Courtesy of iii.org Because co-op and condominium owners share their building structures, two policies—a master policy and an individual policy—are required to fully protect all parties involved. Learn more about insuring a co-op or condo. If you are purchasing a condo or co-op, the bank will require insurance to protect its investment in your home, and your co-op or condo agreement will likely require you to have insurance, as well. There are actually two different policies necessary to fully insure co-ops and condos—a master policy for the building, and an individual policy to cover you for liability, to protect your belongings and to insure any apartment structural elements that are not covered by the master policy. Here's what you need to know about each type of insurance. The master co-op or condo policy This is the policy that protects the entire apartment structure; the building management is responsible for it and its premiums come out of your maintenance fee …
Insurance
8 Myths About Auto Insurance
Courtesy of iii.org When purchasing an auto policy, it’s important to understand the factors that affect your policy costs and coverage. Unfortunately, there's a lot of bad information that passes for "common wisdom"—here, we separate myth from facts about car insurance. Myth 1 – Color determines the price of auto insurance It doesn't matter whether your car is “Arrest Me Red” or “Hide In Plain Sight White”—the color doesn’t actually factor into your auto insurance costs. The price of your auto policy is based on many factors, such as car make, model, body type, engine size and the age of the vehicle, as well as the car’s sticker price, the cost to repair it, its overall safety record and the likelihood of theft. Insurers also take into account the age, driving record and sometimes the credit history of the driver. Myth 2 – It costs more to insure your car when you get older Quite the opposite, in fact—older drivers may be eligible for special discounts. For example, …
Women and Business Insurance
Courtesy of http://www.iii.org/press-release/what-do-women-business-owners-want-credible-accurate-insurance-advice-022616 Women have made great strides in the business world in the past few decades. And business insurance is essential to protecting their hard-earned capital, according to the Insurance Information Institute (I.I.I.). Forty years ago women owned just 5 percent of all small businesses in the United States. Today, they own one-third, generating nearly $1.5 trillion in revenue and employing over 7.9 million people. Between 1997 and 2015, the number of women-owned firms increased by 74 percent, according to the 2015 State of Women-Owned Businesses Report. And the majority of new women-owned firms launched in 2014 were owned by minority women. “Whether launching a new business, growing your business or competing in the global marketplace, it is essential that women business owners get the right type and amount of coverage,” said Loretta Worters, a vice president with …