Understanding Factors Affecting Your Home Insurance Premium

Homeowner’s insurance can be a confusing topic. Because of this, many homeowners don’t fully understand why insurers charge the premiums they do, and as a result, premium charges often go unquestioned by policyholders.But when you know how insurers determine your premium, you can work with those factors to lower your premium and say goodbye to expensive home insurance rates!How Insurers Gauge Your RiskWhen an insurance company determines your rates, they’re really determining your risk. And according to the Insurance Information Institute (I.I.I.), insurers consider some of the following to determine exactly that:

Where your home is located. Living in high risk areas like the Gulf coast or in crime-riddled neighborhoods drastically increase the chances that your home will be significantly damaged, ruined, vandalized or stolen from. It’s for this reason that you’ll pay more to insure your home in a high risk area.

The cost to build in your area. Some insurers will look at the construction costs in your area to see how much it would cost to rebuild your home if it were destroyed. The higher the construction costs are in your area, the higher the likelihood that you’ll pay for it in your home insurance rates.

The materials used to construct your home. Materials like brick and other stone tend to better withstand the high winds that come with tornadoes and hurricanes. If your home is constructed (or partially constructed) from these materials, you’ll probably see a dip in your homeowner’s insurance premium.

Other risk factors on your property. Insurers will also want to know if you have any swimming pools, hot tubs or trampolines on your property, as well as the kind of breed the family pooch is. All of these factors increase the risk of injury on your property and insurers may increase your rates accordingly.
Saving Money on Home InsuranceWith all these factors, how can you save money on homeowner’s insurance? Aren’t some of these factors out of the hands of homeowners?Yes and no. While you may not be able to control the weather or the actions of others, you can do the following to save money:

Make upgrades. While you may not be able to change the location or construction of your home, you can lower your premium by upgrading plumbing and heating systems, installing sprinkler systems, additional smoke detectors and deadbolt locks. While these upgrades may take a little elbow grease and money on your part, it’ll lower the risk for insurers–and your home insurance rates.

Make your home safe. If you have a pool or trampoline, fencing can keep children away from these areas without your supervision. If you have a dog that fits into a “high risk” breed category (like a pit bull), there may not be a lot you can do, and some insurers won’t cover dog bite liability; ask your insurer for details regarding your pooch.

Insure for the replacement cost. Your home would probably cost more to rebuild or replace now that it did when you bought it. Insuring your abode for the replacement cost will help you avoid any large depreciation if you need to file a claim.

Review your policy annually. If you sold grandma’s expensive china last year, you no longer need coverage for it. Reviewing your policy annually will ensure that you have the coverage you need–no more and no less.
Start Saving on Home Insurance TodayWhile you may not be able to control how insurers determine your homeowner’s insurance rates, you can make adjustments to your home to combat premium hikes. In addition to these money-saving tips, always remember to ask your insurance agent about any discounts for which you might qualify. Doing so will get you the affordable home insurance you need to save money–without having to skimp on coverage.

Payday Loans, A Viable Option?

What are payday loans?Payday loans are short-term loans that are extended between two pay days. A payday loan is normally provided for 14 days. The borrower, on acceptance of the loan conditions, provides a check favoring the lender as security against the loan. On the due date, the lender deposits this check to recover the loan dues. The due date is generally the next pay day of the borrower. No credit checks are conducted for granting payday loans. Therefore, the FICO score of the borrower is irrelevant. It doesn’t matter whether the borrower has a bad credit history, or has no credit history, or has declared bankruptcy.Qualifications for payday loansTo qualify for a payday loan, the borrower needs to fulfill all of the following conditions. There are no exceptions.o You must be a US citizen.o You must at least 18 years of age.o You must be at a full time job currently and must be at this job for at least three months.o You must either have an active checking account or a savings account.o Your after tax salary should be at least $ 1,000 or you must have a fixed income of $800.Cost of payday loansPayday loans carry a very high cost. Generally the lender fees for a $ 100 payday loan is anywhere between $15 and $25. It should be remembered that this fee is for 14 days as the loan itself is extended for these many days only. If one considers the cost on an annual percentage rate (APR) basis, the average is 391%, which by any standard is exorbitant. By law, it is mandatory for the lender to specify the APR to the borrower. Many lenders do compare the cost of payday loan against other forms of financing; but the common denominator of such a comparison is that all of them are very expensive.When to avail of payday loans?Payday loans should be availed only during emergencies. Considering the fact that the cost of carrying a payday loan is very high, it should be a resource of last resort. If one implements good budgeting techniques and has a good financial plan, the need for borrowing by way of payday loans can be minimized. Moreover, one must ensure that a payday loan is paid on time. Payday loans should not be rolled over or extended as within no time the borrower will find himself or herself in a debt trap where money may have to be borrowed just to repay the interest.Profile of a payday loan borrowero A typical payday loan customer is between 25 and 40 years of age with an annual income anywhere between $ 25,000 and $ 50,000.o According to the US Census report of Year 2000, the results of the payday loan borrowers survey are:22% of those surveyed hold a bachelor’s degree.51% of those surveyed have a retirement savings plan.In excess of two-thirds of those surveyed have a savings account.More than two-thirds of those surveyed have an annual income of at least $ 25,555.Why are Payday loans popular?They are popular for a number of reasons such as:o Credit checks are not required. The personal check that you make payable to the lender acts as security.o Approval is quick. If all the necessary documents are submitted, your loan application maybe approved in minutes.o The paperwork involved is simple. Generally one or two documents would suffice which explains the loan process and your obligations.o The repayment process is without hassles. The check submitted as security is encashed on the next payday by the lender. You could extend the loan to subsequent paydays for a fee. However this is very expensive.o Easy availability. Payday loans are particularly appropriate for emergency situations provided the amount required is small and one is willing to bear the high cost of the loan.In summary, payday loans might be a viable option if you need cash and need it fast. You still should be careful who you are working with to obtain your loan. If you don’t need money right away, there is probably a better solution for you.

