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Home » Business And Finance Articles » Car And Home Insurance For Northern Ireland

Car and Home Insurance for Northern Ireland

Insurance costs add up, but they don't have to.

Add up what you pay in insurance premiums each year: medical, auto, homeowner's, life, and so on. Makes you wince, doesn't it? Here are some ideas about how to reduce your insurance costs. Don't skimp on insurance. This probably doesn't sound like a way to save money. But keep in mind the purpose of insurance is to transfer to an insurance company the financial risk you can't afford to carry yourself. Without formal insurance, you are de facto self-insuring - meaning you'll pay out of your own pocket in the event of a financial disaster such as loss of a home or a serious illness.

For example, many renters don't own renter's insurance, which covers the loss of their personal property (no, the landlord's insurance doesn't cover it). Renter's insurance is very affordable, yet how many times do you read about people who lose everything in an apartment fire and have no insurance?

Buy the insurance you need. Carefully review your insurance needs with your financial adviser. Car, medical and home insurance are probably obvious. But do you have disability insurance in case you lose income due to an illness or injury? Many financial planners recommend clients buy long-term care insurance no later than their late 50s or early 60s to cover the high cost of potential long-term care. Do you have liability coverage beyond standard auto and home insurance in the event you are sued?

Watch out for gaps. People with multiple properties in multiple states, for example, often use multiple insurance agents for their property and casualty coverage, and can easily end up with expensive duplicated coverage - or worse, no coverage at all for some property because it was overlooked or because a policy expired. You may need "riders" or "floaters" to provide extra coverage for such things as jewelry or antiques whose value is limited under the standard policy.

And don't buy what you don't need. You'll probably need life insurance, but not necessarily. Life insurance generally is for people whose death will have a significant financial impact on others - a spouse, children, dependent parents, heirs who might face a hefty estate tax bill. You may not need it if you are young and single. And as you age, you may need coverage for only a limited time or for a smaller amount.

You also probably don't need to spend pounds on insurance for flights, pets, specific diseases, loans and car rentals. Buy the right amount of insurance. While people sometimes buy too much of a particular insurance, more often they are underinsured.

A good example where this is common is life insurance. People frequently base their decision on premium costs, not what death benefits they need. The better approach is to first calculate how much money you will need to replace future lost income necessary for your dependents. Then look at insurance options. Some people might be able to afford to buy adequate death benefits through a whole life policy, which has an investment component. But many others would be better off spending their limited insurance pounds on term life, which has no investment component and which allows you to buy more death benefit coverage for each premium pound.

Shop around. Costs vary significantly among carriers, so carefully compare for like coverage and features. But don't buy on price alone. You'll want to have a carrier that's financially sound so that it's there if you need the benefits.

Consider multiple policies with a single carrier. You often can get a better deal buying multiple policies through a single carrier, such as car, home, and liability. But not all carriers are strong in all lines. They might be good for property and casualty but not life and health, so be sure any savings are worth it.

Help yourself. Staying healthy, putting smoke alarms and security systems in your house, and having a good driving record can keep premiums down.

Increase deductibles and avoid small claims. Choosing larger deductibles will reduce your premium costs (self-insure the deductible through an emergency fund). They also reduce small claims, which have become a sore spot in insurance because companies are increasingly raising premiums or even dropping customers who make multiple small (and large) claims.

And here is another random article you might be interested in...

Directions For Success In Real Estate Investing

The one thing I want you to think about as we are starting the New Year is the single most important factor in all of business. Take and throw everything you know out the window because without this one possession, you'll end up more lost than driving down an old country, dirt road in Alabama.

It's called direction...

Direction for you and your business...

Since it's the beginning of a new year, you should initiate the year off on the right foot. Take the next few days to work on your real estate business instead of in it. What do I mean here? Shut off all the phones and conduct some serious soul searching to figure out what it is you're really looking for from your real estate business. See, it's time for you to stop tiptoeing along and get to work. This can be your year to stop being a "lookie-lou" and become a real investor. More on that in a sec but let me ask you -

"What direction are you heading in right now?" Are you where you want to be in life?

