Don't wait until its un-affordable to lock down Life Insurance...

Don't wait until its un-affordable to lock down Life Insurance...

With the large number of millennials starting a family and making first time home purchases Life insurance is an important part of securing your families financial future. There are many factors that affect the price of Life insurance, here is a list of 7 main rating factors (no specific order).

- Age
- Gender
- Smoking (including vaping, medical marijuana)
- General health
- Pre-existing health issues (including maintenance prescriptions)
- Driving record
- Hobbies (scuba diving, sky diving, etc.)

The difference between getting Life insurance in your 20's and 30's compared to 40's and 50's is literally thousands a year for the same coverage amount. Example, a 30 year old perfectly healthy San Diego, National City Ca male with no previous health conditions purchasing a 30 year term with $500k coverage could be $40 month. That same coverage for same person 15 years older could be between $80-200 month or more depending on health at that time.

Why wait? Other bills, busy, don't want to take the medical exams? For the price of a Starbucks coffee daily you could have a solid Life insurance policy covering your loved ones in case of a tragedy. As far as being busy and medical exams most Life insurance companies will send a mobile lab to you at home in anywhere in California including San Diego, National City, Carlsbad, etc or work to complete the 20 minute exam and send in all testing for you at no additional cost. 

Give us a call with any questions or to schedule an appointment to look into your options today.

Taylor Company Insurance & Financial Services

Patrick Patterson

Cell: 760.566.8544

Office: 619.477.6330

Fax: 619.477.1882

Website: www.taylorhouseinsurance.com

Frequently Asked Questions about Flood Insurance

Frequently Asked Questions about Flood Insurance

DOESN'T MY HOMEOWNERS INSURANCE POLICY COVER FLOODING?
No. Flood damage is not typically covered by a homeowners insurance policy.

AM I ELIGIBLE FOR FLOOD INSURANCE?
You must live in a community that participates in the National Flood Insurance Program (NFIP) to qualify for National Flood Insurance. Find out if your community participates in the NFIP and the kinds of NFIP resources available in your community  San Diego, National City Ca 91950

CAN I GET FLOOD INSURANCE IF I'M RENTING A PROPERTY?
If you live in a community that participates in the NFIP, you can get flood insurance to cover the contents of your home or business. San Diego, National City Ca 91950

I LIVE IN A LOW-RISK FLOOD ZONE. DO I REALLY NEED FLOOD INSURANCE?
Even though flood insurance isn't federally required, anyone can be financially vulnerable to floods. In fact, people outside of mapped high-risk flood areas file over 20-percent of all National Flood Insurance Program flood insurance claims and receive one-third of Federal Disaster Assistance for flooding. When it's available, disaster assistance is typically a loan you must repay with interest. A Preferred Risk Policy provides both building and contents coverage for properties in moderate- to low-risk areas for one low-price. San Diego, National City Ca 91950

WHY DOES MY MORTGAGE LENDER REQUIRE ME TO BUY FLOOD INSURANCE?
Under federal law, the purchase of flood insurance is mandatory for all federal or federally related financial assistance for the acquisition and/or construction of buildings in high-risk flood areas (Special Flood Hazard Areas or SFHAs).

The amount of flood insurance coverage required by the Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994, is the lesser of the following:

1. The maximum amount of NFIP coverage available for the particular property type,
2. The outstanding principal balance of the loan, or
3. The insurable value of the structure.

If the property is not in a high-risk area, but instead in a moderate- to low-risk area, federal law does not require flood insurance; however, a lender can still require it. In fact, over 20-percent of all flood insurance claims come from areas outside of mapped high-risk flood zones. Note that if during the life of the loan the maps are revised and the property is now in the high-risk area, your lender will notify you that you must purchase flood insurance.

