Careful when choosing your deductible
A high deductible is often a great way to keep your insurance premiums down. However, you shouldn’t set a deductible that is so high that you cannot afford to pay the deductible when you have a claim. I’ve seen people change their collision deductible from a $500 deductible to a $1,000 deductible because money was tight and this allowed them to save about $10 per month on the premium.
Wouldn’t you know it, but not even 2 months later they ended up in an At-Fault accident. Money was tight so they didn’t have that $1,000 to get the vehicle repaired. It took forever to save up that $1,000 so they were down to one vehicle which made it tough getting back and forth to work.
Please make sure you have something in savings for an emergency. Whether it’s a car accident or your furnace breaks down. Emergencies will happen, but if you’re prepared, you can transform that emergency into an inconvenience.
submitted by Joe
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Top ways customers say they’ve saved money on renters insurance
Buying renters insurance isn’t always considered a priority by renters. Some might not even consider it if the rental agreement doesn’t require it. The good news is that renters insurance is generally very affordable and easy to obtain.
As noted, it is now frequently a requirement to show proof of an active renters insurance policy when you sign a lease agreement.
Even though renters insurance coverage is very affordable, you still want to make sure that you’re getting the best price for the coverage that you need. If you want to know how to save on renters insurance, this post has some valuable tips from the best source — renters themselves.
Clearsurance looked at reviews and compiled this list of the top ways customers say they save money on renters insurance. These renters insurance tips from actual customers can guide anyone who is looking for cheap renters insurance for apartments or other rental properties.
Tip 1: Ask about renters insurance discounts
There are a lot of discounts available to renters, including some that you might not even realize can help you save money. For example, when you move into an apartment, you might think that the sprinklers or other fire suppression systems in your apartment are there to protect your landlord’s property, such as the building structure.
However, since these systems are effective at putting fires out quickly, they protect your personal property too, so many insurers will discount your renter’s insurance if your apartment or rental unit is equipped with them.
The same goes for other systems that may be installed by your landlord, such as security systems and alarms.
Even information such as the building’s construction and the materials it is made from can make you eligible for discounts, so don’t be afraid to ask your insurance company about discounts.
Here’s what one customer learned about Lemonade renters insurance:
“Best customer service ever! My lemonade policy barely costs a fast food meal a month. It’s so cheap. My property required renter’s insurance (which I really did not want at the time – I thought it was pointless, what could happen to me – right?!) I found lemonade online and chose them due to their great rates. I got a lot of discounts because I have a security system in my apartment and my complex has fire sprinklers in every room, fire alarms in every room, and smoke detectors in every room.” – sam1, Lemonade Customer Reviewer (Read the full review here.)
Tip 2: Regularly review your pricing
HHS Announces Partnerships to Encourage Latino Enrollment through HealthCare.gov
Today, Department of Health and Human Services (HHS) Secretary Xavier Becerra announced commitments from national organizations to support Latino outreach and enrollment efforts during the current Special Enrollment Period (SEP) made available on HealthCare.gov by President Biden due to the COVID-19 Public Health Emergency. As part of the Latino Week of Action, April 18 – 24, these organizations and HHS will share information with Latino consumers and use social media to encourage them to enroll in affordable, quality health plans through HealthCare.gov.
“Helping communities take advantage of reduced costs on quality health care coverage is a priority for this Department. In addition to putting our money where our mouth is, we are partnering with key organizations representing the Latino community to engage their knowledge and network to promote enrollment in quality, affordable health insurance coverage during this Special Enrollment Period,” said HHS Secretary Becerra. “To the many Latinos who may have lost health care coverage during the pandemic, I am here to tell you that ‘help is here.’ Health care coverage is more affordable for people and assistance is available if you need help finding a health plan that best meets your needs.”
To read the HHS press release in Spanish, visit:
To read the HHS press release in English, visit:
Health Insurance Marketplace sent this bulletin at 04/19/2021 02:05 PM EDT
Contact Carlos Garcia, Health Insurance Specialist with
Shield Insurance Agency if you need assistance signing up.
Choosing the bridesmaids is important.. this will give you a good chuckle!
