Author Archive: Tamra Young

What You Need to Know About Permit and License Bonds

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Both permit and license bonds are special types of surety bond. Individuals starting businesses are required to have them before they are given their businesses licenses. A permit bond is meant to protect the end users or the consumers by ensuring that every business is abiding by all the regulations and rules.

Consumers are supposed to make claims when certain businesses fail to abide by certain regulations and rules. Such claims are made against the business Permit and License Bond. Main types of permit and license bonds include the following;

  • Freight Broker Bonds- deals with freight brokers
  • Motor vehicles Dealer Bonds- meant for the car dealersmotor dealer
  • Contractor license bond- deals with general, main and subcontractors
  • Notary Bonds-meant for the notary public
  • Money Transmitter Bond- this is for money transmitters

The following are the main facts that you need to know about these bonds

Permit and license bonds don’t protect you

These bonds are not meant for protecting businesses. Instead, they protect other individuals. They are different from insurances that protect the insured persons and their businesses. In fact, this is like insurance for other people that has been paid by you. Nothing happens with your bonds if you happen to follow the law and fulfill all your duties. Your bond will only be claimed by other people whenever you break the law or fail to fulfill certain duties. People who break these laws are forced to pay every coin of that claim. Individuals who want to protect their premises should go for Fidelity Bonds.

No fortune is incurred on Permit and License bonds

They have a specified bond amount. Individuals do not have to pay the full amount for them to get bonded. For instance, if you are required to get a bond of $ 20,000 for your profession, then you will only be required to pay a certain percentage or fraction of that amount instead of paying the entire amount. It might only cost you about $ 200. The rate paid depends on the credit score of a person.credit score

Businesses can not operate without them

Anyone having a legitimate business is required to pay for this service. Otherwise, you might end up facing financial and criminal charges for operating illegally. Licensing is a must in any business. In some states, you can face affine of up to $15,000 or a jail term of six months. Abiding by all the federal regulations and state regulations is highly recommended.

 

Common questions you should ask about pregnancy insurance

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Pregnancy brings happiness and anxiety in equal measures. It is the best time for new parents as they will be adding a new member to their family. While you hope for an uneventful period, it could turn out to be a nightmare you least expected. But while you cannot do much to change the course of pregnancy, there is one step you can take to cover any unexpected tiding. Pregnancy insurance is your sure proof to get the financial muscles you will need when things get out of hand.

But before you get to take the cover, here are some of the questions you should ask about pregnancy insurance:

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Do I need a pregnancy cover, anyway?

With your general health cover, you would think that all your needs are covered. But it is not every health cover will spread into pregnancy insurance. You should check whether this is included in your cover before you decide to or not. If your general health cover completely applies to pregnancy, there is no need for another cover. But if it is not covered, you should get insurance for pregnancy. You never know when this extra cover could come in handy and get you out of a sticky situation.

 

When should I get the pregnancy insurance cover?

Most health covers will need 12 months before they can mature and cover pregnancy costs. It is important to investigate when you will be likely to get the cover. To be safe, you should ensure you get the cover way before conception. This will ensure that you will not incur massive out-of-pocket expenses when your baby comes.

 

What kind of cover do I need?

Not all pregnancy covers are equal. It will depend on how deeper you dig into your pocket to pay for it. Before you sign up for a pregnancy cover policy, you should know what it covers. Many things come with pregnancies, and they should all be in the kind of policy you take. Do not be tempted by low-cost monthly covers because they may not cover all the necessary aspects. You should be sure that you are fully covered.

 

In case of complications, what happens?

Nobody wants to think of the worst-case scenario, but you have to be ready for anything. It is therefore important to want to know what happens in the event of complications. A good cover will take care of all scenarios, complications included.

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How much will it cost you?

Of course you want to get the best care money can afford. But money is not as abundant as you would want it. You should understand the costs of your pregnancy cover. It should be an amount you will not have problem raising. You should look for something within your pocket. However, it should cover all the necessary aspects that come with pregnancy.

The importance of pregnancy cover cannot be emphasized enough. It saves lives of mothers and their babies. Everyone needs it to cover his or her financial back. With answers to these questions, you know what you should look for in a pregnancy cover.

