Small Business Accounting Basics

Basic concepts of small business accounting

Accounting is not the most fun part of managing your small business, but it is a very important part to keep it in blue. That is why it is important to know and apply the basic concepts of small business accounting.

Accounting, specifically, is a substantial part of owning a business. Whether you are just starting out or a veteran business owner, the efficiency and reliability of your accounting can play an important role in the overall success of your business. From helping you plan for the unexpected to being prepared for tax time, the basic principles of accounting can be very helpful.

While accounting for small businesses can be complex, here are some tips and practices that can help you stay prepared and keep your finances in order:

Anticipate short and long-term expenses

You may not be able to see the future, but there are some unexpected expenses that will not be included in your planning and accounting. You can not determine future income, but you can predict it by reviewing previous income cycles and tax returns to help you have an idea of what you may owe. In addition, you will want to review the income regularly (monthly or quarterly, for example) and calculate the taxes owed.

Another excellent way to account for long and short-term expenses is to review the history and current status of your business in terms of things like inventory, building maintenance, equipment needs and slow seasons. It’s much easier to pay for things like roof repairs or equipment service when you plan it. The same is true for balancing inventory and cash flow during periods when the business may be slower than normal.

Configure and use specific business accounts

It is tempting, especially if you are a new owner of a small business, to use your personal accounts for some expenses. However, unless it is meticulously tracked, this can lead to problems in the future.

By setting up (and using) checking, savings, and company-specific credit cards, you can directly view the statements to help you record and reconcile your books on a regular basis.

If you are just getting started, be sure to open accounts that will be used specifically for transactions within your business. Not only will this help you stay organized, but you can also establish credit for your new business and protect your personal credit from potential losses.

Save receipts and track expenses

Accounting is a one-year event, which means that you will need to track your expenses and other transactions during that 365-day period. Sometimes, especially if you are the owner of a new business, you may not know what receipts you must keep or what expenses can be deducted at the time of the tax.

Keeping receipts, no matter how small, will help you control your expenses and help your accountant or bookkeeper get a clear, concise picture at the end of the year.

Track and analyze these expense receipts, preferably using an application made specifically for companies, it will also allow you to understand labor costs or costs associated with specific clients or projects.

Designate a file or folder on your computer to keep all your receipts scanned and uploaded. Better yet, save that file or folder in some kind of online storage program (Google Docs, Dropbox, etc.) to make sure you are safe from technical problems or malfunctions of the computer.

At the end of the year, you may not need all the receipts you have saved, but this is a situation in which it is best to keep it and not need to have access to it.

Monitor accounts payable and receivable

A key part of accounting is to understand and plan your cash flow, or when you will receive or make a payment. Being aware of bills will help you avoid the credit problems associated with overdue or unpaid bills, and keeping up with customers’ bills will allow you to keep track of bills and accurately estimate available cash.

One of the main benefits of solid accounting is to get an idea of where your company is located; Accounts payable and receivable play an important role in this image. You can also observe any flow and ebb in your business or identify areas where you can expand, reduce or need additional attention.

Use an online bookkeeping service

There are many ways to approach accounting. Some of them are not very efficient, while others, such as the use of online bookkeeping services, can help you save money, grow your business and, ultimately, keep your finances in order.

There is a wide variety of online bookkeeping services that range from more practical platforms that put you in the driver’s seat, to services that will provide you with an individual or designated team to manage your finances. Ultimately, the decision should be based on your level of comfort and budget.

These are just some of the key things that are important to improve your business organization in general. By practicing this and becoming familiar with the financial side of your business, you can develop your own unique approach to successfully managing your company’s accounting.

And remember if you need a financial rescue for your personal small business, you can apply with just a few requirements for personal loans ( immediate loans ).

I forgot to present the statement, what can happen to me?

If you have been a good taxpayer, your tax return should already be in the hands of the Tax Agency. But if you are a trifle clueless, you have procrastinated with your tax obligations and you have just realized that you have not yet submitted your draft of the rent, we are sorry to say that you are out of time. If you have forgotten to present the Income Tax return, we will talk about what may happen to you.

The 2017 Renta campaign began at the beginning of April and has been extended until the end of June. Specifically, June 27 was the last day to present the rent if the result was to enter with direct debit in the bank account. For the remaining cases, the deadline ended on July 2 .

