Tag: #homeinsurance

Thoughtful Thursday posts, Uncategorized

Thoughtful Thursday – May 16, 2024

amybenoit

My intention is to post a Thoughtful Thursday column each week and share some of the insights I have learned in the past week. Here are some of the things I’ve learned this week:

Optimal Relationships Daily – 5 Reasons We Talk “At” Each Other And How to Listen
  • It’s easy to assume you know what your partner is going to say. Instead, stay curious.
  • You’re thinking about what you’re going to say and can barely wait for them to stop taking. Instead, stay in the moment.
  • You’re responding to their “tone” rather than listening to their words. Instead, ask for another approach.
  • You’re distracted by something else. Instead, give one another a heads up that you need their attention.
  • You can misread your partner’s motive or intent. Instead, ask questions and try to assume good intention.
NerdWallet’s Smart Money Podcast – Save on Home Insurance Amid Rising Costs and Coverage Hurdles
  • 7.4% of homeowners in the U.S. are uninsured (millions of people).
  • The average annual premium for home insurance across the U.S. has increased 6% year-over-year – much more than that in some areas. Ours doubled within two years.
  • Between 1980 and 1989, the U.S. saw 33 disasters that caused 1 billion dollars or more of damages. In 2023, there were 28 disasters that caused more than 1 billion dollars or more of damage in one year alone.
  • Inflation – cost of labor and materials – higher rebuilding costs=higher premiums
  • There are some companies that won’t insure homeowners in certain areas, such as Florida, Louisiana, and California.
  • As the cost of homeowners insurance continues to rise, more people will go uninsured. Homeowners who make less than $50k per year are twice as likely to be uninsured as those who make more than that. 22% of Native American homeowners, 14% of Latino homeowners, and 11% of Black homeowners go without home insurance. 35% of people who own manufactured homes are uninsured.
  • Homeowners are more likely to be uninsured if they live in rural areas, if they live in Houston/Miami metro areas, or if they live in New Mexico/Mississippi/Louisiana.
  • Shop around for homeowners’ insurance annually! Reach out to a local independent insurance agent.
  • Make sure that you have enough insurance. Inflation has caused the cost of materials to increase in recent years, so many people are underinsured. Read your insurance policy carefully to make sure you understand the coverage and limitations.
  • Look into what steps you can take to mitigate the risks you’re likely to face in your area – flood vents, fire-resistant siding, alarm system, etc.
  • Worst case scenario: consider relocating. Many people are finding they have no choice but to pack up and move to a place where they can afford to insure their homes.
Life Kit – Colorectal cancer rates are on the rise. Here’s what to know
  • Colorectal cancer is the first cause of cancer death in men and the second in women.
  • Most colorectal cancer starts out as a polyp and is highly curable when localized to the bowel. Surgery is the main way it is treated, and it leads to a cure in about 50% of cases.
  • The recommendation is to start getting colorectal cancer screenings at age 45. If you have a sibling or parent who has a history of colorectal cancer, you should start screening at age 35.
  • A colonoscopy is the gold standard screening tool and is recommended every ten years for those who don’t have an increased risk of colorectal cancer.
  • Another commonly used tool is a stool test: fecal immunochemical test (FIT). It detects small amounts of blood in the stool and is done annually.
  • Cologuard is a stool DNA test which detects blood and DNA changes that come from a cancerous or pre-cancerous polyp in the stool.
  • During a colonoscopy, a doctor inserts a scope with a camera into the rectum to see the entire colon. They can cut out polyps or abnormal tissues and send off biopsy tissues for analysis. It is not uncommon to find and remove several polyps during the procedure.
  • Prep for a colonoscopy: 24 hours clear liquid diet + laxative beverage to clear you out before the procedure.
  • A colonoscopy is a procedure that can find and eliminate the polyp that is the cancer!
  • Symptoms to watch out for: blood in stool, change in bowel habits, weight loss for no known reason, feeling of bloating/fullness/fatigue
  • Risk factors: lack of regular physical activity, a diet low in fruits and vegetables, a diet low in fiber, a diet with too much fat or too much processed meats, being overweight or obese, alcohol and tobacco use
Life Kit – Create the birthday you want to celebrate
  • If we want to celebrate our birthdays with joy, we need to take charge of our day and make it what we want. It’s up to you to be proactive about your birthday and to take the reigns on how you want your day to go.
    • For my birthday this year (May 10), I wanted a weekend away. My husband and I enjoyed a cave tour, mini golf, a picnic lunch, renting bikes and biking on a state trail, going out for supper, and relaxing in the evening.
  • There is no right or wrong way to celebrate your birthday. Think of your birthday as your own personal holiday, which requires some prep. If you want to, order tickets to a show, order a cake, etc. Communicate your vision to other people involved. Don’t wait for others to show up and make things happen for you.
  • Tell people it’s your birthday if you want to.
  • Buy yourself something you really want. Buy yourself a $1 scratch-off ticket.
  • If you hate your birthday, keep things simple. Take the day off if you can and choose something you want to do for yourself.
  • Small steps could mean buying a single slice of birthday cake, calling and catching up with a friend, journaling, etc.