I'M NOT IN A HIGH-RISK AREA, BUT I'D LIKE FLOOD COVERAGE. IS THIS POSSIBLE?
Yes! You are eligible to purchase a flood policy with the same coverage you would receive if you lived in a high-risk area. That is, of course, as long as your community participates in the NFIP. A Preferred Risk Policy provides both building and contents coverage for properties in moderate- to low-risk areas for one low-price. San Diego, National City Ca 91950

Call Taylor Company Insurance & Financial Services for a quote today! 619.477.6330
San Diego, National City Ca 91950

http://taylorautoinsurance.com/
https://www.floodsmart.gov/floodsmart/pages/faqs.jsp

Travelers: Top Rated Homeowners Insurance Company in California

Travelers: Top Rated Homeowners Insurance Company in California

The California home insurance market is the largest in the country, with over 50 providers competing for customers. As a result, the average rate for homeowners insurance is pretty low, despite an otherwise expensive housing market — quotes for annual premiums averaged just $980 in 2012, which is lower than the national average for that year.

California’s enormous size and varying climates, however, create sizable differences in coverage costs among Golden State cities. And earthquakes and floods, two of California’s most common natural disasters, are not covered under standard homeowners insurance policies — so it’s crucial to do your research to make sure you get adequate coverage for the best price possible.

Travelers

Travelers has been providing service for over a hundred years, so they know a thing or two about insurance. Their homeowners insurance policy is comprehensive, with a lot of add-on options and an array of discounts available, ensuring a policy that you’re happy with at a price that is reasonable.

California residents can take advantage of their add-on earthquake, flood, and landslide coverage, which is not available from every provider and is incredibly valuable if you live in a high-risk area. Residents can also take steps to get their home certified ‘green’ and receive a 5% discount on homeowners’ insurance — in addition to reduced energy bills.

Travelers has an easy-to-use online claims center that simplifies the process to a few steps, as well as day and night phone support in case you need extra assistance. Their website provides excellent additional educational resources and tools as well to help consumers learn more about their policy options and tips for safeguarding their homes.

In San Diego county, Carlsbad to National City California we have seen a bundling savings with Home and Auto policies of 30% in 2016. Taylor Company Insurance & Financial Services specializes in placing clients in bundled insurance policies including Commercial and Business lines.

http://taylorautoinsurance.com/
http://www.thesimpledollar.com/best-homeowners-insurance-in-california/

It’s Not How Much You Make…It’s How Much You Save

It’s Not How Much You Make…It’s How Much You Save

We need to find many, not one, silver bullets to have people save for a life that is going to be closer to 100 years,” Joseph Coughlin, director of MIT’s AgeLab.


That came right out of the USA Today, on Aug. 1, Coughlin is a pretty smart guy. He was named by Wall Street Journal as one of “12 pioneers inventing the future of retirement…,” and by Fast Company as one of the “100 Most Creative People in Business.”

This is the man that is telling us we should be preparing to live to be 100.

This gives even greater meaning to the phrase: “It’s not how much you make, it’s how much you save.”

But the fact is, it’s hard to save a lot if you’re not making a lot. And it’s hard to make a lot if you’re not writing a lot of new business.

Why this subject and why now?

It won’t be long before we’ll be creeping up on the end of the year and that brings on the annual goal setting ritual in most agencies.

Goal setting can be remarkably different from agency to agency. Some leaders have producers set minimum goals that they are guaranteed to hit. Other agencies just assign a new business goal, ranging from $25,000 on the low side to $70,000 as an average. High performing firms average six figures or greater.

This all makes sense from a business perspective. Leaders need to have budgets. However from a personal perspective it couldn’t be worse.

If you’re projected to live to be 80, 90 or even 100 years old, how are you ever going to save enough money to provide financial security if you’re not killing it every year?

How much do you need to save to potentially have financial security?

The 4% Rule

The 4 percent rule was first proposed in 1994 as a “safe withdrawal rate” from a retirement portfolio. It works like this: Withdraw 4 percent of your portfolio in the first year of retirement, then increase the dollar amount that you withdraw each subsequent year to keep up with inflation.

If I’m killing you with numbers, let me try and make this real. If you retired today with $2 million in your account, you could safely withdraw $80,000 (4 percent) annually. Adjust that every year to deal with inflation and with a portfolio invested in 50 percent bonds and 50 percent stocks, they think it will work out for you. If you think having $2 million in your retirement account and you’re only 40 years old is enough, you could be screwed.

