Red Wave Insurance Services Blog

Red Wave Insurance Services Bloghttp://www.myredwave.com/blog/View Red Wave Insurance Services's Website Blogen-uspostmaster@www.myredwave.comInsurance Website Builder - www.insurancewebsitebuilder.comurn:uuid:e5bd3608-66b8-4c40-bbf3-b31a4de95071urn:uuid:0f93e213-6ce7-401a-93db-f48c88bc53a2Beneficiary MistakesIt is important to keep track of your beneficiaries. One of the common mistakes are not keeping track or forgetting to update your beneficiary. Let's face it we are already so busy with our lives that we forget to update information. Don't leave the...Tue, 09 Aug 2011 16:02:17 -0500It is important to keep track of your beneficiaries. One of the common mistakes are not keeping track or forgetting to update your beneficiary. Let's face it we are already so busy with our lives that we forget to update information. Don't leave these important matters to be unattended.  Tip When to Change Your Beneficiary It’s a good idea to update your beneficiaries when your life changes. That way your retirement savings,  life insurance, and other assets will be passed on to the right people. When you get married or divorced,  or when you adopt or have a child, update your beneficiaries. Review your life insurance beneficiary  information periodically, e.g. once a year, to make sure you have the right people named. You may not be able to change your beneficiary if you have an irrevocable beneficiary designation. You  might choose this type of designation if you want to make sure the right person gets the benefit. A  revocable beneficiary designation, on the other hand, can be changed. urn:uuid:749d5982-8735-4547-b0f0-48de169f855aTax Credits Have Been Pricey and EffectiveAs the home buyer tax credits near their end, analysts are concluding that the program was both expensive and successful.The Treasury Department estimates that the credits helped 1.8 million people buy homes, but critics reply that two-thirds of the ...Wed, 28 Apr 2010 13:06:05 -0500As the home buyer tax credits near their end, analysts are concluding that the program was both expensive and successful. The Treasury Department estimates that the credits helped 1.8 million people buy homes, but critics reply that two-thirds of the $12.6 billion in credits spent through the end of February went to people who would have purchased a home anyway. Sen. Johnny Isakson, a Republican from Georgia, who worked as a real estate practitioner for 30 years and pushed through the 2010 extension and expansion of the program, says: “It’s true that a lot of people who got the credit might have bought without it, but they might have bought in 2012 or 2013. This got them to buy in 2009 and 2010, when we needed to shore things up.” Economist Mark Zandi at Moody’s Economy.com agrees. “The tax credit helped to stanch the price declines, which had substantial benefit for the entire economy," he says. "The home is still the largest asset on most people’s balance sheet, so when prices are falling, nothing works for most families. But now people can take a deep breath and think clearly again.” Source: The New York Times, David Kocieniewski (04/26/2010)urn:uuid:6ecd987d-e1d2-4842-adff-4b5d82857be6DO NOT CALL REGISTRY - Cell Phones ...Wed, 28 Apr 2010 12:03:32 -0500<table border="0" cellpadding="0"> <tbody> <tr> <td style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-family: arial, sans-serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-bottom: 0.75pt; padding-left: 0.75pt; "> <table border="0" cellpadding="0"> <tbody> <tr> <td valign="top" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-family: arial, sans-serif; width: 1172px; padding-top: 0.75pt; padding-right: 0.75pt; padding-bottom: 0.75pt; padding-left: 0.75pt; "> <table border="0" cellpadding="0"> <tbody> <tr> <td valign="top" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-family: arial, sans-serif; width: 1166px; padding-top: 0.75pt; padding-right: 0.75pt; padding-bottom: 0.75pt; padding-left: 0.75pt; "> REMEMBER: Cell Phone Numbers Go Public this month. REMINDER..... all cell phone numbers are being released to telemarketing companies and you will start to receive sales calls. .... YOU WILL BE CHARGED FOR THESE CALLS To prevent this, call the following number from your cell phone: 888-382-1222. It is the National DO NOT CALL list It will only take a minute of your time.. It blocks your number for five (5) years. You must call from the cell phone number you want to have blocked. You cannot call from a different phone number. </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </td> </tr> </tbody></table>urn:uuid:af2501bd-cbbc-4558-957a-e6aaa0ac2208Critics Say Flood Maps Aren't Right The Federal Emergency Management Agency