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What is Drones and Unmanned Aerial Vehicles (UAV) Insurance

Bookmark and Share Drones and Unmanned Aerial Vehicles (UAV) are fun to operate. In fact, the Federal Aviation Administration estimates that as many as 30,000 drones and UAVs will be in the air by 2020. Learn more about drones and UAV insurance that protects you as you operate your drone or UAV.

Why Do You Need Drone and UAV Insurance?

Despite their popularity, there are few regulations in place for drone and UAV operators. However, you are responsible for any damage caused by your drones and UAVs whether you're an experienced or novice operator and whether your machine is operated via a remote or is semi-automatic or fully automatic.

An insurance policy covers any financial liability you may sustain as it protects your assets and gives you peace of mind.

What Does Drone and UAV Insurance Cover?

Drones and UAV insurance can cover several things.

  • Hull coverage
  • Broad liability coverage
  • Legal liability
  • Premises liability
  • Personal injury
  • Medical expenses
  • Extra equipment coverage - includes any on board tools and equipment
  • Invasion of privacy
  • Non-owned coverage if you operate someone else's drone or UAV
  • War perils if your drone or UAV sustains damage from a malicious act
To understand your options, remember that hull coverage pays for damages to or loss of your unmanned drone or UAV. You can file a claim as long as the damage occurred within the territory your policy covers. With liability coverage, your insurance policy will pay any damages your drone or UAV causes to someone's property or to a person. It can also cover invasion of privacy violations and defend you if someone files a lawsuit against you because of damage your drone or UAV causes.

In many cases, you may customize your drone and UAV insurance. Choose either or both hull and liability coverage. As with most insurance policies, there are standard exclusions that are outlined in your policy, so read it carefully before you operate your machine.

Where Can You purchase Drone and UAV Insurance?

Talk to your general insurance agent or drone and UAV insurance specialist about coverage for your drove and UAV.  Be prepared to provide details about your drone or UAV to ensure you receive an accurate quote and the right coverage for your needs.

Additionally, consider taking a drones or UAV training course. Learn how to operate your drone or UAV properly, identify potential operating hazards and keep your drone or UAV in top working condition. With this course, you're less likely to cause an accident, and your insurance premiums could decrease.

Drones and UAV insurance is important if you operate a drone or UAV. Ask your insurance agent about it today.
 

Educate Your Children about Money

Bookmark and Share Want to make sure your little one grows up to be a money genius? It’s time to get to work. You might be thinking, “But my son just mastered potty training!” However, it’s never too early to start grooming your child into a money-managing pro. Although your children will probably learn the basics about money in school, it’s up to you to teach them how to manage their finances. Here are a few tips to help you raise a money-managing genius.

Start early.

From the time children start walking and talking, you can start teaching them some important lessons that will put them on the financial fast track. Of course, the complexity of these financial lessons will depend on your children’s ages.

Teach preschoolers about money by showing them how you use those mysterious green bills to make every day purchases. When you’re paying the cashier at the grocery store, explain that you are giving the store money in exchange for the items in your cart. Once your little urchins learn how to count, you can really get down to business. Help them tally up the coins in their money bank and discuss how much more they need to buy that fancy toy. When they’re preteens, show them how you balance the checkbook, pay the bills, and deposit checks at the bank. By the time they’re in high school, you should be talking to them about your family budget and investments. You could even check your IRA or 401(k) statement together. Your teens might not fully understand all the specifics right now, but these exercises could plant those first financial seeds.

Make them work for it.

If you want your little ones to blossom into true financial planning masterminds, make them work for their weekly allowance. Don’t just hand over a wad of cash. If you set that precedent now, your kids will be in for a rude awakening when they enter the real world. So, if your son insists that he has to have that super-cool, high adrenaline Xbox game, don’t hand it over immediately; make him work for it. Tell him if he really wants that game, he’d better get busy mowing the lawn, taking out the trash and bathing Fido.

Although some parents are anti-allowance, many financial experts say that a weekly allowance is often a great learning tool. Your children will learn that they have to work to earn money, and then they will have the option to either spend or save that money in whatever way they choose. Before you agree on a weekly allowance, it’s important to set some ground rules. Figure out which household chores your children will have to complete each week in order to receive their weekly pay. You can even help them set “financial goals” with their allowance. For example, if your daughter has been eyeing a pair of designer jeans, tell her that she could buy them if she saves up her allowance for a couple of months. This teaches her a valuable lesson about saving.

Give him a head start.

Want to give your kiddo a financial head start on his path to financial security? If you’ve got the cash, and they have some amount of earned income, you might consider making a small monthly contribution to an IRA in their name. When it comes to retirement accounts, the sooner you start investing, the bigger the nest egg grows. Here’s an example: If you contributed $56 a month from the day your child is born until her 18th birthday, her retirement account will grow to $1 million by the time she’s 65 (assuming an 8% average annual growth). If you decide to open an IRA in your child’s name, sit down with her and tell her how it works once she’s old enough to understand. This will teach her the importance of investing and saving.

Lead by example.

Of course, the most effective way to teach your child about money is to demonstrate smart financial planning yourself. You can’t rightly tell your child how important it is invest and save when your own savings account is empty and you’re busy racking up thousands of dollars of credit card debt.

