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Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

  • Writer's pictureLogan Doup

Insurance: The extra layer of protection

Updated: Jul 3

When living in the greatest country in the world, often when someone informs you, “You have to protect yourself,” you may not think they are talking about insurance and making sure you have proper coverage for three vulnerable areas of your life. In this week’s article, I will review three kinds of insurance coverage we feel benefit you and your financial health.

 

Term Life Insurance

Term Life Insurance is one of the most important types of insurance a person can acquire when they are married or if they have someone who is a dependent. The function of Term Life Insurance is to help replace income if you die before becoming financially independent. 

 

The Ramsey Solutions Team’s general rule of thumb is that you need coverage that is ten times your annual income.  The reasoning is that if the market has an average of 10% a year, you can pull the interest earned and use that without touching the principal.  In certain situations, some people need more, and some need less. The goal of Life insurance is not to get rich; it is to protect you in case something happens to you. 

 

Car Insurance

If you have a car… you need car insurance!

 

A long and sad question... What do you do when someone hits you, and they don’t have car insurance? Answer – sue them so they can cover the cost. What happens when they file for bankruptcy? Answer – if you don’t have car insurance, you are stuck trying to cover the bill. 

 

Within car insurance, there are six different parts:

Part A: Liability Coverage

  • This is for any person using your car with permission


Part B: Medical Payments

  • Covers people inside your car

    • Exclusions: Racing, public livery, and some people using your car without permission


Part C: Uninsured Motorists

  • Pays what an “Under-insured” or uninsured driver would have to pay if they were at fault

    • Exclusions: Public livery, auto use without permission, regular use of a non-owned vehicle, auto-used in insured’s business


Part D: Coverage for Damage to Your Auto

  • Provides direct coverage on your covered vehicle and any non-owned vehicle (rental or borrowed car); the insurance company can choose to pay for the repairs or provide you with the value of the vehicle if the car was “Totaled” 

  • Types:

    • Collision: This type of coverage helps if you collide with another vehicle or object, such as when running off the road

    • Comprehensive: This coverage helps you with damages that do not result from a “Collison,” for instance, vandalism, theft, and… “oh no, DEER!!!”

  • Exclusions: Public livery, radar detectors, most electronic equipment, nuclear damage, auto-used without permission, auto-used in insured ‘s business


Part E: Duties of insured after an accident or loss

  • Notify the insurer (insurance company)

  • File a proof of loss

  • Cooperate

  • File a police report (although it is dependent on the situation)

    • If you hit another car, always, always, always file a police report!

      • Worst case scenario: a person hits you, and you agree to move ways, and no one files.  Only to have the police arrive at your house and find out that the other person had reported a hit-and-run.  And yes… this happens!


Part F: General Provisions

  • Most car insurance is only good in the United States, Puerto Rico, and Canada

 

Home Owners Insurance

There are three general coverage forms:

Basic Named Perils

  • Events covered in this are: fire, lightning, windstorm, hail, riot, aircraft, vehicles, smoke, vandalism, explosion, theft, and volcano


Broad Named Perils

  • Events covered in this area include events noted in the Basic Named Perils along with: falling objects, the weight of ice, snow, and sleet, accidental overflow of water, sudden bursting of appliances, freezing of a system or appliance, and Damage from an electrical current


Open Perils (All Risks)

  • Covers all perils except specifically excluded perils

  • Typical exclusions:

    • Neglect (termite damage or a dead tree that falls on the house)

    • Movement of ground (earthquake or landslide)

    • Damage from rising water (floods, water from underground and sewer backup)

    • Ordinance or law (loss resulting from regulation regarding construction or demolition)

    • War or nuclear hazard (includes nuclear power plant)

    • Power failure (power plan failure)

    • Intentional act (burning your own house down)

 

Types of Home Owners Coverage:

Part A: Dwelling

  • Covers repair or replacement of house or attached structures

    • Insured who have an amount equal to the replacement cost

    • Must carry at least 80% of the replacement cost


Part B: Other Structures

  • Includes detached garage, storage building, and other structures

  • Other structures not covered if used for business purposes


Part C: Personal Property

  • Furniture, electronics, clothing, paintings, etc.

  • Limits are placed on certain personal property losses

  • Schedule high-value items, such as a wedding ring


Part D: Loss of use

  • Provides reimbursement for expenses related to additional living expenses

  • Losses resulting from living in a hotel because the residence is damaged or being repaired

  • The insured must suffer a financial loss (I.e., If you have damage from a hurricane and you stay with a family member for free, you cannot collect)


Part E: Personal Liability

  • Protects the insured allegations of bodily injury or property damage (for example: your neighbor slips and falls on the sidewalk in front of your house)

  • Cover both damages and costs of defense of claim or suit


Part F: Medical payments to others

  • Covers medical payments for injuries that arise even if the insured was not liable for the injury

  • Does not apply to the insured or members of the insured’s household

  • Does not cover thieves or trespassers

                             

A Good Foundation

These are not the only three areas in which to have insurance. However, it’s a great place to start. It is essential to take your time to understand each area and how that coverage works for you. 

 

Insurance is a product that helps protect you from significant expenses. Yes, it’s good to find the best deal, but it is also important to make sure you are not stepping over dollars to pick up pennies. 

 

The Whitaker-Myers Group has a division that helps with the various areas of insurance, as mentioned above. If you have questions about any of these, reach out to your advisor today who can help connect you with someone to help.

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Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

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