Here is what I did; I reverse engineered my goals.

I started with my retirement date and projected how much money I needed in my investment account. I started that 18 years ago when my oldest was six years old. By the way, I also had a four-year-old, two-year-old and a newborn at that point.

Once you know how much money you need, you can then determine how much you need to save and for how many years. My number was $65,000 after tax dollars for 25 years. Once you know how much you need to save you can then determine how much new business you have to write to get your book big enough to throw off that much extra income.

Any other goal setting process is foolish.

On occasion I’ll get asked, “when is enough, enough”? Obviously, I can’t answer that. It’s simple to me, if you have a $500,000 book, you’re making anywhere from $150,000 to $200,000 in most shops. When Uncle Sam gets through with you, you’re pocketing from $100,000 to $140,000.

Is that enough to pay your bills, take a vacation and still save $65,000 a year? In most cases the answer is no.

It’s important to cooperate with your agency principal in their goal setting ritual, but please don’t let it stop there. Even if you’re working with a financial planner, you might not be any better off.

One of the great things about being a producer is your unlimited ability to make money. So plan your goals, don’t wait for them to be assigned to you. You’re better than that.

At Taylor Company Insurance & Financial Services we make sure we have each client placed with the proper coverage's to protect your income and savings from potential lawsuits. Specializing in Home and Auto bundled packages along with Commercial/Business Insurance in San Diego, Carlsbad to National City Ca.

http://taylorautoinsurance.com/
August 22, 2016
Insurance Journal West Magazine
http://www.insurancejournal.com/magazines/features/2016/08/22/423536.htm

Why Buy Earthquake Insurance? Because most Homeowners' Insurance policies do NOT cover Earthquake damage......

Earthquakes are real concerns for homeowners, especially in California. However, most homeowners' insurance policies do not cover damage and loss caused by earthquakes. After an earthquake, a family might not be able to live in their home for weeks or even months. This can be devastating for a family already affected by a natural disaster—and it's why many families opt to purchase earthquake coverage.

Homeowners often imagine that earthquake coverage is too costly, choosing to take on the risk of extensive damage to their homes. But that doesn't have to be the case. Let us quote your Earthquake insurance policy through our multiple carriers ensuring the best pricing available in San Diego, Carlsbad to National City Ca. Packaging a Earthquake policy with your Homeowners can also get a bundling discount with many carriers. 

Here are a few things to consider when seeking residential earthquake coverage:

• Do I really need it? That's a question only you can answer. However, if you live in California, and earthquake insurance would give you greater peace of mind, there's no reason not to get a quote. Once you have a quote, you can make the right decision for your family based on accurate information.
• How can I avoid overpaying? Many insurance companies simply base earthquake insurance premiums on the construction and value of your home. Families with homes built on sturdy ground save money, instead of paying the higher rates charged by other insurers who group all homeowners together by zip code, regardless of soil type.
• What if I'm not near a fault line? The 1994 Northridge earthquake occurred on a fault line that no one knew about. New faults continue to be discovered, so there's no guarantee that an area is immune to earthquake risk. However, if you're not near a known fault, your costs are likely to be lower.
• How can I tell if my home is at risk? Nearly every home in California has some risk of earthquake loss. The best way to gauge your risk is to talk with a qualified broker. Over time, we've seen that some homes—and homes in certain areas—are more likely than others to suffer total losses, while others sustain lesser damage. An earthquake insurance broker will understand these variables and be able to help you make the right determination for you.
• How much coverage do I need? As a starting point, think about what it would cost to rebuild your home after an earthquake. You can work with your agent to determine specific coverage limits for your home, personal property and living expenses if you can't live in your home after an earthquake. You and the agent can also work together to determine a deductible that makes you most comfortable. 

Give Taylor Company Insurance a call today to get a quote on Homeowners insurance with Earthquake coverage 619.477.6330

http://taylorautoinsurance.com/

http://www.eqhomeowner.com/why-buy-earthquake-insurance

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Answer to a common question, how age affects Auto Insurance rates?

