|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
For some investors, private equity loans are a useful tool. Borrowing these kinds of funds can make many kinds of investment choices possible, especially vacant residential properties or commercial real estate. Whether you only hold properties short-term to improve and resell or you have more long-term goals, these financial vehicles help you continue your real estate enterprise with more capital at your fingertips. Alternatively, some loans can afford you the opportunity to refinance or cash out, depending on your goals. When searching for a private equity loan in Broward County, making sure you understand the basics plus keeping some important tips in mind will assist you in getting the best loan products.
Why Choose a Private Equity Loan?
Simply put, private equity does not come from publicly traded sources. Because of this, these kinds of funds can sometimes be obtained more quickly or for projects that are typically considered higher risk by traditional lenders. For borrowers with less-than-stellar credit or income issues, these financial vehicles can be a godsend when funding is needed quickly. Additionally, you could stand a better chance scoring a private equity loan in Broward County to finance fix-and-flip projects, property in questionable neighborhoods or certain types of real estate that big banks will not touch.
How Do These Loans Work?
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
Generally, private equity finance products have a shorter repayment period than standard bank loans. In most cases, you're looking at terms of two years or less. While this may not seem like a lot of time, it's perfect for those in industries where short project turnarounds are common. If you're in the business of flipping houses, or improving and reselling certain types of commercial properties, a typical private equity loan in Broward County allows you just enough time to purchase, execute your plan and resell. Meanwhile, you're still on the hook for payments. However, once you're received income from turning around your properties, you may be able to simply pay off your debt in full.
How Quickly Can I Obtain Funding?
Usually, you can receive your funds rather rapidly with private equity financing. However, the speed of results can vary from lender to lender. With some who would offer you a private equity loan in the Fort Lauderdale area, you could be preapproved on the same day you apply. But in any case, you'll receive your money right away. Once you've paid the requested down payment, you're good to go and you can commence your project with confidence.
For Higher-Risk Projects, Private Equity Financing Is a Great Option
If you're in need of a private equity loan, chances are you're trying to fund a higher rick venture, or you have credit or income issues that could stand in your way. In either case, private equity financing could solve your problems. Shorter terms still give you the time and flexibility you need to make your purchase profitable, and the speed of obtaining funds helps you move ahead quickly. Keep your goals in mind, as well as the needs of your project, as you search for a company to assist you in gaining funding.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|