began updating flood maps in 2004. So far, FEMA has spent about $2 million a year to complete the projects, but the agency isn’t done yet. Meanwhile, critics in several states are complaining that the new maps ...Mon, 25 Jan 2010 11:58:00 -0600The Federal Emergency Management Agency began updating flood maps in 2004. So far, FEMA has spent about $2 million a year to complete the projects, but the agency isn’t done yet. Meanwhile, critics in several states are complaining that the new maps are inaccurate and arbitrary. FEMA says it welcomes criticism of the new maps and is willing to make changes if there is scientific evidence available that the changes are wrong. "What we're looking for is evidence, a study or survey that would provide more detailed information that can be incorporated," says Josh deBerge, a FEMA spokesman based in Kansas City, Mo. There is usually a comment period during the 18 months between a map update and the date it takes affect. During that time, community meetings will be held. FEMA urges those with criticisms to take advantage of this window of opportunity. Source: Associated Press, Michael J. Crumb (01/23/2010) urn:uuid:84469ac4-19ea-46d4-926f-f50940585680How to stay in hot water If it's doing its job, you don't give it a second thought. But when hot water is elusive for your morning shower and that sink full of dishes, or even worse, its contents are inches deep onthe floor and seeping through the walls, your water heater ha...Wed, 13 Jan 2010 00:45:38 -0600<pre style="text-align: justify; "></pre>If it's doing its job, you don't give it a second thought. But when hot water is elusive for your morning shower and that sink full of dishes, or even worse, its contents are inches deep onthe floor and seeping through the walls, your water heater has your full attention. The average life span of a water heater is about 10 years. Rusting and build up of sediment in the tank could shorten its life while some preventative maintenance may extend it.<pre style="text-align: justify; "></pre><pre style="text-align: left; "><o:p> What can you do to make life a little easier on your water heater?</o:p></pre><pre style="text-align: justify; "> · Twice a year, drain a bucket of water from your hot water storage tank until it runs clear (about five gallons). This removes sediment that absorbs heat energy and causes the unit to waste fuel. Be sure to check your appliance's owner's manual for instructions. · Anti-corrosion anode rods in your water heater protect against rusting. The anode attracts corrosion that would otherwise attack the tank's wall. Having a plumber replace the anodes every three to four years could add to the life of your tank. · Strapping your water heater to the wall studs can help to keep it from breaking loose of its connections during an earthquake. Insulating the storage tank and pipes can help reduce heat loss. Kits and materials for both these projects can be found at hardware stores or home improvement centers. · For gas-fueled water heaters, check the flue assembly twice a year to be sure it's properly aligned and all its joints are sealed. If you ever smell gas, leave your house immediately and call your gas company for help.</pre><pre style="text-align: justify; ">Additional tips and information can be found at <a href="http://www.safeco.com/safeco/for_you_or_your_family/consumer_Tips/waterdamage.asp">www.safeco.com/drip</a>.<o:p></o:p></pre>urn:uuid:41b3856a-3494-4fe4-bce3-4068dedefa80Condo Master Insurance Policy Protect You?HO-6 covers a condominium unit-owner who wishes to insure items not covered by the association policy, as well as the personal property inside the unit and personal liability protection. Many condominium owners think that since the association o...Mon, 11 Jan 2010 22:40:11 -0600HO-6 covers a condominium unit-owner who wishes to insure items not covered by the association policy, as well as the personal property inside the unit and personal liability protection.<o:p></o:p> <o:p> Many condominium owners think that since the association owners have purchased insurance (master policy) on the association, they don’t need insurance to protect their homes. </o:p> Condominium associations must carry property insurance that covers the common items such as floors, walls, ceilings. Most condos have a liability policy that covers claims on the common grounds such as someone falling on a common walkway. These insurance policies are also known as a master policy (“MP”). <o:p></o:p> MP’s do not cover all events and property. (1) The MP does not cover personal property within a unit. If there is a fire, the MP will not cover personal property loss in a unit. (2) The MP does not cover owners for liability claims inside