I see a lot of clients looking to get home insurance and when I ask them how much they want to insure for, they always say, "we only want the minimum, we don't have a lot of stuff". It's interesting when people say that because all they're focused on is how much it would cost them to buy the insurance. They never really think about how much it would really cost to replace what they own. Home insurance policies are normally set up to insure you for "replacement cost". This means that they'll get you back to where you were before the loss, never more, never less. So if your neighbor upstairs had a water leak and your 55" 4K Ultra HD TV that you bought for $2,500 3 years ago short circuits because of that, the insurance company will replace the TV with the same brand, size and model without depreciation. They're not going to say that it's 3 years old now, here's $500 to replace it. People don't realize this so they underest...
Welcome to my new blog. This site will be a rich source of information regarding insurance and finance for Canadian families. Feel free to leave comments and questions regarding insurance, investments and other financial matters.
Almost every one of us has credit cards. But how many of us pay an annual fee on our credit cards? If you're paying an annual fee on your credit card, my question is, why? Are you paying an annual fee to get lower interest rates or it is to get the reward miles and points? Is it actually worth it to pay $50 to $100 in annual fees for a reward miles card or is it better to save those annual fees and pay your airfare directly instead? If you're paying an annual fee to get a low interest card. Are you paying off your balance every month? If you are paying off your balance, why do you need to pay a fee to get a low interest? These are just some things that people take for granted. Card companies make millions a year on these annual fees because they know we just never give a second thought about them. In the long run, those fees stack up and we end up paying thousands of dollars for something we never really need or use. Just like the extended warranties they sell for computers or ...
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