Once again, congratulations on your new home! Remember, now that you have your nest, you want to protect it, and don’t forget about your nest egg!
Check out the articles from our guide below. You can also download the PDF version here.
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The Most Overlooked Item of Any Home Improvement
If you are like most homeowners, you love selecting the fixtures, fabrics, and paint colors of your home improvement project. But there is one very important item that you may overlook—making certain you are properly insured.
Why Proper Insurance Matters
You may need to review your insurance before beginning any home improvement project since it can expose you to additional financial risks.
If you choose to act as your own general contractor (in other words, you organize and order supplies while hiring sub-contractors to do the work), you may be opening up yourself to additional liability (such as an injury to a worker or third party) that may not be fully covered by your current homeowners insurance policy.¹
Whether it’s an extra room or an updated bathroom, many home improvement projects will increase the value of your home. However, too many homeowners fail to review the policy’s replacement value limits, which may no longer be high enough to cover any losses that occur after your home improvement.
Obtaining additional coverage shouldn’t wait until you’ve completed the remodeling. After all, at any point in the process, you will have supplies and completed work that may not be covered under your existing policy.
To ensure that you are properly covered, meet with your insurance agent about your projects and discuss with them any need for modifying your current insurance coverage.
1. The information in this material is not intended as legal advice. Please consult legal or insurance professionals for specific information regarding your individual situation.
Protecting Your Home Against Flood Loss
In 2021, the average flood claim payout from the National Flood Insurance Program was $44,401.10.
The financial loss that comes with flooding can be devastating. Yet, many Americans are not protected against flood damages, primarily because flooding is not covered under a standard homeowners policy.
Low vs. High Risk
Even if you are in a moderate-to-low-risk area—homes not residing within mapped high-risk flood plains—you could suffer flooding at some point. In fact, moderate-to-low-risk areas account for nearly 25% of all National Flood Insurance Program insurance claims and one-third of federal disaster assistance for flooding.1
To protect yourself from the financial risks of flooding, you can consider purchasing insurance through the National Flood Insurance Program, which you can obtain through a local insurance agent. However, to be eligible, you will need to live in a community that participates in the program.2
Coverage Choices
If you live in a moderate-to-low-risk area, you may qualify for coverage at a preferred rate, with building and contents coverage for one low price.
If you live in a high-risk area, the National Flood Insurance Program offers separate coverage for buildings and contents.
The cost of flood insurance depends on a number of factors, including the age of your home, the number of floors, the location of contents, and other considerations. You should consider the amount of your deductible and level of coverage before purchasing a flood insurance policy.
1. PolicyGenius.com, December 22, 2022
2. FEMA.gov, 2023
Taking Inventory of Your Possessions
Only four in ten Americans have a home inventory, despite the fact that 3.4 million Americans were displaced by natural disasters in 2022.1,2
It’s great to have insurance against damage and loss, but if you can’t show proof of your possessions, it may result in a protracted settlement process with your insurance company.
Four Tips for Creating an Inventory
Creating an inventory may take a bit of upfront work, but it can pay future benefits in smoothing the claims settlement process with your insurer and increase the potential of receiving the maximum payment possible.
Tip #1—Make a Video of Your Possessions
A visual record of your possessions is the best proof of ownership. When videoing your home contents, make sure you are methodical and thorough in going through all your rooms and storage spaces. Speak while you are taping to describe each item, including any relevant information (e.g., This is a signed first edition of “Moby Dick”).
Tip #2—Document the Value of Your Items
Scan or video receipts of the items in your home. Indicate the make and model where appropriate. If you have artwork or antiques, consider creating a record of any appraisal you may have received on your collectibles.
Tip #3—Secure Your Inventory
An inventory doesn’t help much if you keep it in the house and your home burns to the ground. If your video is digital (highly recommended), consider storing the file in a “cloud” account, rather than on your computer, or on a USB stick stored in a safety deposit box.
Tip #4—Keep Your Inventory Updated
Failure to regularly update your inventory may mean leaving off expensive new purchases.
Get started by asking your insurance agent if he or she has an inventory checklist, which may help you remember to include items that you might otherwise overlook.