Despite this, the Tax Agency allows all taxpayers to comply with their obligations even if it is late . Of course, doing it after the deadline has its consequences, which will depend on whether the result is to enter or pay and if you have noticed the error or if it has been Hacienda who has requested you.

Sanctions if you have forgotten to present the statement when the result is to enter


If you have forgotten to present the statement and the result is to enter, that is, if you have to pay, and submit your statement after the deadline without the Treasury has made an official requirement , you will have to bear a surcharge that will be higher or lower depending on the time that has passed.

The more late in filing the return, the higher the surcharge . Specifically, you will pay an extra 5% if you present the declaration up to three months late, 10% if you arrive up to 6 months late, 15% up to 12 months and 20% from the year. In this last case you will also have to pay interest of delay of 5%.

In the event that you are a clueless film and the AEAT has had to contact you to remind you of your tax obligations, the penalty will be much higher. The surcharge will range between 50% and 150% of the amount to be paid depending on the interpretation that is made of article 191 of the General Tax Law. Hacienda will forgive you 30% of the sanction if you do not appeal the fine and another 25% if you pay fast.

Sanctions if you have forgotten to present the statement when the result is to return


If you have been lucky and the result of your return is to return, that is, the Treasury has to give you money because you have paid more income tax than you were entitled to during the year, two things can also happen depending on whether the Treasury has made the requirement or if you have been the one who noticed the mistake.

If there has not been an official requirement, there is no prejudice for the Treasury. However, late compliance with your tax obligations results in a fine of 100 euros . On the contrary, if the Tax Agency has had to contact you to remind you to present the declaration, then the fine is 200 euros .

As you can see, it is cheaper to set an alarm on the mobile phone that reminds you that among your obligations as an exemplary citizen is to be up to date with the AEAT. Otherwise, it’s going to touch you to scratch your pocket

Tips to avoid temptations in the supermarket


Almost certainly, the cost of the supermarket is one of the biggest you face every month . Filling the shopping cart is not exactly cheap. In addition, it happens to all of us that we are going to buy only a couple of things and return home with two full bags and an empty wallet. But … Can temptations be avoided in the supermarket?

Today’s supermarkets incorporate brilliant marketing techniques in order to trick us into buying more. You have to have very clear ideas to avoid temptations in the supermarket and learn to limit our purchase only to the products we need.

Do not tease in the supermarket: guide to avoid temptations in the supermarket

In the super, nothing to improvise. In this article we will give you seven basic guidelines to learn how to rationalize purchases and not fall into temptation:

  1. Set a monthly expense amount.

Since all months are not the same, supermarket spending is a variable expense impossible to predict accurately. However, you must make a realistic estimate of it and determine a figure that under no circumstances can you overcome . For example, 300 euros per month. Put that money in an envelope and use it when you go shopping.

  1. Go buy alone.

It is more than proven that you spend less buying when you go alone than when you are accompanied . If you only go to the supermarket, you will buy faster and you will have fewer temptations. On the contrary, if you go with your partner or with your children, the buying impulses will be greater and you will end up filling the cart with things that nobody needs.

  1. Avoid rush hours.

The worst time of the day to buy at the super is late in the afternoon . Saturdays are also a fateful day. If you want to avoid temptations at the supermarket, avoid crowds too. Numerous studies conclude that, perhaps by imitation, you end up spending more if you buy in an establishment where there are many people.

  1. Do not go shopping with hunger.

It is the classic savings advice and perhaps one of the most effective. Hunger will nullify your reasoning and you will end up buying a lot of things that you did not have planned. Everything that smells good, looks good or looks “fresh” will end up in your basket. So that this does not happen it is better to go shopping with a full stomach .

  1. Use a basket instead of a car.

That car of the super so big, so little heavy and so empty will invite you to put many things in it. If you use a smaller basket instead, you will probably try to optimize the space and end up limiting your purchase only to the products you need.

  1. Buy only what is on your list.

Every day you must write down the products that are running out and that you need to replace in a list. The refrigerator is a good place to have it visible. And that will be the list you will use when you go shopping at the supermarket. As you can imagine, if something is not on the list, however necessary it may appear when you see it on the supermarket shelf, it is not bought .

  1. Analyze the distribution of the store.

Nothing is left to chance in the distribution of a supermarket. The design is made so you buy as much as possible and if you want to avoid falling into this trap you have to be aware of it. For example, meats and dairy products are usually at the bottom so you can go down the aisle. For its part, cash products are usually the most sweet to make a purchase on impulse.

