Homeowners insurance should bring peace of mind.

Since a home may be the most significant investment many of us make in our lives, the proper homeowners insurance should be a major consideration. Getting the right homeowners insurance is essential, but doesn’t have to be difficult. Still, how do you know if you’re selecting the right type of insurance policy for your house?

Read on for answers to some common questions you might have.

What is the purpose of a homeowners insurance policy? A homeowners insurance policy is a contract by which an insurance company agrees to pay for repairs or to replace your home or property if it is involved in a covered loss, such as a fire. A home insurance policy may also offer you liability protection in case someone is injured on your property and files a lawsuit.

Do I have to have homeowners insurance? Your mortgage company will probably require a homeowners insurance policy. A lender wants to make sure their investment is protected should a catastrophe strike. The mortgage company would need you to insure your home for the cost to replace it if it were to be destroyed in a covered accident, not for the price of the loan.

How do I know how much insurance to buy for my home? The limit – or amount of insurance you place on your home – is determined by several factors. The construction of your home is typically going to be the largest determinant of the cost to replace it. So consider what your home is made of. Construction types include concrete block, masonry, and wood frame. Also, consider the size of your home.

Personal property is another consideration when determining how much insurance to purchase for your home. A typical homeowners insurance policy usually offers a personal property limit equal to half the replacement cost of your home. So if your home is insured for $100,000, your policy may automatically assign a personal property limit of $50,000.

What is the best deductible for a homeowners insurance policy? When it comes to deductibles, consider selecting one that you can easily and quickly come up with out of pocket, just in case. Homeowners insurance policy deductibles may range from $500 to $10,000. Some policies offer percentage deductibles for certain damages, such as hail/wind damage. Here in Colorado, it's pretty common to see a split deductible of $1000 all peril and $2500-5000 wink/hail.

There may be some cost savings features when you select a higher deductible on your homeowners insurance. Talk with a licensed insurance professional about your deductible options and premium savings.
Know the policy exclusions. All homeowners insurance policies typically contain exclusions for accidents and damages they don’t cover. For example, your policy likely does not cover damage to your home caused by an ongoing maintenance problem or mold. Also, most homeowners insurance policies don’t automatically cover losses resulting from a flood.

Exclusions are important because they drive coverage. Talk to your insurance professional about your policy’s exclusions.
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Know the basics and talk to a professional. As far as homeowners insurance policies are concerned, it’s crucial for homeowners to know the basics – limits, coverages, deductibles, and special exclusions. After the Marshall Fire, we created a video explaining the ins and outs of home insurance. You can find it linked below.

If you have specific concerns about your homeowners insurance, feel free to call us. We look forward to hearing from you! 

​Soft skills are having a moment. I once hired an employee simply because he noticed there was not a chair in the room for me. He quickly went to the other room, found a chair not being used and brought it back to where  we were going to conduct the interview. Problem solving, consideration, ingenuity are all examples of soft skills.  

Employers are realizing that there are some tasks that computers actually can’t do—at least not yet! So the words soft skills have started getting a lot of traction. One survey found that 92% of employers value soft skills as much as hard skills!¹ Let's dig a little deeper into what soft skills and hard skills are. 

Hard Skills
A hard skill is quantifiable. You can typically learn them through taking a class or reading a book. They’re almost always technically skills that can be used in very specific circumstances. For instance, knowing how to design a website or retrieve data are hard skills; they’re very narrow types of knowledge that require training and technical proficiency to master. Engineers, doctors, and accountants are just a few examples of jobs that are based around hard skills. 

Soft Skills 
Defining soft skills is more tricky. Have you ever met a leader whose vision inspires you to work harder? Or have a coworker who’s able to rise above a stressful situation and keep a level head? Those are all examples of soft skills. They’re essentially people skills applied to the workplace.

Which one is more important? It’s tempting to think that hard skills dominate the economy. The digital revolution is changing the way we interact with the world and tech related hard skills are becoming essential in more and more fields. But that doesn’t mean soft skills are going anywhere; one study from LinkedIn found that 57% of employers value soft skills more than hard skills!²

It’s easy to see why. A room full of super geniuses armed with quantum computers is useless if they can’t communicate effectively and don’t have a plan! Skills like leadership, conflict resolution, and stress management are just as important as ever and employers know it.

