Welch Group - March 2022

Welch Group - March 2022

The Future Unknown Possible New Legislation Changes

There is a proposed legislation on the horizon, and if it becomes law, it could drastically change the way insurance companies cover roofs that are more than 10 years old. Senate Bill 76 essentially says that if an old roof gets destroyed during a hurricane or as a result of natural forces, your insurance company could pay what your old roof is worth at the time instead of completely covering 100% of the cost of replacement. As if that isn’t enough of a drastic change, if you recall last month, we discussed assignment of benefits and how careful homeowners must be when roofing companies come knocking on their door and offer full roof replacement completely covered by insurance. Another legislation is being considered that would get rid of the incentive to replace entire roofs. The way it stands now, insurance companies must offer policies that will cover the entire cost of a brand-new roof replacement. But proposed Senate Bill 1728 would allow insurance companies the ability to have policies that only pay

out in the amount of the depreciated value, or actual cash value, of an older roof. This would mean that in the event a homeowner needs a new roof, they will be responsible for most of the bill, which can be $10,000–$20,000! For the average American, this is a very large bill and can really be a difficult and unexpected expense to foot. However, insurance companies will still be able to offer policies that will cover the full cost of a brand-new replacement, but the policy will be much more expensive and come along with many exceptions, including one stating that if the roof is less than 10 years old, the insurance company will need to cover the replacement as long as the roof is considered a total loss or damaged in a National Hurricane Center-named hurricane. Right now, getting repairs done on your roof can be extremely confusing and frustrating, as you’re caught between insurers who don’t want to pay and roofing companies attempting to scam you. Our best advice for you is to read and reread your home insurance renewals carefully to check for any changes in your policy in the near future. As always, if you need assistance reading through your policy, choosing a policy, or deciding which coverage best suits your needs, we are here to help! We’ve got you covered!

727.835.1500 | 386.446.4226 THEWELCHGROUP.NET

MARCH 2022

-Matt Welch

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727.835.1500 | 386.446.4226 | THEWELCHGROUP.NET

WEARABLE TECH … FOR YOUR PET? DOG AND CAT GADGETS ARE HITTING THE MARKET

Choosing the Best Typ WEIGHING YOU Both routine and unexpected vet bills can be extremely expensive. Just like people, every pet is different and has their own medical needs. When you’re shopping for health insurance for yourself, you weigh various options and make your decisions based upon the policy that best matches your medical needs. The same is true with your pets! Although pet insurance is health care coverage, more often than not, it’s much more simple than your medical insurance — in most cases, you’ll just have a deductible and a co-payment. Pet owners will usually choose from three different types of coverage for their pet: accidents only; accidents and illnesses; or accidents, illnesses, and all other medical costs. Accidents and illnesses coverage is the most popular.

If you don’t have a smartwatch or fitness tracker, you almost certainly know someone who does. Wearable tech is big business. Companies have already introduced options for adults and kids, and the next frontier is tech for your pet. Pet wearables are already on the market, and consumers have shown a willingness to spend money on their furry companions. So, what does pet tech do — and is it worth your money?

A missing pet is every owner’s worst nightmare, and sadly, many animals don’t make it home safe. Microchipping has become common, but a standard chip only assists if someone else finds your pet and brings them to a vet or shelter. Wearable GPS technology, however, tells you how to find Fido now. With a small device, owners can constantly monitor their pets’ locations and quickly find their whereabouts if they get lost. Most pet GPS trackers also serve as activity monitors. Owners of outdoor cats can keep tabs on where they’re spending their time and whether they might be encountering dangerous situations. You can also learn whether your pet is getting enough exercise or if you need to increase their playtime. It’s fun to see a map of where your cat has been — but seeing the world through their eyes is even better. Pet cameras attach to animals’ collars and record everything from their point of view. If you regularly leave your pet in someone else’s care, the camera can function as a safety device to ensure they’re being treated properly — and that you’re getting your money’s worth. Wearables for your pet also provide convenience. For households with multiple pets, there are now food and water bowls that dispense only when a certain microchip is present. And a pet sensor for your doggie door is practical if you want the dog to go in and out of the house without bringing along other animals. If you’re worried about your pet’s safety, investing in one of these devices can give you peace of mind — money well spent. But if you’re just curious about how many steps your cat takes each day or hate getting up to feed the dog, it might be worth waiting. As they become more commonplace, pet wearables, like their human counterparts, will eventually decrease in price.

