First Community Financial Group, Inc. Blog |
Health insurance can be expensive, and as of 2021, there is no longer a federal requirement that you have to buy health insurance. You will not face fines for not carrying coverage.
Choosing to go uninsured isn’t recommended—and for a good reason. The average cost of health insurance for a single person in the U.S. is around $495 a year (about $41.25 a month), while the average cost for an American family is around $1,779 a year (about $148.25 a month). This may seem expensive, but it’s critical to compare health insurance premiums to the cost benefits you will receive from buying a policy. The True Cost of Health Care Getting health insurance is encouraged due to the expensive nature of health care services today. A single hospital stay can cost an average of more than $15,000, this is an expense many are not ready to pay for. While you may be able to schedule payments for expensive medical bills, it isn’t always feasible—especially when added to other everyday medical costs such as medications, check-ups, doctor visits, etc. Consider just a few of the average costs of common health care services (without insurance):
For example, a single person gets into a car wreck and needs emergency services. They’re transported by ambulance to a hospital and rushed into immediate spinal fusion surgery. Once out of surgery, they not only need to stay in the hospital for a few days to recover, but they will also need prescription medication and physical therapy. On the low side, the victim could be facing a bill of at least $35,000 (on top of recovering physically and emotionally from the incident). Growing Health Care Costs Unfortunately, these prices only seem to be growing due to a few factors, such as:
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Do you remember when you were young and had to check under your bed for monsters before you could go to sleep? I sure do! Because of my hyperactive imagination and the poor decision to watch one too many cheesy 80's horror movies, I was absolutely terrified of monsters when I was a kid. Every night I would thoroughly inspect all of the best hiding places in my room before I reluctantly switched off the light and frantically dashed for my bed, fully expecting to be ambushed by a mob of gremlins as soon as everything was dark. I certainly didn't want any mischievous little critters to snack on one of my exposed limbs as I slept, so I wrapped myself in a cocoon of blankets as an extra precaution. The slightest noise would make my heart race with fear and my mind travel to nightmarish situations. Peace of mind wouldn't arrive until I had finally drifted off to sleep. Now that I am an adult who is fairly confident that there are no monsters under my bed, I have a more important question to ask: What's lurking below your mobile home? The answer probably isn't monsters, but here are three things that you may find: Animals Mice, raccoons, squirrels, skunks, insects and other critters may invade the space below your mobile home and cause messes, loud noises, bothersome odors and other damages. Keeping your trash and recycle bins tightly closed and making a point to keep the underside of your home clean of trash and debris are good strategies for keeping otherwise curious animals away. It also helps to keep bird feeders a good distance from your home, as they attract pesky squirrels and raccoons. According to SFGate, sprinkling chili or habanero flakes in the dirt around your home is an effective way to repel many animals. But if you do end up finding an animal under your home, don't try to remove it yourself. Instead, call your local animal control service−they can help you find a safe solution. Water If there is an abundance of clay in the soil around your home or if your yard is not graded well, any water that collects under your home may not be able to drain properly. Rainfall and even plumbing leaks can lead to excess moisture, and if you don't act quickly to fix this problem, your home could become musty and moldy. My Mobile Home Makeover suggests addressing the issue of pooling rain water by stapling plastic sheeting to the bottom frames of skirting so that any water that collects will be absorbed beneath the plastic and will not damage the bottom of your home. You can also install gutters to prevent rain water from pooling underneath or around your home. Holes It never hurts to thoroughly inspect the bottom of your mobile home for holes. Gaps, tears and open spaces enable animals to sneak in and make your home their own. Holes could also expose water pipes and wires, which could easily be damaged by outside elements. If you find holes in the polyethylene belly wrap below your home, SFGate suggests stuffing fiberglass insulation into the space before patching it. Additionally, cleaning the area around the hole will make the patch stick more effectively. Lastly, if you plan to file a claim with your insurance company, be sure to take photos of the holes and other damages and keep careful records of your receipts and invoices related to any mobile home underbelly repairing projects. Routinely checking under your mobile home for animals, water and holes will help you stay aware of potentially monstrous damages that require your attention. Content Provided by: Foremost Insurance Group there are many ways to save money on auto insurance. Many vehicle owners assume they will get the lowest rate available as soon as they request a quote. That is not always the case.
