When you buy a house, there is a very good chance it will be the biggest purchase that you will make during your lifetime. Because of the enormous amount of money you have tied up in your home, you need to take all of the necessary steps to ensure your investment is properly protected. Obviously, homeowner’s insurance is essential to protect you from damage being caused to your home by a fire, flood or other natural disaster. This type of insurance will also protect you if any of your possessions are stolen from your home.
The vast majority of people who own a home have some form of insurance policy that covers the house itself and the objects that are inside of it. However, there is one very important detail that many homeowners do not consider. What if the person responsible for paying the mortgage payment dies? This would obviously be an enormous financial disaster. Fortunately, there is an insurance policy designed for that specific event. It is called mortgage protection insurance (MPI). Here are some details about this type of insurance, as well as some reasons why it is a good investment.
Extremely high rate of acceptance
MPI is usually issued on a guaranteed acceptance basis. This basically means that assuming you fill out the paperwork correctly, there will most likely not be any questions asked that will prevent you from obtaining the coverage. This is very important for individuals who have serious health issues or who are considered to be uninsurable. People who have a hard time obtaining disability insurance, such as those who have high-risk jobs, can also qualify for MPI.
There is no telling what the future holds. However, with an MPI policy in place, you will be assured as the breadwinner of your family that if you should ever pass away, your family will receive the funds they need to keep a roof over their heads. This type of peace of mind can be very reassuring for the head of any family.
How is the cost of MPI calculated?
The cost of mortgage protection insurance is based on such factors as the age of the person being insured. If the insured person is a smoker, this will also be a major consideration in the pricing process. Finally, the principal amount of the mortgage will also come into play. Depending on which provider you are dealing with, you may not need to have a physical exam performed.
A quality insurance provider should be concerned with more than just getting you adequate coverage on your car insurance or trying to up their commission. A good agent focuses on providing quality customer service and adding value that goes beyond expectations. With so many companies and providers available, you don’t have to stay with one that offers you anything less than the best. Here are some signs that it’s time to shop around for a new provider.
1. Unexplained rate hikes. If you have a spotty driving record or you’ve been found at fault in an accident, you’ll expect your insurance rates to be a little higher than average or to temporarily increase. However, if you find that your agency offers less than competitive rates or that your rates have gone up unexpectedly without reason, it’s time to look elsewhere for coverage.
2. Evasiveness. A professional agent will readily answer any questions or concerns that you have. They should also be able to explain the details of your insurance contract and provide accurate information. If your agent doesn’t have facts at hand, doesn’t know where to find vital information or avoids giving you direct, concise answers to your questions, you’re better off finding an agent who can.
3. Not answering or returning calls in a timely manner. If you’re constantly playing phone tag or your agent cuts your calls short, they’re not showing you the kind of respect and service you deserve. You need to know that if you’ve been involved in an accident or you have an emergency, your agent will be there to assist you when you need them.
4. Pushing you to buy services or coverage you don’t need. Your agent is your advocate. If they’re constantly trying to sell you unnecessary coverage or up-sell you on other products, chances are they’re more worried about their bottom line than they are about your best interests. A good agent will find you the maximum amount of insurance at a rate that fits your lifestyle and budget.
You don’t have to stick with a company out of habit or use a certain carrier because that’s the one your parents always used. Insurance agents in Austin can be found through such resources as auto club recommendations and even online rate comparisons. It’s important to find the best provider for your needs, so shop around until you feel comfortable with your agent and in what their company has to offer you.
It is important to understand the basics of purchasing an automobile. You need to understand the difference between buying new or used, different financing options, and warranties. But, you already know the basics, right? You are one smart cookie; you have done your research and listened to your parents with all their advice giving. What you need to know are all of the little known facts that will help you take a good decision and make it a great one. As you visit your Chevy dealership in Wheeling, IL, keep in mind the following tips for a super successful car buying experience.
Take a Friend Along
Besides being a fun experience to test drive multiple cars together, the friend that you take along on your perusal can look at potential automobile purchases with different eyes than you. If you are involved in a love affair with a particular sports car, your honest friend can remind you that you live in a place where it snows during the winter and you may not want to drive that sports car on the inevitably snowy roads.
Have a Budget
The important part of having a budget is sticking to it. All too often, the budget goes out the window when you see, and test drive, the car of your dreams. Before you know it you have purchased that dream car, but also the hefty monthly payment that goes with it. Make a budget, and stick to it! By, doing this you won’t be stuck with buyer’s remorse.
Finally, the last tip is to purchase gap insurance for your new automobile that you most definitely will find at your Chevy dealership in Wheeling, IL. Gap insurance protects against the loss between the amount paid out from your insurance company, in the event of an accident that totals your automobile, and the amount remaining on the auto loan. Gap insurance is relatively inexpensive compared to the protection and peace of mind it gives you in the event of a total loss. Just keep in mind these tips for a stellar automobile purchasing experience.