So let’s say you’re looking for a job and you’ve started working on a resume. How do you highlight both your hard skills and your soft skills? Hard skills often shine the most on paper. Portfolios, degrees, certifications, and recommendations all demonstrate that you’re actually proficient.

Soft skills tend to come out in interviews. Make sure you show up early and dress professionally. Be considerate like my interviewee was. Make eye contact, smile (when appropriate), and ask thoughtful questions. Doing so can show that you’re the type of person who works well on a team and won’t start unnecessary drama. Those little things may seem insignificant if you’ve got a Ph.D from a top university with years of experience under your belt, but you might be surprised by how much they matter to employers and your coworkers!

​Workers' compensation insurance has two benefits: it pays for employees' medical expenses when they sustain work-related injuries and it helps protect businesses from employee lawsuits stemming from those injuries. Additionally, most states require some form of workers' compensation insurance for companies with employees, however small those businesses are.

What's the goal?  Most personal health insurance plans exclude work-related injuries. Workers' compensation insurance is designed to help your business avoid paying out of pocket for the medical bills of employees who are either injured or made ill by doing their job.

What are some examples? They abound, but two are a manufacturing factory employee who sprains an ankle on a loading dock and a nail salon technician who becomes ill from inhaling chemicals.

Who needs workers' compensation insurance? Each state sets its own rules about which businesses need workers' compensation insurance. Generally speaking, however, it depends on the industry in which you operate, your business structure and how many employees you have.

For example, if your business is a sole proprietorship, partnership or limited liability company (LLC) and has no employees other than its owners, it might qualify for an exemption.

But even if you aren't legally required to have workers' compensation insurance, you still might want to obtain this coverage. That's because without workers' compensation insurance, your company could be sued by an injured employee, and if you're found liable, your business could take a big financial hit.

And if you're a contractor, you may find that some companies might require you to have workers' compensation insurance so you can't sue them if you're hurt working for them.

What's covered? While policies and state regulations can vary, here's what workers' compensation insurance generally covers.

Medical care.  Workers' compensation insurance covers the costs for immediate treatment of an employee's injuries. This includes doctor visits, hospital visits (including surgeries), medication and medical equipment such as crutches and wheelchairs.

Rehabilitation. For injuries that cannot be repaired immediately, workers' compensation insurance may cover physical and occupational therapies to help the employee return to work. If the injury prevents the employee from returning to the same job, workers' compensation insurance may even cover vocational rehabilitation.

Lost wages. Workers' compensation insurance also covers employees' lost wages when they are unable to work. This is a type of disability benefit distinct from Social Security disability benefits. It covers partial and total disabilities as well as temporary and permanent disabilities.

Survivor benefits. If the worst comes to pass and an employee dies because of a work-related injury or illness, workers' compensation insurance provides the employee's family with financial support to compensate for their lost income.
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How can you get workers' compensation insurance?
Obtaining workers' compensation insurance can be confusing. In some states, for example, you must obtain coverage from a state entity rather than a private company. And if your business provides services in multiple states, your policy must meet the requirements for all states in which it operates.
If you need guidance purchasing workers' compensation insurance or simply want a better understanding of insurance terms and coverage, please call or email us today.

​I've recently joined the Dow Jane's Group and have been learning a lot about spending habits. The world of the super frugal can be an overwhelming place. At times, it’s inspiring. The creativity and grit of the super frugal are sure to put a grin on your face. You may even find a few fun money saving projects that are worth your time. Saving money with french toast? Sign me up!

However, there’s a fine line between inspiring and weird, and the super frugal sometimes cross that line. Could reusing a plastic lid as a paint palette save you money? Sure! The same is true for bartering with store clerks. Will you get funny looks? Almost certainly.

It’s not that funny looks are bad. There’s wisdom to defying the crowd and marching to the beat of your own drum. But sometimes there’s a good reason to raise an eyebrow at super frugality…

That’s because it can miss the point.
Your financial top priority must always be providing for those you love. In this day and age, that means building wealth.

Some people may need extreme measures to do that. Let’s say you have deep credit card debt or a spending problem. Coupon clipping, saving on utilities, and thrifting may help you knock that debt out faster and free up the cash flow you need to start building wealth.

