The Welch Group - October 2021

The Welch Group - October 2021

Proactivity Is Better Than Reactivity GETTING YOUR COVERAGE IN ORDER DURING THE CALM BEFORE THE STORM

727.835.1500 | 386.446.4226 THEWELCHGROUP.NET

OCTOBER 2021

In October, we are still in the thick of hurricane season and the threats that come fromhurricanes are very real. For many clients, dealing with hurricanes seems a bit terrifying, especially if they just recently moved to Florida from another state. For most of their lives, most clients have heard and seen the photos of the horrible destruction that hurricanes can potentially cause. However, most have never lived through the reality of one! As a claims adjuster once toldme, “Matt, it’s not a matter of if we will get another Hurricane Andrew, but when!” Clients then see the damage from a storm like Ida, a category 4 hurricane that recently made landfall — clocking in as the second-most intense and damaging storm to hit Louisiana — and the reality becomes real once again. I tell each of my clients that the best way they can prepare for the effects of a possible hurricane is to check their policy and be sure they understand their hurricane deductible ahead of time. When the storm is barreling up the coast of Florida and right on your front door, it’s too late. As storms approach and enter a certain geographical box that surrounds the state of Florida, insurance carriers lock down all their policies, and we are unable to make changes. This often includes additional insurance policies such as life insurance, auto insurance, and even renters insurance. Based on the above, it is essential that you understand how your policy reacts at the time of a hurricane, especially your hurricane deductible. Your hurricane deductible is calculated based on a percentage of your home’s insured value, Therefore, if your home is valued at $300,000, and your deductible is 2%, then $6,000 is your hurricane deductible amount that you must meet

in order for the claim to be covered. That means, if you only had two fence panels and a few screens missing after a storm, unless you have some very expensive panels and screens, the damages most likely won’t be covered. In addition, many policies don’t cover downed trees unless the tree has fallen on your home or is blocking the entryway to your house. It is also important to consider that flood insurance is a completely separate policy that is written through FEMA, and many people, unfortunately, believe that because they do not live in a mandatory flood zone, they do not need flood insurance. The truth is everyone in Florida lives in some type of flood zone. However, mortgage companies only require homeowners in certain geographical areas to carry flood insurance to protect their loan amount. This creates a false sense of security for those not living in the mandated areas. Oftentimes, I hear people say, “I don’t need flood insurance, as I am not in a flood zone.” My response to them is, “You are correct, unless we have a flood.” John F. Kennedy once said, “The time to repair the roof is when the sun is shining.” By this, he was emphasizing the importance of proactivity. The timeliness of your action is important when it comes to preparing for hurricane season. You certainly don’t want to be caught with your pants down, so to speak, when a hurricane is just days away. Floridians who lived through Hurricane Andrew in the early ’90s can tell you that hurricanes are not something to mess around with. I have clients who lost everything in Andrew, both in their businesses and in their personal lives, and every single one of themwill tell you how devastating it was. Now, they are prepared and protected if they ever have to relive the devastation again. The time is NOW to get prepared. If you need help understanding your current policy, flood insurance, or hurricane deductible, call us today! It is our job to make sure you are prepared!

“When the storm is

barreling up the coast of Florida and right on

your front door, it is too late.”

-Matt Welch

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727.835.1500 | 386.446.4226 | THEWELCHGROUP.NET

Making Insurance End UNDERSTANDING HOME I

Tap Into a Successful CEO’s Mind How ‘The Outsiders’ Provides an Unconventional Road Map

But first, what is an insurance endorsement?

An endorsement, also known as rider, is an amendment that is made to a current insurance policy. Keep in mind that your insurance policies are legally binding contracts that you enter into with the insurance company. The endorsement is intended to change the terms of the original insurance contract. Like the standard underlying policy, endorsements are also legally binding. It is important to understand that not all insurance policies are created equal. This means some carriers will automatically provide coverage for items like screen enclosures, water and sewer backup, animal liability, or roof solar panels. For those companies that do not offer these built-in protections, some carriers will offer multiple endorsements that you can purchase to add to your homeowners’ policy. This can be a great way to add coverage for additional items. Endorsements can also be put into effect to remove coverage for certain items. For example, many times people may wish to remove certain types of water damage coverage. As discussed on Page 4, there are many different water damage coverage options for various kinds of water issues. (Endorsements can add or remove people from the policy at any time as well.)

What if you could harness the knowledge and skill possessed by some of the world’s top CEOs — specifically eight of them? With investment expert and author William N. Thorndike Jr.’s “The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success,” you can. After years of analyzing investments and the companies behind meteoric climbs on Wall Street, Thorndike has compiled stories, lessons, and tactics used by eight CEOs whose methods and beliefs don’t mirror those of other leaders — unconventional leaders like Virgin Group Founder Richard Branson or SpaceX and Tesla CEO Elon Musk, whose companies’ growth speaks volumes for their methodology. Thorndike examines the successes of various business leaders, like pet food company Ralston Purina’s CEO or Berkshire Hathaway’s top leader, to discover what makes these companies so successful, even as they quietly grow. Through his storytelling and deep-dive into the mindsets of these CEOs, Thorndike offers readers various perspectives on a different way to amass success. Thorndike also illuminates how many of these top business minds were quietly outpacing their loud, celebrity-like counterparts. For example, frugality is a major component of their success, while most others view a singular metric as the biggest determining factor in their company’s long-term success. Together, many of these top CEOs often value the human elements of their business, attributing the people they have working for them as one of the most important parts of their company growth. As you read through the various lessons and experiences of these CEOs, you find models emerging. Some of the tactics may work for you, while others prove that unconventional methods were never out of the box to begin with. All told, Thorndike’s “The Outsiders” is a reminder that sometimes the quiet ones make the most progress. You can learn more about Thorndike’s book at Goodreads.com, or you can find it on Amazon.com or your favorite bookstore.

TAKE A BREAK

SOLUTION

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727.835.1500 | 386.446.4226

Thanks, Bud!

dorsements Work for You INSURANCE ENDORSEMENTS

An endorsement becomes a part of your policy and will remain in effect for the length of your parent policy. Some endorsements, however, can have a limited term, so it’s important to read your policy and understand its conditions. If you have items of value or have undergone a change to your home or business, you may require an endorsement. Reviewing your policy on a regular basis will ensure you are adequately covered. If you have any questions or require assistance with your insurance endorsements, we are happy to help! Call us today!

You don’t become America’s national pastime without learning how to adapt — and Major League Baseball (MLB) made the ultimate pivot. This October, MLB’s biggest stars and teams with the most wins all-time will take the field for the 2021 playoffs. The winners will be crowned champions of the world, but the league these champs call home already owns an equally prestigious title: the founders of streaming services. Their legendary reign started back in the early 2000s, when former MLB commissioner Bud Selig asked every team in the league to contribute $4 million for the creation of Baseball Advanced Media (BAM). At that time, the dot-com bubble had yet to burst, and Selig wanted America’s once favorite sport to “keep up with the times,” so to speak. BAM created a website for each team, but it soon took on other qualities that gave it an edge. The Hustle reports that BAM offered online video, multidevice watching services, and a large >Page 1 Page 2 Page 3 Page 4

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