Self Improvement Daily – Brutally Honest With Ourselves, Skillfully Honest With Others

The most impactful thing we can hear from ourselves is the direct, unbiased, unfiltered version of what’s going on. We often add fluff to mute the blow to protect us from anything that’s psychologically challenging. Don’t be so blunt that you become self-deprecating but give yourself grace as you accept the truth.

When dealing with others, there’s a lot more context that comes into play. The recipient must be open to hearing what you have to say if you want it to be effective. So navigating honesty more delicately allows the message to be less confrontational and more collaborative.

Be brutally honest with yourself and skillfully honest with others.

I look forward to reading, learning, and sharing more with you soon!

Thoughtful Thursday posts, Uncategorized

Thoughtful Thursday – November 9, 2023

amybenoit

My intention is to post a Thoughtful Thursday column each week and share some of the insights I have learned in the past week. Here are some of the things I’ve learned this week:

Optimal Living Daily – 10 Reasons You Would Benefit From Therapy
  • You feel betrayed by your romantic partner.
  • You feel betrayed by whatever success you have attained.
  • You feel betrayed by your job that has become uninteresting, stupid, and boring.
  • You feel betrayed by your coworkers and business associates who now seem to take more pleasure in your failures than your triumphs.
  • You feel betrayed by your body.
  • You feel betrayed by your health.
  • You feel betrayed by your government.
  • You feel betrayed by your friends and family members.
  • You feel betrayed by your parents for loving you conditionally.

On the cognitive level, a therapist can provide fresh perspectives and help you reframe your current situation so that you can either make immediate changes or accept your state of affairs.

This post from Seth’s Blog this week was a great reminder about setting higher expectations for those you trust:

The power of expectations

The power of expectations

“When we raise our expectations for a student, a friend or a co-worker, we open the door to possibility. We offer them dignity and a chance to grow. We are offering them trust.

But if we become attached to those expectations, if the expectation unmet leads us to distress or unhappiness, then that attachment undermines the very reason we created the expectation in the first place.”

Inside Out Money – Reflections on one year of early retirement

If you want an extraordinary life, you must build it. Noone is handing out extraordinary lives.

ON SUCCESSS:

  • In retirement, no one is measuring your success except for yourself. There won’t be an annual performance review.
  • New challenges can be projects and not a means to make money.

ON STRUCTURE:

  • “For your entire life, much of your life was dictated by some kind of authority or schedule you didn’t create. When we have full autonomy over our time, many of us find this disorienting.”
  • “I miss the structure work provided and the feeling of doing something productive and constructive, but I don’t miss work.” “I feel like I’m able to be myself more.”
  • “I feel less stressed from not working. With less stress, I am able to be more physically and emotionally present.”

ON STRESS:

  • “I still take on too much and burn myself out. These are personality traits.”
  • “I still find things to stress about and be anxious about. I still procrastinate more than I should. I still deal with analysis paralysis. These are part of my personality.”

ON TIME:

  • “I am still trying to figure out how to spend my time intentionally and what I want to do with my time.”
  • “I want to spend more time on myself and the things I want to do.“
  • “I have spent too much of my first year like I have spent the last twenty years. I am doing too much for other people and doing too much to feel accomplished.”

ON LIVING YOUR BEST LIFE:

  • “I need to make some very thoughtful and active changes to make the life I want to be living.”
  • Many people think that when they retire and have the time, they will be living their best life. Just having time alone is not going to fix that. You can fill your time with all kinds of things, but it takes deliberate work and action, and you must be intentional about using your time. Having more time will not automatically change you and change all of your bad habits or make you live your best life.

ON EXPENSES:

  • “Our expenses were more than expected our first year in early retirement due to travel and health insurance/health expenses.”
  • More time on your hands can easily result in spending more money. People sometimes spend more money when they are retired.
  • “Our overall net worth has increased since retiring last year due to investments performing well.”

