Where To Find Second Property Insurance

When it comes to taking out second property insurance the first thing you have to remember is that it varies a great deal from the type of insurance that you will have taken out to cover your home. It will also depend on what you intend to do with the property you are buying. For example if you are going to turn the property into a holiday home let then you will need more extensive cover than had you bought the property for the intentions of it just being your own holiday home.

Second property insurance includes many different components, some of which you will already know about while others are more complex.> < The standards of any insurance policy should be included and the most obvious of these are of course the contents and buildings, however if you have such as a swimming pool then this will have to be taken into consideration and should be covered. If you need second property insurance for a holiday let then this is even more extensive, along with the usual components of the insurance you will also need to think about taking insurance that covers you for such as liability to tenants and any staff that you hire to run the holiday home.

One big problem for those who know very little about insurance is the fact that within policies there can be many exclusions, which means if you haven’t noticed them due to not reading the small print then when you come to make a claim it could mean you are turned down. Very often insurers will state in the small print that you have to meet certain requirements when the property is left empty, most holiday homes will be empty for periods during the winter months and this is when factors have to be taken into consideration, which include such things as the risk of flood due to burst pipes.

In order to get the best second property insurance deal then it is essential that you go with a specialist broker, you will be putting a lot of money into the venture and of course want the best possible chance of success. A broker can provide you with the essential information that is needed when it comes to your needs and can also save you a lot of time and money by shopping around for you to make sure you get the best possible deal for your second property insurance. Along with this you will be able to ask any questions regarding anything you are not sure about concerning your second property insurance.

Financing Long Term Care

It is a well known fact that health insurance is expensive, especially when you take into consideration all of the health insurance products that you need during your lifetime. One of the latest health insurance products to be introduced to the market is long term care insurance. This insurance is designed to cover your long term care costs like nursing home care, home health care, respite care and adult day care.

The Cost of Long Term Care Insurance

It is inevitable that most adults will need some form of long term care during their life either because of aging issues and conditions or early to mid life accidents and conditions. In order to cover the costs associated with long term care you will either need to have substantial savings, or you will need long term care insurance. However, wanting long term care insurance and being able to afford it are two completely different things. This is because long term care insurance premiums can range any where from several hundred dollars a year to several thousands of dollars a year.

Long Term Care Options

While nursing homes and in home care are two viable options. They are expensive options that some people simply cannot afford. For these people family members, friends and church or synagogue volunteers cover offer the care that they need. For those who don't have a support team that can care for them when they need long term care, Medicaid and Medicare pick up slack, to a point. These health insurance programs cover long term care, to a point.

Financing Your Long Term Care

There are several ways that you can fund your long term care. Your first financing option is to dip into your savings. However, with the average cost of a nursing home stay ranging between $130 and $450 a day, your savings are going to be eaten up quickly.

Your second financing option is to liquidate your assets. Real estate, stocks and bonds, jewelry and other possessions can be sold to cover your long term care expenses.

Government health insurance programs like Medicare and Medicaid can also be used to finance, at least a portion of your long term care needs. However, for most people these government sponsored programs are not going to be adequate to cover all of their long term, or extended care needs.

Your final option is to use a long term care insurance to finance your long term care expenses. There are dozens of ltc insurance programs that you can select from. To get the most for your money you will want to shop around and look for a policy that is offered by a financially stable company, that offers reasonable premiums and that offers the type of coverage that you want and need.