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Insurance Q&A: “What is a named insured?” You may come across this term when you are shopping for insurance coverage. While there shouldn’t be any trouble figuring out who a particular named insured will be for an insurance policy, it’s important to understand why an individual (or entity) is a named insured and what rights/obligations [...]
Insurance Q&A: “What is actual cash value homeowners insurance?” Actual cash value (ACV) is a loss settlement method designed to pay no more than the depreciated value of your home (and likely your personal belongings) in the event of a loss/claim. Ultimately, if you suffer a property loss, the insurer will pay the cost to [...]
Insurance companies make more money when they retain customers over the long term because the acquisition cost (to advertise and issue policies) is one of the largest expenses they incur. Once you become a customer, if you don’t file any insurance claims, you’re a cash cow to the insurer. Every time your policy renews, they [...]
Insurance Q&A: “Is life insurance tax deductible?” The answer depends on who’s asking. Generally, personal life insurance premiums are not tax deductible. So if you have a term life or whole life insurance policy, you are not able to deduct the premium payments on your annual tax filing. On the other hand, your employer may [...]
Insurance Q&A: “Is homeowner’s insurance tax deductible?” The true cost of owning a piece of property is often substantially higher than just your monthly mortgage payment. The two biggest additional costs come in the form of property taxes and insurance. And while the continuation of the mortgage interest tax deduction is currently up in the [...]