1. Investopedia.com, May 11, 2021 (most recent data available)
2. ScientificAmerican, February 6, 2023
A Home Insurance Claim: To File Or Not To File
Insurance is meant to protect you against financial loss. But is it really meant to protect you from any and all financial loss? When it comes to filing a loss claim on your home insurance, there may be times when not filing may be the wisest course of action.1
According to one study, the national average premium increase after filing a homeowners insurance claim is 9%, although this number varies depending on your specific location.2
What About My Premium?
Some insurance companies may protect you against premium increases. However, if filing a claim means your premium will rise, you may need to decide whether it makes sense to do it.
It may not pay to file a claim if:
- The claim amount is small. Your policy will have a deductible, so even claims of $1,000 to $2,000 may not have a favorable long-term cost benefit.
- You’re not covered for a loss. Read your policy first to determine coverage. The simple act of filing a claim (even for a claim that won’t be paid) may result in higher premiums.
- You have filed a claim within the last seven years. Since previous claims are tracked by an industry database for seven years, it may result in higher premiums.
Another factor to consider: you may want to file a claim regardless of dollar amount if someone is injured on your property, in order to protect yourself in the event that you are sued by the injured party.
1. Several factors will affect the cost of homeowners insurance, including the location, size, and contents in the home. You should consider the amount of your deductible and level of coverage before purchasing a policy. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.
2. InsuranceQuotes.com, 2022
Local Restaurants
Have you been looking for restaurants to try that are close to Condor’s office? Here are some in the area that have been enjoyed by family and friends.
- Ristorante MV (Bernardsville, NJ) – Ristorante MV is a New York style eatery and bar that offers authentic, classic Italian cuisine skillfully prepared by the Vitiello family. Michael and Tanya Walliser, Condor’s very own President and Senior Financial Advisor respectively, love to visit with their family.
- Hills of Herat (Basking Ridge & Martinsville, NJ) – A family-owned restaurant that serves authentic Afghan cuisine. This is a favorite among almost everyone at Condor; the lunch order gets huge! They have a location in Basking Ridge that may be of interest as well.
- Benny’s Kitchen (Martinsville, NJ) – A deli that serves many different hot foods and sandwich offerings. They also offer catering for events and are another lunch favorite for several of our advisors.
- Beenie’s Ice Cream (Morristown, NJ) – A family-run ice cream shop with all kinds of enjoyable flavors.
- Ancona Bistro (Gillette, NJ) – A bistro that serves wonderful Northern Italian cuisine with many specials to try. It is a BYOB establishment where you can bring your favorite wine or beer to enjoy.
- Trattoria Mediterranea (Bedminster, NJ) – A family-style Italian restaurant known for their food, friendly service, and lively atmosphere. A favorite of Nicholas Mango, our Portfolio Manager!
- Bistro 46 (Morristown, NJ) – A restaurant that offers delicious American and Mediterranean cuisine.
- Il Monello (Peapack, NJ) – An Italian restaurant serving authentic cuisine from the Abruzzo region of Italy. It’s a great spot for date nights, celebrations, and corporate dining.
- Cafe Azzurro (Peapack, NJ) – A vibrant restaurant located in the heart of Peapack, focusing on northern Italian dining with fresh seafood, meat and poultry entrees, and pasta dishes. A favorite of Jeanette Lucas, our Senior Financial Advisor.
- Tandoori Mela (Basking Ridge, NJ) – A fast casual restaurant that serves authentic Indian cooking from family recipes refined over generations. Another pick from Nick!
- Kiku Sushi (Bedminster, NJ) – A Korean-Japanese fusion restaurant that offers many hibachi, sushi, and sashimi options, as well as other kitchen specialties. A favorite of our Portfolio Manager.
- Gabriel’s Fountain Kitchen & Creamery (Martinsville, NJ) – A family-friendly restaurant with homemade artisan ice cream. Condor has had a few ice cream socials there, and we can’t get enough!
Disclosures
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Condor Capital Wealth Management), or any non-investment related content, made reference to directly or indirectly in this document will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Condor Capital Wealth Management. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Condor Capital Wealth Management is neither a law firm nor a certified public accounting firm and no portion of the this content should be construed as legal or accounting advice. A copy of the Condor Capital Wealth Management’s current written disclosure statement discussing our advisory services and fees is available upon request.
If you’re ever unsure of where to start or what would be best for your unique situation, we can help. At Condor Capital Wealth Management, our advisors are here to help if you have questions about a specific issue, need guidance on reaching your goals, or require anything else. Give us a call at 732-356-7323, or drop by at our Contact Us page to get started.