What you need to know about home warranty plans

A home warranty is a service agreement aimed at replacing or replacing a major home appliance. In most cases, this agreement often runs for one year. Unexpected appliance breakdowns can be not only costly but inconveniencing for most homeowners. Things can go from bad to worse if two or more appliance breakdown at the same time. On that note, this article takes a closer look at home warranties and why it is essential to have an active warranty cover.

What does a home warranty cover?

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The specifics of most home warranties vary considerably. However, most of these policies cover major appliances like ovens, refrigerators, dishwashers, microwaves along with plumbing and air conditioning systems. The coverage options often inform the typical value of a home insurance warranty. As a tip, you should not be tempted to go for cheap plans as you might find yourself at risk of spending on uncovered risks. Get through some home warranty company reviews to make an informed choice. Having a home insurance plan will undoubtedly come with peace of mind especially in the face of adversity.

Who qualifies for home insurance?

As much as every homeowner should have a home warranty, certain factors make some people in need of a warranty than others. That said, here are some crucial qualifiers to help you decide whether you need a home warranty or not.

Your appliances are old

The chances of having them malfunction or break down increases as an appliance gets old. As such, you should critically evaluate the condition of your household appliance by looking at things like brand, age, and even the warranty period. Critically assess and predict the possibility of having them break down and the costs of repairing or replacing them. With this info, you stand a better chance of determining whether you need a home warranty or not.

Strapped for time and cash

AAsDSasDMost people live on a tight budget. As such, they tend to be somewhat limited to take the financial hit when an expensive appliance breaks down. At times, repairing or replacing an appliance can be stressful for anyone with plenty of responsibilities to take care of. With a warranty plan, it becomes a lot easier to address these emergencies.

When planning to sell your home

Do you know that a home warranty can help you sell your home fast? A home warranty not only makes it easy to sell your home, but it also adds value to your home. Thus, if you have any intentions of cashing in on your home, it would be great if you considered purchasing a home warranty plan.

The requirements for FHA 203k loan eligibility

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You might be interested in buying a residential home which still has to undergo renovation. This will compel us to upgrade our living spaces. The FHA 203k program is a top recommended financing option. It has been purposefully designed to eliminate piling paperwork and ease the financing process. Previously home buyers would apply for several loans to purchase the fixer-upper. Today, those loans have been packaged under one FHA 203k Loan.

The requirements for FHA 203k loan eligibility

How does the home FHA 203k loans work?

dfgdfdgfdgdfghfghThere are properties which are perfectly located yet require significant improvements to be undertaken. Without undergoing those repairs the home might not meet your standards. Lenders too might become difficult when asked to finance properties that need repairs. The FHA 203k make it possible for users to renovate these properties. Sometimes it is described as a fund and purchase loan that allows you to borrow and make the necessary adjustments.

You might be wondering whether you are eligible for the loan or not. What are the minimum credit scores one must have attained? Is the home open to first-time buyers? Just how much cash will you have stacked? For those who are worried about their FICO credit scores or the maximum loan amounts, briefly described are he eligibility benchmarks on the 203k loans.

Credit scores

Any loan request, whether home or car related, touches on your credit score. The FHA eases the process for property buyers to get such loans. You must have attained a minimum of 620 on your FICO score and meet a 3.5 percent down payment. Having this places you in a strong position when applying for the loan. Unfortunately, if your FICO score is below 620, other requirements will be considered.

First-time buyers

If you have never owned a home within the past three years, you fit into the bracket of a first-time buyer. There will be several loan options on avail – including the FHA 203k loan program. In as much as the 203k loans are best suited for first-time buyers, they are not limited to homeowners. As long as you reside or plan on living, your eligibility is guaranteed. Your previous history on homeownership does not affect your
prospects.

Despite FHA loans being available to all, they are best suited for first-time homebuyers. Most first-timers do not have the liquidity to meet the down payment. FHA loans will only require a down payment of 3.5 percent. Other homeowners with low credit scores may find difficulty in getting approvals for their home loans. This brings them to the FHA 203k loan program.

Lending services

fdgdfgdfgdfgdfgdfgThere are several institutions such as Mortgage Loan Originators that deliver the 203k loans. Their options depend on the severity and cost of your renovation plans. They will advise you on which of your home renovation plans meet their finance options. The most notable options available for the public are Standard consultant K loan and the Limited K loan.

Homes that require over $35000 in repairs and innovations are ideally suited for the Limited K loans. This Most of these homes lack structural or foundational damages. Repairs that exceed $3500 are earmarked for the Consultant K loans.