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Insurance

Long Term Care Insurance

i've paid into LTC insurance over 20 years. I am seeing increases every couple of years and have been given the option of suspending my payments and keep the amount of insurance I have accumulated at this time. I'm retired and concerned if I will be able to continue making the payments as the increases continue. I'm wondering would it be wise to suspend this insurance premiums keeping the amount I have accumulated, find additional LTC insurance at a lower rate provided the coverage is worth...Read More...
Last Reply By Phil H. · First Unread Post

If you are self-employed what do you do about health insurance?

mintjulep
I was self-employed most of my career and, after years of increasing, staggering, barely affordable health insurance premiums as a single person, I was introduced to HSAs (Health Savings Account). They are not a solve-all for the high cost of health insurance premiums but they offer tax savings when the money you invest in an HSA is used to off-set medical expenses with a high deductible insurance plan. Any funds you invest are pre-tax dollars when you invest and also when you withdraw the...Read More...
Last Reply By Arica · First Unread Post

Renter's Insurance w/section 8 voucher?

K_87
Hi, I live in Maryland. I have a section 8 housing choice voucher and although my lease doesn't require it, recently I have had a strange "feeling" that I need to get renter's insurance. It may have something to do with the fact that recently, my neighbor down the hall started a fire which set off the sprinklers. Because it was the top floor, every single apartment down to the lobby was flooded with what looked like a waterfall, and neither the fire starter or the apartments are responsible...Read More...
Last Reply By KellyFromKeene · First Unread Post

Do not assume!

Rick Campbell
I assumed my insurance rates were the best or lowest I qualified for with GEICO. Later I read that many factors including credit score and others influence this. I knew my credit score was a lot better but I ASSUMED that GEICO was aware and on top of it. I called them out of curiosity and they had NOT updated my information in years. They submitted it for review and my auto insurance went DOWN over $300 a year. Never assume they have your most recent information, request they check it and...Read More...
Last Reply By Rick Campbell · First Unread Post

Best prices car insurance

SHEILA7498
In a previous post we were discussing best rates on car and homeowners Insurance. Although still harboring trust issues with what is written I found this a detailed guide in narrowing down at least the insurance companies to start with in getting cost proposals. Hoping this helps and good luck in getting a quality best price insurance. https://www.nerdwallet.com/blog/insurance/best-cheap-car-insurance/Read More...
Last Reply By redcatcec · First Unread Post

Life Insurance

Christina Desgrottes
Dear Penny, What are some of the key aspects of a life insurance policy? I’ve been in touch with a few companies and the monthly rate for the policy ($0.5M 30yrs) that I am looking for are still affordable. How do I choose the best policy? I know the bank ratings are key but I am not sure what I should focus on and what are the right questions to ask. Your guidance is appreciated. CDRead More...
Last Reply By PiNaY · First Unread Post

Car insurance refunds?

I read that some companies are issuing refunds for the decline in claims on auto insurance: https://www.cnn.com/2020/04/06/business/allstate-payments-coronavirus/index.html Has anyone gotten a refund? Have you heard if other companies will take part in this move?Read More...
Last Reply By Marcie · First Unread Post

Flood claim?

Jobelle Collie
I have flood insurance, even though I’m not in a flood zone. Yesterday, we got 4 inches of rain in less than one hour! The house next door is vacant. The landlord closed off their French Drain, so that house probably has water in it. Because my French Drain was just keeping up with the deluge, it was overwhelmed when my neighbors excess water began flooding into my kitchen and living room. The insurance adjuster will be here in the morning to figure out my next move. I’ve never made a flood...Read More...
Last Reply By Moore Income · First Unread Post

Life Insurance

I am almost 70 years old, and planning for the inevitable. I have a savings account with more than enough to cover my burial expenses,etc. If one of my children is the executor of my estate: 1) do I still need to purchase term life insurance; 2) should I put that person as a joint signee on that particular account; or 3) should I set up a living trust?? Help!!Read More...
Last Reply By Lisa Hibler · First Unread Post

Insurance claim - minor accident, my fault

I hit my neighbor's parked car. No one else was involved but me. I took pictures. The cars both got scraped. I figured mine is worse than hers and that both looked like something that could be sanded out. I figured I'd owe her $200 or so. She got estimates for $800 and $1800 ! The higher cost is from the dealer, and that's who my insurance company chose for her to go to. It appears they just took the estimate at face value. I thought they would estimate it themselves. (Her car is the white...Read More...
Last Reply By JeremyM · First Unread Post

Life Insurance

Amy Hawkins
Shopping around for life insurance for my husband and I! Please let me know who you use. Interested in Term Life not Whole Life. TIA!!Read More...

Car Insurance

I shop insurance rates every few years and had a thought. Is it a gamble or a smart move to buy the lowest coverage that's legal and then buy an umbrella policy to cover you and your assets should the worst case scenario occur?Read More...
Last Reply By Eubie12 · First Unread Post

This week in... The Penny Hoarder Community

Ashlee
Happy Friday! Whew! Where has this week gone? Here’s your weekly round up of announcements to get you through today and into the weekend... We’ve crowned our November Member of the Month. Join me in congratulating Lisa Acu ñ a (@lismox) for being selected this month’s winner! We all appreciate your help around here, Lisa. Each month we look to crown a new winner. We’re looking for someone who is super helpful and active in the community. Each winner receives a $25 gift...Read More...
Last Reply By AverageJoe · First Unread Post

Happy November!

Ashlee
We’ve made it to the end of the week and the start of a new month Penny Hoarders! Who here can’t believe it’s already November? 😳 This week I want to know if you’re a planner or a procrastinator… Do you start planning and budgeting now for holiday purchases or wait until the last minute? What about your New Year’s resolutions? And now for this week’s announcements… We just hit a HUGE milestone Penny Hoarders… 10,000 community members! Join us in a celebratory happy dance, then go check out...Read More...
Last Reply By AverageJoe · First Unread Post

Total loss valuation

Gina B.
I am looking for the fairest estimates for homeowner insurance. And, I am a bit deflated from the deception the bundling idea presents (fyi, in my estimation it's a hoax unless a savings of $8 is worth it). I have noticed that the estimated sale price of the property and the total loss of the property has an exceptionally different valuation and i mean a good $70k difference. Can someone explain why this is? As an aside, another increased personal liability I am seeing (to consider) is for...Read More...
Last Reply By Gina B. · First Unread Post

What happens to my FSA if I leave a job?

Hey everyone, I need some advice, I left my job for a promotion at another company. I have never switched jobs before so those 2 weeks flew by and I didn't really know what I was doing. My final day at my previous employer was 7-24-19. I recieved a letter in the mail today that I was no longer eligible to use my FSA. Is that money that I literally just lose, any suggestions on what I can possibly do to utilize that money at this point? I hadn't realized the FSA was different than my HSA...Read More...
Last Reply By sthom · First Unread Post

8/19/19 article about Life Insurance

Ronald J. Genzer
Your statement that Term Life premiums aren't very expensive is a little too simplistic. At younger ages term life premiums are relatively inexpensive compared to whole life premiums but not at older ages. I had a $50k annually renewable term life policy and the premiums got to be over $500 per month before I dropped it.Read More...

Life Insurance, Disability Insurance, Wills, etc

Nicole
Part of financial well-being is also being prepared to protect you & your family should something terrible happen. Do you have Life Insurance, Disability Insurance, Critical Care Insurance, a Will? If you do, how often to you make sure it still suits you & your lifestyle? (eg will only lists 2 children & now you have 3, life insurance would pay off your mortgage but now your mortgage is paid off)Read More...
Last Reply By NanaWaller14 · First Unread Post
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