But don’t mistake the means for the end. Obsessing over coupons, stressing over recycling, and cutting too many corners can reach unhealthy and even pathological extremes. That doesn’t create wealth and prosperity—it can just cause more suffering.

So take lessons from the super frugal. Find a few money savings projects that you enjoy. Maybe do a spending cleanse. But keep your eye on the ultimate prize—building wealth for you and your family.

The world of the super frugal can be an overwhelming place.In a sense, it’s inspiring. The creativity and grit of the super frugal are sure to put a grin on your face. You may even find a few fun money saving projects that are worth your time. Saving money with french toast? Sign me up!

However, there’s a fine line between inspiring and weird, and the super frugal sometimes cross that line. Could reusing a plastic lid as a paint palette save you money? Sure! The same is true for bartering with store clerks. Will you get funny looks? Almost certainly.

It’s not that funny looks are bad. There’s wisdom to defying the crowd and marching to the beat of your own drum. But sometimes there’s a good reason to raise an eyebrow at super frugality…

That’s because it can miss the point.

Your financial top priority must always be providing for those you love. In this day and age, that means building wealth.

Some people may need extreme measures to do that. Let’s say you have deep credit card debt or a spending problem. Coupon clipping, saving on utilities, and thrifting may help you knock that debt out faster and free up the cash flow you need to start building wealth.

But don’t mistake the means for the end. Obsessing over coupons, stressing over recycling, and cutting too many corners can reach unhealthy and even pathological extremes. That doesn’t create wealth and prosperity—it can just cause more suffering.

So take lessons from the super frugal. Find a few money savings projects that you enjoy. Maybe do a spending cleanse. But keep your eye on the ultimate prize—building wealth for you and your family.

​It’s a well-known fact that work can be tough on your health and wellbeing.

But is it possible to have a healthy work-life balance? And if not, should everyone just resign themselves to the idea that they must choose between their careers or their families?

The term “work-life balance” is often used to describe the ideal of maintaining equal priorities between your work and personal life. But is this balance really possible? And if not, does that mean we should just accept that work will always come first?

There’s no denying that work can be demanding and time consuming. But many people feel that they can’t just leave their work at the office—it often follows them home in the form of stress, worries, or even arguments with loved ones.

On the other hand, it can be tough trying to fit in all the things you want to do with your personal time, and you may even feel like you’re sacrificing your career in order to have fulfilling experiences with your family.
​
So what’s the answer? Is work-life balance really possible, or is it just an unattainable fantasy?

The answer to this question is tricky, as it depends on individual circumstances. For some people, having a good work-life balance is definitely possible—they may have a job they love that doesn’t consume all their time, and they may be able to fit in personal commitments.

But for others, it’s a challenge. CEOs, lawyers, engineers, business owners, doctors, and high achievers often wake up to find they’ve spent their lives prioritizing their careers over their families, friends, and making memories. It’s one of the worst realizations a person can have.

Here’s a different take on the problem—what if the question isn’t about how to balance work and life, but about what you actually want?

Do you want a career full of travel and boardroom dealings?

Do you want a happy home surrounded by white picket fences?

Do you want peace, quiet, and a few acres with grass, trees, and streams?

Do you want limitless time to exercise your creativity?

These are tough questions with no easy answers. You may find yourself nodding to all of the above!
But here’s the truth—only one can be your top priority.

Decide what matters most for you. Then, integrate the rest into your vision of your life.

Prioritize your career above all else? Create a 5-year plan that will get you to your ideal job and then make it happen.

Value your personal relationships and family time above your career? Then build a business or take on freelance work that allows you the time and freedom to do the things you love outside of work.

The key is to find what works for you. And that means being honest with yourself about what you really want.
So ask yourself—what do you want? And how can you make it a reality?

It’s a well-known fact that work can be tough on your health and wellbeing.But is it possible to have a healthy work-life balance? And if not, should everyone just resign themselves to the idea that they must choose between their careers or their families?

The term “work-life balance” is often used to describe the ideal of maintaining equal priorities between your work and personal life. But is this balance really possible? And if not, does that mean we should just accept that work will always come first?

There’s no denying that work can be demanding and time consuming. But many people feel that they can’t just leave their work at the office—it often follows them home in the form of stress, worries, or even arguments with loved ones.

On the other hand, it can be tough trying to fit in all the things you want to do with your personal time, and you may even feel like you’re sacrificing your career in order to have fulfilling experiences with your family.

