Wednesday, March 21, 2012

When to Take Away Granny’s Keys

If your ungrateful spores are trying to take away your car keys, don’t let them! Here are 10 tips to help you  stay in the driver’s seat longer:

1. Do not take unnecessary trips. Map out your errands before you leave home. Cluster errands around one area to avoid driving back and forth across town.
2. Avoid rush hour traffic whenever possible- if you’re retired, why deal with it?
3. Plan to drive during daylight hours only. Don’t risk poor visibility and fatigue.
4. Delay or change travel plans during bad weather. It’s better to arrive late than to crash.
5. Choose routes that are well marked- remember landmarks and exits that can help you navigate.
6. Plan your route to avoid as many left turns as possible- seriously. Going a few blocks out of your way to make a right turn is perfectly ok.
7. Buckle up, turn on your headlights, and adjust your seat and mirrors before you drive off.
8. Don’t drive too fast- or too slow. If you must drive more slowly than the flow of traffic, stay in the right lane.
9. Plan on taking a break every 90 minutes. Get out of your vehicle and stretch or walk.
10. Park in spaces that have easy access and good visibility. It is better to walk a little farther than to crunch fenders.

Information for this article was provided courtesy of the California Department of Insurance.
Visit our website at http://www.alliedbrokers.com/ for information about all the types of insurance we offer. Or call 1-888-505-7988 for a free rate quote.

Your HOA Insurance DOESN'T Cover Everything

Is your condo under-insured? Homeowner’s association (HOA) policy inclusions and exclusions have always been confusing. As a result, supplemental building coverage is sometimes omitted or inadequate- either intentionally to save money, or out of agent or client ignorance. In the past, HOAs required you to buy a unit owners policy (HO6) to cover the things the HOA policy didn’t, but no proof of insurance was required. In practice, both the decision to insure and to set limits on the coverage was left up to the unit owner.

Not anymore. New rules for condos and townhomes are now being enforced on all new federally insured loans and when refinancing existing loans. Every owner must now have a policy that includes “walls in” building coverage of at least 20% of the appraised value. This usually covers the interior walls, wall and floor treatments, cabinets and fixtures. Each association is different and the responsibility of the unit owner and the HOA is spelled out in the CCR’s and/or by laws.

Condo insurance isn’t just a law, it’s a good idea. If you’ve refurnished your condo with custom cabinets, crystal chandeliers, Berber carpets and marble countertops and it burns down, your HOA policy will compensate you for none of those upgrades. Not to mention your big screen TVs, leather sofas, antique china, jewelry and other expensive personal possessions.

If you own condos in Tahoe or Hawaii as investment properties and they burn down, your HOA policy will not cover your lost rents. It could take months to rebuild and without the rental income, you may not be able to cover the mortgage payments on your units.

Condo insurance is cheap- for $100,000 worth of coverage, you will pay around $300-$400 per year. Inadequate condo insurance is one of the most common errors we see when reviewing client policies written by competing agents. Don’t let this happen to you. Call Chris Falcon or Steve Fox at Allied Brokers to review your condo insurance or get a quote on a new policy.

Visit our website at http://www.alliedbrokers.com/ for information about all the types of insurance we offer. Or call 1-888-505-7988 for a free rate quote.

Friday, March 9, 2012

Condo Insurance Policy Changes by FNMA

New rules for condo’s and townhomes are now being enforced on all new federally insured loans and refi’s. Every unit owner must now have a unit owners insurance policy, commonly called condo-homeowners policy or HO6 which covers the things not covered by the Homeowners Association’s policy.

The unit holders policy must now include ‘walls in’ or building coverage of at least 20% of the appraised value. This usually covers the interior walls, wall and floor treatments, cabinets and fixtures. Each association is different and the unit owners and HOA responsibilities are spelled out in the CCR’s and/or By laws.

In the past the decision to insure and set the limits for  unit owners building coverage were left up to the unit owner. Sometimes building coverage was left off or inadequate either on purpose to save money or out of agent or client ignorance. This is one of the most common errors we see when reviewing client policies written by competing agents.

A few years ago a pennywise client refused the coverage and had a $125,000 uninsured loss due to a fire on a rental condo. We would have refused to insure him but alas he was the father of one of our agents. We want to be in the claim check delivery business not the ‘ I told you so business’. Don’t let this be you.

What We Can Do For Small Business Owners

Most busy business owners are looking for a one-stop shop for their business needs yet oftentimes are disappointed with the lack of expertise and service in the key areas listed below. Our approach brings together a Team of Experts with over 100 years of collective experience to work with you throughout the lifecycle of your business.

Insurance/Risk Management
  • Commercial Property & Casualty - Mimi Watson
  • Personal Property & Casualty - Connie Prince
  • Individual & Survivorship Life - Andy Roberson
  • Individual Disability – Connie Prince
  • Individual Long Term Care – Connie Prince
  • Individual Health & Medicare Supplements – Sandy White
Group Benefits - Ronald Bland
  • Group Health, Dental, Vision, Disability, Life, Long Term Care
Payroll – Jenna Avenell

Human Resources – Jaime Orendac, SPHR -CA

Retirement Plans - Andy Roberson, CFP®
  • 401(k)
  • Defined Benefit Plan
  • SEP-IRA
  • Simple IRA
Business Succession Planning - Andy Roberson, CFP®
  • Buy Sell Agreements
  • Mergers & Acquisitions
  • Family Transfers
  • Key Employee Fringe Benefits (Golden Handcuff programs, Stay Bonus)
  • Key Man Life Insurance
Business Owner & Executive Financial Planning - Andy Roberson, CFP®
  • Retirement Planning
  • Wealth Management
  • Estate Planning