PHH Insurance Blog

Stafford Springs, CT

Archive for the month “March, 2012”

23 Mar 2012
3 Comments

How Important is Life Insurance?

Life insurance is probably one of the most important insurance coverages to have but not a lot of people below the age of 40 have it. The reason? They all think nothing will happen to them so why bother getting the coverage. That’s not true. You don’t have to be 40 or over to get life insurance and being young doesn’t mean nothing will happen to you.

I mentioned in one of my previous posts that recently a 23 year old  friend of mine was diagnosed with cancer. Luckily, it is treatable but if the doctors hadn’t caught it on time, his family members would have had to pay for his medical and funeral costs as he doesn’t have a life insurance policy. That could have been a costly procedure as funeral expenses aren’t cheap nor are medical expenses.

Another example would be a young adult who passed away because of a heart attack. Nobody would expect a person in their late 20s, early 30s to have a heart attack but it is possible. Now his medical bills, funeral costs and his debts have to be paid and they’re all pushed off to the family members. That could be a real hassle and a cumbersome process to deal with if you don’t have a life insurance policy. If you have a policy of $100,00 not only would the medical and funeral expenses be paid but the leftover money would be given to the family members to help them out with other expenses.

If you buy life insurance at a younger age, the monthly cost would be a lot cheaper compared to that of an adult over the age of 40 since you have less problems and are fairly healthy at your prime age. So why not take a few minutes to call us at 860 684 2721 or visit our website to get a quote. It will help you in the long run and secure your family’s future in case something were to happen to you.

Watch this video to find out how important buying a life insurance policy can be.

Posted in Life and tagged , , ,
22 Mar 2012

Springtime Cleaning: Save Money Furnishing Outdoor Space

Getting outdoor living space sorted for summer is an important ‘to do’ point on the spring cleaning list – but it doesn’t have to cost a fortune. Whether you mend and make do, recycle or get creative, the need to be thrifty doesn’t have to impact on style – here’s our top tips for saving money on furnishing outdoor space.

Annual stock take

Unless you’re completely starting from scratch, dust off the garden furniture from last year – anything that has been stored carefully out of the elements should still be good for another season.

Second hand scavenge

Anyone starting from scratch and short in finances should check out local garage sales, charity shops and online auction sites. There’s always a surplus of garden furniture on the second hand market every spring when people clean out their sheds.

Mend and make do

Furniture from last summer will need a good clean – get the hose out and brush down with a stiff brush. Wooden frames, chairs and tables will need a soaking of oil, whilst metal sets should be checked for rust and perhaps given a touch up with paint where needed. Fabric covers should be checked for durability and washed – replacement covers can be easily sourced from most furniture stores.

Get creative and DIY

Whilst there are loads of cheap tables and barbecues on the market – you pretty much get what you pay for, which might be just one season; plus they’re the easiest garden pieces to build yourself and can be created to fit the space perfectly. Barbecues can be built out of bricks, blocks, or cob – grills are available at most DIY stores, whilst a waney edged cross section of oak serves as both a beautiful and unique table top – speak to the local timber merchants to source.

Invest wisely

Whilst we all love a bargain – buying the cheapest option on the market doesn’t always pay, especially if replacements are needed every year. Shop around, checking both local retail outlets and online stores to compare products and prices – many retailers now offer a ‘price promise’ guarantee, which means they’ll match the cheapest RRP the customer can source, so do your research.

Saving money should be a habit that everyone should develop because you never know when you might need it to get yourself out of a pinch. Follow these tips and you should be on a good start to save money for the spring time.

Posted in Miscellaneous and tagged , , | Leave a Comment
20 Mar 2012
3 Comments

Marine Insurance CT

Owning a boat is a cherished dream of many Americans who spend year after year saving every penny to one day make that purchase. Unfortunately, that dream can quickly turn into a nightmare when buyers learn that they can’t get boat insurance through traditional channels. To make sure you’re not denied the proper coverage required, follow these steps to ensure proper coverage protection.

