Understanding how they are related and what they cover can help you make a more informed decision about what coverage you need to fully protect your home. Homeowners vs. hazard insurance Homeowners insurance is a type of insurance that’s designed to provide financial protection against damages to your home or belongings. But it also helps pay for medical bills following an accident that occurred on your property, or for additional living expenses if your home is completely destroyed in a...

If you’re facing either option, you’ll have a hard time getting approved for a credit card with a low interest rate. You may not be approved at all. What’s more, you could have trouble qualifying for housing, opening utility accounts, or even getting a job in certain industries, since credit history is often used to evaluate your reliability with money as a whole. Here’s how each situation specifically impacts your finances, and what you can do to build—or rebuild—your credit. Bad credit vs....

Getty Images Life insurance is meant to provide a safety net for those who depend on another person financially. If that person were to die, life insurance can pay out benefits that cover end-of-life expenses like a funeral, as well as ongoing expenses such as a mortgage or tuition, so their loved ones aren’t burdened by the costs. If you want to purchase a life insurance policy for someone else, you have to accomplish two things. First, you must prove to the insurance company that you would...

If you were informed that your job is among those impacted by a mass layoff, it’s important to create a plan right away so you can prepare for the major financial changes that come with being laid off. 5 things to do with your money when you’re laid off Certain businesses—such as those that employ 100-plus workers—are required to provide employees a minimum of 60 days’ notice that their role will be impacted by a mass layoff or plant closing under the Worker Adjustment and Retraining...

Understanding why your mortgage payment may increase year over year can help you plan ahead to meet your financial obligations. Why did my mortgage payment increase? Mortgage payments can fluctuate because of changes in the economy like interest rates rising, but can also change for other reasons, such as if your property tax or homeowners insurance premiums increase. Later on, we’ll look into possible reasons why your mortgage payment can increase and how you can get prepared before it...