Time to Get "Back-to-School" Insurance

As August begins, it's time to start thinking about going back to school! What does that have to do with insurance? Here are a few things to keep in mind.

Good Grades - Do you have a teenage driver in the house (or one on the way)? Many policies allow discounts for students with good grades. Give us a call at 888-867-2866 to see what documentation is needed for your policy. And don't forget to talk to your kids about the importance of keeping those grades up! These discounts can apply to college students, too.

Driver Training - There are different discounts available for Drivers Education classes. We can review all the options available, and let you know which discounts will impact you the most.

Moving To The Dorm - Is your college student living in the dorm this semester? Your homeowners insurance may cover their belongings without additional coverage being needed. This is called Property Off Premises coverage. Remember, any claims would be subject to your deductible which is usually higher on home policies! Let us review your policy to check for the specifics amounts of coverage included.

Moving To An Apartment - Let's say your college student has graduated from the dorms and moved on to an apartment. In this case, your homeowners insurance would not cover their belongings and they would need their own renters insurance policy. Renters insurance is very affordable and covers all of the contents of the property. It also provides liability insurance if someone were injured in the property or if the student caused a fire, etc. By making sure they are properly insured, you are also protecting yourself.

We work hard to make sure all of your clients have the right coverage at all times. The fastest and easiest way to make sure your student is receiving all the discounts they qualify for, and that their belongings are covered at college, is to schedule a review! Call SAV-ON Insurance Agencies at 888-867-2866 to review your policy and situation and we'll make sure all of your questions are answered.

Financing Overseas Property Investment: Malaysia and London

Amid the latest round of cooling measures in January 2013, which is one of the most comprehensive to date, Singapore's investors are turning to overseas real estate markets to profit from property investments.
Lured by news of a high-speed rail linking Singapore and Kuala Lumpur by 2020 and the rise of Iskandar Malaysia just across the Causeway, property investors are ever more eager to sink monies into Malaysian properties.
Farther away, across the European continent, Singaporeans are attracted to their former colonial master - Britain - as an investment destination. Specifically, London properties see warming buyers' interest with recent launches registering brisk sales. Just into 2013, and already several London property launches have made their way into Singapore, including Highwood House, Fulham Riverside and Chelsea Creek.
The attractions of London properties lie in their rising rental yields and strong capital values.
Thus both investment destinations (Malaysia and London) Singaporeans are eying have strong historical ties with Singapore, and now it looks like their investment ties are strengthening as well!
Interested buyers hoping to jump into this property investment bandwagon will likely finance their property purchases with a bank loan. Capitalising on this, banks are already rolling out mortgage packages for London and Malaysia exclusively.
One bank introduced 3-month SIBOR-pegged loans in Singdollar for property purchases in both places.
Borrowers have to be Singaporeans or Singapore Permanent Residents (PRs) only. For the latter who are also Malaysians, the added criteria is that they must not be residing in Malaysia.
Specifically, the bank's London mortgage package allows borrowing of between S$300,000 to S$3 million, with a maximum of 70% loan-to-value (LTV) ratio.
On the other hand, its Malaysia's package allows for loans starting from S$200,000, with no upper limit. The LTV ratio is also 70%.
Both loan packages come with a lock-in period of only a year. During this period, partial or full repayment will be subjected to a penalty charge of 1.5% of the outstanding loan amount.
Loan cancellation will be subjected to a penalty of S$1,000 or 1.5% on amount cancelled or undisbursed, whichever is higher.
Loan tenure can be anything between 5 to 30 years with a cap of 70 years.
Similar to Singapore home loans for the island-city's properties, the two packages are available for building-under-construction projects, but only a progressive payment scheme is allowed.
However, for refinancing the property must be completed.
Very importantly, do take note that there is a call on margin if the LTV rises to 80% and above. When this happens borrowers will be asked to repay part (above the monthly installment amount) or all of their loan.

I am a writer for iCompareLoan and PropertyBuyer.com.sg
You can find more articles on our websites.
We offer FREE expert home mortgage advice and Singapore's most advanced loan analysis system. You can also make use of our FREE calculators for your home purchase planning.

Top 10 Ways to Save on Your Auto Insurance!

Looking for ways to keep your auto insurance premiums manageable? 10 ways you can save on your insurance without sacrificing coverage.

1. Driving Record
Your driving record plays a big role in how much you pay for insurance. By keeping a clean record for 3-5 years, you can save hundreds of dollars! Be a cautious driver, don't speed, and you'll lower your premiums.

Save Money on Your Car Insurance!

2. Defensive Driving Course
Defensive driving courses are an easy way to achieve an extra discount. They can also help keep a ticket from showing up and messing up your clean driving record. Make sure to call us before taking the class if you're using it for a discount so we can verify that your policy qualifies.

3. Anti-Theft Devices
Installing an alarm or other anti-theft device can lower premiums on your vehicle. Make sure to discuss all features with us, sometimes even power locks and a remote can count!

4. Your Credit Score
While insurance uses a different formula then the credit bureaus, your credit still affects the rate you pay. Good credit can save you hundreds (even thousands) on your premiums! Make sure to review your report on a regular basis and have any mistakes corrected.