The importance of business planning – Immediate loans

The importance of business planning

 Indeed, business planning will never go out of fashion, since it is the backbone of a successful company. Most business owners face challenges when developing their plans. They can know where to start, how to write their plan, or even if they need a start plan. A prevailing opinion in the technological community is that business plans are for “dinosaur” companies, and agile startups no longer need them. Business plans are not about the 200-page document with beautiful graphics. It’s about planning. It’s about pushing for business planning and life planning for entrepreneurs.

Starting in a company

It is possible that your small business can not offer big discounts like the big chains that promote their sales in “Black Friday”, for example, but small discounts or coupons will improve sales. Everyone likes a good deal! Emphasize the urgency of your limited time offer to drive potential customers in that last inch. In the case that your company is small and you yourself are the owner, you can request personal loans online without payroll.

You can also post on your Facebook page, it’s a good start. Start queuing up on your social media posts, contact local shopping bloggers to get a show and advertise your Saturday sales with more emphasis. This will reach a wider audience and will remind you of the people who support you by following it with a liking from your social networks.

Stock up on inventory and supplies. There is nothing more discouraging for a client than discovering that what he wants is exhausted. Calculate the amount of additional stock you will need to meet the demand for the performance of previous years. This includes renting additional equipment. Order early so that everything arrives on time.

Regarding social networks … What about Facebook, Yahoo! and Google? I do not think they had a business plan when they started, “you might ask. Well, these are companies that started as secondary projects of the students and the founders were full time only when their projects started to take off and the investors offered to finance them. They did not have a family to feed or a certain lifestyle they needed to maintain. Your risk tolerance is high compared to most other people.

Familiarize yourself with the company’s accounting terms

Whether you plan to do all the accounting yourself, use accounting programs, or hire someone to handle the books, you should familiarize yourself with some of the terms and concepts frequently used in corporate finance.

Some of these (cash flow, inventory) may be terms with which you are already familiar, while others (owners’ equity, retained earnings) may not be as familiar. You can find lists of important terms on the Internet, including glossaries of accounting terms and auditing terms. This in order to establish the interpretations well and keep the accounts secure

Financial planning in a company is key for anyone who wants to make sure they manage their money in the most efficient way possible. However, financial planning is very specific for each situation, so it is worthwhile to analyze your own circumstances and make them work so that you can get the most out of your money, at any stage of your life. Working with a service company in support of accounting, finance or accounting audits is a good idea to consider.

To consider

Planning a small business can sometimes seem overwhelming, so it’s comforting to know that these and other partnerships are available when entrepreneurs seek advice, insights or new contacts. After all, the importance of having a community where members can share experiences and knowledge with other entrepreneurs cannot be overemphasized.

This may seem pretty obvious, but we all have different styles when it comes to money management, but when you associate with someone, the last thing you want is for their attitudes towards finance to come into conflict.

The importance of business planning Rate this publication

Have you reached the limits of your credit cards? Here’s what you can do!

For many, obtaining a new credit card marks a transition from adolescence to adulthood. Having the ability to buy what you want and pay later can be exciting and give you a sense of autonomy. It’s easy, though, that this new buying tool can trap you. You spend money that you do not have, and before long you are at your limit. You apply for a new card and the process is repeated; it is not long for you to find yourself in a difficult financial situation.

Getting rid of such a debt will require sacrifices and will take preparation, planning and commitment on your part. When you succeed, however, you will have established good habits that will help you throughout your financial life.

The following strategies will help you overcome the challenge:

Do not spend more on your cards

You can not continue to borrow to get out of your situation. You no longer need to apply for new credit cards. You must also stop using your existing cards. Some even go so far as to put a literal freeze on accounts by immersing their cards in a jar of water in the freezer, a question they can not be used capriciously.

Prepare a budget

If your cards are at their limits it is often because you have lived beyond your means and you must prepare a budget. Calculate your essential expenses: your accommodation, service accounts, insurance, transportation and groceries. You must exclude from your budget anything that is not necessary, such as outings and dinners at the restaurant. Your budget should not include more than what is needed and your debt payments. (Click here for more budget tips)

Once you have created your basic budget, you can afford to add, if your income allows, occasional outings. By having a budget to entertain you, you will be more likely to join!