And no I'm not trying to sound like the latest Geico commercial with Tony Little yelling, "Yeah Baby, you can do it."

I'm being totally serious here. See, a few years ago, when I worked at the J-O-B, I had a Franklin Covey planner that I tracked all of my goals, my appointments, heck my entire life in that one little book. Anyway, after moving a little over three years ago, my wife found this little book tucked away in a pile of stuff. She opened this book and proceeded to read what I had written for my goals and the direction for our businesses and our lives. She was shocked to see that nearly all of the items I had listed had come to pass. And the ones that hadn't were not our really our goals anymore, as we were striving for bigger things.

So, the moral to the story is this: if you don't know the direction you're heading in, then how in the heck do you intend to ever get there? Do you think one day, you'll suddenly wake up and say, "Oh, this is exactly what I want"?

I think not.

You've got to have a plan: A plan of Massive Action to get your butt moving in the right direction.

Now, some of you may ask, what do I do if my plan fails?

This type of thinking simply comes from the fear of failing. This stops most investors dead in their tracks from ever buying their first property. They read articles, books, and even buy courses, yet they remain inactive in buying any real estate, never realizing their dreams of escaping the rat race. They talk a big game about what they're going to do, but they always seem to be just talking and not doing.

My response to the above question is that we can play "the what if" game all day long and still be at the same point you're at now except a little more frustrated.

But let me ask you this: What if your plan works? What if you knew beyond a shadow of a doubt that you wouldn't fail? Would you then still procrastinate? Would you put off running that ad to buy houses? Would you still drive by that house in preforeclosure, yet convince yourself they're not at home so that you won't knock on the door?

It's time you get serious about your financial future because the one thing that keeps passing us by regardless if we take action or not is our time.

So, I 'm going to show you how to get off your butt and take action. It's something I've used for years and believe that you'll benefit as well. Here it goes.

First, I want you to identify where you want to be. This is the most important piece to the puzzle. Get some direction about your business and your life. Identify what's makes you tick... Write this down. This could be something like you want to buy six houses per year with a net of $10K or whatever your situation is.

Next, what actions do you need to take to get to this point? Write down, what you'll have to become as a person to fulfill your goal. Now, this person that you have to become, what do they do? What actions would they take?

Now, I want you to ask yourself, "What is it you can do over the next ninety days to get closer to your goal?"

Then, write down the actions and tasks that you'll commit to completing in the next ninety days to realize your goal. When I say commit, I mean you have to be committed more than the average "Hollywood marriage" and stick with your plan adjusting it as you go along the way.

Along the way, as you complete some of the tasks, you want to reward yourself. Maybe, you've finally sold that house that seemed like it would never sell or maybe you've talked with 20 sellers or whatever your tasks was, then reward yourself accordingly. Now, I'm not saying break the bank, just take a percentage of your profits from your next deal as a reward for your work. Maybe it's a weekend getaway or it could be as simple as having a nice dinner with your family.

Now, you must remember to focus like a "laser guided missile". It's easy to get caught up with everything going on around you, however it's crucial you remain focused with your eyes clearly set on your goals. I admit that I struggle with this every day. With the internet and running several businesses, it's easy to get involved with all the day-to-day crap or surfing the net for hours on end. Ask yourself daily; what is the most productive, profitable use of my time?

Finally, at the end of the ninety days, it's time to look at what you've accomplished and repeat adjusting your plan from what you've already completed. I want you to do this process starting with the end in mind of where you want, and then backing your way to do the things necessary to achieve the end result.

If you fail to take time to do these simple yet powerful steps, then I grant that you don't have what it takes to be a successful real estate investor. You must remain as the visionary for where you want to lead your business and the steps to getting there. If you fail to have this vision, then you'll always be working for someone that does. However, if you follow theses simple steps, then you'll be amazed at the amount of ground you can cover over the next ninety days. Commit to making this your best year ever. Screw the resolutions and focus on getting things done!