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When pests come into your home, there’s no creepier feeling that you may have as a homeowner. You may turn to your house insurance for assistance if the problem gets really bad. Let’s say that termites have taken over your home and gotten into your walls or foundation. Maybe mice have gotten into the walls of your home, or a squirrel has caused some major issues in the attic. Whatever the problem is, you want to remedy it quickly. It might be an expensive fix no matter what, but it has to be remedied for you to continue to live comfortably in your home.
The Truth About Homeowners Insurance
Unfortunately, homeowners insurance doesn't cover pest infestations. It doesn’t matter if the termites have literally eaten you out of house and home, the insurance companies consider pests to be an avoidable problem. Even though you may wonder how bugs can be considered “avoidable,” it’s simple. The insurance company believes that regular maintenance and checking of your property can help to prevent bug infestations. This is why it’s so important to take care of your property and not neglect it.
There are a few exceptions to the rule. If your ceiling caves in and it was caused by some of the pest damage, your insurance may cover the cost of the repairs to the ceiling. They may not cover the materials that are needed to repair the ceiling itself. Insurance claims can be tricky, so you’ll need to ask a lot of questions if these problems do occur for you.
What Homeowners Insurance Covers
There’s nothing more frustrating than paying an insurance premium to find out that it doesn’t actually cover anything that you need at a certain point and time. As a general rule, homeowners insurance policies cover things that are considered accidental. This would include natural disasters like hurricanes, hailstorms, or high winds. If a tree falls on your home due to a windstorm, there was really no way of preventing that from happening. Your insurance would cover this. Damage that happens over an extended period, like that of a pest infestation or an aging home generally is not covered by house insurance.
Some insurance companies do offer separate policies to cover damage from certain types of pests like termites. There are several varieties of insects that cause damage to wood structures, so these policies may be more general stating that they provide “wood destroying insect” coverage. If you live in an area that’s prone to termites, there’s a few options available to you including something called “termite bonds.”
Your best course of action as a homeowner is prevention. Keep up with regular maintenance around your home and inspect your home regularly for any problems that you may find.
Depending on how many years you’ve been working, retirement can seem like it’s too far in the future to worry about or too close to be able to effectively make any real change.
However, retirement is about more than doing the math and investment planning. Retirement includes making several life decisions, and considering things you may not have thought of before.
In this article, we’re going to talk about planning aspects of your retirement including your home and assets, your savings and investments, and setting and achieving goals for yourself.
Pay yourself first
If it feels like your paycheck is spent before you get a chance to set any aside each week, you’re not alone. However, it’s never too late to start setting aside money for retirement. The “pay yourself first” theory states that you should set aside a certain amount for bills, savings, and retirement plans before you spend a dime of your paycheck each week.
The easiest way to achieve this is to take advantage of an employer-based contribution matching program such as a 401K. However, if you are self-employed you can still open up an individual retirement account (IRA) or a Solo 401K. With an IRA, you determine where you want to invest your money, and can choose safer or riskier investments based on your own preferences.
Draw up your plan, literally
There’s no better way to start planning than to actually sit down with a notebook or your computer and start figuring out what you want to save and how you want to achieve those savings.
You’ll want to determine how much money you can accrue in your savings account, estimate the price of your assets and properties, and look at the projected return on investment for any IRAs or 401Ks you have in place.
As you likely know, these numbers are all projections. There’s no way to know for sure how much your home will be worth, or how well your investments will do by the time you’re ready to retire.
So, one of the most important aspects of making this checklist is to return to it yearly to determine if you should change your investments or alter your retirement goals.
Determine your lifestyle needs
Whether you have dreams of settling down in a quiet town for retirement, touring the country in an RV, or traveling the world, you’ll need to find out how you can make it possible on your retirement plan.
You and your spouse will need to sit down and draw up a plan for your mutual retirement goals. Determine which expenses you can do away with in retirement so that you can fulfill other goals. Having these conversations now will help you more effectively plan for the future. And, remember that the time of your retirement is always closer than you think.