Shield Insurance Agency represents almost 40 insurance companies and will work to find you the best price for the most insurance. Call or Text 616.896.4600 for a free quote today!
Is your mobile home anchored and secured? Here are some great tips on anchoring your own mobile home! Shield Insurance Agency represents almost 40 insurance companies and will work to find you the best price for the most insurance. Call or Text 616.896.4600 for a free quote today!
Remember the time when you tried to carry all the groceries inside with only one trip? Yep, people are busy. Shield Insurance Agency represents almost 40 insurance companies and will work to find you the best price for the most insurance. Call or Text 616.896.4600 for a free analysis and quote today!
New *Health Insurance Subsidies* Available Now at HealthCare.gov; Department of Insurance and Financial Services Ready to Answer Questions About New Opportunities to Save on Health Insurance
Call or Text (616) 896-4600 to sign up for health insurance TODAY!
FOR IMMEDIATE RELEASE: April 1, 2021
(LANSING, MICH) New Health Insurance Marketplace subsidies that will help more Michiganders afford health insurance are available now on HealthCare.gov. The increased subsidies are part of the American Rescue Plan, which was signed into law in March.
“With these increased subsidies, working families’ monthly savings could be substantial, but the sooner you start the process the more you could save overall,” said Governor Gretchen Whitmer. “A family of four making $120,000 per year could save approximately $259 per month, while a 60-year-old married couple could save as much as $943 per month for the rest of 2021. Getting started today ensures that you and your family have the health coverage you need while saving the most money possible on your coverage.”
The Health Insurance Marketplace and application process, available at HealthCare.gov, has been updated to reflect both the extended special enrollment period and the newly expanded tax credits from the American Rescue Plan. Michiganders who need Marketplace health coverage should start a Marketplace application by visiting the Health Insurance Marketplace or by calling 800-318-2596 (TTY: 1-855-889-4325). Coverage will start on the first of the month after a plan is selected, so coverage will start May 1 for plans selected in April.
Consumers who already have a Marketplace plan should return to the Marketplace and update their 2021 application to see if they qualify for expanded tax credits and take immediate advantage of the higher subsidies. Individuals who choose not to revisit their application will not be able to lower their monthly health coverage premiums this year and will have to wait until they file their 2021 tax returns in 2022 to get the expanded tax credits for which they qualify. Consumers should know that selecting a new plan under this extended special enrollment period may trigger a reset of their annual deductible for 2021.
“Overall, an estimated 67,000 uninsured Michiganders now qualify for lower-cost coverage, and approximately 16,000 should be eligible for no-cost coverage through these increased subsidies,” said the Michigan Department of Insurance and Financial Services (DIFS) Director Anita Fox. “If you’re unsure how to start taking advantage of these new opportunities, Shield Insurance Agency and DIFS is here to help through our live call center, by email, or with our online resources.”
DIFS can help consumers with health insurance questions and complaints and can provide information about the Health Insurance Marketplace Special Enrollment Period that is now open through August 15. For more information, including a schedule of upcoming virtual health insurance town halls from DIFS and the Michigan Department of Health and Human Services, consumers should visit Michigan.gov/HealthInsurance, contact DIFS via email, or call 877-999-6442 Monday through Friday 8 a.m. to 5 p.m.
The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS or follow the Department on Facebook, Twitter, or LinkedIn.
How To Fund Your Start-Up Business Idea
You’ve got the idea, the drive, the know-how: how about the capital? Funding is an essential part of any business, as without the seed money you’ll be unable to fire the starting gun on your, er, start-up.
Entrepreneurs are an incredibly clever and industrious bunch, but many are in the dark about how best to fund their start-up business, preferring instead to focus their energies on a core offering. One supposes that reviewing funding options can seem like a dull, laborious task when you are devoting time and attention to your genius idea. In any case, great ideas can only fulfill their potential if they are backed by stable investment.
Read on to find out the best ways of obtaining financial backing for your start-up business idea.
1. Pursue a grant
The less monied cousin of a bank loan is a grant. While you shouldn’t expect to be cut a massive check, there are dozens of grants available, offered by national and state governments (as well as private enterprises) in the interests of stimulating the economy and growing the jobs market so it’s worth checking out your options for funding your startup.
