Tag Archives: Insurance

5 Stupid Things My Parents Taught Me About Money

Flickr/ota_photos

Flickr/ota_photos

I don’t want to offend anyone, so I’ll start by saying this: My family has pretty good financial habits, and I was lucky to have learned a lot of them. They work hard, they avoid debt, they save up for things and, as a general rule, they stay out of financial trouble.

That said, I think my parents got a few things wrong. (Sorry, Mom.) Check out five stupid things my parents taught me about money in my new post on WiseBread.

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What’s Under the Hood? 10 Insurance Terms You Need to Know

Flickr/Jerry Bunkers

Flickr/Jerry Bunkers

Have you ever taken your car into the shop and felt your eyes glaze over as the mechanic explains the problem has to do with the intake manifold, which is affecting the crankshaft…er…sorry…what was that?

Not to perpetuate a well-worn stereotype, but there are all kinds of topics that have complex terminology we often don’t fully understand. If you’re familiar with cars, maybe you get tongue-tied when the topic turns to investing, or perhaps computers. Or, if you’re like many people, you shut down when it comes to insurance.  According to the State of Insurance Report conducted by TD Insurance, 31 percent of respondents don’t ask questions about their insurance policy because they think it’s too complicated, while another 23 percent fail to do so because they’re embarrassed about their lack of knowledge.

It seems like the easy way out – until you file for a claim and find out you’re not covered.

Say what?!

You might need a new whatchamacallit for your car, but a nasty insurance surprise is something we can all live without. Check out 10 insurance terms you should know, and how to use those terms to read – and understand – your policy in my new article on GoldenGirlFinance.com.

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The Crucial Element of Home Renovations You’re Forgetting

Flickr/sunfrog1

Flickr/sunfrog1

Home renovations rarely go as planned. The job always takes longer, costs more and makes you waaay crazier than your HGTV-fueled dreams can ever account for. Maybe that explains why, according to a recent TD poll, many homeowners forget one very important thing. No, we’re not talking about the latest fixtures or low VOC paint. What most of us are actually forgetting is how renovations will affect our home insurance policy.

Research from TD Insurance found that only 6 percent of homeowners checked their policies before pulling out their tool kits. Unfortunately, this means you may be putting yourself at risk if you have to file an insurance claim. So, in honor of renovation season, let’s take a look at some of the insurance issues homeowners should be aware of – and what can go wrong if you get too focused on design and forget about the bottom line. Read more in my new post on GoldenGirlFinance.com.

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Water Damage: What’s Covered by Your Insurance – and What’s Not

Flickr/Stuck in Customs

Flickr/Stuck in Customs

April showers bring May flowers and something that is much less welcome: water damage. According to the Insurance Bureau of Canada, water damage is the No.1 cause of property damage in Canada, and the largest cost in residential insurance claims.

Do you know how to stay dry – and what your insurance will cover if you end up all wet? We talked to Dave Minor, Vice President at TD Insurance, about how to seal up any cracks in your insurance plan by checking into your water damage coverage. Check it out in my new article on GoldenGirlFinance.com.

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Can you put a price on a stay-at-home mom?

n September 2012, Samantha Schlichting, a young Manitoba mom, was killed when a drunk driver hit her head-on in a highway collision. The loss was profound – one that left behind family, friends, a partner and two very young children. It was a loss that most families can’t even begin to imagine, much less discuss – or plan for.

We don’t like to think about worst-case scenarios and, perhaps only naturally, we don’t like to think about them in terms of how they’d affect our bottom line. Who really cares about money at a time when you’ve clearly lost something so priceless? Unfortunately, the hard reality is that many of the biggest heartaches in life include a financial component. And while we may ignore that fact to protect our hearts, by doing so we are putting the people we love at risk.

As a stay-at-home mom, Schlichting worked to care for her two children while her partner put in long hours at a local asphalt plant. It’s an agreement many couples with young children still work within: one partner puts food on the table while the other feeds little mouths and little minds. And it’s no small task. If you’ve ever been a stay-at-home parent, you know it’s a full-time, ‘round-the-clock job – one that doesn’t draw a salary (except for in smiles and sticky high-fives).

Flickr/Mandajuice

Flickr/Mandajuice

But while most full-time parents and their families recognize that the work they do every day is (quite literally) priceless, that doesn’t mean it has no monetary value. According to a 2012 calculation by Salary.com, stay-at-home moms put in nearly 95 hours of work per week, working as everything from a nanny to a psychologist. Add up all those duties and a full-time, stay-at-home parent’s work amounts to as much as $112,962 per year.

As much as we’d like to hold out this number as validation for every stay-at-home parent’s invaluable role, Schlichting’s story suggests that it’s actually about a lot more than that. Practically speaking, that $112,000+ is a salary, even if mom never draws a paycheque in her life.

Indeed, when it comes to parenting, monetary value is exactly the kind we tend to overlook, not just in a social sense, but also when it comes to financial planning. Unfortunately, if you’re building a comprehensive financial plan without taking this into account, you could be missing a vital piece of the puzzle. Read more in my new article on GoldenGirlFinance.com.

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Car Insurance: How to Get More and Pay Less

Flickr/noise64

Flickr/noise64

Remember “Fried Green Tomatoes”? In the 1991 film, Evelyn Couch (played by Kathy Bates) rear-ends a car in the grocery store parking lot – six times – after the space she’s been waiting for is stolen by two women in a sports car, who claim they’re “younger and faster.”

The damage done, Couch responds, “Face it, girls. I’m older…and I have more insurance.”

Insurance is one of those things we accept as a necessary evil; something we dutifully pay for each and every month – and pray it’ll save our butts when things go wrong.

According to Dave Minor, vice president of TD Insurance, getting to know how car insurance works and how its rules relate to your situation can help you to cut down on your premiums – often drastically. Check out some tips to get the coverage you need – without paying more than you have to – in my new article on GoldenGirlFinance.com: http://goldengirlfinance.com/inspiration/?post_id=1112

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The No.1 Rule for Buying Insurance

Flickr/quinn.anya

We like to feel like insurance can protect us from anything. When we get hurt, our health insurance picks up the tab. Car accident? Car insurance will pay for most of it. Death? There’s life insurance to take care of that (wait a minute…).

The point is that we so often buy insurance because we’re afraid of what could happen to us. That is, our decision to insure tends to be reactive rather than based on real reflection about what the specific coverage will cost and what it will actually do for us if our worst fears are realized.

And because there’s insurance for just about everything you can possibly imagine, it can be hard to know when to say no. The good news is that there’s one very practical rule that applies to buying insurance (along with a whole lot of other things in life). Ready for it?

It’s moderation.

And just like you might apply moderation to how much you eat or how much time you spend playing Angry Birds on your smartphone, making decisions about insurance coverage involves using your common sense. Find out how in my new article on GoldenGirlFinance.ca: http://bit.ly/Nxo2K5

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