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ARE YOU ADEQUATELY PROTECTED FOR ALL STAGES OF YOUR LIFE?

August 2, 2018
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by Robin Layton

Many attractive things vie for our spending dollars: vehicles, vacations, clothes, furnishings, new technology. It’s easy to forget the need for good insurance coverage – until something drastic happens.

Our insurance needs change as we age and it’s best to work with an expert to determine what you need. Working, single adults who rent have different needs than a married couple who owns their home, has a few children and is looking at retirement in a decade.

If you are married, you should consider life insurance to protect your spouse, children and the home you’ve invested in. Consider it a replacement of your salary should you pass away.

Life insurance is either whole (also called universal) or term. With whole life insurance, your survivors get the death benefit, but also the policy’s cash value, with a guaranteed rate of investment return on a portion of the money that you pay. Term insurance pays a death benefit during a specified term.

Have you retired, sold your home and are now renting in a retirement village? This means your children are most likely self-supporting and you may possess sufficient financial assets at this point. Maybe you’ve outgrown your need for life insurance, especially if you’ve made pre-paid funeral arrangements. Go over your financial records with an insurance professional to determine where you can save money.

At this stage, you should be carrying some type of long-term care policy.

Such policies may cover:

  • Nursing home: Usually offers skilled health and personal care 24/7.
  • Assisted living: Housing and limited care designed for senior citizens who need some assistance with daily activities, but do not require a nursing home.
  • Adult day care services: Services outside the home that provide health, social and other support services in a supervised setting for adults.
  • Care at home: Someone who comes into the home to help with personal services such as bathing, grooming. Housework may also be included.
  • Service coordination: Services provided by a licensed professional who assists with determining needs, finding services and arranging for care.

None of us like to waste our money, so it’s worth your time to find an insurance professional you trust and discuss at each life stage what you need to have insured, or not.

AFTER THE WILDFIRE

It’s easy to breathe a sigh of relief after the wildfire that was raging so close to your home is extinguished. Unfortunately, the threat to your largest investment isn’t over. As explained by the Arizona Department of Insurance, “Wildfire alters the landscape in ways that increase water and mud runoff in burned areas. Under normal circumstances, the forest floor drains, dissipates and absorbs water effectively enough to reduce flooding downstream. Burned forest areas are more unstable and less able to hold water, collecting downstream with increased velocity and often resulting in urban and flash flooding.”

Most homeowners’ insurance policies do not cover flood damage, but most agents who sell homeowners’ insurance also can sell federal flood insurance policies. Detailed information about the National Flood Insurance Program (NFIP) is available at FloodSmart.gov.

Don’t wait until the storms hit after the fires, because it takes 30 days for an NFIP policy to go into effect after it’s purchased. Plan ahead.

PREPARE NOW FOR A STORM EMERGENCY

With wildfire and monsoon seasons upon us, review your insurance policies. Make sure you know what is and is not covered. If you have questions, contact your insurance agent or insurer.

Store electronic copies of your insurance policies with your home inventory and keep paper files in a safety deposit box. Make sure to have a copy of your policy declarations page listing all of your coverages, as well as your insurance cards.

Collect the 24-hour contact information for your insurance agent and insurer and enter it as a contact on your smartphone. Make a list that includes your policy numbers, insurer and insurance agent’s phone numbers, website addresses and mailing addresses. Also, check to see if the company or agent has an emergency information hotline. It is a good idea to store this information — and your home inventory — in a waterproof, fireproof box or safe. If you evacuate your home, take this information with you.

Protect Yourself from Fraud

Home repair fraud is common after a major weather event. Get more than one bid from contractors and request at least three references. Ask for proof of necessary licenses, building permits, insurance and bonding. Record the contractor’s license plate number and driver’s license number, and then check for any complaints with the Better Business Bureau. Finally, be wary of contractors who demand up-front payment for repairs. Ask for references and verify contractors are legitimate.

Sources: FEMA, Arizona Department of Insurance and Floodsmart.gov

INSURANCE TERMS TO KNOW

What is “replacement cost”?

Replacement cost is the amount necessary to replace or rebuild your home or repair damages with materials of similar kind and quality without deducting for depreciation.

What is “depreciation”?

Depreciation is the decrease in the home’s value since the time it was built because of age or wear and tear.

What is “actual cash value”?

Actual cash value usually means the sum of money required at the time of the loss to repair or replace the property destroyed, less an amount for depreciation. Actual cash value equals the replacement cost less depreciation. Most standard home insurance policies cover the contents of your home (i.e., personal belongings) on an actual cash value basis, but it is possible to purchase replacement cost.

What is a “peril”?

A peril is a condition that can cause a loss. Three examples are fire, windstorm and theft.

Source: Arizona Department of Insurance

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LOCAL NEWS: The Northern Arizona VA in Prescott has provided an update on their Homeless Veteran Program. . . .PRESCOTT, Ariz. – The Northern Arizona VA Health Care System’s Homeless Veteran Program, along with its community partners, housed 445 Veterans in 2022, exceeding their target goal by 157%.Nationally, the 2022 goal was to house 38,000 homeless Veterans— a goal that was exceeded by 6.3%. The Department of Veterans Affairs remains committed to ending Veteran homelessness and increasing housing placements is critical to achieving this goal.“This success is a result of efforts built on the evidence-based ‘Housing First’ approach, which prioritizes getting a Veteran into housing, then provides the Veteran with the support they need to stay housed,” said Steve Sample, Medical Center Director.In Northern Arizona, there are a variety of services designed to house homeless Veterans. The VA’s Health Care for Homeless Veterans (HCHV) Program includes VA Supportive Housing (HUD-VASH) vouchers that provide formerly homeless Veterans with subsidized housing and a wraparound, interdisciplinary case management team to address issues that may have contributed to homelessness. The program provides justice outreach services, employment services, health care services through the Homeless Patient Aligned Care Team, outreach, and transitional housing support. The VA also works closely with community partners to house homeless Veterans through a system called Coordinated Entry, where community agencies along with the VA regularly meet to coordinate efforts and ensure homeless Veterans do not fall through the cracks.“We are fortunate that there is so much support for helping homeless Veterans in our area,” said Jessica Taylor, Homeless Program Coordinator for the Northern Arizona VA. “This success could not have been possible without great collaboration between our community partners, Housing Authorities, Tribal partnerships, and support from our local communities.”Looking ahead, the VA will continue to explore new avenues to house homeless Veterans and overcome housing barriers. In collaboration with U.S VETS, Gorman & Company, and the Arizona Department of Housing, a supportive housing project on the grounds of the VA’s Fort Whipple campus is in the initial planning stages. The VA is also expanding outreach to ensure that homeless Veterans are aware of services available to them. For Veterans who are homeless or at imminent risk of homelessness— or if you know of homeless Veterans in need of assistance, call 877-424-3838.For more information on renting to or hiring homeless Veterans, visit: www.va.gov/homelessAbout the Northern Arizona VA: Through its main campus in Prescott, along with Community Based Outpatient Clinics (CBOCs) in Cottonwood, Flagstaff, Kingman, Lake Havasu City, and Anthem— with additional clinics in Tuba City, Page, Kayenta, Chinle, Holbrook, and Polacca, the Northern Arizona VA provides services to approximately 33,000 Veterans over a catchment area of more than 65,000 square miles.. . .www.facebook.com/VAPrescott ... See MoreSee Less

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Empty Bowls of Prescott Arizona has announced that it will distribute $24,000 to local foodbanks! Their 2022 Empty Bowls fundraising event took place in September, and donations can be made year round on their website.prescott-empty-bowls.square.site ... See MoreSee Less

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