Home Insurance Quote – Home & Renters Insurance

Home insurance comes with many responsibilities, one of which is to have adequate home insurance that not only protects you, but also your family. If you rent a house or an apartment, renters insurance is also a good idea. The number one reason people go without home insurance or renters insurance is affordability, or the perceived notion that these type of insurance products are expensive. The truth is that with a little bit of planning you can get home insurance quote or renters insurance quote that may change that notion.Back in the day, getting a home insurance quote would involve calling your existing insurance company, dealing with your agent, and taking whatever rate was offered to you. Well, it no longer has to be that way. You can get an online home insurance quote with relative ease these days. What’s more, you can get multiple quotes from multiple insurers. This puts you at a significant advantage, allowing you to shop for the best available home insurance quote. And of course this can also be done for renters insurance, car insurance, or for whatever other insurance needs you may have.Now, this is all available to us, thanks to the advancements of the Internet. It’s important to understand, however, that the elimination of an agent, means a bit more homework on your part. Things may be cheaper and easier by utilizing the power of the Internet, but you’ll be missing guidance from a qualified agent. So, you’ll need to take a look at what type of coverage you need, what specifically you need to cover, and how much. These are important areas of guidance that will be lacking, due to the lack of advice. So, it’s important to do some due diligence, rather than just finding the best rate and going with it. It’s also important to note that you should try to work with high quality insurance companies rated “A” or better. You’ll more than likely be paying into a policy for years, and you’ll want to make sure that company is around when you need them most. All insurance companies are not created equal, some will weasel out of claims at every chance they get, and that’s why quality is so important.By having several insurance companies compete for your business, you’ll be assured the most competitive rate. What’s recommended when getting a home insurance quote is to get a quote from about five insurers. But, make sure those five insurers are higher quality insurance companies. You’ll be amazed at just how reasonable home or renters insurance can be. Renters are often renting, because they don’t have the big bankroll to purchase a home. With these individuals, every dollar spent should be scrutinized. Apartment rental insurance, for example, can provide for very affordable rates. It is not unusual to see renters insurance at lower than $20 a month. This not only protects your belongings, but also protects you in the form of liability issues. Because renters insurance doesn’t involve ensuring the physical property, much like home insurance has to, it is considerably more affordable. At these rates, there is no reason not to go with renters insurance coverage, so take the first step and get insured today.Taking the first step in purchasing adequate home insurance, is even more important when you own a home. With home values still close to all-time highs, our homes are not only the place we live, but also our largest investment. Our families rely on the sanctity of our homes. With natural disasters so prevalent these days, it should be a reminder to us that we should have full home insurance coverage. If you live in a flood or an earthquake zone, make sure that you have either flood or earthquake coverage. Many home insurers don’t include this type of coverage in their policies. If you can’t purchase it as a rider within your policy, you have access to coverage through government protection. Home insurance protects against liability, as well as disaster. This is very important, as protecting you, your family, and friends from these issues should be paramount.Your landlord may require some form of renters insurance. Your lender will most certainly will require that you carry a certain level of home insurance. For either, it is not only dangerous to go without coverage, but dangerous to go without adequate coverage. Make sure you have sufficient coverage that will protect you and your family. You can get a competitive home insurance quote online for free these days, so take advantage of it.