So what’s the answer? Is work-life balance really possible, or is it just an unattainable fantasy?

The answer to this question is tricky, as it depends on individual circumstances. For some people, having a good work-life balance is definitely possible—they may have a job they love that doesn’t consume all their time, and they may be able to fit in personal commitments.

But for others, it’s a challenge. CEOs, lawyers, engineers, business owners, doctors, and high achievers often wake up to find they’ve spent their lives prioritizing their careers over their families, friends, and making memories. It’s one of the worst realizations a person can have.

Here’s a different take on the problem—what if the question isn’t about how to balance work and life, but about what you actually want?

Do you want a career full of travel and boardroom dealings?

Do you want a happy home surrounded by white picket fences?

Do you want peace, quiet, and a few acres with grass, trees, and streams?

Do you want limitless time to exercise your creativity?

These are tough questions with no easy answers. You may find yourself nodding to all of the above!
But here’s the truth—only one can be your top priority.

Decide what matters most for you. Then, integrate the rest into your vision of your life.

Prioritize your career above all else? Create a 5-year plan that will get you to your ideal job and then make it happen.

Value your personal relationships and family time above your career? Then build a business or take on freelance work that allows you the time and freedom to do the things you love outside of work.
​
The key is to find what works for you. And that means being honest with yourself about what you really want.
So ask yourself—what do you want? And how can you make it a reality?

Getting the right property and casualty insurance coverage may not rank high on your list of financial priorities. Compared with investment decisions and estate planning issues, questions about the language in your homeowners policy, say, may seem hardly worth considering. Yet the more successful you become, the more complicated your asset-protection needs are likely to be—and the more you have to lose. Suppose, for example, that in addition to your primary residence—a historic home—you also own a house at the beach and a condo in the city. The properties are in three different states. The value of your collection of Abstract Expressionist paintings has grown rapidly. And you just volunteered to serve on the board of directors of a charitable organization.

Almost every aspect of this situation could cost you dearly. Insurance laws may vary widely from state to state, different kinds of property require specialized coverage, and collections of art, antique cars, and other unique items may be difficult to protect fully. Meanwhile, serving on a nonprofit's board could subject you to additional personal liability.

Safeguarding yourself and your family may mean buying additional coverage, but more insurance isn’t necessarily the solution. Rather, it’s important to review all of your needs, consider specialized policies or policy options, and coordinate your coverage with other aspects of your financial situation. Here are 6 different shortcomings that could prove costly.

1.  Leaving gaps in homeowners coverage. Any homeowner needs to review coverage regularly to keep up with rising replacement costs. But insuring different kinds of homes in different locales poses extra challenges. If you buy insurance from more than one carrier, you may face contrasting rules, limitations, and policy renewal dates. For example, the liability limit on the policy for a second home might fall below the minimum on an excess liability policy designed to complement the insurance on your primary home. You could wind up responsible for the difference.

2.  Ignoring properties unique characteristics. One perk of affluence is the means to own exceptional homes; one drawback is that they may be difficult to insure adequately. Standard homeowners coverage won’t pay for the materials and craftsmanship needed to rebuild that 19th century showplace you’ve painstakingly restored. Coastal homes may face hurricane damage, while a place in the California (or, Colorado) mountains could be subject to earthquakes or wildfires. Meanwhile, city co-ops or condos may need policies tailored to their buildings or associations coverage.

3.  Under insuring art and collectibles. Standard homeowners policies limit coverage for the losses of antiques, furs, and other valuables. And while you could schedule additional coverage, insuring the real value of a collection of contemporary art or vintage muscle cars likely will require a specialized policy addressing several critical issues. How is the value of the collection determined? (You’ll need a professional appraisal when the policy is designed, with frequent updates as items appreciate.) Will a damaged or destroyed item be paid for with cash, or will you be required to have it replaced or restored? Will additions to your collection automatically be covered?

4.  Forgetting to insure household employees. When someone works for you or your family, as a nanny, landscaper, personal assistant, or in another role, you could be liable for medical expenses and lost wages if the worker is hurt on the job. Several states require household employers to pay into a workers compensation fund, while in other states it’s optional, but providing such insurance may be mandatory for ensuring your financial well being. If an employee drives your car, also make sure he or she is included on your policy.