Increase your income

If you have an expenditure problem, it is possible to reduce the sacrifices needed for your budget by finding a part-time job. Or, if you have valuables that you no longer use, you can arrange a garage sale or online auction. You can also keep the children of a friend or loved one. Be creative and use your talents!

In addition to finding new sources of income, it is important to start saving. Try renegotiating some of your monthly expenses, such as your insurance or telecom plan. Take advantage of flyers and coupons to lower your grocery bill. Find ways to save money and you may even find your budget without having to supplement your income!

Open a savings account

You are looking to reduce your credit card debt, so the idea of ​​putting a sum aside savings account seems a little paradoxical. However, life is full of surprises and a savings account that you contribute to on a regular basis allows you to better absorb the unexpected costs of everyday life without having to borrow.

Contact your creditors

Talk to your creditors. If your payments are too high and you are concerned that you may not be able to meet your obligations, it is important that you call the card issuer and negotiate new payment terms. It is possible, by negotiating, to find you with a more favorable interest rate or a payment route that better meets your ability to pay.

Creditors, especially credit cards are used to situations like yours and they will do their best to help you. Yes, they want to recover their capital, but they know that the best way to accomplish this goal is to help you find a way to pay within your means. Just like you, they do not want to see you fail at your payments: a loss of money does not interest them.

Develop a debt payment strategy

You must now attack your balances. You can do it in many different ways: some prefer to pay the lowest balance first and see results faster, while others prefer to save by paying the balance with the highest rate first. There is no magic recipe, but if you manage to pay a full balance, it is important to take the money you have spent on this account and start paying your other debts. By honoring this commitment, you will be able to get rid of your debt before it leads to more serious difficulties.

It is difficult to live with a large debt. Your accounts are certainly a source of constant stress in your life. By applying these strategies however, you will be able to succeed without this overwhelming debt. Once you have reached your goal, you will have the habit of saving and keeping a budget. This will even save you money in a serious way and maybe even invest and better prepare your financial future.

What companies offer refinancing of loans?

Could you tell me what companies are offering the refinancing of loans in Spain?

Because it is something that many are not aware of also because of the type of service this is.

It must be said that refinancing is a type of loan that is often confused with other more usual credits such as the grouping of loans .

And although they have some similarities, especially in the way they are processed, reality is that there are many differences between them.

It could be said that the refinancing of loans is in the hands of private equity companies as well as financial intermediaries.

It all depends on how you want to take the operation because the usual is that these operations can be carried by private equity or through a bank.

There are companies and intermediaries that are specialized in the refinancing of these operations through a bank.

That is, these financial intermediaries do what they do is negotiate directly with the creditor entities that have signed the loans trying to readjust the loans to the situation of their clients.

This would be in my opinion the ideal option although also the most problematic to hire.

Why the choice of financial intermediaries in the refinancing of loans can be problematic?

It can be for several reasons but the main one is because these intermediaries do not work for free.

You will not see any of these try to renegotiate debts with your creditors without having charged for it.

These people do not work on such a clear commission, so it is a problematic option for many people.

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In we are clear, if you do not want to have to pay one of these intermediaries do not hire them period.

What you can not hope for is that these people work for you for free because they do not have to do it no matter how good your operation is.

As an alternative, you can try to contract with refinancing companies, although most of them require working with endorsements.

You can also do some management to renegotiate with your creditors but it is not usual.

The private capital option we have to say we usually recommend it especially when what we are looking for is the refinancing of unpaid loans .

If you have debts or unpaid loans, trying to refinance a debt with your own entity is almost impossible.

There may still be some kind of margin through the private finance companies, not in the loans offered by the bank.

Do you usually specialize in this management?

Yes, it is one of the usual characteristics of the companies that offer this service, which is why they do not usually offer similar services or management.

Most more than offering different loans are focused on refinancing because they know the competition is lower.

A company that is good at refinancing operations knows that it will always have a demand as it is a demanded service between people and companies.

They are mostly companies in fact who can most request these services, although there is everything.

Refinancing of loans and debt grouping

Pawn of vehicles and loans in guarantee of cars and motorcycles

Although there are many products in the endeavor, today we will treat vehicles .

This is what we want to do in because we know that it is a loan that generates interest among people.

Especially because if you make good use of it can be quite useful.

Of course, that does not mean that we can not talk about the characteristics of this financing, whether they are good or bad.

As always we search from our website what we do will inform people about the advantages and disadvantages of car or motorcycle.

