Take a look at our February newsletter!
ASSIGNMENT OF BENEFITS A Statewide Crisis Explained
727.835.1500 | 386.446.4226 THEWELCHGROUP.NET
FEBRUARY 2022
This month, I’d like to take some time to discuss an important issue that is causing spikes in homeowners insurance rates that we are seeing more frequently, especially in Florida. An Assignment of Benefits, or an AOB, is a document which, when a policyholder signs it, allows a third party such as a roofing company, plumber, glass restoration company, or water extraction company to seek payment from the policyholder’s insurance company directly. Oftentimes, roofing companies are tricking clients into signing an AOB, and if you do, you are signing over all your insurance benefits to the company that did the work for you. AOBs have been around in Florida for a long while now. However, they are often abused and thus drive up costs for many homeowners statewide. Even more
concerning, if you sign an AOB, you can potentially become involved in the vendor’s lawsuit against the insurance company in the event that a dispute over payment breaks out. Here’s an example of how it works: If a roofing company knocks on your door, telling you that you need a new roof and they can get you one free of charge if you sign an AOB, this means that once you sign, they can then tell the insurance company that the roof and materials ended up costing an astronomical amount instead of $12K, which may have been the case without an AOB. Once an AOB is signed, the roofing company raises the price of materials and labor and goes after the insurance company for everything they have. What’s happening now is that the insurance company’s rates are going up as a result. From 2013 to 2020, property insurers in the state of Florida paid $15 billion in claims, and only 8% of that was distributed to consumers. Astonishingly, 71% (more than $10 billion) was paid out to lawyers. Thus, Floridians are spending roughly $3,600 annually for homeowners insurance, which is double the national average. To help the cause, before you ever sign an AOB, be sure that you understand your insurance policy and are aware of your responsibilities in the event of a loss. Check to see if your insurance company has any vendors that they partner with and know your insurance company’s rules in regards to AOBs (if they have any). Before you ever sign an AOB, give your insurance company a call first, and most importantly, if the AOB you are about to sign has fill-in-the-blanks, do not sign it! If you have any questions or concerns about an Assignment of Benefits, contact the professionals at The Welch Group today for assistance. We are here to help!
“Most importantly, if the AOB you are about to sign has fill-in-the-blanks, do not sign it!”
-Matt Welch
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727.835.1500 | 386.446.4226 | THEWELCHGROUP.NET
3 WAYS TO REDUCE YOUR SODIUM INTAKE More Than a Pinch of Salt PROTECTION IS PRICELESS
The average American adult eats 1,000 milligrams (mg) more than the recommended amount of sodium each day. Salt enhances flavor, is easy to add to food, and tastes pretty delicious. Unfortunately, too much of it is unhealthy and can cause high blood pressure or kidney damage. Here are some steps you can take to reduce your sodium intake without sacrificing flavor. Read food labels. Processed foods tend to contain a lot of sodium, so it’s best to shop for f resh meat, f ruits, vegetables, and dairy. In particular, avoid premade sauces whenever possible. If you need to buy prepared meals, always read the label and look for items with less than 600 mg of sodium — the highest amount a meal can contain and still be labeled “healthy” by the FDA. Check serving sizes as well; 400 mg of sodium in one meal sounds good until you realize there are 2–3 servings in the package.
Taking a Look at Umbrella Policies
Try other flavors. We have easy access to more types of salt than ever, but unfortunately, sea salt, Himalayan salt, and kosher salt don’t contain any less sodium than the table variety. Luckily, there are plenty of other seasonings available to liven up
Chocolate Pecan Fondue
your food. Experiment with new spices; the bolder the flavor, the less you’ll notice the reduced salt. Garlic is a popular choice, but check the nutrition information — salt is included in many spice blends. Keep the shaker out of sight. If you want to reduce the amount of salt you use, try putting it away. Keeping salt on the table increases the temptation to sprinkle a little bit more on your meal. You can still get up and get the salt out of the cupboard if it’s really needed, but you’ll have the opportunity to reflect on your actions and make a more conscious decision. It will also help kids, who may instinctively reach for the salt or copy their parents. Cutting salt takes time, but the preference for salt is an acquired taste, and it can be unlearned. It may take several weeks or even a couple months to get used to the flavor of reduced salt, but those who successfully do often find salty foods they used to eat unpalatable. Once the extra sodium is gone f rom your diet, you probably won’t miss it — and your body will be a lot healthier for it.
You don’t have to wait for a special holiday to break out the fancy stuff. Surprise your honey with this delicious chocolate treat any time!
INGREDIENTS
DIRECTIONS
• 1/2 cup half-and-half cream • 2 tbsp honey • 9 oz semisweet chocolate, broken into pieces • 1/4 cup pecans, finely chopped • 1 tsp vanilla extract • Fresh fruit of your choice
1. In a sturdy saucepan over low heat, combine cream and honey. Stir until mixed thoroughly and heat until warm. 2. Add in chocolate, stirring until melted. 3. Stir in pecans and vanilla. 4. Transfer to a fondue pot or a slow cooker to keep warm. 5. Serve with fruit, cookies, and marshmallows of your choice.
