Wedding Insurance: Is It For You?

Most people have insurance for their car, their home, their health, their life. But who thinks about getting "Wedding Insurance" ? And exactly what does such a policy cover anyway?

Summer time usually means more people are getting married than any other season of the year, and your wedding should be the best day of your life, so why not insure that things turn out perfectly?

Money Editor Stacy Johnson explains in this short (1:42) video…

The New Housing Stimulus Package

Even with Presidential veto threats looming, the housing stimulus package has taken another necessary step to being implemented – it has taken on another round of changes, passed the Senate, and is on its merry way to the White House again.

The package is much larger than our aforementioned Foreclosure Prevention Act – it goes by a few different aliases, all hoping to do the same thing – give the US economy the kick in the pants it needs.

Here are the highlights of the new package:

• We all know conventional and FHA loan limits have been raised through 2008. Currently set to expire on New Year’s Eve, the housing stimulus package includes plans to keep them higher than they were in years past – it’s likely to be somewhere around the $700,000 mark. This means lower rates on bigger loans.
• Tax credits for “first-time home buyers” – it’s in quotes for a reason. This group is defined to include actual first-time home buyers and buyers who have not owned a home for at least three years. The tax credit for those buyers can be up to $8,000.
• A property tax reduction for American homeowners—$500 for single filers and $1,000 for joint filers—for the 25+ million homeowners who pay property taxes, but choose not to itemize their deductions.
• What about homeowners already in distress? They’re covered, too – the FHA is working on programs, including FHA Secure, to assist homeowners currently behind on their mortgage and for those who currently owe more than their home is worth. It could help up to 400,000 homeowners potentially facing foreclosure.
• And for the lenders? Better disclosure with regards to the potential changes in mortgage payments during the loan’s lifetime. The information will need to be provided at least seven days before closing.

Those are just the high points of the housing stimulus package. While controversial, Congress has taken ample time to discuss, re-write and re-discuss the bill. It’s coming to the point of fruition – will President Bush sign or not? If he doesn’t, the fact remains that Congress could be so united in the housing stimulus package that they will override him.

What do you think? Will this package pass and get a signature from the President, or will he veto it in this election year? We'd love to hear your opinion. Just click the "comment" link below and tell us what you think. Don't worry, even though you need to insert your email address to post, that email address will not show up here on the site… and no one is going to contact you directly using your email address.. that's our promise! We'd love to hear from you.

How to Screw Up Your Savings

Everyone wants to see their savings grow, but step one is to keep them from actually shrinking.

Many people spend more time planning a vacation than they do in planning their savings. Money Talks editor Stacy Johnson explains:

(Video runs 1:25) 

Any comments? We'd love to hear from you. Just use the "comment" link below to sound off.

Green Homeowner's Insurance?

Fireman’s Fund Insurance Company – the nation’s first provider of green insurance for commercial buildings – will launch green insurance for homeowners starting this summer.

This is the first-ever admitted green insurance available to homeowners in the United States. Setting a new standard, Fireman’s Fund is offering this innovative product to homeowners who currently own green homes or who want to upgrade their residences with green features after a loss using environmental safety and efficiency standards. If a home is completely destroyed, it can be rebuilt to green standards, certified as having Leadership in Environmental and Energy Design status.

Homeowners whose residences are already green will be offered a five percent discount on this coverage, applied to the homeowner premium.

With this new coverage, homeowners will be able to rebuild and replace with green alternatives such as:

• Energy Star®-rated appliances, lighting, electronic equipment and roofing/insulation
• An Energy Star upgrade of heating, ventilation and air-conditioning systems
• Forest Stewardship Council certified wood for millwork, ceilings, siding and framing, including bamboo flooring
• Non-toxic, low odor paints and carpeting
• Water-saving plumbing fixtures
• Elimination of ozone-depleting refrigerants and fire extinguishing agents, replaced with environmentally friendly alternatives
• Debris removed after damage to a home will be recycled and diverted from landfill

The green homeowners insurance is now approved for homeowners in 26 states (Arizona, District of Columbia, Delaware, Georgia, Hawaii, Idaho, Illinois, Kansas, Kentucky, Louisiana, Maine, Michigan, Missouri, Nebraska, New Jersey, Nevada, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Virginia, Washington, Wisconsin and Wyoming), with most other states expected to offer the coverage by year-end. The Coverage will be available in California as part of the Prestige® Home Premier Policy on August 1st.

Foreclosures: 343,000 and Counting

The number of Americans losing their homes to foreclosure continued to soar in June, according to a report released recently.

RealtyTrac, an online marketer of foreclosed properties, reported that lenders repossessed 71,563 homes in June. A year ago, just 26,369 homes were taken back.

During the first six months of 2008, 343,159 Americans lost their homes, up 136% from 145,696 recorded during the same period in 2007.

There was a shred of good news: When compared with May, filings declined 3%. Part of that decline may be traced to the actions of some states, including Maryland and Massachusetts, which have put moratoriums on foreclosures.

Adding to foreclosure woes is that home prices have been falling all year, down more than 14% in the first quarter, according to the latest figures from the S&P Case-Shiller Home Price Index.

Price declines strip homeowners of equity, making many mortgage borrowers owe more than their homes are worth. When they're underwater, they can't borrow against home equity to help out during a rough financial stretch.

Is foreclosure looming on your horizon? Check out this website. http://ForeclosureSurvival2008.com