Wednesday, 23 May 2012

The Only Man in the World Who Knows What Really Went Wrong at JPMorgan Chase

If you were following Nasser's blog and have missed his commentaries, I just posted a conversation with him on my blog. Thought you might want to know.

Friday, 11 May 2012

How to Get Mobile Home Insurance

Buying a mobile home is an affordable way to become a home owner. For many people it is the only way they can buy a home, because of the low initial cost. But like any home, a mobile home needs to be adequately insured before you move in. Following are a few tips on how to get mobile home insurance.

Determine Your Needs

Before you go searching for an insurance policy for your mobile home, you should determine exactly what your home insurance needs are. If you also own the land the mobile home is on, then your insurance policy will have to include coverage on the property. The insurance you carry will be comparable to a homeowner’s policy for a site-built home. You will need to be covered for loss from storm damage, liability against injury, theft, and fire. Your policy will also have to include any other buildings on the property, such as a garage or shed.

Coverage for Contents

You will also have to buy coverage for the contents of your mobile home. There are two basic ways you can do that: actual value coverage and replacement cost coverage. With actual value coverage, if something you own is either damaged or stolen you will receive payment for what that item was worth at the time the claim was filed. That means that whatever the initial value was, your payment will be released to you according to its depreciated value. With replacement cost coverage, you will receive whatever amount of money it will take to buy a comparable item at its retail cost.

Do You Need ‘Natural Disaster’ Insurance?

If you live an area that is prone to hurricanes, you may want to consider adding a rider that covers that type of damage. Another ‘natural disaster’ you may need protection from is floods. If you live in a flood plain, you may be required to carry insurance to protect against it. In some cases you may need to protect yourself against the possibility of a flood, even if you don’t actually reside in a flood area because there is always the potential for heavy rains to cause damage to a basement. Having flood insurance will provide financial protection from that possibility. If your mobile home is in an earthquake zone, you will need to have coverage for that potential problem, as well. If your home is financed, coverage for ‘natural disasters’ may not be an option; you may have to carry flood, hurricane, or earthquake insurance if you live in a place that is a designated threat area.

Personal Property Coverage

Owning a large collection of action figures or stamps is the way many people have of expressing themselves. If you have a valuable collection of this type, or if you have extremely costly jewels or furs, you will need to have adequate home insurance coverage. If there is a fire, damage from a storm, or someone breaks into your mobile home, having sufficient insurance coverage will mean you won’t have to take a total loss. Instead, you’ll be reimbursed for their value. It would be a good idea to have visual proof of your possessions in case you have to file a claim. Take digital photos of each item or use a camcorder to record images of them so you can prove you actually had the collection.

Shop for a Good Price

When you’ve determine exactly what type of coverage you’re going to need, it’s time to start shopping for an insurance carrier. You can go on the Internet and search for companies that sell insurance online. Fill out the forms on the websites and request a quote for the coverage you’ll need. After you’ve received a quote, you can use them for comparison when you begin calling the more traditional brick and mortar companies. Make sure you ask for exactly the same type of coverage when you speak to each agent. In that way, you will be sure that the quotes are for comparable home insurance coverage.

Life Insurance Tips for Seniors

Having a life insurance policy in place is important. Everyone needs to be covered, if for no other reason than to pay your final expenses. Even if you don’t have any loved ones to provide for, you don’t want to leave anyone with the burden of paying for a funeral or any other bills you may have. It used to be extremely hard for older people to buy a life insurance policy. They cost an arm and a leg--if you could find coverage at all. Nowadays it’s a bit easier. Following are a few life insurance tips for seniors.

Reevaluate Your Policy

If you already have a life insurance policy in place, you may want to take another look at it to make sure it still fits your needs. If you took out a term life insurance policy when you were just starting out in the workforce, you more than likely made sure the policy would supply adequate coverage for your growing family. They are probably out on their own now, and no longer need your help, so it would be a good idea to restructure your life insurance policy to meet your needs as they are today.

Things to Consider

Your old insurance policy probably contained adequate financial protection for your family to help them pay off a mortgage or put the kids through college. Now that you’re a bit older, the mortgage is most likely taken care of and your kids are probably through with college. You no longer need the same coverage you used to. You may also have adequate savings built up so your spouse won’t need to have the financial protection afforded by a life insurance policy. You should also be sure to update your beneficiaries. If your spouse or children have predeceased you, their names should be removed as a beneficiary. If you remarried, the policy should be updated to reflect your new circumstances. If you have a whole life policy, and have put away sufficient savings, it may be a good idea to move some of that money to a long-term care policy.

New Policies

If you had a term life insurance policy that has expired, it would be a good idea to either renew the term policy or opt for a whole life policy. For seniors, the choices may be limited, but you can still get adequate coverage.

Deferred Life

You can choose a deferred payment policy, which means the insurance company would only pay your beneficiaries the amount you’ve paid in premiums, or a portion of the policy, if you pass away within a stipulated time period--usually during the first two or three years of the policy. After that period of time has passed, your beneficiaries would be entitled to the full amount of the policy.

Guaranteed Life

Another policy aimed at seniors is called guaranteed life insurance. With a guaranteed life policy, you can get coverage that will pay your beneficiaries the entire amount from the moment you sign the papers. These policies are usually limited to somewhere between 20 to 30 years. That means that if you take out the policy when you turn 55, it will remain in effect until you reach the agreed upon age limit, at which time you’ll have to take out another policy. Once you are issued a policy, it won’t matter if you become ill, but you will have to answer questions about your overall health and possibly have to take a physical before you can receive coverage.

Talk to Your Insurance Agent

Before you make any decisions regarding exchanging your existing life insurance policy for a new one, or taking out any new policy, it would be a good idea to talk to your insurance agent about your options. There are many factors to consider and they will be able to guide you. Life insurance is a good thing to have, but you want to make sure that you’re not going to be either over or under insured.

Shop Around

As with buying any insurance policy, it would be to your advantage to shop around for the best deal before you sign up for coverage. Go on the Internet and get some quotes from online agencies. After that you should call your local insurance companies and get more quotes for comparison. If you have an insurance agent that you trust, then by all means give them the opportunity to meet or beat your best quote.

JPMorgan and the House of Spin

Wow, talk about ironic biteback.

JPMorgan, with golden boy Jamie Dimon at the helm, has apparently lost $2 billion on bad credit derivative bets.

What's most revealing is how Dimon is furiously spinning the activities of the unit that screwed up. They were doing nothing more than hedging. Not proprietary trading, but hedging. Nothing to see here, just a few hedges that went bad, cough cough, move along people.


(Insert eyeroll.)

So Dimon shows us how the banks have recast prop trading. Meanwhile, that silence you hear is the sharp knives going quiet in the next room, as those regulators and others busily gutting the carcass of the Volcker Rule pause in their labors, wondering what happens now.

Should be interesting.

Daniel "DJ" Padilla

Daniel John Ford Padilla
17 y/o
Princess and I
Growing Up
Kathleen Bernardo