Insurance Insights: The Cleary Insurance Blog
The Cleary Insurance blog covers insurance, risk management, and financial planning for New England businesses and individuals. Our team of licensed advisors and specialists publishes regular articles on commercial and personal coverage, employee benefits, life and financial planning, and insurance compliance. Browse recent articles below, or use the category filters to find topics relevant to your business or personal situation.
Stop Leaks Before It’s Too Late
Fire might be a homeowner’s greatest fear, but some insurance company will tell you that water is the far more common cause of property damage, even if you don’t live in an area subject to flooding. And it can come from many sources: A failing water heater, a burst pipe, a broken supply line under your sink, a clogged toilet, or even a split hose connected to your washing machine.
That is why it is critical to keep a close eye on your electrical appliances, such as a water heater, and have them repaired by contacting a popular Water Heater Repair company in your area. While noise from a water heater is normal, sounds like humming, knocking, screeching, or tapping should be investigated to rule out the need for repairs or replacement parts.
Just as it’s essential to have a smoke detector in each of your home’s bedrooms and common areas, you’d be wise to install leak detectors in places where water damage could start: The laundry room, water heater closet, the bathroom, under your kitchen sink, and so on. Most plumbers are able to install leak detectors and if you don’t already know a reliable plumber, simply search ‘plumber near La Cañada Flintridge‘ or wherever you live. It’s always better to be safe than sorry and if you do notice a leak somewhere in your home, it’s vital that you get it fixed as soon as possible.
Leaks need to be treated with urgency no matter where they come from or how they are caused. There are quite a lot of emergency plumbing services that could help you in this regard. This leak should be treated as soon as possible as dampness or waterlogging can result in mold growth. Although mold isn’t always visible, it can still seriously harm your home and health. You would then be required to look for mold damage restoration services that can help in clearing the mold and restoring the water damage.
Water shut-off devices are installed by a plumber directly onto your water line, a flow-based water leak detection device monitors the flow of water throughout your home. If an unusual activity or flow of water is detected – probably caused by a leak somewhere in your plumbing or pipes – the device will alert you first and then shut off your water supply to help minimize damage.
Many insurance companies also offer a break on your home insurance if you install water leak detection systems. A one-time investment can end up paying for itself over time.
Tips to Avoid Finacial Stress
Whether you worry about contracting COVID-19 or not, chances are you share in the financial stress felt by millions during the last few months.
There are steps you can take today to help put some of your fears to rest. But first, a look at why controlling stress is important.
Tips to manage stress
In the case of the pandemic, the CDC suggests strategies for relieving stress. These include meditating, volunteering, taking breaks from reading the news, eating well, exercising, and using counseling or therapy services if needed.
If you are currently experiencing cash flow challenges and haven’t done so already, reach out to your creditors, and any other financial institution with whom you do business to discuss payment leniency.
The financial checkup
Your next move is to review the money that comes in and goes out every month to make sure you have a firm handle on your cash flow situation to possibly uncover some ways to reduce expenses.
Investors should ensure that their portfolios are well-balanced and reflect their financial goals, time horizon, and risk tolerance. Many investors rely on guidance from a financial professional.
Retirees can create dependable income streams (Annuities, Pensions, in addition to Social Security) to help shelter themselves from volatility. Those in the accumulation phase can establish an emergency fund of 3-6 months worth of expenses held in cash.
While it’s critical to review your financial position, it’s imperative to also address your risk management and estate planning needs.
This includes Disability Insurance, to protect your income if you become too ill or injured to work. If you have coverage through your employer, make sure you’re absolutely certain how the plan works – what % of your income it would replace (60% is most common but can be less) and if it would be taxable. The last thing you need at that point is an unpleasant surprise.
Life insurance is also of critical importance, to protect those who are financially dependent upon you. Be sure to review the coverage you have in place (if any) and make sure it’s up to date. Many times, people set up coverage early on, but don’t update it as life events occur, such as marriage, children, buying a house, etc.
The same concept pertains to updating the beneficiary designations on your retirement accounts, insurance policies, and address overall Estate Planning needs.
Being proactive with your finances puts you back in the driver’s seat, which may not solve all your immediate challenges, but can reveal a path forward to restoring financial wellness and help to manage stress.
5 Summer Wellness Tips
Summer is an exciting time of the year that is typically filled with cookouts, outdoor activities, and other events. To promote a happy, healthy summer, try following these five wellness tips:
- Drink plenty of water. Dehydration in the summer months can make you more susceptible to heat exhaustion and heatstroke. To avoid symptoms of dehydration such as dizziness, weakness, and fatigue, try to drink at least eight to ten glasses of water throughout the day.
- Watch what you eat at summer cookouts. Common cookout foods like burgers and hot dogs are full of fats that can make you feel lethargic. Sticking to lighter more refreshing foods like fish, pasta salads and watermelon can give you more energy while still satisfying your appetite.
- Protect yourself from the sun. Protect yourself from the harmfulness of UV rays by wearing protective clothing, staying in shaded areas during the sun’s highest points (from 10 a.m. to 4 p.m.) and using a sunscreen with an SPF of at least 15. It may also be a good idea to install an air conditioner (get in touch with professionals from brookshvac.com/ac-installation/) so that you don’t have to worry about sweating at all times.
- Exercise safely outside. Exerting high amounts of energy in the heat raises your body temperature, making you more at risk for heat exhaustion and stroke. Make sure to drink lots of water, wear breathable clothing and have healthy snacks to fuel your body.
- Take a vacation to prevent burnout. Reduced productivity, exhaustion and decreased engagement are all symptoms of burnout. Taking time away from your work responsibilities to get your mind and body in check is essential to keep up work performance and overall health.