Insurance storm

From summer storm damage in my home owners insurance policy covering

Are there things I can do something to protect my family ahead of wind and water – CE, Tabriz full

Summer storms and hurricanes increase the chance of rain, flooding, sewer backups and fallen trees home injuries, damage is often not automatically covered by the insurance company.

Home owners insurance covers damage from the wind driven rain – usually, rain into your house from the roof, windows, doors or holes in the wall – not from flood damage, or into the water from your home the ground up. A good move is to buy a rider to your homeowner Polly CY sewer backup coverage. Heavy rain overtaxed system heavy rain, causing water or sewage to back up into your house – unpleasant, expensive confusion. Most home owners insurance policies exclude coverage sewer backups, but you can increase the coverage of $ 10,000 to $ 20,000 for as low as $ 50 per year; cover the ball, if the sewer line backed up or down your sump pump to stop working. Please contact your homeowners insurance company to check your current coverage, and asked the rider. It may also be considered spare battery powered liquid pump, if your main drain pump requires more water than it can handle it increased protection.

You can buy flood insurance through the National Flood Insurance Program. For the maximum coverage of $ 250,000, you pay $ 365 in low-risk areas ($ 405 if you have a high-risk area in the basement) and $ 2,500 per year more than a year. To get a quote, and your address flood risk assessment, see the NFIP FloodSmart.gov .

If you take steps to protect your home against storm damage

Most homeowners insurance companies offer discounts coverage. Chubb Insurance, for example, to give a 35% discount, if you add the anti-storm shutters. You can also get a discount if you have an automatic back-up generator, which can help lower electric sump pump, if your power goes out. Also may be eligible for a discount of your home with lightning surge protection.

retirement money down

I would like to take money from my retirement savings to make a down payment of a house. Which is better tapping the down payment – 401 (K), Roth IRA or a traditional IRA – CT, Washington,

Your best bet is to tap your 401 (K ). Typically, you can at any age, for any reason without tax or penalty to borrow half of your balances to the maximum of $ 50,000 from the account. You pay interest on the loan (usually the prime rate plus one or two percentage points) on the return to your account.

Loans usually have to pay off the 401 (k) plans in five years, but your employer may give you 15 years to repay the 401 (k) loan if you borrow money to buy a home. If you lose or leave your job, but you generally just 60-90 days to repay the loan, or they will be treated as assigned – by the tax plus 10% of early exit you leave your job fine man, if you lower this year the end of 55 years of age.

Children and tax

We ask our daughter as a dependent on our taxes. She will be working this summer. Does she want to return – Kelly Anderson, Pittsburgh, Oklahoma

Who are required to pay taxes as parents of dependent children must submit a declaration of income tax return if they work from 2012 revenues of more than $ 5,950 if you earn less than a daughter, she may still be required, if her income tax return of more than $ 300 from any investment in her name in a year.

However, even if she does not need to tax, if the tax is withheld from her wages so she can get a refund, she should still file. (She will not come back the money, I Ş withhold Social Security taxes, but her work will give her credit qualifications to obtain social security benefits.) For more information, see IRS Publication 929, child tax rules and their families.

Keep HSA?

I’m about to turn 65 years old, but I’m still working. I have a high deductible health insurance policy, andHealth Savings Account through work, but my employer asked me 65 registered health insurance I can keep my HSA if my medical – Aurora SL, Colorado.

You can continue to have health savings accounts for medical expenses tax-free uninsured with the money. However, you can no longer make new contributions to your account after health insurance application.

Pocket out of a lot of costs that are eligible for tax-free HSA withdrawals after your health insurance is still the same right. For example, you can pay the Medicare Part B premium to use the money, the first part d prescription drug coverage or all-in-one private Medicare Advantage plans (but not including medigap premiums). You can also use the money to pay common, deductibles and other out of pocket expenses. For a complete list of eligible expenses, see IRS Publication 502, medical and dental expenses, at www.irs.gov.

Roths and financial assistance

Our two daughters have part-time jobs, and are eligible to make Roth IRA contributions. We want to comply with what they have contributed. Ross will have their names would affect their eligibility for college financial aid – Hannah and Baba Salia, Seattle

Retirement accouNT balance – such as Ross and tradition IRAs and 401 (k) and 403 (B) plan – are not reported as assets on the free application for Federal student aid (FAFSA), whether or not they will be owned by students or parents. In the CSS file, in the form of aid, many private colleges use, also ignored the needs analysis of retirement assets.

However, two applications on revenue report distribution from retirement accounts, and may affect the distribution of financial aid your daughter a year later, they take. The key to avoiding problems, said Deborah Fox, founder of Fox-funded college in San Diego, is no longer until you apply for financial aid without withdrawals.