Being a smart driver means knowing what discount options are available to you. You may find a wide range of savings opportunities to help reduce your premium. Nothing is more important than being a safe driver. These five areas can help reduce costs, though. #1: Don’t text and drive. Consumer Reports found that insurers are raising rates for drivers who text and drive. If you receive a citation for this, you can expect your rates to jump. The organization found drivers saw a 16 percent increase in their rates when they had a citation. Any type of distracted driving citation could raise your rates. #2: Driving less can cut your costs. You know driving less and walking or biking more is good for the environment. It can help you save money, too. If you do not drive your vehicle often, let your car insurance company know. They will likely ask you for your approximate yearly mileage. #3: Be picky about discounts offered for technology. Technology is a growing area of development in vehicles today. In the future, car insurance providers will have more data to make key decisions about just how safe a driver is. Let your insurer know about the technology your vehicle offers. This includes things like collision preparation systems, IoT connectivity, and features like driver alertness monitoring. Connected vehicles may also be able to allow their insurer to track their driving. In doing so, they could see a cost savings for reduced driving. #4: Get a new policy when you are an older teen. Here’s a surprising way to save on auto insurance for your teen. As your teen reaches 18 and 19 years old, have the teen request a new quote from a new insurer. Doing so could help them save. Also, note that girls tend to qualify for lower rates sooner than boys. #5: Going green could cost you green. Electric vehicles are still very expensive. If you have a hybrid vehicle, you will often pay more for insurance compared to the same model in standard design. This may change in the future. However, you may want to consider this before you buy a new electric car. Talk to your auto insurance provider or the agents here at our office to find out which discounts can help you save. Ask for the money savings – they do not always give you ever discount. Whether you are buying your first home or moving to a new home, you have to make sure that your homeowners insurance needs are met. Homeowners insurance isn’t always easy to understand, and it does have its fair share of unique terms. It is sometimes easy to make mistakes when setting up your policy, and this might affect how much money you are entitled to receive from a settlement.
Try to avoid making the following mistakes when putting together your homeowners insurance policy. Overestimating How Much Home Insurance You Have It’s common for homebuyers to only purchase a basic homeowners insurance policy and expect it to cover them against any potential property loss. However, the most standard coverage won’t always cover you. In general, your dwelling insurance limits should be worth at least 80% of your home’s replacement cost value. Should your home be destroyed in a catastrophic event, then this coverage can help you rebuild your home similar to how it was before the hazard. Keep in mind, certain types of damage, such as earthquake and flood damage, will not be covered under your standard dwelling insurance. Waiting Too Long to File a Claim If you ever have to file a claim on your homeowners insurance, then you need to do so promptly. If you wait months (or even years) then your insurer will have a harder time verifying your claim, and as a result, they might decline to cover you. Most filing periods cut off from 30 to 90 days past the loss occurrence. The earlier you file, the sooner you will get a settlement for your losses. Having a Deductible that is Too High or Too Low Your dwelling and possessions coverage will likely contain deductibles, which are dollar amounts that you must pay for losses before your insurance will pay. So, if you have a $500 possessions deductible, then you must pay for $500 worth of damage to your possessions out of pocket before insurance will cover any damages. A deductible that is too high can make it difficult to pay when you need to. On the other hand, a deductible that is too low can result in high premiums. Not Notifying Your Insurer of Changes When you make changes in your home, you must notify your home insurer. For example, if you add a new wing to the home, then you must notify your insurer. This will guarantee that your policy will provide the appropriate coverage. Failing to notify the insurer could result in a lack of coverage later on. Don’t forget, while it is important to save money on home insurance, it is also important that you consider other aspects of coverage. It’s imperative to have the right balance of coverage, rather than the cheapest policy altogether. Our agents will help you ensure that you always have the perfect balance of coverage. Anyone who's been through a flood knows that recovering after this kind of disaster isn't easy. You're forced to accept that irreplaceable family treasures and memories may be gone forever, your furniture is destroyed, potentially along with your home. It's a devastating and emotional moment and a lot to take in all at once. But you know the only thing you can do is move forward, and begin the steps needed to restore your home. As soon as the floodwaters recede, you can return to your home as long as officials give the OK to do so. Before entering your home, however, make sure it is safe! Tips for staying safe upon return:
Bring waterproof boots, a first aid kit, cleaning supplies and a battery-powered flashlight with you before entering the house! You never know what you'll run into. Tips for claim reporting: Another important step to take when recovering from a flood is reporting your loss immediately to your insurance agent or carrier. While flood coverage is typically not provided under most homeowners and renters policies, flood insurance may be available to you through the federally regulated program known as the National Flood Insurance Program (NFIP). If you need assistance to locate your flood insurance carrier, you can call 1-800-621-FEMA (3362). A claims adjuster should contact you within a day or two after report of the claim, depending on the severity of the flood event. When reporting a claim, you should have the following information available:
When the adjuster arrives, they will inspect your property including taking measurements and photos and give you an overview of the NFIP flood claims process. Remember that some flood insurance claims are more complex than others. Some may be opened and closed quickly, while others may take weeks or even months to resolve. If your vehicle was also damaged in a flood event, it's best to call your auto insurance provider to see if you're covered for the loss. Contact us today for a free Flood Quote. If you have life insurance, then you will name a beneficiary. The beneficiary is the person who will receive the death benefit payout upon your death. You want your life insurance to help your survivors move on financially. However, choosing the right beneficiary might feel like a big challenge, particularly if you are single.