It should be noted that premium costs will likely vary depending on the policy type and payout limit. Almost every pet insurance policy will have some type of a payout limit, whether it is for a single treatment, a total for all of the services throughout the year, or treatments for a specific illness or condition. Depending on your pet, this is a decision you will need to consider. When it comes to pet insurance, some of the rules may be surprising. Most pet insurance policies have a waiting period of about two weeks after the policy is taken out. This means that until that two-week period is up, you

Easy March Madness Chili

Cheer on your favorite team and chow down in minutes with this easy chili recipe!

INGREDIENTS

DIRECTIONS

• 2 lbs ground beef • 2 tbsp chili powder • 1 tbsp Creole seasoning • 1 tsp ground cumin • 2 16-oz cans diced tomatoes • 2 16-oz cans small red beans • 2 8-oz cans tomato sauce

1. In a deep pot, brown the beef, stirring often. 2. Once beef is cooked, add chili powder, Creole seasoning, and cumin, cooking for 1 minute. 3. Stir in diced tomatoes, beans, and tomato sauce and bring the mixture to a boil. 4. After the mixture boils, reduce the heat to low and let chili simmer for 15 minutes. 5. Serve with toppings of choice, like cheese, sour cream, or chives.

Inspired by MyRecipes.com

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Sunday, March 20, is the first day of spring — which means it’s time for some spring-cleaning. Did you know that cleaning is not just about tidying up a physical space? It’s also about improving overall well-being. Here’s how organization and cleanliness can help you in more ways than you might expect. Spring-cleaning reduces stress and depression. Tidiness and mental health are actually connected. Studies have found that having a clean home is directly correlated to happiness and your ability to focus. Anxiety can spike when laundry is piling up, items are strewn everywhere, and papers get scattered on various surfaces within the home. Clearing the clutter is a great way to boost your mood and increase those feel-good hormones. It prevents illnesses. Doorknobs, refrigerator handles, light switches, countertops, and remote controls are all things we touch many times a day. Cleaning anything that’s used often is one way to reduce the spread of germs. By keeping household surfaces clean, we help thwart the spread of viruses and illnesses. It’s More Than Just Tidying Up 4 Health Benefits of Spring-Cleaning

pe of Pet Insurance UR OPTIONS cannot make any illness or accident claims for your pets. Typically, when you have pet insurance, you’ll need to pay the vet bill upfront and submit a claim to be refunded from the insurer at a later date. Pet insurance is an important part of being a pet owner and should be carefully considered. We are here to help you consider which plan would best suit the needs of both you and your pet!

Spring-cleaning helps you breathe better. Spring often brings pollen that triggers allergies for many. But pollen isn’t the only thing to blame when people have difficulty breathing. When dust and pet dander build up in your home, your respiratory system is greatly affected too. Deep-cleaning your air filters and vents can make breathing effortless — and it’s truly amazing how this can improve your well-being. It keeps you more active. Off the couch and on your feet! Even just running the vacuum and clearing the clutter from the dining room table will get you up and moving, which is healthy for your heart and body. This spring season, putting some elbow grease into your cleaning will benefit you in more ways than one. Trust me, you’ll thank yourself later!

TAKE A BREAK

SOLUTION

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INSIDE 1 What Does the Future Hold For Home Insurance? 2 Inside the Hot New Pet Tech Market 2 Pet Insurance Options

2 Easy March Madness Chili 3 Get Healthy While Spring- Cleaning!

4 Choosing Life Insurance

Breaking Down Term, Whole, and Universal Life Insurance WHAT TYPE OF LIFE INSURANCE IS RIGHT FOR YOU?

One of the most important investment that you can ever make when it comes to caring for your family is individual life insurance. While it can be tricky to navigate and choose the best options, don’t put it on the back burner. We are happy to walk you through the options: term, whole, and universal life insurance. Each type of life insurance pays out differently, and your individual needs will dictate which is best for you. When it comes to term life insurance, the policyholder will pay regular premiums for a set period of time and the policy will pay out in the event of death during that period. With whole life insurance, a set period does not exist. The policyholder will pay regular premiums as long as they are alive and then the policy will pay out upon death. In some cases, you may have the option to take a lump sum back, but the payout upon death is then reduced. When it comes to universal life insurance, just like with whole life insurance, you pay regular premiums, but it’s more flexible in that you can take out money early or borrow and repay it at a later date. It should be noted that if

a loan is outstanding when you pass away, the payout may be significantly impacted and your loved ones may receive a lot less than anticipated or planned. Before you get life insurance, it’s very important that you seek professional advice. Keep in mind that your premiums will be determined largely by your medical history, age, and amount you are seeking for your policy. If you have any questions, give us a call! We are here to walk you through the process and help you pick out your life insurance based on your needs, wishes, and desires. We’ve got you covered!

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