1. If your boat is in poor condition, it can be very difficult to insure. Perform regular repair and maintenance for a chance of getting a great policy lined up.

2. Boating violations are the same as motor vehicle violations, so make sure you don’t get too many tickets too often or you’ll be taken as a liability and not be insured.

3. Size matters. If your boat size is too big, some insurance companies might not insure it because of the cost. You may have to seek insurance through companies that specialize in large boats and yachts.

4. BUI. Same concept as DUI. If you have one on your record, your insurance might  be more expensive than its normal price.

5. Driving record. Underwriters of insurance policies take many different factors under consideration when writing a policy and one of the things they look at is the driving record. If you have a bad driving record with multiple claims, it can cause an insurance company to drop a client in a heartbeat. Boats are generally very expensive and insurance companies don’t gamble with their investments so make sure you have a clean record.

6. Speed Boats. These fast paced machines are difficult to insure through major companies so you may find yourself paying a high premium for specialized high risk insurance on your beauty ride.

7. Inadequate Number of Life Jackets. Part of the underwriting inspection for your boat is making sure that there are an adequate number of life jackets on board, typically one for every seat or unit of capacity. Failure to provide these at the time of your inspection will probably only hold up the process, but non-compliance will almost always result in the policy not being written at all.

It’s important to remember that boat insurance isn’t that much different from car insurance, and that the laws that govern the water are just as important as those that apply on land. Reducing claims, fines and violations will not only save you money and insure that you obtain coverage, but can also keep you and your loved ones safe.

Posted in Boat Insurance, Marine Insurance and tagged , ,
15 Mar 2012

How Gas Prices are Determined

We’re all familiar with how gas prices fluctuate every now and then. One day it’s cheap and the next it’s high but what’s the reason behind it? This infographic will explain the reasons and how prices are determined.

Courtesy of visual.ly

 

This year, the gas prices will set a new record high with prices claiming to hit $5 to $6 per gallon by summer. If that happens, you can say goodbye to frequent beach visits unless you live pretty close to it. A way to survive the gas price hike would be to purchase a gas friendly car, like a hybrid, or buy a moped as it gets you close to 100 mpg, although its speed isn’t that great but that wouldn’t matter when you’ll be saving money.

Posted in Auto and tagged , , | Leave a Comment
14 Mar 2012
2 Comments

Money Saving Tips

There are countless ways to save some extra money. Most people have short term habits that cost them in the long run. Whether it’s picking up fast food for lunch or coffee drinks every day, it all adds up quick. It might be hard to fight such habits but it’s definitely worth it. Do it for yourself. You’ll really appreciate it someday. Read the tips below and see if any sound familiar.

  1. Need Caffeine? These days, it’s really easy to get into a habit of getting a daily item. Whatever it might be, you should try to identify what it is in your daily life. Say you’re working 5 days a week, and you get a $4 coffee every day. You could be saving $20 a week just for cutting that back!
  2. Lunch time. Convenience is easy to find when it comes to food. Fast food can be extremely unhealthy, in addition to being costly after a while. If you get lunch from time to time that’s OK, but try to budget it in rather than making it a bad habit. Besides, home cooked food always tastes better than fast food so bring lunch from home instead.
  3. Commit to saving. It’s always nice to have an emergency stash of cash for yourself right? Have your bank deposit a certain amount of your pay checks into a separate savings account. Even if you only budget in $20 a check, that’s potentially $480 a year! But don’t stop there! Let it grow! Alternatively you could fill a jar or something up with pocket change and watch it fill up over the months.
  4. Be a smart shopper. When was the last time you used coupons for your groceries? Check the newspaper for coupons. Sunday papers usually have lots of coupons in them. You should also check out the deals online, on sites like Groupon, there are local deals for just about anything.
  5. Drive less! Investing on a gas saver might be the way to go if you don’t already get good gas mileage. The cost of gas has always fluctuated and this year we might hit $5/gallon which might be just too much for some people to pay. There are only a few factors you can change yourself. You can travel less, or be more fuel efficient. If nothing else, you could use the other tips to keep up with the cost of driving. Consider public transportation from time to time to save some gas or consider buying a hybrid that gets you 50 mpg or more. You can also use the website GasBuddy to find the cheapest gas prices near you.