Free Payday Loan For First-Time Borrowers

Advertisements to get a free payday loan are all over the place; on tv, on the web, in the mail. You can get information anywhere. You might have seen that the interest rate is higher on a payday advance loan than traditional loans. In fact, they can vary a lot. But did you know that you can get a free payday loan? Read on to find out how.A payday advance is the quickest easiest way to get cash when you need it. Many companies will lend you up to $1500. it will not take a long time for you to apply for a free payday loan. The application takes about 10 minutes to finish. Some application can be finished faster than that. Relevant InformationYou only have to provide your basic information to finish your free payday loan application online. The lending agency needs you to inform them of your age – you have to be 18 or over; employment status – you need to have worked at one job for at least 3 months; and monthly income – you need to earn a minimum of $1,000 a month.There is a fee associated with borrowing from a payday lender. You must have an active banking account to receive a free payday loan. The account will have to be a minimum of 3 months old. After your application has been approved by the lender, your loan money can be directly deposited into your checking account. On the due date of your loan, lenders will get their money by reversing this process. You can give the lending agency a postdated check or sign a form that will allow them to withdraw the money you owe them from your bank account. Free Payday LoanIf you want a free payday loan, all you have to do is pay attention to the many advertisements online. These advertisements are everywhere. You should know that you can only get your first payday loan for free. In addition, the loan can only be for $400 or less. After that, you will have to pay for your payday advances. Interest FeesThe interest fees on advance loans can be high. They are typically somewhere between 15 and 30 percent of the amount you borrow. If you would like another loan after your free payday loan, then you should do some research to find the best rate. Many lending companies utilize Telecheck to know if you have ever had a payday advance loan, and to see if you owe any money on a cash advance.A free payday loan application is quick and only takes about 10 minutes to finish. When you are approved, the loan will be deposited into your bank account, sometime within an hour. Fax and faxless are the two types of payday advance loans. Traditional Cash Advance LoanWith a standard cash loan you will need to fax the lender copies of current pay stubs You also have to forward them copies of your recent bank account statements. This information is used to verify the employment and bank information listed in your application. Faxless Payday AdvancesFaxless payday advance loans will require the same information as traditional payday advance loans. However, these lenders make things easy on you and do not need you to send any documents. They can verify your information on their own. This paperless process makes the application approval time much quicker. However, it does slow down the speed at which you will get your loan money.

Pros and Cons of Payday Loans

Short term instant loans are known as payday loans. These are cash advances that are to be returned with interest on payday. Within a few minutes of applying online the loan will be approved and you will have the cash within a couple of hours.All it needs is your name, address, and bank details. Most often, the people who advance these loans do not perform a credit check. There are several online sites like http://www.personalcashadvance.com/ that advance up to USD 500 instantly.Also known as cash advance or post-dated check loans, the borrower can write out a check that can be cashed in on payday and avail the amount the check is for immediately. To get this instant cash the charge for every USD 100 is about USD15 for 14 days only. Any delays means you need to pay the charges once again.There are both pros as well as cons to payday loans. These loans are at a high rate of interest and are being marketed aggressively through radio, television, direct mailing, and the World Wide Web.The plus points are:o If you suddenly need cash for medical expenses or unforeseen emergencies, a payday loan is the fastest and easiest.o In a financial crunch, a payday loan can help you pay immediately pending bills so that your credit report remains unblemished.o The paper work is simple and all they require is you name, address, and bank account information. The procedure for obtaining a payday loan is simple.The disadvantages are:o You can avail only small amounts. There are limits, some states permit as much as USD 1000 while in others the maximal permissible is USD 300-400.o If you do not pay exactly in 14 days and need to take an extension then you may land up paying USD 60 for a loan of USD 100. Payday loans are not recommended if you need a large loan or are unable to pay the amount back quickly.o Although payday loans enable you to access money quickly, in fact, the rate of interest charged is quite high. In fact, long term credit rates are more affordable.o Often, the terms and conditions may not be clear and you may land up paying finance charges twice or thrice especially if you allow the amounts to be deducted from your salary itself. You must specify that you want the whole amount of the payday loan deducted not just 25% or so.A payday loan is actually a cash advance against you next month’s earnings or salary. And, today you can apply for a payday loan by fax or email. It is quick, easy, and instant and will help you tide over a tight situation. However, it is important to avoid rollovers as this is a debt trap. Take a payday loan only if you are sure you can return the whole amount as soon as you get paid.As always even in the case of payday loans you must know who offers the best. Sites like http://www.abcloanguide.com/ give links to payday loan providers; this offers you the convenience of checking out what your options are.