• Shortbread cookies • Large marshmallows
Inspired by TasteOfHome.com
727.835.1500 | 386.446.4226
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What is umbrella insurance, and how can it protect your family and assets?
Today, it seems that anyone can potentially face a lawsuit for just about anything, even if they haven’t done anything wrong. Thus, it’s so important to consider an umbrella policy as an extra source of protection for your family and assets. If anything, it offers a great source of peace of mind. Personal umbrella insurance adds extra liability coverage on top of the coverage you have from other policies, such as homeowners insurance or auto insurance. It’s put in place to cover you from big and potentially devastating judgments or liability claims and are beneficial to just about everyone. When accidents result in high costs, umbrella insurance policies kick in to help keep you fromhaving to pay out of pocket for other people’s legal or medical bills. They come into play when your underlying liability limits have already been fulfilled. Typically, umbrella insurance extends to other household members who do not have auto policies in their own name. Things that are usually not included in an umbrella policy include personal property, business losses, criminal or intentional actions, and contracts. So, a personal umbrella policy will not protect you from liability if you were intentionally harmful to another person or their property. Generally speaking, umbrella policies are very affordable. For more information, give us a call. We’d love to chat with you about your options!
We’ve all been taught that bragging is annoying, but when you’re afraid to identify your worth, it can really hurt your confidence and success in business. To prevent that from happening, here are three tips to make it easy to name your price! No. 1: Get to know your value. How do we figure out our value? Specifically, how do we come up with a quantifiable method to reach an exact, irrefutable number? Well, we don’t. The best place to start is deciding who you want to be in your business and industry and building from there. With a solid mission statement and concrete affirmations that support your value in the business, you’ll gain more confidence in arriving at a price point. No. 2: Be open to receiving — and giving — love. Accepting compliments can be tough, but in business, compliments can be powerful catapults to your continued success. When you take time to notice all the people you’ve helped, the accomplishments you’ve achieved, and the difference you’ve made, the motivation it fosters is monumental. Keep your happy emails, texts, and reviews from clients and create an easy reference for instant, uplifting support. If a client seems happy, never be afraid to ask for a testimonial. Many people simply need to be asked, and they’ll be happy to provide one. In the same stride, consider the people who help you and your business every day and find ways to show appreciation. Passing that love around can make a huge difference in energizing the way you perceive your value. No. 3: Make the final game plan. After considering what your offerings are likely worth, whom you’re looking to serve, and what they’d be willing to pay, you can name your final price. After all, prices don’t fall from the sky. Without obsessing over it, look at what kind of value your competitors have set for themselves. That’ll give you a great starting point. Take good care of yourself, friends — and don’t forget that a confident price tag is a great way to do just that in your business. FEEL CONFIDENT IN BUSINESS! 3 Steps to Identify Your Value
TAKE A BREAK
SOLUTION
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THEWELCHGROUP.NET
727.835.1500 | 386.446.4226 THEWELCHGROUP.NET
PRSRT STD US POSTAGE PAID BOISE, ID PERMIT 411
17221 CAMELOT CT., STE. 101 LAND O LAKES, FL 34638
INSIDE 1 Assignment of Benefits 101 2 Reduce Your Sodium Intake With These 3 Tips
2 Priceless Protection 2 Chocolate Pecan Fondue 3 3 Steps to Identify Your Business Value
4 Auto Insurance Coverage Guide
A GUIDE TO DIFFERENTAUTO Not All Auto Insurance Policies Are Created Equal
Collision Coverage When a car accident takes place, this insurance coverage takes care of getting your vehicle repaired. Keep in mind that if the repairs wind up totaling more than your car is worth, the insurance company will consider it to be totaled and pay out the total vehicle value. Property Damage Liability Coverage In the event that you crash into hedges, a fence, or a carport on someone’s residential property, this auto insurance coverage will help to pay for the repairs of that property. It should be noted that this type of insurance usually does not cover damage to your vehicle. Comprehensive Coverage This insurance coverage covers your vehicle damages resulting from anything that isn’t an accident including national disasters, weather, vandalism, theft, riots, fires, or falling objects. Keep in mind that at the Welch Group, we are always available to help you determine which auto insurance coverage and policy is the best fit for you. Give us a call today!
Every state in which car insurance is necessary has a minimum amount that you must carry, but the amounts are low when compared with the costs that may stack up in the event that you’re responsible for an accident or badly injured.
Here are the different coverages to consider.
Uninsured/Underinsured Motorist Coverage In the event that someone who doesn’t have car insurance causes an accident, your uninsured motorist coverage will cover all of the repairs on your vehicle. It’s important to note that it will also cover pain and suffering costs, medical bills, and, in worst-case scenarios, funeral costs. Bodily Injury Liability Coverage If you cause an accident in which others are injured, this insurance coverage will take care of their medical treatment, funeral expenses, legal fees, pain and suffering, and rehabilitation costs. Everyone is covered, including drivers and passengers in your car or other vehicles that were involved.
INSURANCE COVERAGES
Shopping for an auto insurance policy can surely be a drag. There are so many factors and aspects to take into consideration when it comes to what you need and what you are able to afford. The different types of coverage that are worked into the policy can be confusing. Hopefully this guide will help!
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727.835.1500 | 386.446.4226 | THEWELCHGROUP.NET
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