So what are your habits? Do you fall under any of these scenarios? If not, then that’s more than I can say for myself! The point is to alter your daily routine to gain a more beneficial long term savings. Of course, you can save a lot on your insurance which would make budgeting for everything else less of a hassle. Assure your getting the best deal, get a free quote on our website or come into our office.

Posted in Miscellaneous and tagged , , ,
13 Mar 2012

Weird And Crazy Insurance Claims

We’ve all claimed insurance at least once in the past (if you haven’t, keep up the streak, your policy price will keep going down) but some of these claims are a means of getting rich or just plain old odd. Check it out and have a few laughs. Just remember, don’t try this yourself or you will be either caught or embarrassed, especially with the bikini peeping one ;) .

Posted in Fun, Other Insurance and tagged , | Leave a Comment
09 Mar 2012

CT Disability Insurance

When it comes to insurance, some people look the other way and think to themselves “What’s the worse that could happen? or, “That wouldn’t happen to me.” The truth is, life is unpredictable. Accidents happen and even though you can prevent most of them from happening, the best thing to do is to be prepared. That’s where insurance comes in. Insurance is a form of risk management that protects you and your interests in times of uncertain loss. Some people live their whole lives without using insurance (except life insurance if they have it) while others use insurance many times throughout their lives. Either way, it is best to have insurance so you don’t end up paying for the losses out of your pocket.

In this topic, we are going to talk about Disability Insurance. This type of insurance covers the beneficiary’s earned income against the risk that a disability will make work uncomfortable, painful or impossible. In other words, if you get injured and are unable to go to work, your insurance policy will pay you for the loss that incurred because of that.

There are many types of disability insurance but the most common one is ‘Workers Compensation’. It is offered through the employer and pays for employees who are unable to work because of a job related injury. If your employer doesn’t provide workers’ comp, then you should consider buying the Individual Disability Insurance since you don’t know when you’ll be injured and as mentioned before, it’s always better to be prepared than sorry.

If you’re considering buying disability insurance (DI), you should also consider health insurance. Health insurance pays for your hospital bills while the DI pays for your time off work. Here’s an example of how crucial disability insurance can be. A friend of mine was recently diagnosed with Lymphoma. It’s a type of cancer and luckily it was caught early in the stage. He has health insurance which paid for his hospital bills but he failed to get the disability insurance. He had to request absence of leave from work because of chemo therapy and the loss of income was not covered. He now relies solely on help from his family and friends and that could be a difficult process to go through. To top it all off, it was unexpected too. Who’d have thought a 23 year old to have cancer? He certainly didn’t think it would happen to him but everything in life in unpredictable which is why we encourage you to have disability insurance. It could help you out in your greatest time of need.

If you would like to get a quote, don’t hesitate to call us at 860 684 2721 or visit our website for more information.

Posted in Disability Insurance, Health Insurance, Wokers' Comp and tagged , , | Leave a Comment
08 Mar 2012
2 Comments

Health Care Tax Deductions

Did you know 81 percent of respondents had out-of-pocket health care expenses in 2011 but only 34 percent plan on deducting those costs from their taxes? The following infographic will help consumers understand that they can deduct out-of-pocket health costs and provide steps to file those health care expenses.

Deducting Health Care Costs
Courtesy of GoHealthInsurance.com

Posted in Health, Health Insurance and tagged , , ,
07 Mar 2012

Droughts and Heat Waves: Be Prepared

These two natural disasters weren’t a threat to mankind up until recently. Sure, they still occurred but not as worse as they are now. What might be the cause of increase heat waves and droughts? My best guess would be global warming. (See Chart Below)

Heat Waves and Droughts, 1980-2010

Heat Waves And Droughts, 1980-2010

The symbols show the most affected regions as of March 2011

Droughts and heat waves accounted for two of the deadliest natural disasters in the world since 1980, including a 2010 heat wave in Russia that caused 56,000 deaths and nearly $2 billion in economic losses, according to Munich Re. The major part of the direct economic losses of heat waves are secondary effects such as drought, subsidence and wildfires, according to Munich Re.

