Take a look at our October newsletter!
Proactivity Is Better Than Reactivity GETTING YOUR COVERAGE IN ORDER DURING THE CALM BEFORE THE STORM
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OCTOBER 2021
In October, we are still in the thick of hurricane season and the threats that come fromhurricanes are very real. For many clients, dealing with hurricanes seems a bit terrifying, especially if they just recently moved to Florida from another state. For most of their lives, most clients have heard and seen the photos of the horrible destruction that hurricanes can potentially cause. However, most have never lived through the reality of one! As a claims adjuster once toldme, “Matt, it’s not a matter of if we will get another Hurricane Andrew, but when!” Clients then see the damage from a storm like Ida, a category 4 hurricane that recently made landfall — clocking in as the second-most intense and damaging storm to hit Louisiana — and the reality becomes real once again. I tell each of my clients that the best way they can prepare for the effects of a possible hurricane is to check their policy and be sure they understand their hurricane deductible ahead of time. When the storm is barreling up the coast of Florida and right on your front door, it’s too late. As storms approach and enter a certain geographical box that surrounds the state of Florida, insurance carriers lock down all their policies, and we are unable to make changes. This often includes additional insurance policies such as life insurance, auto insurance, and even renters insurance. Based on the above, it is essential that you understand how your policy reacts at the time of a hurricane, especially your hurricane deductible. Your hurricane deductible is calculated based on a percentage of your home’s insured value, Therefore, if your home is valued at $300,000, and your deductible is 2%, then $6,000 is your hurricane deductible amount that you must meet
in order for the claim to be covered. That means, if you only had two fence panels and a few screens missing after a storm, unless you have some very expensive panels and screens, the damages most likely won’t be covered. In addition, many policies don’t cover downed trees unless the tree has fallen on your home or is blocking the entryway to your house. It is also important to consider that flood insurance is a completely separate policy that is written through FEMA, and many people, unfortunately, believe that because they do not live in a mandatory flood zone, they do not need flood insurance. The truth is everyone in Florida lives in some type of flood zone. However, mortgage companies only require homeowners in certain geographical areas to carry flood insurance to protect their loan amount. This creates a false sense of security for those not living in the mandated areas. Oftentimes, I hear people say, “I don’t need flood insurance, as I am not in a flood zone.” My response to them is, “You are correct, unless we have a flood.” John F. Kennedy once said, “The time to repair the roof is when the sun is shining.” By this, he was emphasizing the importance of proactivity. The timeliness of your action is important when it comes to preparing for hurricane season. You certainly don’t want to be caught with your pants down, so to speak, when a hurricane is just days away. Floridians who lived through Hurricane Andrew in the early ’90s can tell you that hurricanes are not something to mess around with. I have clients who lost everything in Andrew, both in their businesses and in their personal lives, and every single one of themwill tell you how devastating it was. Now, they are prepared and protected if they ever have to relive the devastation again. The time is NOW to get prepared. If you need help understanding your current policy, flood insurance, or hurricane deductible, call us today! It is our job to make sure you are prepared!
“When the storm is
barreling up the coast of Florida and right on
your front door, it is too late.”
-Matt Welch
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Making Insurance End UNDERSTANDING HOME I
Tap Into a Successful CEO’s Mind How ‘The Outsiders’ Provides an Unconventional Road Map
But first, what is an insurance endorsement?
An endorsement, also known as rider, is an amendment that is made to a current insurance policy. Keep in mind that your insurance policies are legally binding contracts that you enter into with the insurance company. The endorsement is intended to change the terms of the original insurance contract. Like the standard underlying policy, endorsements are also legally binding. It is important to understand that not all insurance policies are created equal. This means some carriers will automatically provide coverage for items like screen enclosures, water and sewer backup, animal liability, or roof solar panels. For those companies that do not offer these built-in protections, some carriers will offer multiple endorsements that you can purchase to add to your homeowners’ policy. This can be a great way to add coverage for additional items. Endorsements can also be put into effect to remove coverage for certain items. For example, many times people may wish to remove certain types of water damage coverage. As discussed on Page 4, there are many different water damage coverage options for various kinds of water issues. (Endorsements can add or remove people from the policy at any time as well.)
What if you could harness the knowledge and skill possessed by some of the world’s top CEOs — specifically eight of them? With investment expert and author William N. Thorndike Jr.’s “The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success,” you can. After years of analyzing investments and the companies behind meteoric climbs on Wall Street, Thorndike has compiled stories, lessons, and tactics used by eight CEOs whose methods and beliefs don’t mirror those of other leaders — unconventional leaders like Virgin Group Founder Richard Branson or SpaceX and Tesla CEO Elon Musk, whose companies’ growth speaks volumes for their methodology. Thorndike examines the successes of various business leaders, like pet food company Ralston Purina’s CEO or Berkshire Hathaway’s top leader, to discover what makes these companies so successful, even as they quietly grow. Through his storytelling and deep-dive into the mindsets of these CEOs, Thorndike offers readers various perspectives on a different way to amass success. Thorndike also illuminates how many of these top business minds were quietly outpacing their loud, celebrity-like counterparts. For example, frugality is a major component of their success, while most others view a singular metric as the biggest determining factor in their company’s long-term success. Together, many of these top CEOs often value the human elements of their business, attributing the people they have working for them as one of the most important parts of their company growth. As you read through the various lessons and experiences of these CEOs, you find models emerging. Some of the tactics may work for you, while others prove that unconventional methods were never out of the box to begin with. All told, Thorndike’s “The Outsiders” is a reminder that sometimes the quiet ones make the most progress. You can learn more about Thorndike’s book at Goodreads.com, or you can find it on Amazon.com or your favorite bookstore.