Auto insurance:

  • liability insurance – covers you when you are responsible for others’ injuries or property damage that you cause with your car. It only pays up to maximum limits covered in your policy. You are responsible for paying the amount over the limit out of your own pocket.
  • Comprehensive and collision insurance – often come as a package deal – insurance pays to fix or replace your car after it’s damaged, even if the damage was your fault. Collision and comprehensive coverage often come with a deductible – the amount you pay before your insurance provides coverage. Ex: $500 to $2000
    • Insurance companies only pay UP TO the fair-market value of your car. If you drive an older car and have plenty of cash on hand to repair or replace it if you have to, you probably don’t need to have comprehensive and collision insurance. However, lenders and lessors require you to have this coverage if you are financing your car.
  • Uninsured/underinsured motorist coverage – often a package deal – your insurance pays you for medical expenses or damage to property caused by a driver who is uninsured or underinsured. It’s like a reverse liability insurance.
    • 20 states require drivers to have this coverage. Some estimates are that 1 out of 8 drivers don’t have insurance!
  • Outside what your state requires you to have, ask yourself: Can you afford to pay out of pocket if your car gets badly damaged or stolen? If not, consider collision and comprehensive coverage. Do you drive a lot/are the roads very busy? If so, the risk of getting in an accident is higher, so you will want liability and uninsured/underinsured motorist coverage. Who’s on your policy? If you have young drivers, get better coverage due to the risk of accidents.
  • If you buy the cheapest car insurance, you’re basically buying your state’s bare minimum coverage to drive. If you get in an accident, you will likely need to pay a lot of money to cover what your insurance doesn’t. Cost can really stack up in nightmare scenarios.
  • Car insurance can be expensive.  The average cost of minimum coverage for a good driver with good credit is $57/month. Full-coverage insurance costs about $180/month, on average.
  • Car insurance rates have gone up 19% in the past year. Save money on insurance by shopping around. Only about ¼ of customers shop around at least once a year!
    • Ask your insurance company about discounts. You can get discounts for being a good driver, paying a policy in full, not driving much, etc. You can also raise your deductible to save on costs. You just need to make sure you have the cash on hand to cover the deductible. Make sure you aren’t paying for coverage you don’t need; if you have an older car, you might be able to drop comprehensive and collision insurance. If you have several vehicles, you could drop rental car reimbursement coverage.
  • There are several different factors that go into pricing policies: your driving record, your age, where you live, your credit score, etc.

Home insurance:

  • dwelling coverage – typically pays for damages caused by sudden or accidental events only, not things that happened slowly over time or that you could have prevented through maintenance. Floods and earthquakes are often excluded from normal dwelling coverage unless you purchased those coverages.
  • Dwelling insurance matches the replacement cost of your home and attached structures – if you had to rebuild your home from scratch. Make sure your dwelling coverage is keeping up with inflation and rising building costs by checking with your insurance company from time to time. Also, keep them updated of any major renovations, such as a kitchen. For a more hands-off approach, you can add an inflation-guard to your policy to adjust your coverage automatically to keep up with inflation. Many people are underinsured and find out when it’s too late.
  • Personal property insurance – will pay to replace the stuff you own if it’s stolen or destroyed. Your belongings are typically covered only if you name them specifically in your policy!  Your coverage may have special limits on items, such as jewelry and firearms.
  • Personal liability coverage – covers injuries on or off your property/damage you accidentally cause to someone’s stuff. Ex: if your dog bites someone, someone trips on your pool deck, etc. It only pays up to a certain limit, which you can increase or decrease.
  • Loss of use coverage – pays for living expenses if your home is unlivable and being repaired after a covered loss, like a fire. It pays for hotel expenses, food, storage costs, etc. It only pays for you to maintain your normal standard of living.
  • 12% of Americans don’t have homeowners insurance! Homeowners insurance is required if you have a mortgage.
  • Insurance companies are losing money and increasing rates.

Shopping for car and home insurance can become fun to save money and compare rates. The internet makes things easier to compare rates, but when you compare rates, try to compare similar coverage amounts. If you don’t want to do the legwork yourself, you can use a broker. Some brokers require a small fee for their help.

One of the books I read in the past week is “101 Things I Learned in Culinary School” by Louis Eguaras with Matthew Frederick. Here are some of the most interesting things I learned. I will share more in a future blog post.

“Guests seek more from a dining experience than to satisfy their appetites: comfort, prestige, value, relaxation, artistry, social fun, or perhaps just a good place to watch the game. Be clear why customers choose your restaurant. Prioritize what they most need.”

Knife cuts:

School teaches you how to cook. Experience teaches you how to be a chef. A cook follows a recipe; a chef can intuitively modify a recipe. A cook knows how; a chef knows why.

A pepper’s name often changes when dried.

I look forward to reading, learning, and sharing more with you soon!