Home Insurance Tulsa | Access to the world
Ensure you, Oklahoma, all original content podcasts on October Eleventh Day of our Lord Two Thousand and eight, where we talked to you about saving money and living better through technology and that technology is insurance. Insurance allows the world to access without the protection of insurance people and companies could not afford to take the risks that they can, that they take, whether it’s in pursuit of profits or and just living out your day to day lives. If you had any money in the bank and you decided to drive without insurance or there was no such thing as insurance, but you caused an accident and someone could sue you for all of your money in the bank, you would tend not to drive as much. Home Insurance Tulsa if you’re a company and you have an oil tanker and you’re up around fell ds, Alaska and you run a ground in your company can be put out of business by social justice warriors suing you because you made a mistake
but you didn’t have insurance. Your tend not to do that. You would take the safest route possible. You would take no chances getting oil from places that are hard to get and that’s the economy would suffer because there wouldn’t be as much oil, but the demand stays the same, but the price will be sky high. When we buy a house. Would you buy a house inside a 30 year mortgage? You, when you signed that mortgage, you see it’s 360 months of payments, three years of payments and a what if, what if there was no such thing as insurance and it got struck by lightening or burned down or tornado took it out. You would still be responsible for 360 payments and you’d have no more lift. So of course these examples don’t actually exist. Home Insurance Tulsa They are covered by insurance and an example of your house, you have home insurance and it allows you to live comfortably and relatively worried free in your home, the home of your choice to home of your dreams. Because if something happens to, uh, you know, it’ll be fixed by an insurance company.
So insurance is not a warranty contract. It’s not meant to cover a window in your house. If the CEO gets broken and there’s water on the inside, it’s not meant to cover, you know, painting or chipping of the exterior, you know, that’s just routine. Make what you want your insurance policy to cover, especially on something like home insurance. Tulsa is something that you can’t afford to do yourself. It doesn’t happen very often and when it does, it could wipe you out financially somewhat. That might be a hail storm that destroys your rough and it cost $18,000 to repair. Replace your rough. That might be kind of a steep. That might be a lot of lot to swallow, Home Insurance Tulsa but maybe you can afford $2,000 or 5,000 of it and then you let the insurance company take responsibility for the rest. Of course, what I’m talking about in the beginning is your deductible while you’re comfortable with what you have in the bank might not like it, but you know what? That’s why you pay a premium to the insurance company for them to assume liability for the rest of the house. That’s what a good home insurance policies going to cover it. It’s not going to cover the little stuff that’s going to cover the big stuff and you are going to be covered in your mortgage companies.
Of course the mortgage company requires you to have home insurance, salsa, you know there there have a lot at risk. It’s one big home. If something happens to it and they want to make sure that the home was going to get rebuilt, so is still impact your mortgage is a debt to you. It’s an investment to the insurance company. It’s an asset on their books. If you buy a house for $230,000 and you put 20 percent down, so you put down $46,000 and that would be $184,000 mortgage. That $184,000 on the bank’s balance sheet is actually an asset on your balance sheet. It’s a liability balances out and the inference is the amount that they charge to a lending you that money and that’s based on your credit worthiness and bond markets and the credit part, Home Insurance Tulsa which don’t even get me started on the Federal Reserve. Why do we have a Federal Reserve? If you look historically the federal reserve raising or lowering rates,
I’m actually lags the market raising or lowering the rates because the market is smarter than six people on the Federal Reserve. The market has the wisdom of the worldwide bond market and uh, the Federal Reserve is six people guessing what’s going to happen in the future. Why do we have a Federal Reserve? All they do is play with the monkey, with stuff, scare markets. I mean, there was no reason for the first. So first, Home Insurance Tulsa like Rand Paul says, we need to audit the Federal Reserve. Second, we need to get rid of the federal rules. It is ridiculous wave economist sitting on their guessing the economy when we know it can’t be done when even economists say it can’t be done. And then here we are paying these people in habits.
It’s just one more bloated federal bureaucracy like homeland security. It sounds good. Well we got to keep the homeland security, but what it is, and it was just another bureaucracy put over a bunch of other bureaucracies. It’s terrible. It’s bloated. It’s the same reason why, Home Insurance Tulsa you know, you don’t want the federal government doing a flood insurance, but yet they do. Let’s just hope the federal government never wants to take over home insurance or any insurance because if they do, I’m telling you it’ll be a bloated mess. You’re going to pay more and get less coverage. You tell me one thing that government does efficiently and is good at self care. Really ever seen the va? It’s terrible. So, alright, now off off of my soapbox rant about the federal government and the Federal Reserve. Um, back to what were we talking about before the need for insurance. You know, there’s little things if you have a family and there was no such thing as life insurance,
right? Try to get a job where you work out of your home. You’d never get in a car. I mean, as long as the kids are young, you get never been on an airplane, never take risks. Yup. Life insurance doesn’t exist. And um, we don’t think about it when we take risks because we’re just likely to do it. Home Insurance Tulsa unfortunately you have some people not to have life insurance and they choose to put their family at risk, bunch of idiots. But if you have a home insurance policy, that means you own a home. And if you own a home, that means nine times out of 10 you have a mortgage. And if you have a mortgage, do you ever responsibility he’s at the liability on your, uh, on your balance sheet. And in order to have that liability, if you have a family, what happens to that liability if something happens to you? Well
was that it’s an asset on the mortgage company’s balance sheet. It’s not going to stop being an asset on their balance sheet. They’re not going to give it up because you die. So what you need to do is make sure that you have life insurance to cover at least your mortgage. We write life insurance for one of three reasons to cover debt to income or a combination of the two. So how much debt do you have? That’s the of what’s your income and how long do you want to replace it? That’s another one. So if you make, Home Insurance Tulsa if you have a mortgage for $180,000 and a couple of car loans, student loans, student loans, don’t worry about and you make $100,000 a year, you want to cover your mortgage, plus 10 years of income, you’re going to need about one point $2, million dollars of life insurance. And the good news is it’s not crazy expensive and it’s not a lot of money. One point 2 million is not a lot of money. So that we will talk again this afternoon.