This Money Talk column includes: whether it's OK to skip earthquake insurance, whether to sell stocks to buy a car, whether one credit card is better than two.
Dear Liz: I live in Southern California and my homeowners insurance renews at the end of August. Should I consider buying earthquake insurance? Answer: Insurance is meant to protect against catastrophic losses that we couldn’t easily pay out of pocket. If you don’t have much equity in your home, or you’re willing to walk away from the equity you do have, then you can forgo earthquake insurance. Otherwise, you need the coverage.
Dear Liz: I have a long-standing credit card with a national bank. As I travel a lot, I just opened a travel rewards card with the same issuer. I would prefer to keep the new card and close the old one, rather than keep two cards active with the same issuer. I understand from reading your columns this might lower my credit score. Any other downside? Answer: It’s hard to predict how an account closure will affect credit scores or how long the impact will last.
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