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By Real Estate Advisor

According to the Wall Street Journal Online, some insurance companies are now passing along the higher costs of payouts resulting from hurricanes such as Katrina, Wilma and Rita to homeowners. In fact, some insurers are withdrawing from coastal areas altogether, after incurring an estimated $56 billion of hurricane-related losses. With long-time insurers such as Allstate Corp. and Nationwide Mutual Insurance Co. leaving some vulnerable areas, homeowners are forced to find new insurance coverage that usually comes with a higher price tag.

With home insurers getting regulatory approval to increase premiums in states hit by hurricanes, even states that were untouched by hurricanes are expected to bear the brunt of this hike. Citing increase in reinsurance costs as a major contributing factor, many insurers such as Allstate are seeking approval to increase premiums in as many as 49 states.

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Insurance Companies are now reviewing their underwriting process and trying to enforce stricter guidelines on whom to insure. Industry experts estimate that insurance premiums will climb even higher when homeowners renew their policies this year.

Insurance premiums have already increased in Massachusetts, which hadn’t experienced a devastating hurricane in the last 50 years. Moreover, some insurance companies are not writing new policies in areas such as Cape Cod, Nantucket and Martha’s Vineyard. Homeowners living in these parts are forced to seek state insurance to cover their homes, which usually costs more than private insurance.

Homeowners in several states are bracing themselves for likely rise in premiums due to increased reinsurance costs. Rhode Island has already experienced increases in home insurance premiums by 10 to 15 percent over the last year. Insurers are reducing risk exposure by shifting some of the financial risk to homeowners with higher deductibles for windstorm damage.

For homeowners, dealing with the premium increases must be familiar territory. Premiums have been going up over the past few years following natural disasters in the 90s such as Hurricane Andrew (1992). According to experts, the best path for homeowners to tread is to go for policies with higher deductibles and lower premiums. Homeowners should avoid filing minor claims, which may increase their risk of being dropped by their insurer. It is also best to buy home insurance from firms with a strong financial rating.

Source: The Wall Street Journal Online, M.P. McQueen

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By Gilbert Imlay

Every person is compelled to face a financial crunch at some point of time. Those who have the back up support of property, home or a valuable asset, are not required to loiter much in the finance market as numerous financial plans and services are available to offer monetary assistance to them. However, on the other hand, non homeowners or people residing with their parents are not allowed to enjoy such benefits. Approaching a relative or a friend in times of financial crunches is also not an intelligent idea as it often spoils the relationship, but it does not mean that this section of the society is not blessed with any suitable monetary assistance. In situations like this, all those of you who do not own a property, can still manage a desirable amount of loan with non homeowners unsecured loans.

Non homeowners unsecured loans are widely served by numerous financial lenders and you can short list the best through the Internet. Almost, all these finance companies that are involved in the business of non homeowners unsecured loans, are available on the web with their personal websites. The profiles of these companies, carry every information about their offered set of features and services. In fact, they also have the option of online application procedure through which an applicant is allowed to submit the application for this loan service directly from his home or office. You may have to provide your personal as well employment details through this form. As soon as your form is posted, the executives of that particular firm will initiate the process of verification. Usually, this approval mechanism does not take long and the loan amount is transferred to your account promptly. Non homeowners unsecured loans offer the amount of 1000 to 25,000. Moreover, even if you have a damaged credit history, you will encounter no major hurdles in applying for this loan. All you need to do is to convince the lender with a suitable repayment plan.

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In order to gain this assistance of non homeowners unsecured loans, it is important for the borrower to have a fixed source of income as it stabilizes the lender’s confidence in your repayment ability. In addition to this, you should have also crossed 18 years of your age. An added requirement of an active bank account will help the borrower in getting easy approval. Secondly, you may notice the fact that the rate of interest applied on this loan is slightly higher than other secured loans. However, this hike is maintained because no collateral submission has been made and thus, the entire financial risk is on the lender’s shoulders. With growing competition in the finance market, this difference has been reduced to a great extent. Finally, with numerous flexibilities that this loan offers, it is quite feasible for the borrower to settle his financial requirements at a little higher rate of interest.

As far as the repayment of non homeowners unsecured loans is concerned, it must be stated that every lender has his own terms and conditions. Therefore, it is advisable to the borrowers to read the terms and regulation of the loan very carefully, before finalizing the entire loan deal. If under any circumstances, the borrower fails in repaying the loan interest, then the lender can easily take legal actions against him and can also apply for an added amount of money to compensate the time mismanagement. However, the clause of extension is applicable with this loan scheme to help the borrowers with such sort of inconveniences. A borrower seeking the leniency of extension is required to convince the lender on valid grounds. Non homeowners unsecured loans are basically termed as the convenient set of financial aid as it is customized with simple and lucid regulations.

About the Author: Gilbert Imlay is a financial advisor with years of experience and specializations in unsecured loans UK, unsecured loans, unsecured personal loans, non homeowners unsecured loans, unsecured loan for tenant, bad credit unsecured loans. For more information visit

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