you dont joke with this dangerous kittyNote that the “damage” in this policy must be defined in great detail so that there will be no room for maneuvering that agents will be able to use should your gun get damaged. You also need to make sure that you understand the conditions considered “theft”, especially when it comes to theft from a vehicle.

In the vast majority of cases, “theft from a vehicle” is defined as breaking and entering into a locked vehicle or its locked portion. Take your time to check this term when it comes to theft from your residence.

Reduce the Risks

Insurance provides you with a kind of a security blanket, but you shouldn’t rely on it to solve all your problems. In many cases, there is a chance to prevent dangerous incidents that result in damage and loss of property. Installing a high-quality gun safe is a sure way to reduce these risks when it comes to your firearms. If you want to learn more about safes designed specifically for firearms, go here.

Remember that installing one of these safes does not only protect your expensive guns from burglars. This also helps protect your family from accidental injury. Simply hiding a gun actually increases this particular risk exponentially. An accident caused by such a blatant show of negligence and breaking of several important safety protocols definitely won’t be covered by your insurance policy. Therefore, it’s imperative to store your firearms in a place designed for this particular purpose.

If you are worried about not being able to use the gun for your protection because it’s locked in a safe, be sure to install this safe in a strategic location that you can access from any point of your house. You should also practice opening and closing it often. It would be best if you manage to learn how to do this not only fast but while blindfolded. This skill will come in handy if you ever need to use a gun during the night and there is no chance of turning on the lights.

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What Does Your Policy Cover in Regards to Water Damage?

Oct 03, 15 What Does Your Policy Cover in Regards to Water Damage?

Water damage is a serious issue that is always associated with costly repairs. Therefore, it’s imperative to make sure that your insurance policy covers it. However, you also need to understand that there are different types of water damage and determine which exactly are included in the policy. This way, you will be able to find an insurance plan that offers the best protection in regards to this particular issue.

In general, basic insurance policies usually cover water damage caused by one of the following reasons:

  • Rupture of your heating system
  • Rupture of your sprinkling system
  • Rupture of your plumbing system
  • Rupture of your air conditioning system
  • Escape of water from aquariums, waterbeds, and appliances
  • Escape of water from the public watermain

Do note, however, that any insurance policy covers only the result of the damage, not its cause. Therefore, you will be the one to pay for plumbing or other necessary repairs. Therefore, it really pays to invest into various devices that reduce the risk of water damage. A water softener is one of the tools that can help you protect your home from this disaster.

If you don’t know much about these devices, visit Poolhomeschool. This website contains a lot of helpful information about the benefits of water softeners, the damage dealt by hard water to your plumbing and various appliances, and detailed reviews of various softeners available on the market. Installing one of these devices is a wise decision even despite the fact that this tool will not be able to provide you with a 100% guarantee against water damage. The main reason for this is the fact that hard water can have a negative effect on your health. It often causes rash, hair loss, and other similar conditions. Their treatment definitely won’t be covered by your health insurance.

What to Do Before Contacting Your Insurance Company about Water Damage

Prevention is good, but sometimes it’s not enough. In case an incident occurs and your property does get damaged by water, you will need to take several very specific steps to facilitate claiming compensation.

  1. Shut off all the interior water sources on the property.
  2. Be careful to stay away from any electrical appliances and switches.
    Do not turn on the lights before a professional electrician checks your system to determine whether it was damaged as well.
  3. Stay away from the areas that are at risk of collapsing (water-soaked ceilings and floors).
  4. If your ceiling developed bubbles, puncture them to release excess water.
    Put a bucket under the bubble beforehand so that you don’t add to the floor damage.
  5. Move whatever precious items you can to dry areas.
  6. Stay away from the items damaged by sewer backup.
  7. Do your best to remove excess water from wood, upholstery, and other surfaces that are susceptible to the damage from this element.
  8. Compile a list of damaged, destroyed, and lost items.

Contact your insurance company after you complete the actions listed above, or at least as many of them as you can. Provide the insurance agent with a detailed inventory and follow the instructions from your policy for claiming compensation.

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Quad Copter Insurance

Sep 07, 15 Quad Copter Insurance

Technology is always improving, and there are few places where this is more evident than in aviation. These days, even regular consumers with no flight knowledge can purchase quad copters and other aeronautical devices and fly those around, typically without a care as long as they aren’t harming or snooping on anyone. These flying machines cost much more than the toys many children have grown up with due to better standards, improved materials and similar factors. If you’re a flight enthusiast who is willing to spend hundreds or even thousands of dollars on a machine, insuring that machine is a must.

Consider for a moment just what machinery actually goes into one of these devises. You have all of the gear necessary to make it airborne and keep it in the air, of course. But in perhaps the majority of cases, quad copters also come with camera elements build into the device, or with spaces allowing for the attachment of such elements. Many of the remote controlled flyers are used for getting a bird’s eye view of a place, or getting other perspectives which would normally be difficult for a person to see. They’re very useful machines, but they’re also very delicate, and sometimes very expensive.

This is why insuring such a device just makes sense. If you’ll have a quick look at you can see a variety of these machines, as well as selling points about each. It contains a wealth of information about this very specific topic, but more than anything, it will help you to realize just how expensive some of these quad copters can actually be. If you would be willing to spend so much money on buying such an item, paying a paltry sum to quickly get the quad copter replaced if it is lost, stolen or destroyed is just sound planning.

