How (and Why) to Buy Travel Insurance

Scuba diving in clear blue water of Richelieu Rock in the Surin Islands, within Mu Ko Similan National Marine Park, Thailand. Credit Caine Delacy for The New York Times

Picking the best travel insurance to buy for your coming vacation can be a daunting task, said Stan Sandberg, the co-founder of the trip insurance comparison site TravelInsurance.com. “There are literally hundreds of plans out there, and they are all steeped in complex legal language that can be hard for even the savviest consumers to decipher,” he said.

A good travel insurance plan, he said, gives you peace of mind that the money you’re spending on your trip isn’t lost if you end up not going and costs, on average, from 4 to 10 percent per person of the total cost of the trip per person.

Here, he shares his top tips on buying a travel insurance plan.

Figure Out What You Want to Insure. Are you looking to protect an investment in nonrefundable airfare, hotel or cruise costs? Or do you need travel medical protection? Mr. Sandberg said that many travel insurance plans bundle both types into a single plan, which may be unnecessary but definitely costs more.

Travelers who aren’t looking for travel medical insurance, for example, and want only to insure travel costs, need a trip-cancellation-only policy. Similarly, travelers who aren’t concerned about the risk of cancellation, but want medical coverage can find a number of choices for medical-only plans. These single-category plans are cheaper. “Some travel medical insurance plans with emergency evacuation are as little as $50 a person,” Mr. Sandberg said.

Check Your Health Insurance Before Hitting the Road. Many travelers assume that their health insurance will cover them for any medical services, Mr. Sandberg said, but that is not always the case. “Most health plans today are based around in-network-only coverage, which means that you’re not covered if you see a doctor out of network, unless it’s for emergency or urgent care,” he said.

Whether you’re traveling domestically or abroad, a travel medical plan can help bridge the gap of in-network-only health insurance and save you an exorbitant out-of-pocket fee if you need to see a doctor for any ailment like a stomach virus or heat rash.

Adventure and Active Travelers, Beware. Fitness fiends and thrill seekers should buy a plan that offers coverage for hazardous and adventure sports, Mr. Sandberg said. “Many travel insurance plans exclude coverage for accidents or injuries that happen during certain activities deemed to be higher risk like skiing, scuba diving or bungee jumping,” he said. Some plans offer hazardous sports coverage as an optional upgrade while other plans include it.

A Cancel-for-Any-Reason Plan Is the Most Flexible. “If you decide the week before your trip, that you’re too scared to travel, the money you spent on the trip is protected up to 75 percent,” Mr. Sandberg said. Be aware that these flexible plans cost up to a few hundred dollars more than standard travel insurance.

Going Solar? Here's What to Think About First

 

For decades, solar panels have been going up on roofs across America, meaning that nowadays a roof can help protect you from the elements and help insulate you from rising electric costs. For some, the environmental benefit of renewable energy is an added draw, as is the potential to sell excess power back to the utility company.

Clearly, there are a number of reasons to consider going solar, but it isn’t right for everyone. So, before you start dreaming of $0 power bills, ask yourself these eight questions to help determine if solar power is a good fit for you.

1. Does my home even get enough sun?You may be surprised – you don’t necessarily need a south-facing roof, as is commonly believed. Professional installers can estimate how much power you can expect from solar panels. They’ll measure shade and determine the optimal arrangement, giving you figures on total available energy.
2. Can I get tax breaks or assistance to help pay for my system?In many instances, yes. From federal tax credits to state and local incentives, including rebates on systems, it’s very common for homeowners to realize savings on the solar installations themselves in addition to their energy bills. Your installer should know about current programs.
3. Will it be worth my investment?
   Take a look at what you spend on electricity now, as well as your future needs. For example, if you live in an area with inexpensive power, such as from a hydroelectric dam, you might not benefit as much from solar as someone in a remote area with higher electric costs. But, don’t limit yourself to the here and now – think ahead, too. If you have a growing family, your energy costs are likely to grow as well. Conversely, if your kids are almost ready to leave the nest, your costs could be headed down already.
4. Do solar panels require a lot of maintenance?
   A yearly inspection and regular cleaning will help keep your panels operating efficiently. Be sure to discuss the recommended cleaning schedule with your installer if you plan to own your own system. It will vary depending on the specifics of your locale. If you lease the panels, you likely won’t be responsible for maintenance. Likewise if a third party, such as a utility company, installs, owns and maintains the panels on your behalf – this is often in exchange for discounted electricity rates.
5. When will I start saving?
   That depends on the option you select. Buying a system yourself means that you’re making a large investment that should pay off over time, while leasing one or entering into a different agreement may provide you with more immediate, but smaller, savings.
6. How long does a system typically last?
   Depending on the panels you select, you may receive a 25-year or so warranty. Inverters often are guaranteed for 5-10 but may last much longer.
7. How do I choose an installer?
   Look for positive online reviews, get recommendations from friends and neighbors and check with the Better Business Bureau.
8. Will solar panels increase my insurance costs?
   Solar panels increase the value of your home, so you may need to increase your home insurance coverage, too. Talk through your needs with us before you install any system so that if your policy doesn’t already cover solar panels you can amend it to include your new system. And, don’t forget to add your system to your home inventory, too.

There are a number of great reasons to go solar, and perfectly valid reasons to stay on the grid, too. Whatever you decide, make a commitment to using energy efficiently and responsibly – that will benefit everyone, as well as the planet!
Contact Us! At Don Whicker, we can work with you to make sure you’ve got the coverage you need – solar, or otherwise – while at the same time using all possible credits and discounts to make that coverage affordable.
Call us at 252-443-7671, or send us a note at gene@donwhicker.com. We want to help you meet your goals, and make sure what’s important to you is protected!