5. Where You Live
Rural areas pay less for insurance than the big cities do. It's all about risk and with a large population, there is more chance for an accident. Therefore, where you choose to live can impact your rates. Consider visiting with us before purchasing a home if you're concerned about the costs (it is based on the zip code).

6. Type of Vehicle
The vehicle you choose to purchase also makes a difference! Some vehicles cost a lot more to repair than others, which drives up their rates. Easy way to avoid buying a money-sucker? Call us first and let us quote the vehicle before you sign on the dotted line.

7. How Often -- and Far -- You Drive
If you take public transportation and only drive on the weekend, you'll pay less than someone with a long commute. Make sure to review your annual mileage and daily commutes with us (especially if they change) so that you can receive the extra savings.

8. Raise Your Deductible
A higher deductible (your out of pocket cost in a claim) means a lower monthly rate. If you have $1,000 in savings and could afford to use it if you had an accident, then you'll save on your insurance cost by having a $1000 deductible instead of a $250. We can help you review the costs and benefits in your specific situation.

9. Your Agent
And the best way to save? Work with a local agent! You'll get the coverage you need plus you'll have an advocate working on your behalf to find the best rate, all the discounts, and an easy explanation of any gaps in your coverage. It's the #1 to control your risk, maximize your savings, and protect your family.

10. Call SAV-ON Insurance
We want to be your agent. Call us at 888-867-2866 to discuss your policy today. Our goal is to save you money! As an agency, we have more than 30 insurance companies to choose from in getting you the best rate out there.

Carbon Monoxide Alarms Required in All Homes -- and They Could Save Your Life!

As of January 1, 2013, Washington state law requires that all single-family residences, apartments, condominiums, hotels and motels have properly operating carbon monoxide alarms installed. These devices, about the size of most smoke detectors, will emit an alarm if even a small amount of carbon monoxide is detected in the air.

Carbon monoxide (CO) is an odorless, invisible gas that can make a person sick -- or kill them -- in a matter of minutes. Carbon monoxide can quickly build up in enclosed or semi-enclosed areas, and many victims may not know it until it's too late, especially if they are asleep. Entire families have perished due to a CO leak in the middle of the night.

In fact, carbon monoxide poisoning has killed more than 1,000 Washington residents between 1990 and 2005. After the windstorm the Puget Sound region experienced in December 2006, over 300 people were treated for CO poisoning, and eight people died.

CO poisoning typically occurs with the use of charcoal or gas grills indoors, since some people, in an attempt to heat their homes during a power outage, bring barbeque grills inside to provide warmth. This should never be done, as the byproduct of burning is carbon monoxide, and without proper ventilation, it is deadly. Attached garages and poorly maintained fireplaces can also be the cause of poisoning, as well as improperly vented fuel-burning appliances, such as wood or pellet stoves.

While all dwellings are required to have these devices installed, owner-occupied single-family residences that were legally occupied before July 26, 2009, are not required to have carbon monoxide alarms until they are sold.

CO alarms must be located in the immediate vicinity of each bedroom or sleeping area, and on each level of the residence. This ensures that if CO gas is detected, the alarm will wake people out of their sleep, before the poisoning takes effect.

If at any time while in your home you suddenly feel faint, light-headed, get a headache or become nauseous, it may be CO poisoning. Make sure to open a window for ventilation and get outside as quickly as possible. If there are other people in the house, make sure to wake them, if necessary, and get them out of the house immediately. Then call 9-1-1. This deadly gas will eventually cause the victim to lose consciousness, and if the poisoning isn't stopped, eventually die. Children, due to their smaller size, are extremely vulnerable to CO poisoning.

Carbon monoxide alarms are available at most hardware stores, and can also be purchased online. The cost is typically around $25 - $35. Combination CO/Smoke detectors are also available. It's a small price to pay to save lives.

Employment Practices Liability

A popular insurance text starts with, “The growth of federal and state legislation dealing with employment discrimination and sexual harassment, the changing legal views on wrongful termination, and the increasing tendency of aggrieved parties to turn to the courts for settlement of such disputes have caused insurers to specifically exclude coverage for such employment-related claims in the commercial general liability policy.”

To fill this gap, a number of insurers are offering employment practices liability (EPL) coverage as an endorsement to the commercial general liability policy or as a stand-alone policy. Independently developed by each company, the EPL coverage forms vary by company, however, most policies are similar in terms and conditions.

EPL policies are usually written on a claims-made basis, which means that for a claim to be covered, it must occur during the policy term. Extended reporting periods from one to three years can be added for an additional premium.

In addition to damages paid for judgments or settlements, the cost of defense is covered. However, it is usually paid from the limit of liability, not in addition to the limit of liability. Most EPL policies specifically cover back pay. Back pay is commonly awarded to successful claimants in discrimination and wrongful termination actions.

Typically, the definition of “insured” in an EPL policy includes the corporation, its directors and officers, its employees, and, in most policies, its former employees. Some policies limit the definition of “insured” to include only managerial employees.

