- Start Planning Early - Most of the difficulties families face while dealing with elder care planning are due to an unexpected health crisis. Careful planning is extremely difficult when there are urgent health care needs to be met. Discuss your wishes and develop a plan for the future when everyone is healthy and of sound mind. Click here to read an excellent article from the Mayo Clinic about the benefits of early planning. http://www.mayoclinic.com/health/long-term-care/HA00054
- Power of Attorney (POA) - A General Durable POA
can be an invaluable tool when you are no longer able to make important
financial and personal decisions. A POA grants an agent you select the
power to make those decisions for you. A POA cannot be legally executed if
the individual granting power is no longer mentally sound. It is vital to
have the document drafted and executed before issues arise. Also, make
sure you trust the individual you are granting power to under a POA. In
the wrong hands, a POA could allow an unprincipled agent to mismanage or
even steal assets. Read The 11 Things You MUST Know About a Power of
Attorney from LegalShield's newsletter by clicking here. http://www.legalshield.com/cp/newsletter/issue3_v2.html#Story3
- Medical POA - A medical or health care POA grants power
to an agent for medical decisions only. Discuss your medical wishes with
family members, your agent and doctors. Click here to read more about the
benefits of having a living will or medical POA. http://www.mayoclinic.com/health/living-wills/HA00014
- Execute a Will - One of the most important ways to
protect your assets and wishes is to execute a will. You may download a
copy of the LegalShield Will Questionnaire. The questionnaire
is very useful but can not be sent to the Famme Law firm unless
you are a member of LegalShield. If you want more information
on this service please contact Immanuel Insurance http://www.frammelaw.com/index.php?page=legal-forms
- Medicare - Costs for prescription drugs, medical
equipment and nursing home or in-home healthcare can be extremely
expensive. Medicare may offer assistance, but it is important to
understand income and asset limits as well as any other eligibility
requirements. Planning before a costly health crisis will help protect
your assets and ensure coverage. Visit the Medicare website to learn more
about coverage, find forms and determine eligibility. http://www.medicare.gov/
- Nursing Home Care - The decision to enter assisted living or nursing home care is a difficult one. There are many issues to consider such as quality of care, cost and distance from loved ones. Nursing home contracts may also be complicated. Have one of our attorneys review contracts before you sign them. They can review the contract with you and discuss the details. The National Clearinghouse for Long Term Care Information offers details on planning and paying for long-term care. Click here to visit their website. http://www.longtermcare.gov/LTC/Main_Site/index.aspx
Providing great Insurance coverage and service at the right price to the South Shore of Massachsuetts since 1988.
6 Ways You Should Plan for Aging
Elder
care planning can be emotionally exhausting, especially when coupled with a
health crisis. Estate planning, Medicare and health care planning are complex
legal issues and involve a number of different laws and regulations that vary
from state to state. The following information offers a general overview of the
subject.
Top 10 Home Insurance Myths
Here are 10 of the most commonly held myths related to home insurance:
MYTH #1: STANDARD HOME INSURANCE COVERS FLOOD DAMAGE.
Fact: Standard home insurance does NOT cover damage caused by a flood. If you feel that you need coverage for a flood you should purchase a separate flood insurance policy.
MYTH #2: THE MEDICAL PAYMENT PORTION OF MY HOMEOWNERS INSURANCE WILL COVER INJURIES TO ME AND MY FAMILY.
Fact: MedPay, a common feature of standard home insurance policies, is there to protect you in the event that someone other than you or your family (a neighbor, friend, etc) gets hurt on your property and they do not want to sue you. MedPay will typically cover up to $1,000 for each covered claim to someone outside of your family. If you or your family, however, gets hurt on your property they are not covered by your home insurance policy.
MYTH #3: IF MY HOME IS EVER LOST, MY INSURANCE COMPANY WILL REIMBURSE ME FOR WHATEVER I TELL THEM I OWNED AT THE TIME OF LOSS.
Fact: In the event of a covered loss your home insurance company will ask you to make a list of everything you own and include specific details such as purchase price, date of purchase, serial numbers, etc. (Imagine trying to do this from memory!) The best way to avoid this situation is to have a home inventory already put together. Make sure to include photos, receipts, serial numbers and anything else that will help you prove ownership. Don't risk not having everything replaced in the event of a disaster. Make sure to keep your inventory in a fire proof safe or at a friend's house so it is still around when you need it!
MYTH #4: IF I FILE A HOME INSURANCE CLAIM, MY HOME INSURANCE PREMIUM WILL DEFINITELY GO UP.
