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Different Types of Motorcycle Insurance

Posted on November 9, 2020November 9, 2020 by agentinsure

When it comes to motorcycles, you must have liability insurance as you would with other moving vehicles. However, liability insurance for your motorcycle only helps you legally, and more coverage may be required to protect your passenger, your motorcycle, and you. Having said this, there are other kinds of motorcycle insurance out there. The following includes those other types of coverage:

1. Medical Payments

This coverage is for medical expenses for you and your passengers due to injuries from a motorcycle accident.

2. Collision Coverage

This coverage is for motorcycle damage that came from a collision with a stationary object, another vehicle, or another.

3. Personal Injury Protection

This is reimbursement of your medical expenses, childcare, lost income, and other out-of-pocket costs occurring from a collision.

4. Comprehensive Coverage

This is coverage for damages to your motorcycle resulting from vandalism, flooding, tree damage, theft, a crash with another vehicle, etc.

5. Towing and Labor

This includes the reimbursement of towing and relatable labor costs if your motorcycle breaks down.

6. And More

Other types of motorcycle insurance include rental reimbursement, lease loan gap coverage, added or optional equipment, and underinsured and uninsured coverage.

Conclusion

For more information concerning various types of motorcycle insurance and which one may be the best for you, contact InsureUS today. Located in Cypress, TX, InsureUS has licensed, local agents who have been serving Cypress, TX and surrounding areas for several years. They work with multiple carriers, so they can find the right policy just for you.

So, don’t get caught without motorcycle insurance. They are more than happy to assist you. They are locally owned and operated, and you can contact them via phone, email, or at their office.

New Loan Estimates and Closing Disclosures

Posted on October 30, 2020September 12, 2020 by Victor Varma

If it has been years since you took out a mortgage, you may notice that instead of a Good Faith Estimate, you are getting a Loan Estimate. You may wonder if these are the same things?
In 2015, the Consumer Financial Protection Bureau, a government agency that regulates consumer financial instruments such as mortgages, retired the Good Faith Estimate form (in part) and created the Loan Estimate form.
The Good Faith Estimate form was designed to reveal the terms and fees of a mortgage. However, since the lenders used their own language to describe the loans, multiple estimates could seem very different. Consumers were confused by that document.
The new Loan Estimate consolidates four forms into two: The Loan Estimate and the Closing Disclosure.
The new Loan Estimate is a three-page form that you receive within three business days after you apply. It is not a loan approval or rejection. It simply gives you loan terms, projected payments and closing costs for review.
Since the Loan Estimate standardizes the wording that lenders can use, you’ll see which costs are fixed and which are not, allowing you to shop lenders.
It also prevents surprise fees by establishing tolerance levels. If you do take the loan and the fee amount estimated is more than the amount paid, the lender makes up the difference.
You’ll notice that costs are also broken down into these categories: Loan Costs (origination charges, services you can’t shop for and services you can shop for) and Other Costs (taxes, government recording fees, pre-paid fees and initial escrow payments, for example).
The Closing Disclosure is a five-page form that buyers receive before closing. It has the final terms and costs associated with the mortgage and specifies the amount of money you need on-hand at closing. Buyers can easily compare the Loan Estimate to the Closing Disclosure. Buyers have three days to review and ask questions.

Fantastic seller’s market offers best prices in years

Posted on October 23, 2020September 12, 2020 by Victor Varma

The millennial generation has grown up and they want to buy homes.
Every year for the next 10 years, millions of millennials will hit home buying age. The average age of a millennial is 32. The average age for home buying is 31, according to ETF Trends.
No wonder there is a record boom in buyers and potential buyers.

Available housing down
While there are lots of buyers, there are fewer homes for sale. That adds up to a supply and demand formula that puts sellers comfortably seated in the parlor, taking offers.
Half of the buyers who purchased a home in the last three months were forced into a bidding war, according to internet real estate company Redfin, as the average home sale price spiked 6 percent. That equals 100 straight months of price gains, according to the National Association of Realtors.
It isn’t just millennials who are buying these days, either. A new wave of city dwellers from cities like New York are looking to the suburbs to escape violence and lockdowns. In July, there was a 44 percent increase in suburban home sales and in some cases, homes sold for prices that were as much as 21 percent over list, according to The New York Times.

Homebuilders busy
With this reality in mind, homebuilders are busy. New home starts jumped to their highest level since 2006. Housing starts increased 17 percent in June. Nearly six in 10 homebuilders have raised their prices, according to CNBC.

More houses built
Privately-owned housing starts in July zoomed up 22.6 percent above estimates and 9.4 percent above July 2019, according to the Census Bureau.
The number of completed homes was up 3.6 percent above estimates in July. That was 1.7 percent higher than the June 2019 rate.
COVID-19 lockdowns impacted housing starts in March, which were at their highest level since 2006. But starts have rebounded.
For home investors, the robust nature of the housing market should offer some safety for the next few years, according to Stephen McBride of ETF Trends.

What Should Your Flood Insurance Cover?