The deductible for this coverage ranges from $1,000 to $250,000, depending on underwriting factors. One difference from other types of policies is that the EPL policy usually requires the insured to participate in losses exceeding the deductible. The amount that the insured contributes after the deductible has been satisfied is based on the “participation rate.” Participation rates are usually 5 to 10 percent, but can reach as high as 25 percent depending on underwriting factors.

Year 2010 Budget For Malaysia

The 'Malaysian' Budget for Year 2010 seemed promising for some companies out there, but to what extent can you expect out of the budget to help your business grow faster?
It has been said in the main media that our Prime Minister, Mr. Najib has planned out a "Shrinkage of Budget Deficit" plan. Just to satisfy the technical people reading this - The Malaysian government intends to reduce expenses to falling offset revenues. Of course, you can read that anywhere. While the purpose of "The Accounting Digest" is to provide "between-the-line" explanations pertaining the finance and accounting industries, stories of what the Malaysian government is planning to do can vary.
Malaysia's Budget 2010 Injecting billions of Ringgit as stimulus packages often come with one main responsibility every receiver and giver has to handle - Discipline. It's quite impossible to expect small companies to positively response to economic downturns, albeit the fact that their management practices have good cash reserves, financed well or practices excellent financial management.
The RM67 billion stimulus plan is measured to encumber businesses from fallouts, at the same time allow small timers to grow competitively. Yet again:
 

- Malaysia has unveiled RM67 billion (US$19 billion) of stimulus measures to counter a global recession that policy makers predict may cause the Southeast Asian economy to shrink as much as 5 per cent in 2009.- The additional spending will swell this year's budget shortfall to 7.6 per cent of gross domestic product, the biggest in 22 years, the government said in March.
- That prompted Fitch Ratings to lower Malaysia's long-term local-currency credit rating to A, the fifth-lowest investment grade, from A+, on June 9. It was Fitch's first rating cut for the nation's debt since the Asian financial crisis in 1998. -Business Times

Yet again, the Malaysian government has said to put focus in education & health infrastructures, public social frameworks, agricultural and export growth for the country. These are excellent to start with - But how long have we been putting focus on these basic needs?
Tax Measures to call for in 2010 Looking at everyday news and getting updates from the mass media can be informational and entertaining - But it comes down to evaluating your businesses from the very foundation of it. Since many financial analysts, experts and economists would charge you a bomb for just advices alone, The Accounting Digest will point out some highlights in tax functions to help you evaluate and understand better:
Filing tax returns is no joke. Don't expect the tax framework to benefit you. Instead, make it work for your business in particular.

• Withholding tax system - Income tax from employees paid directly to the Tax department. For small companies, a financial restructuring plan can be done, but multiply that by 20 - 100 employees. Ask us how you can perform proper financial restructuring on withholding tax on your company.
• Taxation Fees - Corporate tax return fees, bookkeeping (in some cases) fees, company secretarial fees, etc. Since tax filing is complicated and varies between businesses, your tax professional can now provide you a list of what to declare, what can be declared and to what extent.
• Tax losses and group relief - (In taxation) When total expenses are more than income, you can incur a loss for taxation purposes. For certain industries, tax losses are at 70%. If you're unsure about how to go about this, be sure to ask your local tax professional.

Northwest Drivers Who Hit Parked Cars Don't Always Leave Notes

Many motorists don't leave proper contact information.

A surprising PEMCO Insurance poll found that motorists in Oregon are worse than Washington drivers when it comes to leaving contact information after hitting an unoccupied car. Almost half (47%) of Portland drivers surveyed admitted to leaving the scene without leaving any contact information!

Seattle motorists, on the other hand, said they left notes two-thirds (67%) of the time when they were responsible for damage to a parked car.

In addition to hitting parked cars and driving away without leaving a note, most drivers in both states responded that they've been involved in an accident at least once, and men are significantly more likely than women to be involved in an accident, no matter who was at fault. The poll also found that 62% of Washington men admitted to be at fault in an accident, whereas 51% of women admitted to being to blame.

For those involved in an accident, Washington motorists again proved to be more proactive. PEMCO's poll revealed that 56% of Washington drivers called 911 following the accident, while only 39% of Oregon drivers did.

While it's important to take photos of the accident scene to document the situation, only one-quarter of drivers say they did. Younger drivers were much more likely to take pictures of the collision than older drivers. Nearly half (49%) of Washington drivers under 35 took the photos, while 52% of young Portland drivers did.

Drivers in Portland must immediately notify law enforcement of the accident if damages total more than $1,500, according to Oregon’s Department of Motor Vehicles. In Washington, drivers must notify the Washington State Patrol if vehicle damage exceeds $700 – but drivers have up to three days to file a report.

Proper things to do if you are involved in an accident:

• Stop and determine if anyone is injured. If needed, call 911 for help.
• If it can be done safely, move your vehicle to the side of the road. 

• Exchange contact and insurance information, but don’t discuss responsibility for the accident.
• Take photos of the damage.
• Report the accident to the local police.