Still, if you are single and are in the process of getting life insurance, you have a lot of freedom to choose the beneficiary who you think will be most capable of settling your final expenses. Choosing a beneficiary for your policy is completely up to you. Still, you should put appropriate thought into naming the right recipient. Consider how the following individuals might benefit from your policy:
Plus, there are countless other people who you might decide to make beneficiaries on your policy—friends, siblings, business partners or extended relatives. In reality, the decision of who to name as a beneficiary is entirely up to you, and as a single individual, you have a lot of room for leverage. The choice of beneficiaries is an important part of life insurance decisions. And, it always helps to have more than one listed on the plan (in case the first person cannot accept the funds). Take a few minutes to discuss your needs with your loved ones so you can make the best decision going forward. The days are short. The air is cold. And, roads are often slick with rain, snow or ice. It’s winter driving season in Texas. And, while most people know what to do to try to avoid an accident, many don’t know what to do after one. It’s vital knowledge to have, because the aftermath of a crash can be just as dangerous as the crash itself — especially when it’s cold and snowy. Here are five things to do (or not do) if you’re in an accident this winter to help keep yourself and others safe: 1. Make sure everyone’s OK — then get off the road if you can. The safety of everyone involved in a crash is the first concern, of course. So, check on the occupants of each vehicle and call for emergency assistance if it’s needed. Then, if the vehicles are drivable, get them off the road as soon – and as carefully – as possible. 2. Stay in your car if you can’t safely move away. If you can’t get your car off the road, but you can get off the road, wait until there’s no traffic around and then move well out of the way. Otherwise, stay in the car so you’re protected from other vehicles. 3. Stay visible — and warm. Turn on your hazard lights and put up road flares so other vehicles know something is wrong. And, grab your vehicle emergency kit (you have one, right?) for blankets and extra clothing. If you’ve run off the road and you’re still in your car, make sure nothing is blocking your exhaust pipe. Otherwise carbon monoxide may build up. 4. If you’re stranded, stay put. Running off the road in a remote area is scary, but resist the urge to try to walk for help. You risk getting lost, especially during a storm, if you set off on foot. 5. See a crash? Don’t always stop to help. Being a Good Samaritan could cause more problems than it solves. So, if those involved aren’t in immediate danger, call 911 and let the professionals help with medical aid and traffic control. It’s not always easy, but keeping a cool head after an accident will do more than help everyone get through a stressful situation — it will help keep everyone safer, too. And, remember, if something does happen on the road this winter, your First Community Financial Group agent is here to help with your auto accident claim. If you’re unsure whether you’re carrying the right coverage, contact us now and let us review your policy before it’s too late! Snow-mageddon in February 2021 hit all Texans hard. Many of our customers had losses due to frozen pipes. It’s hard to think of a worse start to a winter day in Texas than turning on the faucet and … nothing. Maybe there’s a trickle of water, but it’s clear you have a frozen pipe. So, what now? Here are some smart tips to help you prevent or address what could easily become a very messy and expensive situation: · See to your outdoor water lines: Before cold weather arrives, drain water sprinkler and swimming pool supply lines, and remove, drain and store outdoor hoses. If possible, close inside valves supplying outdoor hose bibs, and open the outside hose bibs for draining. Keep them open so any remaining water can expand without breaking the pipe. If you can't shut off the water from the inside, pick up some foam faucet covers. · Keep your home warm: Maintain an interior temperature of at least 55 degrees Fahrenheit, even when you’re sleeping or not at home. Seal any drafts and leave interior doors open to help keep an even temperature from room to room. · Tend to those pipes: Leave the cabinet doors open in the kitchen and bathroom so your pipes aren’t shut off from the warm air. You can also insulate your pipes with sleeves, heat tape or heat cable. Insulation is especially important in unheated areas, such as your attic, basement, garage or crawl space, and for pipes running along exterior walls. During severe cold spells, you may want to leave all faucets, both hot and cold, running at a slight trickle. · Call in a professional: Frozen water in your pipes can cause them to burst, meaning you’ll have a mess on your hands once that water unthaws. So, act quickly to shut off your main water supply, and