Thursday, December 16, 2010
Friday, December 10, 2010
We Dodged The Bullet Another Year!
Hurricane season is officially over for 2010 and we dodged another bullet. From June 1 until November 30th, those of us living in coastal communities held our breath as 19 named storms churned in the Atlantic and Gulf of Mexico. 2010 earned the distinction of being number 3 on the list of largest number of named storms. Of the named storms, 12 were a hurricane which also ties a record for the 2nd most hurricanes with 1969. Danielle, Earl and even Igor tried to peak our interest earning a category 4 on the Safer-Simpson Hurricane Scale. As an insurance agent who sells auto insurance and home insurance and having survived Hurricane Hugo, a category 5 storm in 1989, I am always keenly aware of the damage these monsters can do if they hit land. Hugo struck historic Charleston, South Carolina on the evening of September 21, 1989. There was no dodging that bullet. Hugo was dead ahead and pointed directly for my city.
During the morning of September 21, the National Weather Service issued hurricane warnings for Charleston. The city was in a panic with thousands of cars heading west on the interstates leading out of Charleston. I was at my insurance office covering all of our computers with large plastic garbage bags to protect them in case water leaked from the roof. While working on this the UPS delivery truck pulled up and the driver had a package for us. My first instinct was to refuse the package and make them deliver it again after the storm passed. Instead I accepted and package which was the best alternative since this was our first FAX machine. Having a fax machine at our office in 1989 was a luxury and it was incredibly useful after the hurricane when we had to send hand written claim form to our insurance company adjusters.
The aftermath was devastating. Being in the insurance business, almost every homeowner had a claim on their homeowner’s insurance policy and many on their flood insurance. I am not sure of the exact statistic but almost every building in Charleston had roof damage. Back in 1989 homeowner insurance policies had very low deductibles compared to today. Many clients had deductibles of $250 to $1000 for their home and that covered almost all the wind damage, additional living expenses and for many spoiled food. Since Hurricane Katrina that hit New Orleans in 2005, deductibles have risen rapidly. Most homeowners in coastal areas have a special deductible for hurricanes (wind damage) that ranges from 2% to 10% of their property value. On a $500,000 home the deductible would be $10,000 to $50,000! Not the $250 deductible of yesteryear. That is just for the homeowner’s insurance policy. There is another deductible for the flood insurance and that is compounded since the flood deductible applies separately on the house and the client's personal property. We handled hundreds of auto insurance claims for cars that were damaged by flying debris; trees falling on them and flood damage. All of this spells high anxiety for those of us on the coast in South Carolina, Florida, North Carolina, Louisiana and all the other coastal states in the eye of the storm. We dodged another big one this year and our collective anxiety level has dropped until we get ready for June of 2011 and another storm season!
During the morning of September 21, the National Weather Service issued hurricane warnings for Charleston. The city was in a panic with thousands of cars heading west on the interstates leading out of Charleston. I was at my insurance office covering all of our computers with large plastic garbage bags to protect them in case water leaked from the roof. While working on this the UPS delivery truck pulled up and the driver had a package for us. My first instinct was to refuse the package and make them deliver it again after the storm passed. Instead I accepted and package which was the best alternative since this was our first FAX machine. Having a fax machine at our office in 1989 was a luxury and it was incredibly useful after the hurricane when we had to send hand written claim form to our insurance company adjusters.
The aftermath was devastating. Being in the insurance business, almost every homeowner had a claim on their homeowner’s insurance policy and many on their flood insurance. I am not sure of the exact statistic but almost every building in Charleston had roof damage. Back in 1989 homeowner insurance policies had very low deductibles compared to today. Many clients had deductibles of $250 to $1000 for their home and that covered almost all the wind damage, additional living expenses and for many spoiled food. Since Hurricane Katrina that hit New Orleans in 2005, deductibles have risen rapidly. Most homeowners in coastal areas have a special deductible for hurricanes (wind damage) that ranges from 2% to 10% of their property value. On a $500,000 home the deductible would be $10,000 to $50,000! Not the $250 deductible of yesteryear. That is just for the homeowner’s insurance policy. There is another deductible for the flood insurance and that is compounded since the flood deductible applies separately on the house and the client's personal property. We handled hundreds of auto insurance claims for cars that were damaged by flying debris; trees falling on them and flood damage. All of this spells high anxiety for those of us on the coast in South Carolina, Florida, North Carolina, Louisiana and all the other coastal states in the eye of the storm. We dodged another big one this year and our collective anxiety level has dropped until we get ready for June of 2011 and another storm season!