Because this is what we talked about when we mentioned the commitment, this can be signed both on car and on motorcycle.

Pawn of vehicles and loans on cars and motorcycles For what is transacted?

This financing to be processed through private capital is used primarily for two things, to get fast money and to solve problems.

Among the credits that we can recommend to solve complicated cases the effort is one of the best.

Especially if the person requesting the money is looking to make the cancellation in a short space of time.

Because if what you are looking for is a loan with a long term, this option could never be advised.

And not because you can not but for cost.

You have to understand that being an endeavor the financial cost is medium or high depending on how you look at it.

Consequently we must make use of this financing for a short term and having clear the return of the capital.

The typical example that we usually use to demonstrate the utility of the endeavor is to get out of the asnef.

Let’s say that Gabriel needs a loan of € 2,000 to get out of the job.

You need it quickly knowing that once the debt is canceled you can go to your bank to ask for a new credit.

One of the options that this client could raise would be to sign the commitment to cancel the debt in the registry.

After having canceled the debt in asnef the following thing would be to go to the bank to ask for a new credit in order to cancel the commitment.

This is how you have to use the effort, for money to solve problems that bank can not solve.

In case you can not get a bank loan or other type of subsequent financing you have to be able to make the cancellation for your account.

Characteristics of car loans

  • It is a loan that uses as collateral a vehicle, be it car or motorcycle.

However there are financiers who do not accept motorcycles as collateral in the operation.

  • The financial does not take into account aspects such as the asnef, the absence of income or the indebtedness of the client.

That is why it is said that it is one of the ideal options for when you are looking to sign a difficult loan .

  • They are usually made short-term operations but for power the customer can make the return with a medium or long term.

It is not advisable but you can do it if you need it.

  • The cost is usually between 2% and 10% per month plus a rental.
  • The vehicle loan can be made in deposit or in circulation.

Each company works differently in the commitment of vehicles.

How to renew your home with a payroll loan

Turn your house into the oasis you’ve always wanted

Thinking about the renovation of your house and all the accessories you want to buy for your favorite spaces is a great dream.

Many times the only impediment to achieve this is economic resources because the basis of our beliefs is that to make such remodeling you need to invest large amounts of money.

Well, I have good news for you: it does not necessarily have to be that way. Below we present the tips you must follow to make the renovation of your home a fact, without any problem.

Order and get rid of useless things

Take a piece of paper and a pen and make a list of the things you can reuse, of those that no longer serve and that you have to buy.

Thinking about the renovation of the house involves a lot of work, especially in the cleaning and in the rubble of each corner.

This will help you to know and remember all the things you have saved for months and even years, you will surely find something that deserves to give you a space, if not, then it is better to get rid of those objects.

Play and make a rearrangement of elements

It always happens that we get bored of seeing everything in the same position and we can come to believe that furniture is outdated and a renovation is needed .

Before deciding on the things you are going to do without, try to move them, you could take a surprise and find a better location.

For those things you want to buy, you can always invest either with your savings or with the support of a loan such as those granted by Credifiel.

Acquire new lamps and curtains

Both elements favor natural and artificial lighting.

If you know how to make a good combination between both, you can give a new touch and style to your home without the need to invest large amounts of money.

Take advantage of the windows and any light input you have, being careful not to obstruct them with the type of decoration you choose: let them be the focal point.

Change the color of the walls

A change not so big but that can make huge differences is to change the color that predominates in the walls.

This is a way to renew spaces without much work and optimizing your investment: choose a palette of three colors, ensuring that only one of them is deep and the other clear.

That will allow you to play freely with the rest of the decoration as well as the use of light, a very important factor to give that air of renovation to your home that you are looking for.

Consider a credit

Regardless of the amount of money needed, something that is true is that most of the time you can not have that resource in a single exhibition.

What would happen if right now they offer you the possibility of a total renovation of your house at 50%? Would you waste it? Of course not!

For those moments, the solution is always to find the best clear credit option , once you have determined the total amount you need to request to be able to make the necessary changes and adjustments.

As well as these options, there are many more in which you do not necessarily have to invest large amounts of money and on the contrary, you can allocate your credit for arrangements such as a change of doors, windows or security implementation.

A house renovated and completely to your liking will make you feel happy and you will also get more experience in applying for credits. Make the changes today.

Having a small house has advantages, do not you think?


