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Renters sometimes overlook the need for insurance based on the belief that they may not have a significant amount of personal possessions, or because the property is already insured by the owner.
MDC Holdings employees must note how while it is true that a rental property is insured by the owner, the destruction or loss of your personal belongings is not. But, that’s not the only risk renters need to worry about.
The typical renter’s insurance policy can cover your possessions against losses arising from fire, smoke, lightning, theft, vandalism, explosion, wind storm and water damage (excluding floods).
If you are employed at MDC Holdings, even if you don’t believe that the value of your personal possessions warrants insurance protection (though you may think differently after an inventory of their value), renter’s insurance covers other potential risks that can adversely impact your finances.
MDC Holdings employees must note that renter’s insurance is designed to cover damages and costs in the event that visitors are injured in your apartment or elsewhere by you, your pet, or a family member living with you. This includes any legal defense expenses if you are taken to court.
A renter’s policy may also cover additional living expenses should you be unable to live in your apartment due to a covered peril, such as fire, though the policy may set limits on how much you will be reimbursed.
MDC Holdings employees should make sure to know whether a policy insures for actual cash value (pays to replace your possessions after reducing for depreciation) or for replacement cost (which pays the actual cost of replacing items, up to policy limits). In most cases, replacement cost coverage is the smarter option.
If you are employed at MDC Holdings and have any possessions of particularly high value such as art or jewelry, you may want to add a floater to the standard renter’s insurance policy.
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If you are living with a roommate or domestic partner, you should inquire how the policy is expected to cover both parties as state regulations and insurance policies may vary.
Renter’s insurance is usually quite inexpensive, so if you are unsure whether to purchase a renter’s policy, talk to an insurance agent and obtain a quote. The low cost of protection may make a smart decision easier.
What is the 401(k) plan offered by MDC Holdings?
The 401(k) plan at MDC Holdings is a retirement savings plan that allows employees to contribute a portion of their salary on a pre-tax basis, helping them save for retirement.
Does MDC Holdings offer a matching contribution for the 401(k) plan?
Yes, MDC Holdings provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.
How can employees enroll in the MDC Holdings 401(k) plan?
Employees can enroll in the MDC Holdings 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.
What types of investment options are available in the MDC Holdings 401(k) plan?
The MDC Holdings 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.
Is there a vesting schedule for the matching contributions at MDC Holdings?
Yes, MDC Holdings has a vesting schedule for matching contributions, which means employees must work for a certain period to fully own the employer's contributions.
Can employees take loans against their 401(k) at MDC Holdings?
Yes, MDC Holdings allows employees to take loans against their 401(k) balance under specific conditions set forth in the plan.
What is the minimum contribution percentage for the MDC Holdings 401(k) plan?
The minimum contribution percentage for the MDC Holdings 401(k) plan is typically set at 1% of the employee's salary, but employees are encouraged to contribute more.
Are there any fees associated with the MDC Holdings 401(k) plan?
Yes, there may be administrative fees and investment-related fees associated with the MDC Holdings 401(k) plan, which are disclosed in the plan documents.
How often can employees change their contribution amounts in the MDC Holdings 401(k) plan?
Employees can change their contribution amounts in the MDC Holdings 401(k) plan as frequently as once per pay period.
What happens to the 401(k) plan if an employee leaves MDC Holdings?
If an employee leaves MDC Holdings, they have several options for their 401(k) plan, including rolling it over to another retirement account or cashing it out, subject to taxes and penalties.