a unit. If someone slips within your unit, your MP does not cover you or your guests if you are sued. (3) Some MP only cover the common elements (walls, ceiling, floors) and not items such as the stove, kitchen, cabinets…. (4) Most MP do not cover improvements inside a unit. If an owner completes extensive renovations and improvements, it is typical the MP will not cover these in event of a loss. Some MP will restore the unit in its original condition when it was first built. <o:p></o:p> Lenders are now requiring HO6 policies on all condominium purchase and refinance transactions if the MP does not cover for the loss in the interior improvements. The HO6 policy is purchased by an owner of a unit to cover these issues. The premiums are inexpensive, typically $150—$350 annually, and the deductibles are low. Some HO6 can also cover assessments by the Association for rebuilding if there are insufficient funds to cover in the MP. The HO6 will pay to defend you if someone is injured in your unit. <o:p></o:p> <o:p></o:p>urn:uuid:861fad97-5652-4606-a00f-6ad736aa5fa6Dog Attacks Could Bankrupt YouIf your dog bites someone, you could be responsible to pay thousands of dollars, your insurer may not cover the attack, you could spend time in jail, your insurance policy could be cancelled or insurance premiums may skyrocket.A Santa Rosa, Californ...Tue, 05 Jan 2010 21:04:34 -0600If your dog bites someone, you could be responsible to pay thousands of dollars, your insurer may not cover the attack, you could spend time in jail, your insurance policy could be cancelled or insurance premiums may skyrocket.<o:p></o:p>A Santa Rosa, California mother’s nose was bitten off by a 90 pound American bulldog while walking her dog to the school bus stop to pick up her children. The bulldog’s owner stated the dog never bit anyone before nor acted aggressively. The court awarded nearly $1 million to the mother and her family, the upper limit of the dog owner’s insurance policy and the dog owner was sentenced to 4 months in prison and 100 hours of community service. <o:p></o:p>According to the Insurance Information Institute (III) in 2008: dog bites make up 1/3 of all homeowners insurance liability claims; the average cost of a dog bite claim was $24,461; there are more than 4.5 million people bitten by dogs every year. <o:p></o:p>A single lawsuit can cost hundreds of thousands of dollars and the risks are higher if your net worth is greater. Personal liability coverage may not be sufficient, consider an umbrella policy that can protect significant assets. The umbrella policies range from $1 million to $10 million and covers broad liability. Are you properly protecting your assets from a lawsuit?<o:p></o:p>What is your net worth? Are you exposed to a lawsuit? Are you properly protecting your assets? Call me for a free consultation. Umbrella policies are affordable. <o:p></o:p> <o:p></o:p>urn:uuid:36a77e13-036f-4d3b-93d8-7fc80af096a0The Hartford NewsThe Hartford Names Juan Andrade President and Chief Operating Officer of Property and Casualty OperationsHARTFORD, Conn., Jul 16, 2009 (BUSINESS WIRE) -- The Hartford Financial Services Group, Inc. (NYSE: HIG) announced today that the company has app...Thu, 16 Jul 2009 17:01:34 -0500<div style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; margin-left: 10px; "><h1 style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; ">The Hartford Names Juan Andrade President and Chief Operating Officer of Property and Casualty Operations</h1></div><div style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; margin-top: 10px; margin-right: 10px; margin-bottom: 10px; margin-left: 10px; "><p style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; margin-top: 7px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; color: rgb(102, 102, 102); "><p style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; margin-top: 7px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; color: rgb(102, 102, 102); ">HARTFORD, Conn., Jul 16, 2009 (BUSINESS WIRE) -- The Hartford Financial Services Group, Inc. (NYSE: HIG) announced today that the company has appointed Juan Andrade, 43, president and chief operating officer of its Property and Casualty Operations, effective immediately. Andrade will continue to report directly to the company's chairman and chief executive officer, Ramani Ayer, and will serve as a member of the Office of the Chairman.