In other words, if you’re going to talk the talk, you’ve got to walk the walk. After all, children generally mimic their parents’ behavior and develop similar habits. So, if you want your child to be financial planning genius, you’ll have to become one yourself. With a little bit of encouragement, lots of love, and plenty of financial advice, you can put your kiddo on the road to financial brilliance.
 

What You Should Know About Personal Sailboat Insurance

Bookmark and Share You bought your boat to enjoy it on the water. What happens though when your boat is damaged or you run into something and need repairs? Boat insurance protects you and your assets. Here's what you should know about personal sailboat insurance.

What Does Personal Sailboat Insurance Cover?

Your personal sailboat insurance policy may cover a variety of issues.

  1. Liability

    Pay for injuries or property damage you are legally liable for.

  2. Collision

    When your boat collides with another boat or object, this coverage pays to repair the damages.

  3. Comprehensive

    Any losses not related to collisions, including theft, fire or storms, are covered by comprehensive insurance.

  4. Uninsured or Underinsured

    Pay for bodily injury expenses associated with a collision with an uninsured or underinsured boater.

  5. Medical Payments

    Cover medical expenses if you or your passengers are injured on your boat.

  6. Personal Property

    Replace lost or damaged personal items, including stereo equipment, clothing or food.

  7. Mechanical Breakdowns

    Cover necessary repairs or replacement of the motor, even if the cause is normal wear and tear.

  8. Towing Assistance

    Receive towing services, fuel delivery, jump starts and other assistance from your insurance company.

  9. Total Loss Replacement

    If your new boat is totaled within five years, receive a new boat or the equivalent of the cost you paid for your boat.

  10. Fishing Equipment

    If your fishing equipment is damaged, pay to repair or replace it.
How to Purchase Personal Sailboat Insurance

As soon as you purchase a boat, talk to your insurance agent. They can assist you in choosing a customized insurance policy that protects you on the lakes, rivers and waterways you'll sail on.

Remember that personal sailboat insurance may only be available on boats that meet length requirements. Additionally, you may need to submit a marine survey or navigation plans.

Tips to Save Money on Personal Sailboat Insurance

There are several ways to save money on your personal sailboat insurance. First, ask about possible discounts, including:

  • Multi-policy discount
  • Boater safety course discount
  • Safety features or equipment discount
  • Diesel fuel discount
  • Payment discount if the annual premium is paid in full
  • Claim-free renewal discount
You may also customize your coverage and choose only the options you truly need. A higher deductible and selecting Actual Cash Value rather than Agreed Value (replacement value) are additional tips that help you save money on the insurance coverage you need.

Before you take your new boat out for a spin, purchase personal sailboat insurance. It protects your assets and gives you peace of mind.
 

Purchasing Mortgage Points

Bookmark and Share When homebuyers begin to think about mortgages, invariably they get around to discussing "points", and whether or not to pay them on their mortgage. To make a wise decision, they need to gain an understanding of what points are and how they affect rates.

A point is equal to 1% of the total amount of the mortgage. There are two types of points: "origination points" and "discount points." Lenders charge origination points in order to cover the expenses associated with underwriting the loan. Lenders charge discount points that are designed to reduce the loan's interest rate. Discount points are actually prepaid interest that you give the lender when you take out a loan. Each point lowers your interest rate by one-eighth of a percentage point.

As a rule, the more discount points you pay, the lower the interest rate on your mortgage will be. On the other hand, the more points you pay, the more cash you will need because points are paid in cash at closing. This is why they are referred to as a "discount." You are actually paying for a discounted interest rate over the life of the loan with the advance of cash before the loan begins. Although points are usually paid at closing, some lenders may agree to finance points along with the rest of the loan. Be aware of the fact that lenders advertising low interest rates may charge more for their points.

How should a homebuyer decide whether or not to pay points? Sometimes the answer to that question is decided for you by your financial situation. If you are short on up front cash, or your income is on the low side of the acceptable range, you will need to avoid points. If the amount of cash you have on hand is low, avoiding points will enable you to have enough money to fund your closing costs. If you have some extra cash on hand, but you are income-short, it is necessary to find the lowest rate available. This is so the mortgage payment won't be viewed as too large relative to your income level.

If you aren't affected by either of these conditions, then you should make your decision based on two factors. The first consideration is time. If you expect to hold the mortgage over the long-term, meaning seven to ten years, then paying points to reduce the rate is a good idea. If you plan on selling before seven years, then you are better served paying the higher rate.

The second factor to consider is how much paying points will cost you in terms of lost financial opportunities. For instance, will paying points mean tapping into money previously earmarked for other purposes such as saving for retirement? Do you have the time to compensate for the money that will not be used for retirement savings? Even if you live in your home a long time, are there other uses for that money that take priority over the long-term savings gained from a lower interest rate?

Before you make a final decision about points, find out what interest rate you will pay and what the points will cost on each mortgage you are considering. Then compare the loans side-by-side so you can get a true picture of which mortgage offers the better deal. Finally, evaluate if you will have enough available cash on hand to take advantage of opportunities or to meet unexpected emergencies if you pay for points. By investing the time in this two-step process, you will make an informed decision on whether or not purchasing points is right for you