Umbrella Insurance: The Safety Net You Need


Umbrella Insurance: The Safety Net You Need

by Amy Lignor


The realm of insurance is just about the most difficult maze to get through. Each and every day it seems the financial and insurance industries are changing. What is not changing, however, is the fact that lawsuits fill up the courts more and more – lawsuits that award cash to third parties even if you don’t happen to have that cash saved. More and more, the words “umbrella insurance” are coming up in both conversation and in advertising on TV. Before getting lost in another “maze,” it is best to look into exactly what umbrella insurance means and why you should consider it for yourself.

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Umbrella insurance is a personal excess liability insurance policy; meaning that it protects you above and beyond the limits that already come on your homeowners insurance, car insurance and other personal insurance policies you already own. Umbrella insurance was specifically designed to give you added liability protection, and it is definitely an inexpensive way to protect your financial future or already established assets.


It is added insurance, which means to attain an umbrella policy you first need to have a primary policy in place. Your primary policy would first pay out on a claim before the umbrella coverage would go into effect. Take, for example, a home insurance policy that you own. If something occurs and you are liable (whether it be accident, roof damage, property damage, etc.), your primary policy will pay out. If and/or when the homeowner policy is exhausted or maxed out, the umbrella insurance would kick in, which means there is more protection for you and your family.


Umbrella insurance can help with a great many things, such as litigation arising from property damage or injury, as well as associated legal defense costs if you get sued for damages to other people’s property. People with established assets that they want to protect can lose significant amounts of money in a lawsuit, which means having the extra umbrella insurance gives them more peace of mind.


So…what if you do not fit that criteria? Umbrella insurance is still something to give careful consideration to even if you have no established assets. We live in a world that loves to bring lawsuits, and if you are just starting out, don’t think for one moment that a court won’t award benefits if you are held liable for damages. They really are uninterested how many assets you have; if you’re at fault, you will still be obligated to pay off the damages awarded – which means your future income is already at risk.


And you’re really not talking about a large added cost when it comes to purchasing a personal liability umbrella insurance policy. Depending on how much coverage you decide to purchase, it could cost as little as one hundred dollars annually for 1 million dollars of coverage, and would increase depending on how much coverage you have. It is literally the cheapest “million dollars” you could ever buy. And it is important to note that some companies can double or even triple the coverage you receive, yet the cost of the coverage does not double or triple. Getting quotes from various companies is a must.


When it comes to trying to establish how much coverage you should put in place, there are three very simple questions you need to ask yourself: What are the value of your assets? What is your potential loss of future income? What risks do you think you might face? Once you do this and research policies that are out there, it will be easier to find the policy that will work best for you.


Just remember, in order for the umbrella policy to start paying out coverages, a primary liability policy must be in place, and have maxed out on payments. With the more assets you have, the greater the requirements you have to protect yourself, so make sure that the policy you choose is the right one.


Lawsuits aren’t going away anytime soon. You will need a safety net now and in the future, and the “umbrella policy” is the best net possible.


Source:  Baret News



Is Coin Collecting a Lost Art?


Is Coin Collecting a Lost Art?

by Amy Lignor


Once upon a time collecting coins was a beloved hobby that a great many people liked to do. Before the art of scrapbooking became big, coin collecting (numismatics) was the choice for those who wanted an activity to do during their leisure time that would provide pure entertainment.

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Some will say that coin collecting became ‘lost’ in the shuffle. However, with the highly-rated list of TV shows (Pawn Stars, Storage Wars, American Pickers, etc.), people are seeing coin collections being discovered in old barns and storage lockers and are becoming excited about numismatics once again.


A hobby allows you to have fun, and be creative. Coin collecting is not a hobby, however, that the wallet can take if you are a person who takes hobbies far too seriously and looks at them as being competitive. There are those in coin collecting that shell out hundreds – even thousands – of dollars to purchase a single coin. But it still remains true that the coin you spend the least amount to own, or that cool coin you find buried in the back yard that perhaps was dropped by an actual Yankee or Confederate soldier, is the one coin that will have the most value to you.


It didn’t help coin collecting either when, back in 2009, hobby periodicals were reporting that more than a million counterfeit coins were being discovered; coins that people actually ‘lost their shirts on’ when they believed they were ‘special’ and ended up being worthless.


If you actually wish to be a coin collector, you need to look at the big picture. Coin collecting should begin at a beginner’s level, much like stamp collecting. This level is a great deal of fun, will build your collection over time, and not give you a heart attack over how much money you may be taking out of your wallet.


To begin, start your own coin collection with the change you receive on a daily basis while you’re learning all the ins-and-outs of the hobby. The State Quarters are the most often chosen series for people who want to start that coin collection. In circulation all over the country, the series has a great deal of interesting coins, with each state having their own unique design. And by collecting these, you take no risk whatsoever. If you learn that coin collecting is not for you, than you can simply spend the coins – no cash lost whatsoever.


Another great series to choose at the beginning is the Presidential Dollar series. This is the next step up, seeing as that this particular series of coins is not as widely available as the State Quarters. But you can go to your local bank and see which coins they have available, or even do a search on eBay or Amazon. (NOTE: Presidential Dollar coins for the current year can be found on the U.S. Mint’s site.)


Your next step would be to find an inexpensive album to utilize in order to keep the coins organized. There are ‘special’ albums already made for those State Quarters as well as other particular series. When one is filled, you can move on to the next series that catches your eye and gets those creative juices flowing.


When it comes to coin collecting, just remember that the one key to being good at the hobby while also having a good time is knowledge. Knowing the history about the coins you’re searching for is a must, and learning the history is extremely cool. And, by all means, never get discouraged. If your collection isn’t growing as quickly as you want it to, you can go back to the bank, take the “duplicates” you have and trade them in for a roll of new quarters. In that roll you most likely will find one you don’t have as of yet. Look at it as a treasure hunt. A little “Indiana Jones” to make the hobby even more adventurous.


And speaking of adventure…get out there with your metal detector or borrow a friend’s and get to work. If you live in the Deep South, the West that was being “won” long before you came into the world, or in New England – an area that is filled with history – you have a very good chance of finding historical objects in the ground. Coins can certainly be among them just waiting for you to dig up and bring back into the world.


By starting small and working your way up to more valuable coins, your knowledge will increase each and every day. But, above all, make sure that coin collecting is fun for you, because that’s what a hobby is all about. Have a great time while learning more about something that really interests you!


Source:  Baret News