These financial injections can help you save money on-premises and fixed rates, purchase cheaper IT or manufacturing equipment, and fund staff training. The main drawback, of course, is the fierce competitiveness of such grants, as well as the box-ticking involved: it can be a frustratingly drawn-out process, but that’s the tradeoff for retaining equity. In the US, start-up grants are offered by organizations such as Small Business Innovation Research (SBIR), the National Association for the Self-Employed (NASE), and Idea Cafe.
Crowdfunding is a favorite of the digital economy, and probably the quickest way of obtaining finance for a new business. You don’t even have to be massively tech-savvy to launch a crowdfunding campaign, but what you do need is a compelling pitch, one which strongly references your start-up’s potential for growth, as well as a knack for interacting with your cash-rich community. If all goes to plan, you’ll have capital you don’t need to pay back, without ceding any operational control. As a side benefit, crowdfunding is a nifty form of advertising, a way of stimulating public interest in your company before it’s even made its debut. The difficulty, needless to say, is in getting your voice heard in the vast crowdfunding landscape.
3. Family and friends
The idea of hitting friends and family for cash doesn’t sit well with some entrepreneurs, but many of the world’s top magnates readily admit to borrowing from their social network early in their careers. As such, you should have no compunction about doing the same. Soliciting short- or long-term loans from friends and family might lead to some domestic squabbles down the road, but you won’t usually have to pay them back with interest added. Indeed, you might not have to pay loans back at all, depending on the generosity of your creditor. On the other hand, it’s not easy to put together a hefty bankroll relying solely on family and friends; and you have to ask yourself whether you really want to risk straining meaningful relationships.
4. Get an angel investor on board
Don’t pray to the angels; seek angel investors. Targeting high net-worth individuals who have a track record of supporting start-ups isn’t difficult to do, but the challenge lies in convincing them you’re worthy of their investment. There are many online angel investment networks, as well as local investor groups you can pitch to in person, so do your research and start submitting your pitches. Find the right angel investor and not only will you benefit from their financial support but also their wisdom: oftentimes, they offer mentorship as a side dish alongside their capital. On the other hand, they generally offer less financial backing than banks and venture capital funds.
5. Raise money yourself
How to Qualify for a Small Business Loan and Fund Your Big Idea
These small business loans vary from $500 to $5.5 million, which provide a range of financial support to entrepreneurs.
By Katelyn Chef March 18, 2021
If the past year has proven anything, it’s that small businesses are resilient to fluctuating markets. In the past, you’ve applied for student loans, car loans, and other smart financial responsibilities as ways to make your way through life. However, as an entrepreneur, have you considered applying for a small business loan to sustain your business in this difficult time?
If not, now may be the time to do so. Small business loans (SBA) aim to provide capital to small businesses just starting. These types of loans are supported by the government, deeming them less of a gamble, and Colleen McCreary, chief people officer of Credit Karma, advocates that these are a good option. “SBA loans offer competitive terms, lower down payment requirements, and resources that can help you run your small business,” she explains.ADVERTISING
Here’s what you need to know about small business loans and how to apply for one, according to McCreary.
When to Apply
Aside from securing capital for your new business, one of the main benefits of an SBA loan is that you can conceivably secure funding from an SBA lender when other banks have denied your requests. According to McCreary, you can qualify rates similar to equivalent non-SBA loans, too. Of course, there are other factors to take into consideration when applying for loans like these. “SBA loans have strict qualifying requirements,” shares McCreary. “For example, if you’re a startup, you should have experience in the type of business you want to start. And for a new business, you should have cash on hand or business assets to the tune of around $1 for every $3 you want to borrow. Some SBA loans have prepayment penalties.”
That means it’s essential to have a clear financial plan for your business already in place. “The smaller your loan, the higher your interest rate might be,” she continues. “The SBA allows lenders to charge the prime rate plus 2.25 percent for loans of more than $50,000 maturing in less than seven years. However, for loans of $25,000 or less maturing in less than seven years, the cap is the prime rate plus 4.25 percent.”