call in a licensed plumber to see to the situation. Finally, be sure to touch base with us at First Community Financial Group to check whether you’re covered for the damage a frozen pipe may cause. We’re happy to answer all of your policy questions this winter, and beyond. Insurance Products - Insurance Information - FIRST COMMUNITY FINANCIAL GROUP, INC. (firstcfg.com) Report a Claim - File Insurance Claims - FIRST COMMUNITY FINANCIAL GROUP, INC. (firstcfg.com) What is professional liability insurance? Professional liability insurance protects individuals and companies from assuming the full cost of defending a lawsuit that claims negligence of the individual or business. A claim of negligence, malpractice or misrepresentation is not covered under a general liability insurance policy, which makes professional liability insurance crucial for those who provide a service or advice for a fee. Depending on the profession, professional liability insurance may take on different forms and names, like malpractice and E&O insurance. The number of liability lawsuits against professionals has increased in recent years. Many professionals within a variety of industries are at risk of being sued, whether the charges are valid or unfounded. Such lawsuits can mean financial ruin both professionally and personally, including the loss of cars, homes and careers. Professional liability insurance helps with the financial burden of these events. Who benefits from professional liability insurance? Any professional who provides a service, expertise or advice to clients for a fee can benefit from coverage against liability lawsuits. Even with quality employees and risk management practices in place, people still make mistakes. A general liability policy may not cover mistakes that could be made. Professional liability insurance will protect your business and its finances if such an event arises. Get started today The agents here at First Community Financial Group will evaluate your business to determine its unique insurance needs and find you the professional liability policy with the necessary coverage. Call us if you have questions or want to get started. We are happy to help you get the protection you need. Your business would not be able to succeed if the equipment, materials, stock and products that it utilizes were to become compromised. Damage, theft or destruction of property might interrupt your operations and put you in a significant financial bind as you work through the recovery process. Indeed, if the loss of property is too great to bear, then the business might fold. If you are committed to bracing your business against this threat, then you should consider commercial property insurance to be indispensable. This benefit might be required in some circumstances, but it’s critical to have in all cases. Any business that owns property—which is more or less any business—can benefit from this plan. What Does Commercial Property Insurance Cover? A commercial property policy is designed to help you repair assets damaged by unexpected, unavoidable accidents that impact your operations. It might apply to losses stemming from:
This insurance may cover the physical location and all of its contents including decorations, furniture, equipment, products and more. Make sure to speak with your insurance agent to ensure that your business’ valuable assets are covered appropriately. Do You Need Commercial Property Insurance Without a Physical Location? The days of the brick-and-mortar business are over, and today you can run a successful enterprise even from the comfort of your own home. However, commercial property insurance remains essential for your operational needs. Indeed, your standard homeowners insurance will not cover commercial property except in very limited cases. Commercial property insurance can cover items specifically used for your business, whether they are housed in a physical location or in your home. There are property damage risks everywhere, and all of them could impact your operations. You can rely upon your commercial property insurance to help you cover the costs of repairing, replacing or recovering these items so that you can sustain as little of a financial loss as possible in the meantime. How do I Get the Right Commercial Property Insurance? In some cases, you will have to buy your commercial property insurance as a stand-alone plan. In others, however, this benefit will come as part of a business owners policy (BOP). BOPs provide several essential commercial benefits, including commercial property insurance, in one place. Therefore, by having your commercial property coverage as part of this plan, you’ll be able to both coordinate your benefits and pay a lower price for your coverage overall. It is never too soon to consider protecting the physical assets of your business. Keep your eyes peeled, compare quotes and speak to one of our insurance agents about protecting your business’s property with the right coverage. |
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