Most people imagine a huge house when they think of the house of their dreams : two floors, garden, swimming pool, garage, numerous rooms, several bathrooms The problem is that the selling price of these houses is high. In addition, maintenance costs, electricity consumption , decoration are also higher … Not to mention that the cleaning tasks never end. Faced with these large and expensive homes, a smaller house can be much more welcoming and economical . Here we show you some of the main advantages of having a small house.

Reasons to live in a small house

  1. It is more affordable.

The main advantage of a small house is its purchase price . By having less less construction, the purchase price is more affordable and is available to more people .

Also the expenses related to the purchase (in case you ask for a mortgage) and the associated taxes will be lower, so the necessary saving effort will not be excessive . Remember that most banks only finance 80% of the appraised value, so the rest will have to be paid by you.

  1. It’s cheaper to maintain.

The one who has a house in the property will give us the reason with this point. The maintenance of a home is quite expensive, as well as the payment of their corresponding annual taxes (such as the dear IBI ).

The larger the house, the higher the electricity consumption, the higher the cost of heating, the higher the cost of renovation … The cost of painting the walls (something that is done every few years), replacing the doors if they are old or renovating the floor doubles and triples in large houses.

Special mention to the topic of cleaning. Because let’s not fooled ourselves: cleaning the house is a nuisance. An added advantage of houses with little space is that there is also less space to accumulate dirt, so cleaning is faster and less expensive. Not to say that you can order the house in a seen and not seen.

  1. Needs less furniture.

We all like that our house is “cuqui”. The problem is that “cuqui” is expensive or very expensive. Therefore, it will be much easier and cheaper to furnish and decorate a small house. The rule is simple: at least square meters, less furniture .

If you also opt for a minimalist or Nordic decoration, you will achieve an appearance of spaciousness and avoid feeling overwhelmed by being surrounded by many things. We recommend that you let space breathe and not overload the rooms.

  1. You will make more life outdoors.

People who live in small houses tend to make more life out of it. In the absence of gardens, swimming pools or large green areas, if you have nothing to do at home and want to avoid feeling overwhelmed, you can enjoy a walk, play sports or go out into the country.

Oddly enough, your social life could be enriched by living in a small house. Maybe even more leagues!

Do you need more reasons to choose a small house? If your apartment is small, think big and enjoy its advantages.

Home insurance: Why do I pay more than my neighbour

Hiring a good home insurance is essential to sleep without worries. Home insurance allows us to ensure our home and belongings in the event of a catastrophe. On the other hand, it offers coverage and assistance before certain eventualities that could cause us an economic loss.

However, not all home insurances are the same. There are cheaper and also more expensive. The continent of the house and its content are the two variables that determine the final price of the policy. This is the reason why perhaps, having the same house as your neighbor, you pay more for home insurance than he does.

Home insurance: EVERYTHING you have to take into account

What is the continent?

If you could take your house and put it upside down, everything that would not fall would be the continent: the walls, the ceilings, the floors, the electrical installation, the pipes, a construction pool, the terrace, etc. Everything that is fixed to the property and is within the enclosure of it, forms its continent.

Therefore, the continent is the construction value of the empty house. To calculate it, the square meters and the construction price are taken into account, which is a function of the type of housing in question (a luxury flat is not the same as a mid-range townhouse).

When insurers set the price of the insurance they have the account that they have to guarantee the cost of an accident that could suppose the total or partial destruction of the property.

What is the content?

Following the example of the initial example, the contents of a house would be everything that would fall when it was turned upside down: appliances, furniture, decoration, jewelry, a computer, etc. The greater the value of all these things, the higher the price of insurance.

It is very difficult to guess the value of the contents of a house. It would be necessary to take all the invoices and add them, and even then there would be errors. For this reason, it is common to use the 30% rule, according to which, for a fully furnished apartment, the value of the content is around 30% of the value of the continent (excluding items of special value, such as jewelry).

Home insurance: how to choose the best?

To choose the best home insurance you have to be very clear about what we want to ensure and why it matters. A good insurance would be one that does not ensure less (underinsured), but not too much (over-insurance) . In either case, there could be problems with the insurer in case of an accident.

Most of the time the key is not to pay double for some coverages. If your home is part of a community you should check that the policies do not cross covering the same thing, because if so, you would be paying more without being necessary.

Similarly, if you are the owner of an empty home that you exclusively use for rent, you may be interested in ensuring only the continent. On the contrary, if you are the tenant, what you will be interested in will be the content.