Fact: While many home insurance companies do look at your claims history, there are many other factors that determine how much you will pay for home insurance. Filing one claim over a period of a few years might not increase your home insurance premium. To be on the safe side, always think twice before filing a claim for minor damages to your home. Consider your deductible. If the total cost of repair is not too much more than your deductible you might want to consider paying for the repairs yourself. While this might cost you more upfront, it might save you from an increased premium. If, because of a stroke of bad luck, you have to file multiple claims over a period of a few years and your premium is steadily increasing, rest assured there are other ways to save on your home insurance. Ask your home insurance agent about home insurance discounts. Sometimes simply installing a smoke or burglar alarm system; or by insuring your auto policy with the same company as your home policy, you can save a great deal of cash.
MYTH # 5 ALL OF MY VALUABLES- LIKE JEWELRY -WILL BE COVERED IN THE EVENT OF A BURGLARY.
Fact: There are limits on the amount of coverage you can receive for valuables such as jewelry, furs, etc. For example, most companies put a cap of $1500 on total jewelry lost during a burglary of your home. If you find that your jewelry values over $1500 you should talk to a home insurance agent and schedule an endorsement on your policy giving you additional coverage.
MYTH # 6: MY HOME INSURANCE COVERS MOLD AND/OR OTHER ISSUES RELATED TO LACK OF MAINTENANCE.
Fact: Actually, a standard home insurance policy does not cover issues related to a lack of maintenance. For example if a plumbing leak that was left unfixed caused mold to grow in the interior walls of your home- mold removal and remediation would NOT be covered in your home insurance. Remember that your home insurance only protects you from damage caused by covered perils such as wind, hail, lightening, fire and theft. Keeping your home well maintained and safe for others is your responsibility and your home insurance company will decline coverage for maintenance related claims.
MYTH #7: FLOOD INSURANCE IS ONLY FOR PEOPLE WHO LIVE IN A FLOOD ZONE.
Fact: Lending institutions, such as the bank that holds your mortgage, will require you to obtain flood insurance if you live in a standard Flood Zone. However, keep in mind that all homes are at risk for flood and standard home insurance policies do NOT cover flood related damage to your home. Due to the recent flooding in the Midwest the importance of this type of coverage for homeowners outside of a standard flood zone has become even more apparent. If your home is flooded and you do not have flood insurance you will be on your own to replace your home and its contents. Flood insurance is a wise idea for every homeowner.
MYTH #8: I WILL HAVE TO SKIMP ON MY COVERAGE IN ORDER TO SAVE MONEY ON MY HOME INSURANCE.
Fact: Saving on your home insurance does not mean that you have to give up important parts of your coverage. It is very important to always be adequately insured in the event of a loss. However, there are lots of ways that you can save money on your home insurance that do not involve changing your coverage. Home Insurance discounts are available for homeowners who use burglar alarms, smoke alarms, deadbolts and other protective devices. Want more savings? Ask your agent about combining your home insurance and your auto insurance policies- you can usually save up to 15% this way.
MYTH #9: WHEN DETERMINING MY COVERAGE, I SHOULD USE THE PURCHASE PRICE FOR MY HOUSE AS MY DWELLING COVERAGE AMOUNT.
Fact: A common mistake when homeowners are getting quotes for their home insurance is that they use the purchase price of their home to determine their dwelling coverage. Yet, the purchase price of your home includes the land under your home- which does not need to be replaced in the event of a fire or other peril to your home. For this reason, your dwelling coverage should always reflect the replacement cost of your home- or how much it would cost to rebuild your home in the event of a total loss. To determine this amount, multiple the sq. footage of your home by local construction costs.
MYTH #10: YOU CAN NOT BUY A HOME WITHOUT PURCHASING HOMEOWNERS INSURANCE.
Fact: This is a tricky one. Because while you actually CAN buy a home without home insurance (a lender may not require it or you may, although rare, pay cash for the home) you should still always have home insurance on any property you own. Whether a lender requires it or not, the risk is always there. It would only take one fire or lightening storm to destroy your home and leave you uncovered.
Online Car Insurance Quote Braintree MA - Save $$ in 2013!
Looking to save money on your auto insurance in 2013? Call Rich Bernache in Braintree, MA 781-848-1808. His insurance agency represents multiple top insurance companies in Massachusetts. Because Rich is an Independent Insurance Agent he is unbiased and will get you the best car insurance policy for the lowest price! YOU WIN!
Call Richard Bernache Insurance today or click here for to request an online auto insurance quote.
Winter Driving Tips
 |
| Drive Safe this Winter! |
AAA recommends the following winter
driving tips:
- Avoid driving while you’re fatigued. Getting the proper
amount of rest before taking on winter weather tasks reduces driving
risks.
- Never warm up a vehicle in an enclosed area, such as a
garage.