<p style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; margin-top: 7px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; color: rgb(102, 102, 102); ">"Over the last several years, Juan has played a critical role in driving the property and casualty business forward and ensuring its continued strong performance," said Ayer. "He has broad functional expertise, having worked in nearly every part of the P&C business, from underwriting and pricing to claims, sales and marketing. As a triathlete and a marathon runner, he has an innate competitive nature and an unmatched passion to win. He will make a terrific leader for this organization."<p style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; margin-top: 7px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; color: rgb(102, 102, 102); ">An industry veteran, Andrade joined The Hartford in 2006, assuming leadership of the P&C claims organization. In that role, he transformed claims into a more focused and disciplined group, emphasizing enhanced customer service, greater employee engagement and increased efficiency. He was soon appointed to executive vice president for sales and distribution in 2008, where he expanded and enhanced the company's relationships with its agents. In February 2009, he assumed the role of Interim P&C Co-leader of The Hartford's Property and Casualty Operations.<p style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; margin-top: 7px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; color: rgb(102, 102, 102); ">"The Hartford has recently taken a number of critical steps to set the company on a strategic course to build value for our partners, shareholders, employees and distributors," added Ayer. Appointing the new head of the property and casualty organization is another important step in our path forward, and we were pleased to have a number of high-caliber internal candidates for the role."<p style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; margin-top: 7px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; color: rgb(102, 102, 102); ">"With our overall company strategy in place and a strong capital position, we are in an excellent position to continue to drive the property and casualty business as we build momentum toward our 200th anniversary," said Andrade. "The P&C business has consistently delivered outstanding performance due to the dedication of our people; the commitment of our agents, brokers and principal partners; and our continued investments in product, distribution, service and technology. I look forward to this opportunity to serve all of our stakeholders to drive results for the business."<p style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; margin-top: 7px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; color: rgb(102, 102, 102); ">Prior to joining The Hartford, Andrade held several leadership positions with The Progressive Corporation, serving as general manager of the company's Gulf Coast Region and, prior to that, the company's Southern California, Colorado and Wyoming business units. He also held management positions with American International Group (AIG), working with worldwide consumer lines operations and holding responsibility for personal lines operations and multi-line business development in the Caribbean. Andrade began his career as a presidential management intern and went on to work on national security and foreign policy issues within the executive branch and the Executive Office of The President.<p style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; margin-top: 7px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; color: rgb(102, 102, 102); ">Andrade earned a bachelor's degree in Journalism and Political Science from the University of Florida. He also earned a master's degree in International Economics and Latin American Studies from the School of Advanced International Studies at Johns Hopkins University.<p style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; margin-top: 7px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; color: rgb(102, 102, 102); ">About The Hartford<p style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; margin-top: 7px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; color: rgb(102, 102, 102); ">Celebrating nearly 200 years, The Hartford (NYSE: HIG) is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies. More information on the company and its financial performance is available at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.thehartford.com&esheet=6008830&lan=en_US&anchor=www.thehartford.com&index=1" style="font-family: Arial, Helvetica, sans-serif; font-size: 11px; line-height: 14px; color: rgb(102, 102, 102); text-decoration: none; ">www.thehartford.com</a>.