Like many other insurance policies, there are probably ways you could help to reduce the monthly premium you would pay to keep your quad copter covered. Getting lessons in the operation of such vehicles and obtaining certification might help. Also, demonstrating an ability to safely use the device would certainly do some good. The thing is, many countries require no certification or licensing at all to just buy and start using a quad copter or similar device. When no systems exist, it can be difficult to get the proof you need to get the savings talked about here.

The initial argument here remains the same though. For anyone willing to invest the amount of money it takes to purchase a quad copter and get it up and operational, insuring the item only makes sense. Not to do this would be akin to purchasing a used car and leaving it uninsured, or doing the same with a new, cheaper brand of car. Any of these could be very bad financial moves for a person to make, and though there are no guarantees something bad will happen to your investment, having coverage just in case has never harmed anyone before.

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Individual Insurance In the Shooting With a Crossbow

Sep 04, 15 Individual Insurance In the Shooting With a Crossbow

If you have a club specialized in shooting from the crossbow, or you are just a member of such a club, then you should consider a policy of insurance to cover possible accidents. Crossbow shooting is considered as a risky sport and this is obviously one of the reasons why you have to open four eyes when you choose an insurance for your team or for yourself.

Some shooting insurance does not cover accidents that may occur as a result crossbowing. But if you choose the right insurance, you can cover all possible situations with one policy – those relating to people, as well as those on the equipment. At the same time, you can enjoy all forms of archery, without being limited to a specific weapon.

Why is it good to choose individual insurance for crossbow shooting?

As in any sport, especially those involving the use of weapons, accidents can happen. If you choose a good coach and the proper model of the crossbow, if you take all the precautions, the chances for accidents are small. However, insurances serve to cover those small probabilities and secure compensation.

When shooting with a crossbow and other forms of archery is concerned, you should bear in mind that the incident with a weapon may not happen only outside, during the shooting. It can happen at home, where you hold your weapon. Many shooters lose from the sight this fact when it comes to insurance, partly because they believe that home insurance cover this type of accident. When you purchase a special shooting insurance policy, you will be insured inside and outside your home.

There are group insurance policies that are available for clubs and associations. However, you do not need to be a member of an association to cover crossbow shooting with an insurance policy. There are also individual insurances that can cover the crossbow shooters and crossbow coaches.

You can customize individual insurance policies for your needs. Investment in the shooting equipment is not small. If anything happens to your arms during transport, use, or in any other way, good individual insurance for shooters will cover it. Of course, there is not only a risk for your weapon, but for shooters too. One careless move can be dangerous to the shooter or for someone else.

Crossbow coaches are exposed to greater risk because they work with people who are not yet aware of all the wrong moves they can make. Although trained for work, coaches still need to purchase an insurance policy. There are individual insurance policies for coaches that cover injuries, loss of earnings due to the inability to go to work, and the equipment used during training.

There are many ways that something goes wrong during practice shooting with a crossbow – from poorly prepared weapons, coaches mistakes, mistakes of students. A good shooting insurance costs less than equipment, and it can allow you to enjoy dealing with a crossbow training safely.

Besides individual insurance policies, there are those that are available on the club or association level. You should always be careful because they are not all insurance companies willing to cover all types of shooting. Group insurance is good, but individual insurance is better and the only safe option.

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Insuring Industrial Equipment

Jun 25, 15 Insuring Industrial Equipment

One of the biggest obstacles for any small business looking to expand is equipment. Computers, forklifts, belt sanders and other large, bulky and expensive items are often used in industrial settings and just as often necessary to the success of a business. These machines allow for a single user to complete much more work in the same amount of time it would normally take them to do far less if working without the support. This boost productivity and makes a business which might normally just break even at the end of the year do better and see a profit, thanks to simply getting more done.

This is a guiding factor behind any large equipment purchase – is this item going to make more money than it costs me to purchase and install? If the answer is a clear and immediate “no”, then purchasing the equipment is probably a bad idea at that time. There are many factors which can make industrial equipment seem like a bad investment, but the cost of ownership is usually the one that stops a purchase from happening. Warranty coverage against normal wear and tear is usually enough to keep a machine running for the warranty period, but what about after that?

Furthermore, what if the company that manufactured your particular equipment decides the wear isn’t “normal” at all, and refuses to repair or replace your item? In the case of a belt sander or other large, table-type piece of equipment, you could be out thousands of dollars or more, just like that. Because of the high value of this equipment, insurance is pretty much a necessity, just like it is for vehicles, homes and other expensive investments. Compared to the rates for those other items, it costs significantly less to insure such equipment as well, which means it’s probably more affordable than you think.

Many insurers offer policies specifically for work and construction equipment, including belt sanders, which are often used in carpentry and other construction projects. They can usually be insured right along with nail guns, framing nailers, electric drills, jackhammers and other items. In fact, you can often find agencies willing to give discounts based on the number of items you are insuring with them, so it typically costs less to put all of your goods under a policy with the same company rather than splitting them up among different insurers. The key word here is typically – it’s not a matter of fact.

That means you should still shop around to find the best company, terms and deals for your specific needs, which only you really know. I can’t tell you what to do, but I can tell you that insuring your industrial equipment will make it easier to repair or replace when something happens. This could be the difference between getting your business back on its feet in a timely manner and losing all kinds of money because you lack the equipment to complete jobs for clients. Bad gear has caused bankruptcies in the past and it will again. Just keep it in mind.

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