RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Losing Sleep? It's Not Your Mortgage

June 30, 2015 2:18 am

A select group of Americans are getting a better night’s sleep as the economy strengthens, a recent CreditCards.com survey reports. According to the survey, Americans age 65 and older are sleeping more soundly than succeeding generations due to minimal stress over finances. A percentage of Americans, however, do experience some level of sleeplessness over finances.

The most common concern leading to sleepless nights is retirement savings, followed by educational expenses and healthcare and insurance bills. Mortgage and rent payments and credit card debt are less distressing than in previous years, the survey reveals.

"The biggest change over the past eight years has been the steady increase in the number of people losing sleep over educational expenses," says CreditCards.com Senior Industry Analyst Matt Schulz. "That's the only one of the five categories that has gotten worse since the Great Recession. Unless something slows the rapid rise in college costs, this could soon be Americans' biggest financial fear."

Predictably, those with an annual household income of $75,000 lost sleep over at least one of these issues far less than those with an annual household income below $75,000.

Source: CreditCards.com

Published with permission from RISMedia.


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Evaluating Insurance in a Multigenerational Home

June 30, 2015 2:18 am

Multigenerational households are fast becoming the norm, with many families housing three or more generations under one roof. While this can be beneficial financially, multigenerational housing situations present some unique insurance considerations. According to the National Association of Insurance Commissioners (NAIC), it is crucial for multigenerational households to evaluate their insurance when a new resident moves in.

First, notify your insurer of your new circumstances and find out what your homeowner’s policy covers. Standard policies typically protect residents from fire or theft, but protection of personal possessions (including big-ticket items) may require additional coverage. When assessing your coverage, consider how long the family member plans to live with you.

Remember that dependents, such as college students, are covered under a parent or guardian’s policy, generally up to 10 percent.

If your new housemate is bringing a pet into the mix, ensure you have adequate liability coverage.

If your new household addition will be paying rent, he or she may want to obtain renter’s insurance. Policies are relatively inexpensive.

Source: NAIC

Published with permission from RISMedia.


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