The IRS Deductions Blog

Posts Tagged ‘insurance’

Question: Looking for BEST jewelry Insurance for my Engagement Ring!! PLEASE READ?

We just got engaged and are currently looking into insurance. We heard that homeowners limits the amount covered by the policy. My ring is appraised at $7300. If we were to make a claim for a loss or theft, we would like to be sure that we arent given a check for depreciation etc We have also heard that insurance companies like to push thier personal jewelry on you after the fact, when realistically we would rather go Back to the same family jeweler that we use to replace this ring. It should be our choice where to replace it, or where we buy it. Is there an insurance that we can get STAND ALONE no deductible insurance. It seems like everyone wants to sell us homeowners too! PLEASE HELP!!!!

Answer: The best, cheapest way to insure this, is to add an endorsement to your homeowners policy to take away that theft limitation, and add “all risk” (aka the dog ate it) coverage.

For more money, you can ask for an “agreed value” endorsement on that jewelry floater, so that they cut you the check for the full amount. But it will cost more.

If you’re hell bent on stand alone coverage, you can buy it, but the coverage is going to START at $1,000 in premium. Per year. The reason agents are trying to sell you renters, is that’s the CHEAPEST, easiest way to get the most broad coverage for you.

Why pay more, for less coverage? That doesn’t make sense. Buy the renters, with the jewelry endorsement, with the ‘agreed value’ provision on it. Likely all together, it will cost you less than $400 a year. Less than half the cost of a stand alone policy.

Items on Amazon Right Now for Deductible On Homeowners Insurance:

The Truth About Deductibles

Items on Amazon Right Now for Health Insurance Embedded Deductible:

Promoting Jobs and Growth Through Innovation

Question: What does your employer call your High-Deductible/HSA plan?

If your employer offers a high deductible plan tied to a health savings plan (HDHP/HSA) (commonly known as a consumer-driven health plan, what do they call it? Is there a special name for the plan, or do they just call it the “high deductible plan”?
I’m just interested in how different plans are marketed to employees. I’m planning to rename our plan, and am looking for ideas!

Answer: The proper name is “High Deductible Health Plan“, which is the origin of the acronym HDHP. (The savings plan, properly known as a “health savings account”, is the HSA.)

Items on Amazon Right Now for Deductible Plan:

Understanding Your Deductible Plan

Items on Amazon Right Now for Deductible Vs Coinsurance:

Question: Is my employer responsible for paying my deductible for auto repairs?

I have to use my car a good deal for work to travel to meet with clients. Someone damaged my car in a parking lot and then drove off while I was in a meeting and on work time. My deductible is $1000 and the repair will cost about $500. Looked at my employee handbook and regarding use of car it says ” …the employee’s own individual auto liability policy would be primary in the event of an accident. The Company’s auto liability policy would serve only as excess over primary coverage.” Does this mean they will or wont pay any of that $500 Deductible for which I am responsible?

Answer: Pat’s answer was pretty good. But I think an exact translation of the insurance statement is that the Company’s liability is only of excess. Which means that if the existing employees insurance is limited to let’s say 2,000 dollars and the repairs are 3000 dollars, then the company’s liability is for the 1,000 difference. Not the deductible.

Items on Amazon Right Now for Liability Deductible:

Personal deductible contributions: it’s all in the timing

Retirement planning: Rachel Leong explains how the retirement date, withdrawals and the timing of Section 290-170 notices can have a great impact on the amount of deductions that can be claimed for clients with deductible contributions as part of their financial plan.

Car Insurance : Types of Car Insurance Liability