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CAR INSURANCE FOR THE NEWLY RETIRED
 

The feeling of retirement is like no other. Now that you don't have to commute to work, it may be time to consider adjusting your auto insurance. Your policy should reflect the way you drive on a daily basis. During retirement, that may mean different habits to take into consideration. Here's what to think about in your new phase of life.

Are You Driving Very Little?

Some people find they don't drive much at all during retirement. When you were working, your 45-minute commute took up a lot of your day. Now, you may not go anywhere for a couple of days.

From a car insurance standpoint, a significant drop in your vehicle usage is important to report to your agent. In some cases, this could mean lower insurance rates. If you are driving less than 12,000 miles per year, this may even mean a low-mileage policy. Talk to your agent about how much you are driving.

New Discounts And Savings Options

If you are over the age of 60, you may qualify for discounts on your auto insurance policy. Be sure to ask your agent about this. If you are an AARP member, for example, this could help you to save a bit of money on your insurance coverage. That is well worth learning about as a newly retired individual.

Are You Taking To The Road More?

Perhaps you are planning to do some sightseeing now that you have more time. In this case, you may be driving more than you were. This could mean the need to adjust your car insurance coverage to match your new needs.

Are You Buying A New Vehicle?

It could be that sports car you have thought about buying for the last 10 years. You may, on the other hand, be ready for the RV to take you on those tours. When you are thinking about new vehicle purchases, talk to your agent about what you can expect to pay. This can give you an idea of how to budget for your new investment.

Your life is changing. Your auto insurance should change with you. A quick call to your Park & Associates agent is all it takes to get your policy back on track to match your needs. This could be one of the best decisions you make for yourself — and your new budget as well.


 
IMPORTANCE OF CARRYING AN UMBRELLA INSURANCE POLICY
 

Being properly insured is important, however, carrying the right amount of liability coverage is especially critical. Liability claims can quickly spiral out of control and put your home and other assets that you worked so hard for at risk if you are not properly insured.

There are several reasons to consider putting an umbrella policy in place.  Below are a few examples:

  • Teen Driver in the House: If you have a teen driver living in the house you should absolutely consider an umbrella policy. While auto insurance policies offer liability coverage, it may not be enough if your teen driver is involved in a serious accident.
  • House Party Gone Wrong: If you like to entertain, or you have a teen in the house that likes to have parties when you’re not around, you should definitely have an umbrella policy. If a person slips and falls in your house, drinks too much, gets behind the wheel of a car and is in an accident, you can be on the hook for both medical costs and lawsuits.
  • You Have a Swimming Pool: Just like a trampoline, swimming pools are an additional danger and can lead to severe, even life-threatening injuries. While anybody can be injured in your home due to a fall or slip, a swimming pool can result in a life-changing injury such as a broken neck or death due to drowning. Severe swimming pool injuries often come with dramatic medical costs and those costs can quickly exceed a standard homeowners insurance policy. If you have a swimming pool on your property, we highly recommend you carry an umbrella policy.
  • You Own a Second Home: If you own more than one home, your liability exposure goes up dramatically especially if your second home is unoccupied for much of the year and has tempting amenities like a pool, hot tub or trampoline. Uninvited guests that jump a fence and take a dip in your pool could end up hurt and unfortunately, in many cases, that liability can fall on  you.

As you can see, an umbrella policy can be a financial lifesaver in numerous situations.  The best news about umbrella policies is that they are extremely affordable. Umbrellas are sold in $1 million increments and typically cost approximately $250 a year.


 
Mother and Daughter Inspire Women to Fly High
Piloting commercial airplanes is a male-dominated business. And while barely 6% of all commercial pilots in the world are women, Captain Wendy Rexon and her daughter, First Officer Kelly Rexon, are a dynamic duo in the Delta cockpit.

With widespread coverage in the news and social media, this mother-and-daughter team are an inspiration to girls and women everywhere. According to Wendy, there's a shortage of women pilots simply because of lack of awareness.