</div>urn:uuid:f4f30e7e-53f9-4e0c-b72f-b91c4decb4d1Travelers selected for Dow Jones Industrial AveragDOW JONES TO CHANGE COMPOSITION OF THE DOW JONES INDUSTRIAL AVERAGETwo Component Stocks Will be ReplacedNEW YORK (Jun. 1, 2009) ? Two stocks in the Dow Jones Industrial Average will be replaced, Dow Jones & Company announced.The Travelers Co...Tue, 02 Jun 2009 15:11:49 -0500<div> </div><div><table cellpadding="3" cellspacing="1" border="0" width="100%"><tbody><tr><td class="heading" style="color: rgb(67, 103, 197); font-weight: bold; font-family: Arial, Helvetica, Verdana; font-size: 13pt; text-decoration: none; text-align: left; ">DOW JONES TO CHANGE COMPOSITION OF THE DOW JONES INDUSTRIAL AVERAGE</td></tr><tr><td height="16"></td></tr><tr><td height="story">Two Component Stocks Will be ReplacedNEW YORK (Jun. 1, 2009) ? Two stocks in the Dow Jones Industrial Average will be replaced, Dow Jones & Company announced.The Travelers Companies, Inc. (TRV) is taking the place of Citigroup, Inc. (C) and Cisco Systems, Inc. (CSCO) is going in for General Motors Corp. (GM). Both changes are effective with the opening of trading on June 8, 2009."The parlous state of GM has left us with no choice but to remove it from The Dow. A bankruptcy filing immediately disqualifies a stock regardless of a company's history or its role as a cultural icon," said Robert Thomson, managing editor of The Wall Street Journal and editor-in-chief for all of Dow Jones. "We were reluctant to remove Citigroup at the height of the financial frenzy, but it is clear that the bank is in the midst of a substantial restructuring which will see the government with a large and ongoing stake. We genuinely hope that once the bank has refashioned itself that we will again be able to consider it for inclusion – Citigroup is a renowned institution, not only in this country, but around the world."The Journal's Managing Editor oversees the makeup of "The Dow," which Charles H. Dow created as a 12-stock index in May 1896 and today is the best-known stock market barometer in the world."The selection of Travelers, a property and casualty insurance company, is intended to restore the financials industry to full representation in The Dow," Mr. Thomson said. "When we removed American International Group, Inc. last fall, we substituted Kraft Foods, Inc. rather than another financial stock because the financials industry was then in great upheaval. That choice left financials underrepresented in The Dow, a deficiency we are now correcting."Mr. Thomson said that Cisco is a fitting addition "because its communications and computer-networking products are vital to an economy and culture still adapting to the Information Age – just as automobiles were essential to America in the 20th Century."John A. Prestbo, editor and executive director of Dow Jones Indexes, said both Citigroup and GM were retained as Dow components in recent months despite their low prices. "In our judgment, the stocks until now helped the Dow Jones Industrial Average tell the daily story of the stock market. The extraordinary conditions of the severe bear market and recession kept these stocks relevant and representative for a longer period than might have been the case in more normal times."GM ends an 83-year run as a component of the Dow Jones Industrial Average. GM was added twice, first for about a year and a half in 1915 and second on Aug. 31, 1925. The only current component with a longer history is General Electric Co. (GE). GE was in the original Dow in 1896 but was removed and restored a couple of times; it has been a component steadily since 1907.Citigroup joined the Dow on March 17, 1997, as Citicorp. Ironically, Travelers merged with Citicorp to form Citigroup in 1998, creating what was then termed a "financial supermarket." Citigroup spun off Travelers in 2002.The changes won't cause any disruption in the level of the index. The divisor used to calculate The Dow from its components' prices on their respective home exchanges will be changed prior to the opening on June 8. This procedure prevents any distortion in The Dow's reflection of the U.S. stock market.For more information, see the web site of Dow Jones Indexes at <a href="http://www.djaverages.com/">http://www.djaverages.com</a>. The Dow Jones Transportation Average, Dow Jones Utility Average and Dow Jones Composite Average also are members of the Dow Jones Averages family.</td></tr><tr><td height="16" align="center">###</td></tr><tr><td class="story" style="line-height: 20px; color: rgb(34, 34, 34); ">Additions to and deletions from the Dow Jones Industrial Average do not in any way reflect an opinion on the investment merits of the companies involved.Journalists may e-mail questions regarding this press release to <a href="mailto:PR-Indexes@dowjones.com">PR-Indexes@dowjones.com</a> or contact Dow Jones Indexes/STOXX press office:New York: +1-212-597-5720 Frankfurt:  +49-69-29-725-290 Hong Kong:  +852-800-969-336 Singapore  +65-6-4154-299 </td></tr></tbody></table></div>