Claiming a tax deduction for medical expenses is getting harder. What to do before the end of the year

Will Your Unoccupied Home Have Coverage? An unoccupied home is one in which someone is not living at the moment. It is not uncommon for a home to be ready to live in but remain empty for a period of time. However, when this happens, the home insurance agent needs to know. This information becomes critical after 30 to 60 days. If you plan to travel, it may be important to let your agent know your plans as well. Let's take a closer look at this idea. What Is an Unoccupied Home? It is important to know what insurance companies classify as an unoccupied home. This is a home with the utilities on and with furniture in place. It is the type of property a person can go back to living in right away. This is different than a vacant home. In a vacant home, the utilities are usually off. No one’s furniture is present. Most agents grow concerned about unoccupied homes left that way for more than 30 days. What Are the Risks? Imagine if the next door neighbor was gone for a few weeks. It would likely become obvious to you after some time. The same is true for any other home. Over time, people notice. This causes a higher risk of break-ins and vandalism. Additionally, unoccupied homes still have valuable belongings in them. With no one home, possessions can be a target for a thief. There is also the risk of an incident occurring and no one knowing about it for a while. For example, a pipe in the kitchen may burst and flood the home. No one knows it happened, and the damage spreads up the walls as mold sets in. This increases the cost of a potential home insurance claim. Traveling? Here Is What to Do If you plan to be away from your home for any length of time like this, call your home insurance agent. Update them of your plans. Tell your agent what steps you took to safeguard the home. This may include a security system. You may have someone visiting frequently. It is important to let the agent know. If the agent learns the house had no occupants for an extended period of time, and you didn't tell them, they may deny claims made on the home during this time. It could mean all of that water damage in the kitchen has no coverage. It is important to learn what your agent expects in terms of learning about your unoccupied home.

Do You Need Contamination Insurance? Many businesses have products, supplies or even property elements prone to contamination. Whether you’re a retailer or a manufacturer, contamination is a serious expense. Before settling on business insurance, consider whether contamination insurance is right for you. The Hidden Costs of Contamination Contamination causes damage or loss of products. Therefore, it has many other expenses associated with it. Damage to food, pharmaceuticals or cosmetics, for example, can result in consumer harm. If they become sick or ill, the company might need to pay for their recovery. Whether contamination reveals a simple error or illicit activity doesn’t lessen these expenses. Often, companies involved with contamination incidents incur high costs for damage control. Contamination hurts a brand’s reputation. Further media attention and client distrust might even cause financial returns to fall. What Does Contamination Insurance Cover? Contamination insurance covers the expenses associated with direct contamination damages. It can also cover resulting expenses in the aftermath. Many business owners even pair their contamination insurance policy with a product liability policy and recall insurance. Together, these policies create a more comprehensive level of protection. Once a business handles the costs of contamination, these policies can help control the further spread of contamination—as well as its associated expenses. A contamination insurance policy, itself, covers the following: Recall costs Media announcement costs Gross profit losses Overall product value Crisis response costs Extortion costs Because contamination can hurt a business, these basic coverage options tend to be in most policies. Still, other costs exist. Recall consultants get involved. Third-party recall expenses can also be an issue. Between lost operations and ongoing legal costs, a contamination policy can cover many other factors. Do You Need Contamination Insurance? If your business handles any product that buyers consume or apply to their bodies, you may need contamination coverage. Food providers, makeup providers and pharmaceutical providers are excellent examples of this. Humans make errors, and simple mistakes in product management can result in major health risks. Across the United States, product recalls tend to be devastating. Even if your business has a good safety record, a simple processing error can result in ongoing problems. We suggest making contamination insurance part of your policy. Take care of your brand’s reputation, and take care of your consumers, too. On every level, a safe, secure business must thrive to assure the health and happiness of its customers.

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