How Age Affects Auto Insurance Rates

Teen Drivers and New Drivers

Teenagers and other new drivers are subject to much higher costs because they are statistically found to be less safe on the road than drivers with a few more years of experience.

The higher rates for young drivers and other new drivers are based on convincing data that these groups are more likely to be in accidents. The Insurance Institute for Highway Safety (IIHS) provides the following information on teen drivers in the United States:

• -Teenagers driver fewer miles than most adults but have much higher crash and death rates.
• -The rate of accident-related deaths per mile among 16 to 19 years old is 3 times higher than for drivers over 20 years old.
• -The rate of crash-related deaths per mile among drivers 16 and 17 years old is 2 times higher than it is for drivers 18 and 19 years old.
• -Teens are less likely to drink and drive than adults but are far more at risk of getting into a crash when they do.

Teens and new drivers are likely to be in accidents because of their inexperience compared to mature drivers. Additionally, teens:

• -Have a greater tendency to speed.
• -Are less likely to realize that they are in a serious situation.
• -Are more likely to tailgate the car in front of them.
• -Are less likely to wear their seat-belt each time they get behind the wheel.

• Adult Drivers & Auto Insurance

  From the time you turn 25 years old until the time you turn 65 years old, your car insurance rates are likely to gradually decrease as long as you maintain a good driving record.
  Additional factors that are more important than age during these years include:
• -What kind of car you drive.
• -Where you live.
• -How many miles you drive.
• * Possible savings of 30% when bundling your Home and Auto insurance policies. 
• Call Taylor Company Insurance & Financial Services in San Diego, National City Ca 91950 to find out. 619.477.6330
• http://taylorautoinsurance.com/
• http://www.dmv.org/insurance/how-age-affects-auto-insurance-rates.php
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Don't trip over pennies and lose thousands on a Homeowners Insurance claim!

Actual Cash Value vs. Replacement Cost

Don't trip over pennies and lose thousands on a Homeowners Insurance claim! Be sure your Homeowners policy has "replacement cost" on dwelling and contents (personal property). If not you may be setting yourself up to lose thousands during a claim. 

What is "Actual Cash Value"?
The term ACV or "actual cash value" is not as easily defined. Some courts have interpreted the term to mean "fair market value," which is the amount a buyer would pay a seller if neither were under undue time constraints. Most courts, however, have upheld the insurance industry's traditional definition: the cost to replace with new property of like kind and quality, less depreciation. Courts have varied in their rulings as to whether or not depreciation includes obsolescence (loss of usefulness as a result of outmoded design, construction, etc.).

What Does "Replacement Cost" Mean?
The term "replacement cost" is defined or explained in the policy. Simply stated, it means the cost to replace the property on the same premises with other property of comparable material and quality used for the same purpose. This applies unless the limit of insurance or the cost actually spent to repair or replace the damaged property is less. Refer to your policy for the exact definition and explanation of replacement cost.

So What's the Difference?
The difference between replacement cost and actual cash value is a deduction for depreciation. However, both are based on the cost today to replace the damaged property with new property.   

Replacement cost coverage costs dollars a month extra. That being said let's say you have $100,000 worth of contents (personal property) lost in a fire. Under ACV your depreciated amount could be 60% due to depreciation giving you a $60,000 payout on your $100,000 worth of items. Under Replacement Cost your $100,000 in contents would be payed out $100,000. So under ACV you would lose $40,000 worth of contents. Is $40,000 loss worth saving a couple hundred a year? 

Bundling your Home and Auto insurance policies can save up to 30%, call us to find out. We specialize in San Diego, Carlsbad to National City Ca. We also can provide Earthquake and Flood insurance to compliment your Homeowners policy.

Taylor Company Insurance & Financial Services

2504 Transportation Ave Ste A
National City, Ca. 91950
Office: 619.477.6330

Fax: 619.477.1882

Website: www.taylorhouseinsurance.com