TAKE A BREAK
SOLUTION
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Thanks, Bud!
dorsements Work for You INSURANCE ENDORSEMENTS
An endorsement becomes a part of your policy and will remain in effect for the length of your parent policy. Some endorsements, however, can have a limited term, so it’s important to read your policy and understand its conditions. If you have items of value or have undergone a change to your home or business, you may require an endorsement. Reviewing your policy on a regular basis will ensure you are adequately covered. If you have any questions or require assistance with your insurance endorsements, we are happy to help! Call us today!
You don’t become America’s national pastime without learning how to adapt — and Major League Baseball (MLB) made the ultimate pivot. This October, MLB’s biggest stars and teams with the most wins all-time will take the field for the 2021 playoffs. The winners will be crowned champions of the world, but the league these champs call home already owns an equally prestigious title: the founders of streaming services. Their legendary reign started back in the early 2000s, when former MLB commissioner Bud Selig asked every team in the league to contribute $4 million for the creation of Baseball Advanced Media (BAM). At that time, the dot-com bubble had yet to burst, and Selig wanted America’s once favorite sport to “keep up with the times,” so to speak. BAM created a website for each team, but it soon took on other qualities that gave it an edge. The Hustle reports that BAM offered online video, multidevice watching services, and a large data and broadband structure before other major platforms even existed. BAM soon became such a smashing success that it soon became BAMTech and started creating platforms for other popular sports leagues BASEBALL’S FORMER COMMISSIONER AND STREAMING TV
One-Pan Veggies and Chicken What’s better than a healthy, seasonal dinner? How about one that requires minimal effort too?
like World Wrestling Entertainment (WWE) and the National Hockey League (NHL). (It even assisted HBO!)
In 2017, one of the biggest players in movies, Disney, invested in BAMTech, claiming a majority stake, and began its transition into streaming services. Soon after, as The Hustle reported, Disney announced Disney+, a streaming platform whose features were similar to that of Netflix and BAM. In March 2021, Disney+ hit more than 100 million users, making it a powerhouse in streaming — all created because of BAMTech. Today, BAM and BAMTech are credited with being on the forefront of streaming services and continue to hold a power position over streaming and within entertainment companies. “Media companies are not good at tech and really struggle with large scale,” says investment analyst Rich Greenfield in The Verge. “They don’t trust companies like Google or Amazon, who want to displace them. BAM is seen as friendly.”
INGREDIENTS
DIRECTIONS
• •
1 sweet potato, cubed 1 lb Brussels sprouts, halved
1. Preheat oven to 400 F. 2. On a baking sheet, add potatoes, Brussels sprouts, and apples. Layer chicken thighs on top. 3. Drizzle with olive oil. Then season with salt, pepper, garlic, rosemary, and thyme. 4. Turn chicken over and add seasoning to the back side. Return skin-side up before baking. 5. Bake for 30 minutes, and broil for 5–10 minutes afterward.
• • • • • • •
2 apples, sliced 4 chicken thighs 4 tbsp olive oil
Salt and pepper, to taste 3 cloves garlic, minced
1 tbsp rosemary 2 tbsp thyme
Inspired by Tasty.co
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INSIDE 1 A Guide to Hurricane Preparedness 2 ‘The Outsiders’: A Model for Success 2 Making Insurance Endorsements Work for You 3 One-Pan Veggies and Chicken 3 How the MLB Helped Create Disney+ 4 Which Types of Insurance Cover Water Damage?
This or That? Which Types of Insurance CoverWater Damage?
There are many different ways water can damage your home and that determines how the policy may or may not be able to respond. For instance, if a pipe breaks in your wall, the water damage will be different from a water backup or even sewer damage. Those damages are surely different from those resulting from wind-driven rain, which are different from rising water and flood water. While it’s all “water damage,” policies will respond very specifically to certain things. For example, if a hurricane barrels up the coast and you sustain water damage — and you carry hurricane insurance — the damages will likely be covered under your existing policy. However, if you also sustained rising water damage and do not carry flood insurance, the damage from the rising water may not be covered.
When hurricane Sandy hit in the Northeast, a lot of folks sustained damage from both wind and rising water, but if they didn’t have the proper coverage for addressing both scenarios, they may not have been covered. We just had an elderly client who lived along the Jersey Shore. She was excited to have just paid off her home and when she did, she canceled her flood insurance. When Hurricane Sandy hit a few weeks later, due to the fact that she had substantial damages from the rising ocean water, she lost everything — it’s absolutely heartbreaking. It is essential to understand that insurance is a legally binding contract. We highly encourage people to read each page (even past page 80 if necessary!) of that contract so they can understand the exact coverage they do or do not have. That is the only way to be truly prepared. Many people have a difficult time grasping the concept that water can severely damage their property. They may also struggle to understand which types of coverages need to be applied to offer adequate protection ... That’s where we come in! We are here to help you make sense of the differing insurance coverages and to take away any worry and anxiety you may have about this process.
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