The International Society of Women Airline Pilots reports that of the 130,000 airline pilots around the globe, only 4,000 are women. And of that number, only about 450 are captains. But as the demand for pilots grows, the likelihood of more women entering the field grows too. Indeed, Wendy's other daughter, Kate, is a Delta pilot too.

Wendy has been flying since she was 16, and when her daughters showed an interest, both she and her husband encouraged it. For the entire family, it seems to be a dream come true.

Obviously, there's a lot of flight-school training required to make the grade, but a bachelor's degree in a related field is all that's necessary for acceptance to a top-notch flight school. Once there, a student receives ground training and flight training and can usually acquire the necessary hours of flying to become a real airline pilot in about four years.

Wendy is a vocal and enthusiastic advocate for more women in the cockpit. Her husband is an American Airlines pilot, so the whole family is flying high. Wendy calls it "the family business."

 
Home Disasters: Do You Need Extended Coverage?
 
Do you know the limit on your homeowners' insurance policy? Every policy has a limit, which is the maximum amount of payout you can receive for a claim.

Most homeowner policies today are written with Replacement Cost terms. This means the insurance carrier will pay the full replacement cost for damages, even if the item being replaced has depreciated.

For example, if you need to replace your computer, and a new one costs $1,000, your Replacement Cost policy will cover this entire cost. It does not take into consideration the depreciated value of your two-year-old computer, which may now only be worth around $500. Since it costs $1,000 to replace it, the Replacement Cost coverage provides the full amount. When it comes to homes, this Replacement Cost can get tricky.

If your house suffers significant damage and you need to completely rebuild, you might hit the limit of your Replacement Cost policy before you reach the full cost of rebuilding your home. If this happens, you might not be able to afford the repairs, even though you have homeowners insurance coverage.

This is where Extended Replacement Cost policies come into play.

With this coverage in place, the homeowner policy will pay up to a certain percentage over the policy limit if extra funds are needed to fully replace your home.

These policies are commonly written at 120 to 125 percent of the stated limit of the basic coverage.

These additional funds are crucial when rebuilding costs are at a seasonal high or suddenly spike due to other economic conditions. The extended coverage makes home replacement possible, even when you encounter such costs that are higher than expected.

Do you need this coverage? This will depend on a variety of factors, including the value of your home, current construction and material costs, and the limit of your policy.

Feel free to contact me for a quick review of your coverage to determine if this policy would be in your best interest.
 
 
 
 
 
   
 
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Are Your Home - and Your Family - Really Safe?
Home is truly where the heart is, but that doesn't stop accidents, fires or thefts from happening at home.

Discover how to keep your property and your loved ones out of harm's way by requesting my free guide, "Three Ways to Keep Your Home - And Your Family - Safe."
Just reply to this email and I'll send it right out to you.

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Roasted Apple Fall Salad
Here's a fresh addition to your warm fall meal.
 
Serves 8
Apples:
4 medium Fuji or Gala apples, quartered and seeded
2 tablespoons olive oil
1/2 teaspoon nutmeg
1/2 teaspoon black pepper
1/2 teaspoon cinnamon
Dressing:
2 tablespoons apple cider vinegar
2 tablespoons olive oil
1 tablespoon maple syrup
1/2 teaspoon red pepper flakes (optional)
Salt and pepper to taste
Salad:
1 package baby spinach
4 ounces fresh goat cheese
1/2 cup dried cranberries
1/2 cups chopped pecans, toasted
Directions
Preheat oven to 375 degrees. Place apples, olive oil, nutmeg, pepper, and cinnamon on a baking sheet and toss to coat evenly. Roast 20-30 minutes or until tender. Remove and cool completely. Set aside.

In a small bowl, whisk the dressing ingredients until blended. Place spinach in a salad bowl and toss with the dressing, roasted apples, cheese, cranberries, and pecans. Serve immediately.
This newsletter and any information contained herein are intended for general informational purposes only and should not be construed as legal, financial or medical advice. The publisher takes great efforts to ensure the accuracy of information contained in this newsletter. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published in this newsletter.
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