5.  Neglecting your liability as a board member. Excess liability coverage could help protect you if you’re sued as a director of a nonprofit's board. Or for more comprehensive protection, you may want to consider special directors and officers liability insurance.

6.  Failing to get frequent policy reviews and updates. Your financial life isn’t static, and neither are your insurance needs. The value of a collection may increase; extensive home renovations could mean a sharp rise in the value of your property; and the re titling of assets as part of your estate plan—or because of divorce, a death in the family, or the birth of a child—could necessitate policy changes. Even lacking major events, you need a comprehensive review of all your insurance coverage every year.

It often doesn’t take much to realize a cluttered space can affect how we feel when we’re in and amongst it, but researchers at UCLA have confirmed a scientific link between clutter and depression.
In a study of 32 Californian households, UCLA’s Center on Everyday Lives and Families discovered a number of insights into the relationships between the objects around the home and the mental health of the families living in them. The results have been published in a book titled Life at Home in the Twenty-First Century, a fascinating look at how the space in middle-class American homes is used.
Amongst the most enlightening discoveries is the fact that cortisol, the hormone associated with stress and present in most animal species, is noticeably higher in women who have a large number of objects around the house. While it’s a useful hormone to have in certain situations (without it we would feel no natural caution when doing things such as crossing a busy road, standing next to a steep drop or during other life-or-death situations), a buildup of this hormone in non-dangerous situations causes us to feel anxious, fearful and unhappy when there is no reason to be.
Interestingly, the cortisol level in men stays relatively steady in a cluttered environment, so it’s easy to see why tension between partners could be more likely to boil over when there are differences of opinion on a household’s clutter.
If you feel your house could do with a declutter, one useful option is the sealed-box technique. This involves placing a number of items you don’t use or don’t feel particularly attached to into a box and storing it away for a while.
After a decent amount of time has passed, if you still haven’t opened the box or missed the items in it, simply leave it closed and donate them to charity. You’ll rest assured knowing you’ve made some space and pleased someone else!

Please comment below with some of your decluttering tips. 

​In a couple of minutes learn why turning in insurance claims is NOT always the best idea.

So, you're going on a trip.

You want to know if you need to purchase the rental car agency's insurance. You have comprehensive and collision coverage on your vehicle, so the coverage should extend over, right?

The answer is yes, BUT there is a catch!

Turns out, your car IS covered, but loss of use is NOT which means, you could possibly be stuck paying for the days that you cause the rental car to be out of commission.

Translation: YOU PAY FOR THE DAYS THE CAR HAS TO BE IN THE SHOP!

Don't believe us because the financial guy who writes a lot of books says you don't need to purchase rental car insurance? We polled a large group of insurance agents to find out what they've SEEN in rental car claims situations.

Here are a few of their comments:

"Charged almost 3k for a scratch. They charge for even the time vehicle "will be out of service""

"It happened to me. It was a mess and ruined my vacation. I was even an insurance agent while it happened 😬🤣"

"I worked for Enterprise before Insurance.. some credit cards will cover loss of use.. AMEX is a good bet (call customer service of card), it has to be deposit hold card and payment card.. I worked in escalations 😁"

"Over the years I have had several clients that the policy paid to get a replacement Rental but the Rental company charged for their Loss of Use while their damaged car was out of service no longer part of the operational fleet. I’d say on average the clients that have shared these stories, I’d say like above; I’ve seen approx. $2500-$3000. I would say I’ve seen some carriers that have by endorsement or otherwise, covered the Loss of Use. Carrier specific."

"Yes had a customer who had their credit card hit for over $3,500 after an accident in a rental car when they wrecked it for diminished value and admin fees and a few other charges. I always recommend buying it from the rental company."

"Oh yes. One example was the rental car got the window smashed out. $2800 bill for the client who had no loss of use and didn’t purchase coverage."

Bottom line, you need to know YOUR policy. Does it cover loss of use, diminished value, or administration fees? If so, are you willing to fight if the rental car company comes after you and tries to make you pay? Is there an easier option (that won't make your insurance premium go up should you have an accident) like backup coverage through your credit card? Be sure to use THAT card to rent your car. Knowing the answer to all of these questions should help you make the right decision for you. If you need a little guidance, feel free to reach out. We're happy to chat a little more about it. ​