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insurance rates

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Why and How to Compare Insurance Rates

Home insurance, auto insurance, and life insurance are important to help protect us in emergencies. The purchase process can sometimes feel overwhelming — we all want to be sure we’re receiving the proper level of coverage. At a price that won’t break the bank. It’s a decision that we hope to feel confident in when it’s all said and done. But later down the line – whether it’s a few months or a few years – you may start questioning whether your insurance policy is still the best fit for you. Maybe a friend or family member has shared a story about their positive experience with their car insurance company. Or maybe you got the bill in the mail, and your rates have increased for seemingly no reason at all. In these situations, and many more, it might be the right time for you to do some comparison shopping. By…

The Buzz on Marijuana and Life Insurance

It’s no surprise that lifestyle matters when it comes to life insurance. Diet, mental and physical health, family medical history, age, gender, and occupation—these are all common factors that impact life insurance rates. What happens when you add marijuana use to the mix? The purpose, the frequency and several other factors related to marijuana use matter more than marijuana itself when it comes to the cost of getting life insurance coverage. To Tell the Truth As far as life insurance applications go, honesty is truly the best policy. Life insurance policies are legal contracts between insurers and the insured. As a result, when you complete a life insurance application, it is necessary for it to be not only accurate, but full and complete. Non-disclosure of medical conditions and aspects of your lifestyle can result in rejected claims during the contestable period, which essentially means that someone could pay their policy…

3 Reasons Why Location Influences Home Insurance Rates

Location. Location. Location. We’ve all heard this common phrase in real estate and understand it can affect the market price of homes. What many don’t know is location also impacts home insurance rates. When determining your homeowners’ insurance rate, insurance companies take many factors into consideration. Each insurer has its own underwriting criteria and factors that influence rates. While some criteria are standard, some vary from one company to the next. For example, one insurer may prefer new construction. Another may choose not to insure homes built using certain materials, such as log homes. The insurer is assessing risk. Each factor reviewed helps the insurance company determine your home’s risk level. This directly correlates with your home insurance rate. So, how does location play a role in risk? According to Bradley Rynearson, a sales manager at SelectQuote, everything from state regulations to weather to your home’s proximity to a fire…