- Make certain your tires are properly inflated.
- Never mix radial tires with other tire types.
- Keep your gas tank at least half full to avoid gas line
freeze-up.
- If possible, avoid using your parking brake in cold,
rainy and snowy weather.
- Do not use cruise control when driving on any slippery
surface (wet, ice, sand).
- Always look and steer where you want to go.
- Use your seat belt every time you get into your
vehicle.
Tips for long-distance winter trips:
- Watch weather reports prior to a long-distance drive or
before driving in isolated areas. Delay trips when especially bad weather
is expected. If you must leave, let others know your route, destination
and estimated time of arrival.
- Always make sure your vehicle is in peak operating
condition by having it inspected by a AAA Approved Auto Repair facility.
- Keep at least half a tank of gasoline in your vehicle
at all times.
- Pack a cellular telephone with your local AAA’s
telephone number, plus blankets, gloves, hats, food, water and any needed
medication in your vehicle.
- If you become snow-bound, stay with your vehicle. It
provides temporary shelter and makes it easier for rescuers to locate you.
Don’t try to walk in a severe storm. It’s easy to lose sight of your
vehicle in blowing snow and become lost.
- Don’t over exert yourself if you try to push or dig
your vehicle out of the snow.
- Tie a brightly colored cloth to the antenna or place a
cloth at the top of a rolled up window to signal distress. At night, keep
the dome light on if possible. It only uses a small amount of electricity
and will make it easier for rescuers to find you.
- Make sure the exhaust pipe isn’t clogged with snow, ice
or mud. A blocked exhaust could cause deadly carbon monoxide gas to leak
into the passenger compartment with the engine running.
- Use whatever is available to insulate your body from
the cold. This could include floor mats, newspapers or paper maps.
- If possible run the engine and heater just long enough
to remove the chill and to conserve gasoline.
Tips for driving in the snow:
- Accelerate and decelerate slowly. Applying the gas
slowly to accelerate is the best method for regaining traction and
avoiding skids. Don’t try to get moving in a hurry. And take time to slow
down for a stoplight. Remember: It takes longer to slow down on icy roads.
- Drive slowly. Everything takes longer on snow-covered
roads. Accelerating, stopping, turning – nothing happens as quickly as on
dry pavement. Give yourself time to maneuver by driving slowly.
- The normal dry pavement following distance of three to
four seconds should be increased to eight to ten seconds. This increased
margin of safety will provide the longer distance needed if you have to
stop.
- Know your brakes. Whether you have antilock brakes or
not, the best way to stop is threshold breaking. Keep the heel of your
foot on the floor and use the ball of your foot to apply firm, steady
pressure on the brake pedal.
- Don’t stop if you can avoid it. There’s a big
difference in the amount of inertia it takes to start moving from a full
stop versus how much it takes to get moving while still rolling. If you
can slow down enough to keep rolling until a traffic light changes, do it.
- Don’t power up hills. Applying extra gas on
snow-covered roads just starts your wheels spinning. Try to get a little
inertia going before you reach the hill and let that inertia carry you to
the top. As you reach the crest of the hill, reduce your speed and proceed
down hill as slowly as possible.
- Don’t stop going up a hill. There’s nothing worse than
trying to get moving up a hill on an icy road. Get some inertia going on a
flat roadway before you take on the hill.
- Stay home. If you really don’t have to go out, don’t. Even if you can drive well in the snow, not everyone else can. Don’t tempt fate: If you don’t have somewhere you have to be, watch the snow from indoors.
What You Should Know About Home Insurance
Getting a policy is easy and almost always obtained when someone closes escrow on their home or rental property. But is it the right type and amount of insurance? Most people reading this article probably would admit that they have no idea about their homeowner's coverage, but they should know, considering it protects their largest asset.
Let's run through a few basics so that you can help yourself understand your policy and ensure you have the proper coverage in place for your needs. Go head and pull out your insurance policy binder, it's about 40 pages thick, then flip to the third or fourth page that contains line items like: Building/Dwelling, Separate Structures, Personal Property, Loss of Use, Medical, and Extended Replacement. This section also includes corresponding amounts of maximum coverage, which tells you how much coverage you have in case of a loss. You need to look at each line item of coverage and discuss with your agent if you believe that amount is sufficient.
Building/dwelling coverage
The top item is usually for building/dwelling/property and that covers the cost to rebuild your property for covered perils like fire, wind damage, vandalism, etc. The coverage is based on your selected estimate of the cost to rebuild the structure, not the land value as land rarely gets destroyed and regardless is not covered by insurance. Additionally, your normal policy does not cover earthquakes or floods, either, but you can get separate policies for these if you are in earthquake or flood-prone areas. Policies for these perils can be expensive, but you decide if it's worth it. Other items are also not covered like wear and tear, so talk to your agent about what is and what isn't covered.
