Jeff Chernoff went to DC this week 11/ 28/2017 with the NAIFA Florida Delegation to meet with elected Officials to discuss Tax Reform for Advocacy day. Some people he met included Cathy Castor, Vern Buchanan and Staffer Alex Cisneros for Congress Carlos Curbelo.
We all value different things.
Some of us value the security of work, others value the comfort of family or the feeling that comes from the enjoyment of our German cars and vacation homes. Others simply value that very first starter home we just purchased. The acquisition of these assets, usually comes from years of hard work and very serious effort and we deserve them because we earn them. As such, the last thing we ever want to do, is lose the assets we worked so hard to acquire.
Day after day, we move forward and utilize our smarts and our energy to create our own personal American dream.Sadly, we seldom talk about the monster in the room; the white elephant called risk because risk frightens us and as such, we avoid it. Risk is the enemy because it is the very opposite, the antithesis of our hopes and dreams. Truth be told, we know that it can set us back for years should ever visit upon us.
Most of us quietly believe that losses only happen to the other person but the reality is that if your risk profile is not tightly managed, into can easily happen to you. Whether you are a young couple with your very first apartment or a high net worth individual adding a wine collection to that summer home you always wanted in Vermont, risk is always lurking in the background.
The simple reality is that risk will not be mitigated until you work with a professional to face it down and do what is required to insure your life against its dangers. I could sit here and write endlessly of your need to meet with a qualified professional; one who will go through your assets line by line and learn about who you are and your plans for the future but a lecture is unwarranted because you already know all of this.
The purpose of this article is not to harangue you, it is not to sell you, and it is not to frighten you. It is to give the reader a slight nudge, gently raise awareness and inspire you to act; to pick up the phone and talk with a risk assessment professional who will work with you to minimize your exposure and help you to create a financial and asset scenario will work for your particular circumstances. As with many things in life with which we do not wish to deal, the hardest part is making that very first step.
I urge you make it. To to pick up the phone and talk with an insurance and risk professional who can take the time to see that the life you are building is insured from the random events that we read about in the newspaper every day because being totally honest, to the other person, it is you is the other person.
Guess what?…Your homeowner’s or renter’s policy doesn’t cover your engagement ring and other fine jewelry for loss or damage, and your policy likely provides only small and limited amounts in the event of theft. For example, most homeowner’s policies will pay a maximum of only $1,000 for jewelry theft, and a typical renter’s policy has even lower limits of $500.
The good news is that you can purchase a policy to cover jewelry for reason other than theft, such as being lost, or damaged! When purchasing this type of coverage, here are some questions you might want to consider asking:
– Is an appraisal required? The answer is typically yes, if you want a particular item scheduled. For example, an engagement ring, Rolex watch, or a family heirloom which has sentimental as well as monetary value.
– Are items covered no matter where they are?
– Would the policy cover you if you travel domestically or internationally?
– What if you lost your ring or other piece of lewelry while boating?
– Are items covered for full replacement cost or only for a certain level or cash settlement?
– If a piece of jewelry is damaged, will the policy cover repairs?
Contact us with any questions you may have today! These are just some of the issues you should consider when talking with your professional to make sure the pieces you love are protected.
Why Do I need flood Insurance?
In the past 5 years all 50 states have experienced floods, or flash flood. Florida, in 2014 accounted for over 2655 flood claims with over $117,861,100 in money paid to policyholders. This in a year where there were no major storms had a direct hit on the state. Individuals have no idea that Flood is not included in there homeowners insurance, and are shocked when they need to make a claim. Below are some interesting facts about flood insurance and why this is an important coverage to buy, even when you don’t live in a flood zone.
• According to the National Flood Insurance Program (NFIP) 20% of all flood insurance claims occur occur in preferred flood zones, and receive 1/3 of Federal Disaster Assistance
• A car can easily be carried away by just two feet of rushing water
• Just a few inches of water from a flood can cause tens of thousands of dollars in damage
• In high risk area, your home is more likely to be damaged by flood instead of fire
• If you do not have flood insurance, and require Federal Disaster Assistance it is usually a loan that MUST be paid back with interest. For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2880 a year) for 30 years. Compare that to a $100,000 flood insurance premium which is about $400 a year
• In 2010 to 2014 the average flood insurance claim amounted to nearly $42,000
As you can see, flood insurance is an important coverage and should be something everyone should consider. No matter where you live.