Posted on October 15, 2020October 14, 2020 by agentinsure

When you purchase flood insurance in Cypress, TX, you’ll need to be sure that you have enough coverage to repair or replace your property in the event of a flood. Flood insurance covers your property in the event of a flood. Typically, this is a situation where there is excessive water in an area that is usually dry. To be considered a flood, the event often must cover more than one property or more than two acres. InsureUS will help you decide on the precise types of coverage you need so that you’re protected if a flood occurs.

As you select flood insurance, it’s important to select coverage for both your building and its contents. Building contents covers your building and any damage that occurs to it. Things like your appliances, furnace, carpeting, and permanent fixtures will be covered under the "building" part of your flood insurance. Contents coverage covers the property and belongings inside the building. Things like your electronics, jewelry, books, and personal property will be covered under the "contents" coverage. To be properly protected, you’ll need both types of coverage.

If you live in hurricane country, near a lake, or on the shore, you should carry enough flood insurance to protect you in the event of a flooding emergency. Individuals or families in the Cypress, TX area can reach out to InsureUS to learn more about the insurance options that are available. Be prepared with a list of personal property items, as well as an overview of the construction of your property. Your agent can help you estimate how much flooding insurance you’ll need to carry so that you can repair or replace anything that is damaged if you experience a flood.

Contact a friendly insurance agent today to learn more about flood insurance, how to get covered, and how much insurance you should carry.

Understanding opportunity costs

Posted on October 2, 2020September 12, 2020 by Victor Varma

In the thousands of little decisions we make every day, the costs are probably minimal. The difference in cost between taking a bologna sandwich or a turkey sandwich to work for lunch is trivial.
But the difference between a bologna sandwich for lunch and a lunch at a pricey restaurant starts to get our attention.
This is what economists call an opportunity cost.
The bologna sandwich costs a little more than a buck. The lunch at Swells Restaurant costs $40. That choice – the opportunity cost — is $39.
We could even think of the opportunity cost as much higher.
If we buy a $40 lunch every day during a 260-day work year, we would spend $10,400. If we brought a $1 sandwich to work, we would spend about $260. The opportunity cost is $10,140.
You could say that we had the opportunity to do something else with that $10,140 but instead, we bought lunch at Swells.
For some, buying lunch at Swells would be a low opportunity cost if they were negotiating million-dollar contracts at lunch.
For others, this would be a wildly inappropriate way to spend their money. That $10K could be the difference between an emergency savings account or an investment in an IRA for retirement. But one thing is for sure: The money can’t be in two places at once.
Opportunity costs can be dramatic when you look at big ticket items like cars and mortgages, or in savings and investment.
Suppose we did take that bologna sandwich to work every day for a year and banked the $39 per day. We’ll round up our savings to $10,000 for this example.
Now we have a choice. We can keep our $10K in a regular savings account at an interest rate of .01 percent. We won’t make any money, but we have the advantage of having the money handy for emergencies. On the other hand, we could invest the money in an IRA and expect a return of 5 percent or 10,500. Over 30 years, that would accumulate a balance of close to $50,000.
So, we could say that lunch every day for a year at Swells cost $40,000.

Why should I get RV insurance in Cypress?

Posted on September 28, 2020September 26, 2020 by agentinsure

Owning an RV is a dream for a lot of people in the Cypress, TX area. Those that are in this area and want to explore the rest of Texas and the country will find that owning an RV gives them a reliable mode of transportation that can also double as a place to sleep and relax at the end of the day. If you are going to get an RV here, you should also get an insurance policy for it.

Covers Your Asset and Investment

One reason that you should get RV insurance for your RV in Cypress is that it can cover your asset and investment. When you purchase an RV, you are going to be making a big investment that you will want to have pay off for years to come. When you get an RV insurance policy, you can receive coverage to protect both the RV and the personal belongings that you store within it.

Gives Liability Protection

Another reason that you should get RV insurance is that it will give you valuable liability protection. RV owners will have unique liability risks that can include risks of causing an accident when driving or having someone injured when visiting you when not on the road. With RV insurance, you will receive coverage for both of these risks.

It is clearly very important for anyone in the Cypress, TX area to get an RV insurance policy. If you are looking for a new policy here, you should reach out to InsureUS. At InsureUS, the team of dedicated insurance professionals will work very hard to ensure that they understand your risks and personal situation. Based on this, it can be easy for them to find a policy that will cover your needs and give you peace of mind.

Consider disability insurance for unexpected illness or injury

Posted on September 25, 2020August 5, 2020 by Victor Varma

Everyone knows a little about Social Security Disability, but not many working people realize it is very difficult to get. Only about 30 percent of the applicants are approved, and the system is cash strapped.
Still, becoming even temporarily unable to work is a very real problem. According to the Social Security Administration, one in four 20-year-olds will experience a disability for 90 days or more before they reach age 67. Suddenly, paying rent, making a car payment, even buying groceries will depend entirely on non-work resources. In the short term, maybe you could rely on savings, if you have them. Disability that lasts longer than 90 days becomes increasingly difficult.
One solution is disability insurance.
There are two kinds: Short-term and long-term.
According to Nerd Wallet, both types replace a portion of your monthly income up to a cap.
Short-term disability insurance typically replaces 60 to 70 percent of a base salary. It will pay out for a few months, or maybe even a year, depending on the policy. It has a short waiting period, sometimes just two weeks, after you become disabled and before benefits are paid.
Long-Term coverage replaces 40 to 60 percent of a salary and benefits end when disability ends. It may have a cap on the number of years, or it may end at retirement age. The waiting period usually is longer: up to 90 days after disability before benefits are paid.
Rates vary according to age, smoking, income, occupation, gender (women usually pay more because they file more claims) and other factors. The annual price ranges from 1 percent to 3 percent of annual income.
As the work force ages and Americans live longer with diseases such as cancer, disability rates are rising. People aren’t always able to keep working.
Some things an individual should consider when buying a policy:

Check to see if disability insurance is available at work.
Find out what conditions are covered as a disability under the policy.
If the policy covers you for “own occupation,” it protects you if you can’t perform the specialized tasks of your career. “Any occupation” coverage will not pay if you can still work in any occupation at all.
To save money, lengthen the time before benefits kick in rather than limiting the period during which you can receive payments.
Choose long-term disability over short-term disability.
Check to see if a policy you buy at work is portable or convertible so you can take it with you to another job.

Are you uninsured or under-insured?

Posted on September 18, 2020August 5, 2020 by Victor Varma

Life comes at you fast. In your youth at the peak of your health, in middle age, at the height of responsibility, what if an accident or illness took you off the family map? We all know it can happen and few think it will.
As a matter of fact, about 40 percent of people have no life insurance at all. Of the people with life insurance, about half are underinsured.
But the cold fact remains: What happens to your family if you die? Will they be able to afford the house? How will their lifestyle change? Who will support the family? How will they support the family?
Life insurance answers many of those questions — and it answers them affordably.
The least expensive form of life insurance — term insurance — is very inexpensive. A healthy 30-year-old can get $250,000 of insurance for about $15 per month. The earlier you buy term insurance, the less expensive it is and many policies don’t even require a health check.
Many people have life coverage at work, but this should be reviewed because it may not be enough. Primary breadwinners should have coverage equal to six to 10 times their annual incomes. Term policies usually cover only your working life.
Whole life is another kind of life insurance. Unlike term policies, it covers you for life, as long as you make payments. It also has the benefit of building cash value. Although most experts say it shouldn’t be considered an investment, if you get a big policy at a young enough age, and keep it until retirement, you could have a nice nest egg to tap into at retirement. Whole life policies can also be cashed in by your Power of Attorney for some part of the face value if you enter a nursing home, for example. It could be considered a small inheritance. Whole life policies usually require a medical exam and are unlikely to cover smokers.
Many websites compare costs of life insurance options.

Is it difficult to get a mortgage right now?

Posted on September 11, 2020August 5, 2020 by Victor Varma

Lending standards have tightened and some types of loans may be difficult to get.
It is true that credit availability dramatically tightened since the coronavirus crisis hit hard in February 2020. Credit supply was down 30 percent. With millions out of work, some could no longer afford to pay their mortgages. That meant lenders had less money to lend at a time when they were also not receiving payments on existing loans.
Since February, the situation has somewhat improved. While credit supply for conventional loans dropped 6.9 percent in May, it rebounded in June to just a one percent drop.
With renewed talk of coronavirus increases, lenders of all types have tightened limits and availability in anticipation of possible job losses.
One good sign of an improving economy is that mortgage applications rose 2.2 percent for the week ending July 3 over the previous week. Forbearance rates (the number of mortgage holders who can’t pay and have to make an arrangement with the lender) dropped 8 basis points to 8.39 percent in the first week of July. That means more mortgage holders were able to make their payments.
The news for buyers with cash for down payments and high credit scores, is the incredible 3.26 percent mortgage interest rate on a 30-year fixed rate loan.
People with a credit score of at least 700, with a 20 percent down payment, should be able to get financing. Lenders have cut back on jumbo loans, which are generally loans of more than $510,400.

Small business responds to Covid-19 crisis

Posted on September 4, 2020August 5, 2020 by Victor Varma

So, now what?
Their stores closed. The offices vacant. Their income limited.
Small business had to answer the question of what they can do right now.
And, for the most part, they did.
About 92 percent of small business owners reinvented themselves, according to Small Biz Trends.
Digital technology was the answer for many small businesses.

58% created new online delivery channels.
40% created a new virtual service.
36% made a new offline delivery channel.
31% created a new product.
19% worked for a new customer group.
Small restauranteurs and stores selling unique goods all could have had a website presence, but many owners were too busy to make it happen before the coronavirus crisis. When lockdowns happened, they had to set those up.
Virtual services are not just for schools. Trainers, chefs, music teachers all have tried to involve local customers in virtual classes. While they might find new customers, the same services also find they compete with existing businesses online.
For some, new products have helped. Some small manufacturers began making the things most in demand: masks and sanitizers, for example. Breweries made sanitizer. Pillow companies made masks and medical scrubs.
For some it has worked. Fifty-one percent of businesses that did a pivot say they have increased business against forecasts. But small businesses are still facing issues with skills and staffing for new skills, as well as a lack of money.