5 Most Expensive Cities In The U.S. For Car Insurance

Maintaining a car can be a very expensive venture if you are not careful. From annual inspection and periodic upkeep to keeping the car fueled and insured, owning a car can easily deplete your bank account and leave you strapped for cash. One major cost associated with owning a car is paying for car insurance. Depending on where you live in the United States, car insurance could either be a small expense or take a dramatic toll on your budget. Here is a look at five of the most expensive cities in America for car insurance.

Detroit

According to an article released by Yahoo! in January 2012, Detroit, Mich. has the highest car insurance premiums on average in the U.S. The Motor City's insurance rates are most unfriendly to cash-strapped car owners. According to Runzheimer International, the average car insurance premium in Detroit was $5,941 in 2011. That's nearly $2,000 more than the runner-up. The Motor City is filled to the brim with automobiles, and as a result of the high population of citizens and cars, along with a no-fault insurance system, its insurance premiums have stayed among the highest in the country.

Reasons Renting Is Better Than Buying

A lifelong goal that many citizens strive to achieve is homeownership. While many people own their own homes in today's society, this wasn't always the case. Historically, families either needed to build their own homes or rent a home from someone else. While both renting and buying have their own sets of financial advantages, renting does appear to have an edge when the economy is poor. There are tremendous financial benefits to renting as opposed to buying a house of your own. Here is a look at 10 reasons why renters have the better financial deal over homeowners.

In Retirement, Snowbirds Leave Cold Weather Behind

The ideal retirement for many people involves not only saying goodbye to the daily grind and getting the freedom to spend their days as they please, but also the opportunity to live a nomadic lifestyle and to stay where the weather is nice all year long. In the summers, this means a northern or temperate climate. In the winter, it's time to head south or perhaps for the mountains. For an increasing number of people around the world, the dream of being a snowbird that migrates according to the seasons has become a reality. 

More Affordable Than Ever

There are a variety of ways to partake of the "snowbird" lifestyle, and the way you choose to follow the sunshine will determine how much it will cost. Starting at the top end of the expense scale, some snowbirds simply purchase a second home in their desired winter retreat location. This approach creates a substantial and ongoing set of expenses that may, depending on how lavish the property is and where it is located, even surpass the costs associated with a primary residence.

Beware These Disaster-Related Scams

Superstorm Sandy is the most recent large-scale natural disaster to hit the United States. Sandy caused an estimated $25 billion in damages and left 7.5 million customers without power in 15 states along the east coast. A disaster of this magnitude means two things: people need help and con artists will try to take advantage of victims' desperation. 

Here are some of the most common natural disaster scams and how to avoid being a victim.

Identity Theft

The Federal Emergency Management Agency reports that people pretending to be FEMA or other government officials are calling or going door-to-door asking for personal information. FEMA advises citizens not to give out their social security number, banking information or other forms of identification. Crooks use this type of data to perpetrate all manner of identity theft crimes. Legitimate businesses and government agencies will go to great lengths to protect your identity. FEMA and the Small Business Administration (SBA) will not ask for personal information until the victim first contacts them. Do not respond to unsolicited phone calls or visits. Make the contact yourself. 

8 Qualities That Make A Good Insurance Agent

If you have ever contemplated becoming an insurance agent or wondered whether this career path could be right for you, then there are several qualities that you will need to possess, at least to some degree. All good insurance agents share some of the following core qualities in one way or another.

People Skills

1. Puts the needs of the client first - An agent who is only out to earn a commission, regardless of the needs of the client, is not likely to last long in the business. Agents and brokers who listen carefully to what their clients and prospects say will be able to earn their trust, which is the hardest part of their job. Those who are willing to put their clients into a product that pays a lower commission because it better fits their needs are much more likely to be successful.

Automatic Cancellation Of PMI When You're Underwater On Your Mortgage

Do you have an underwater mortgage with Private Mortgage Insurance (PMI)? If so, you might think you're stuck with those extra payments until you can get your loan equity back into positive territory. Fortunately, that isn't necessarily the case. In fact, most borrowers are entitled to have PMI automatically canceled once they've had their mortgage for a certain amount of time, and it doesn't matter how muchyour home may have decreased in valueor how far underwater you may be on your loan.

PMI Understood

Private Mortgage Insurance, or PMI, is the insurance you're typically required to buy when you take out a conventional mortgage with less than 20% down. Most homeowners know that you can ask to have it canceled once you reach 20% equity in your home (an 80% loan-to-value ratio for example), either by paying down your loan balance, a rise in your home's value or a combination of both.

Tax Variations Of The HEART Act

In 2008, President George W. Bush signed the Heroes Earnings Assistance and Relief Tax (HEART) Act bill, which gave U.S. service members and their families many forms of financial assistance as a further means of thanking and compensating them for their service in the ongoing war against terrorism. The HEART Act contains several provisions designed to allow service members and reservists to make a smooth financial transition both into active duty and then back into their civilian lives. Military families should take care to familiarize themselves with the provisions of this bill, as it offers a wealth of benefits for those who qualify.