While your agent can help you estimate how much coverage you need for one of the line items like building/dwelling (e.g., $400,000 coverage for a 2,500 square foot house based on the size, quality of building materials, age of property, etc), you ultimately pick the dollar amount of coverage. Don't under-insure, but don't over-insure, either. Most important is to make sure to review your policy each year and increase your coverage to an appropriate amount if local building costs increase.
Liability coverage
Many people don't know this, but you also have liability coverage with your homeowner's policy. For example, if your dog bites someone or if someone slips on your property and gets hurt and you get sued, the insurance provider will step in and pay for a lawyer to defend you and/or pay any settlement or judgment against you. But that coverage has a limit of how much they will pay, usually about $300,000. If you have net worth above that, you can buy additional liability coverage called an umbrella policy in increments of $1,000,000 of additional coverage. It's dirt cheap, too, like $350 per year for an additional million dollars in coverage, so go for it if you think you need it.
Deductibles
The deductible amount is chosen by you. A deductible is how much you pay out of pocket for a loss. If you have a $500 deductible, and there is a $7,500 loss, you pay the first $500 and the insurance carrier pays the other $7,000 up to your maximum covered loss. The higher the deductible you choose, the lower the annual insurance premium you pay. Likewise, the lower the deductible, the higher the annual insurance premium you pay. Discuss this with your insurance professional and decide what makes sense for you.
HOA/common interest development properties
If you own a unit in a condominium, townhome, co-op, PUD or any other common interest development, whether a personal residence or an investment property, make sure you have an interior HO-6 policy that covers you for damage to the inside of your unit, PLUS for liability. This isn't covered by most homeowners association's master insurance policy.
You don't want to wait until you or your tenant accidentally floods the nine units below you and every one of those nine owners is looking to you to reimburse them for their losses. Your HO-6 policy should cover this liability and damage – discuss the coverage with your agent. You should also get a copy of your HOA's master insurance policy and meet with your personal insurance agent to determine if there are any gaps in coverage.
Specialty items
Additionally, normal policies don't cover expensive jewelry, artwork, firearms, precious metals, etc. If you have expensive "other" items, make sure to discuss these with your agent and get the proper coverage in place.
The last item to note is that insurance is for major financial losses that will cause a disruption to your life and livelihood if you did not have the coverage in place to pay for all the damage. You generally should not make small claims because the insurance carriers will raise your rates and/or eventually if you make enough minor claims they may drop you from coverage. Reserve making claims for when everything hits the fan.
Having the proper type and amount of insurance in place is vital in today's world. Pull out your policy and schedule a talk with your agent to discuss what you have and what you need. This should help you sleep better at night by knowing if there is a big loss, you've got some help on your side.
Need an Insurance Binder?
Example: Homeowners Insurance Binder:
- The mortgage company requires that you obtain homeowner's insurance on the home you are purchasing. They will require you to pay for the first year's premium up front prior to closing and bring a "binder" showing that you have insurance. The binder is basically a certificate that your insurance agent will issue that shows you have insurance & what your coverage is & most importantly will list the mortgage company as a "loss payee" - that is, if there were a fire or other incident & the home was lost, the mortgage company would be covered. If you call your insurance agent & tell them you need a binder for a closing, they will know exactly what you mean.
The mortgage company has requirements as to how much coverage you must have & how the loss payee clause should read. You will at least want it insured for the purchase price & most mortgage companies will require replacement cost coverage.
Shop Smart For Insurance With A Local MA Agent
A local agent talks with you about your vehicle and your life, and recommends options that match both.
Some local agents sell policies from only one company, and others sell policies from multiple companies. An agent who sells policies from more than one company like Richard Bernache in Braintree, MA can offer you more options because they have more companies and insurance products to choose from.
When you’re ready to talk to a local insurance agent, here are questions they might ask to create a policy that’s right for you:
- Do you have an older car? Once your car reaches a certain age, you can lower the amount of physical damage coverage. Your agent can adjust your policy accordingly. He or she also might suggest raising your deductible to save more money.
- What’s changed in your life lately? If you’ve recently moved, gotten married or had a birthday, you might be eligible for discounts.
- Do you need coverage for a different kind of vehicle? Your agent can help you get a discount for insuring multiple vehicles, and they don’t have to be cars. If you have a motorcycle, boat, RV, ATV or snowmobile, it needs insurance, too.
- Do you need to insure something other than a car? One of the main advantages of an agent who sells more than one company’s policies is the ability to pick the best matches for all of your insurance needs — home, business, life, etc.
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