Tuesday, December 7, 2010
Wednesday, November 17, 2010
Monday, October 18, 2010
Tuesday, October 12, 2010
Friday, October 1, 2010
Thursday, September 30, 2010
Tuesday, September 14, 2010
Wednesday, July 28, 2010
Monday, July 26, 2010
Ten Stock-Market Myths That Just Won't Die - WSJ.com
Ten Stock-Market Myths That Just Won't Die - WSJ.com: "- Sent using Google Toolbar"
Apartment Security | Wireless Home Security System | Wireless Alarm
Apartment Security | Wireless Home Security System | Wireless Alarm: "
This is a great home or apartment alarm system and anyone can install it themselves. I've used this company for a couple of years and am extremely satisfied. The monthly monitoring fee is the lowest anywhere!
Larry
This is a great home or apartment alarm system and anyone can install it themselves. I've used this company for a couple of years and am extremely satisfied. The monthly monitoring fee is the lowest anywhere!
Larry
Friday, July 23, 2010
Money101 Lesson 20: Life Insurance
Money101 Lesson 20: Life Insurance: "
Simple info. The best way to shop is to call Larry Freudenberg. Larry has access to hundreds of insurance carriers and the most affordable low cost term life insurance plans.
Simple info. The best way to shop is to call Larry Freudenberg. Larry has access to hundreds of insurance carriers and the most affordable low cost term life insurance plans.
Wednesday, July 21, 2010
Monday, July 12, 2010
Tuesday, July 6, 2010
Friday, July 2, 2010
A Review of Mint.com's Goals Feature - WSJ.com
A Review of Mint.com's Goals Feature - WSJ.com: "- Sent using Google Toolbar"
I've used Mint and it is worth looking into.
I've used Mint and it is worth looking into.
New protections from high overdraft fees start 7/1
New protections from high overdraft fees start 7/1: "- Sent using Google Toolbar"
Thursday, June 24, 2010
Monday, June 21, 2010
Tax Report: Is a Roth IRA Safe From Taxes? - WSJ.com
Tax Report: Is a Roth IRA Safe From Taxes? - WSJ.com: "- Sent using Google Toolbar"
The New Bank Fees: How to Fight Back - WSJ.com
The New Bank Fees: How to Fight Back - WSJ.com: "- Sent using Google Toolbar"
Friday, June 18, 2010
Flood Insurance Program Drowning in Debt « Liveshots
Flood Insurance Program Drowning in Debt « Liveshots: "- Sent using Google Toolbar"
The flood insurance program is another example of how the federal government cannot manage insurance. The program is a catastrophe. People who have properties in high risk zones that have repetitive claims shouldn't be able to keep the insurance.
The flood insurance program is another example of how the federal government cannot manage insurance. The program is a catastrophe. People who have properties in high risk zones that have repetitive claims shouldn't be able to keep the insurance.
Wednesday, June 9, 2010
Tuesday, June 8, 2010
Getting Going: How to Get Out of Debt - WSJ.com
Getting Going: How to Get Out of Debt - WSJ.com: "- Sent using Google Toolbar"
ROI: Playing Gold Without Getting Killed - WSJ.com
ROI: Playing Gold Without Getting Killed - WSJ.com: "- Sent using Google Toolbar"
Thursday, June 3, 2010
Wednesday, June 2, 2010
Thursday, May 27, 2010
Wednesday, May 26, 2010
Pay bills with credit cards.. Not.
Not a good idea. The credit card companies are pushing consumers to pay their bills using the cards. Either a payment can be sent directly from the credit card bill pay online or the vendor can draft the credit card for the payments. I've used both and found that I lost control over my credit card balances. Several months past and my balance had ballooned because my car payment, utility bill and cell phone bills were being paid automatically by the card. It is definitely a convenient service but it's a sure way to lose control over your credit card balance. Keep it simple. Don't get suckered into using a credit card for this purpose. Pay your bills using your checking account online bill pay.
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