Category Archives: Homeowners

Jan/Feb Let’s Talk Money Newsletter

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View the newsletter here: https://www.ltmonline.com/jerrysiver

Estate Planning:

What your children should know about your finances

It may not be easy talking to your adult children about your finances and estate strategy. But discussing your finances with your grown children now can better prepare your whole family for the future.

General Interest:

Great way to start the new year

If you spent more than you wanted to this holiday season, you need to take a closer look at where your money is going. A spending plan can help you track your money and get your finances in order.

I resolve to . . .

Instead of making the same resolutions you have in the past, resolve this year to improve your financial health. We offer several ways to become more financially fit.

By the numbers: spending patterns

The Employee Benefit Research Institute has released some statistics on the spending patterns of Americans ages 50-64.

The minimum payment trap

Paying the minimum amount on your credit card may seem like a good idea, but it’s not. Not only will it take you longer to pay off the balance, but you’ll also end up paying more for the item than what it originally cost.

Insurance:

Single? You need life insurance, too

Just because you’re single doesn’t mean you shouldn’t consider life insurance. Incorporating a life insurance policy into your financial strategy can be a smart move.

The gift of a better financial future

If you’d like to help a family member get the year off to a better financial start, consider making a gift that can make a real difference in your loved one’s financial future. Your generosity also may help save estate taxes later.

Retirement Planning:

Take charge of your retirement

With pensions becoming far less common than in the past, it’s up to you to figure out how to fund your retirement. We discuss several recommendations from the IRS for preparing for retirement.

Put a realistic price tag on your retirement

When it comes to funding retirement, not everyone needs to save the same amount. Figuring out how much income you’re going to need ahead of time can put you on the path toward an enjoyable retirement.

Seniors:

Have you had the talk?

The beginning of a new year is a good time to talk to your loved ones about your possible long-term care needs. Discussing your wishes and possible solutions for long-term care can help alleviate any future stress and indecision.

Small Business:

Does your business have a contingency plan?

Financial issues can cause considerable stress between business partners. Setting up a buy-sell agreement can alleviate some of that potential stress.

The life insurance crisis

Many American households don’t have individual life insurance, even though they need the protections it provides. If you’re looking for a way to help your business attract and retain valuable employees, consider making life insurance part of your employee benefit package.

Standard:

Are you an abstract or a concrete thinker?

If you have trouble saving money, it could be because your strategy doesn’t match the way you think. Figuring out what kind of thinker you are can help you create a successful strategy for reaching your goals.

Womens:

Protect your income with disability insurance

Illness or injury can happen to anyone. Would you be prepared if it happened to you? Having long-term disability insurance coverage could help keep you financially afloat if you were prevented from working due to disability.

Smartphone Apps Help Document Your Claim

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3 new smartphone apps have been released (all free) to help policyholders document their stuff so if a fire or theft happened, the app could be used to prove what they had to the insurance company.

The apps are: “Your Plan“, “III Inventory“, and “Scr.APP.bk“.

They all are a little different in what they do and each has features that are pretty cool:

  • Google Crisis Response is built into the “Your Plan” app.
  • “Scr.APP.bk” has a simple user interface and inventory entry system as well as a library of information you might need if you had a claim.
  • “III Inventory” is the most robust app and includes the ability to document several locations, search your inventory for specific items, photograph your belongings from within the app.

We use both the “Your Plan” and “III Inventory” and feel these take care of all our inventory and crisis planning needs.

Ever rent your home or vacation home?

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If you ever rent your home or vacation home, you need more coverage than the standard homeowner policy gives you. Homeaway Inc. (www.homeaway.com) now offers a supplemental insurance policy that covers those things that your primary home policy won’t. You’ll still need a homeowner policy but at least with this new type of policy you can save yourself the expense of buying a commercial policy on your home.

Dog Attacks Up

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Nationwide, dog attack insurance claims are up 12 percent from 26,166 claims in 2010 to 29,396 claims in 2011, according to the Insurance Information Institute.

Your renters and homeowner premiums are more costly because they cover dog bite claims….even if you don’t own a dog. Some insurers will give a premium credit if you don’t own animals. Siver Insurance has a dozen insurers that offer various discounts and we always match you with the insurance company that offers credits you’re eligible for.

Children and the elderly are the most at risk for attack, according to the American Humane Association. Those in the delivery service industry ranked third among likely victims.

A dog’s tendency to bite depends on such factors as heredity, obedience training, socialization, health and the victim’s behavior, according to the AHA. Approximately 92 percent of fatal dog attacks involved male dogs and 94 percent of those were not neutered, according to the statistics.

Allstate said it hasn’t studied the reasons behind the spike in attacks in Pennsylvania but the economy could be one factor. More struggling families are living together with extended relatives, including children and the elderly.

“If suddenly you’re in a multi-family situation, then there are new routes of exposure to your dog,” said Dave Phillips, spokesman for Allstate. “We think about these dogs as pets, but at the core they’re still animals. They shouldn’t be approached while eating, or startled by some unknown person.”

At the Levittown Post Office, workers are quick to brandish their leg scars.

Many of the homeowners along Torres’ route are caring for a relative’s dog, he said. One such animal had a “taste for blood,” he said.

Torres said he couldn’t remember the breed, but it was about 40 pounds. After escaping the backyard fence, it came at him “like a bullet,” he said.

“It got a taste of blood and it just kept biting,” said Torres. “When I looked down, my leg was covered in blood.”

The U.S. Postal Service asks dog owners to check the strength of screen doors and windows used during the spring and summer months. Homeowners with a lot of dogs are encouraged to position mailboxes farther away from the house.

Torres said some homeowners along his route actually chain dogs to the mailbox. In some cases, mail carriers will refuse to make deliveries at those homes, he said.

Allstate encouraged pet owners to check their homeowners insurance policy, which might include coverage for animal attacks. Dog bites accounted for one-third of all homeowners insurance claims paid out in 2011, costing nearly $479 million, according to the Insurance Information Institute.

Torres said he has never taken legal action against a dog owner. However, the postal service will ask the pet owners to cover the cost of lost work time when a postal carrier is recovering from injuries.

“I don’t know of anyone in this job who has not been bitten,” Torres said. “There are some of us who just refused to go back out there.

“They just can’t handle the dogs,” he said. “It becomes scary.”

Information from: Bucks County Courier Times.