Is it Wise to Cancel Mortgage Insurance?

Some people do not even know that they have mortgage insurance. They bought a house, they pay a mortgage bill every month, and that is all they really know. This is because it is usually tacked on to the mortgage monthly payments. Once you understand what it is, you may want to consider getting rid of it.

Mortgage insurance exists to protect the borrower and/or the lender in case the borrower defaults on the loan payments. According to Wikipedia, lenders usually make it required to have if the borrower has paid less than 20% of the amount borrowed. This is usually private mortgage insurance, but it could also be public mortgage insurance, depending on the insurer.

Public Liability Insurance

Your insurance hardly ever covers the entire loan amount. It is often just a percentage of the loan amount. In fact, it is usually a very low percentage. It is definitely a good idea (not to mention a requirement) to have it at the beginning of your loan, but once you have over 20% down or whatever the cut-off was with your insurer, it may be worth getting rid of.

For instance, if you take out a mortgage loan on a house for 0,000 and pay per month for the insurance that will only cover ,000 if you default on the payments, this will be helpful, but still put you in a bind if something happens. It is usually recommended that after you have paid for more than 20% of the mortgage, you should cancel your private mortgage insurance policy and reallocate that 0 per year towards something else like investments or life insurance that will help protect you for your future by giving your greater gains.

It is important to re-examine your finances on a yearly basis and determine the pros and cons of private mortgage insurance once you have the freedom to get rid of it. Nobody wants to pay for something they do not need.

Is it Wise to Cancel Mortgage Insurance?

Liability Insurance For Pizza Delivery and Restaurants

Small business liability insurance is a must for any restaurant or pizza delivery company because of the sensitive nature of these business types. The problem for most small business owners is not obtaining the insurance itself. Instead, their problem usually lies in understanding all the issues to get the best coverage at the best rate.

Restaurant Liability Insurance
Restaurant owners should be aware first of the many problems that could result from owning and operating a food facility. If you are running this type of business, you more than likely have employees. As they say in the commercial insurance field, employee is spelled L-I-A-B-I-L-I-T-Y. If you have employees, you know exactly what that means.

Public Liability Insurance

But there's one other component of your business that "spells" liability - customers. In the food service business, you are selling ingestible items which puts you at very high risk. It's quite easy for food poisoning to occur whether you like it or not. It almost always happens at the very worst time possible.

Pizza Delivery Business Liability Insurance
In the pizza world, the same rules apply but with greater force. If you have delivery drivers, liability concerns grow even higher. Putting an employee into a car and sending them to the customer opens the doors for many other types of problems you may have never considered. It's very easy for pizza companies that deliver to encounter a liability issue. This is also true for any food service establishment that sends product out to its customer.

If you want to be caught with your figurative pants down, you should do nothing and just cross your fingers. Then again, as I like to say, liability insurance is about protecting yourself in the event of "Inevitable accidents." You see, bad things are going to happen - it's just a matter of when, where, and how. Smart business professionals plan on accidents so they can rest easy at night. Don't make the mistake of just turning a blind eye to the problems you will encounter down the road.

Liability Insurance For Pizza Delivery and Restaurants