Europe is witnessing a dramatic increase in property damage as a result of drought-induced soil subsidence, according to a 2011 study from Swiss Re. Prolonged dry spells can cause the ground to sink by so much that cracks appear in the earth, tearing apart the foundations of houses, bridges, factories and other structures. In France alone, subsidence-related losses have risen by more than 50 percent in the last two decades.

So, how do heat waves form?

A heat wave is an extended interval of abnormally hot and humid weather, usually lasting from a few days to over a week. Heat waves form when an air mass becomes stationary over a region. In the Eastern United States a heat wave occurs when a high pressure system originating in the Gulf of Mexico becomes stationary just off the Atlantic Seaboard (typically known as a Bermuda High.) The SW winds on the back side of the High continue to pump hot, humid Gulf air North-eastward resulting in a spell of hot and humid weather for much of the Eastern States.

The dangerous heat wave spreading across the United States the third week in July 2010 caused at least 22 deaths and prompted NOAA’s National Weather Service to issue a heat alert affecting approximately 995,000 square miles and 150 million people.

Be Prepared – - Heat Wave Tips:

  1. If a heat wave is predicted or happening – slow down. Avoid strenuous activity. If you have to do strenuous activity the recommended hours are between 4 am and 7 am.
  2. Stay indoors as much as possible. If air conditioning is not available, stay on the lowest floor, out of the sunshine. Remember electric fans do not cool air, but they do help sweat evaporate which cools your body.
  3. Wear lightweight, light colored clothing. Light colors will reflect away some of the sun’s energy.
  4. Drink plenty of water regularly and often, even if you do not feel thirsty. Your body needs water to keep cool.
  5. Water is the safest liquid to drink during heat emergencies. Avoid drinks with alcohol or caffeine in them. They can make you feel good briefly, but make the heart’s effects on your body worse. This is especially true about beer, which actually dehydrates the body.
  6. Eat small meals and eat more often. Avoid foods that are high in protein, which increase metabolic heat.

As long as you stay in a cool place and keep yourself hydrated, you’ll be fine. And remember to check up on elderly friends and neighbors.

Posted in Health, Life, Other Insurance and tagged , , , , | Leave a Comment
05 Mar 2012
1 Comment

Tax Season: Factor the Losses

Everyone’s favorite time of the year is rapidly approaching, the tax deadline.

As you’re thinking about the past year, make sure to consider any property losses you may have incurred in 2011. Many people up and down the East Coast suffered losses due to Hurricane Irene, which was by most estimates one of the top ten most destructive and deadly hurricanes to hit the United States since 1980. Irene was a tragedy, but the silver lining is that according to the IRS, losses may well be deductible.

Keeping the terminology clear may help you understand which losses are deductible and which are not. Remember, a casualty occurs when your property is damaged as a result of a disaster such as a storm, fire, car accident or similar event. A theft occurs when somebody steals your property. A loss on deposits occurs when your financial institution becomes insolvent or bankrupt. Any losses incurred as a result of hurricane damage are considered casualties, particularly since Hurricane Irene was one of the manyfederally recognized disasters in 2011.

However, while losses are deductible, it’s important to know that if you have insurance, you must have filed a timely insurance claim. Any reimbursement you received from insurance must be taken into account and subtracted when figuring your loss. This includes any expected reimbursement even if you have not yet received it. This booklet on Casualties, Disasters & Theft from the IRS (PDF) will help you decide if the casualty, loss and theft deductions apply to you.

Taxes are never fun, but being prepared for all eventualities helps whether the disaster is a hurricane or a Form 1040. Make sure your accountant is aware of any losses you may have suffered in 2011.

And when you’re done with the taxes, get the party hats out and celebrate another tax season dealt with.

Posted in Other Insurance and tagged , , , ,

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