Check out our July 2021 Newsletter here: July Newsletter
Each month we release a newsletter to keep our customers up to date on the agency. We have a monthly giveaway as well as other relevant insurance information we think could be valuable.
In this article we’re focusing on home & auto insurance. Some place more weight on your score than others. For most insurance companies, your credit score is a significant factor and will have a huge impact on your rates. Read on to find out how credit score affects insurance rates.
For quite a while now insurance companies have been using credit scores as a factor in determining rates. One reason is that data shows people with higher credit are more often in a financial position to cover small repairs themselves rather than filing an insurance claim. Another reason is that higher credit scores show the likelihood of someone to pay their insurance premiums on time.
There are some states that ban the use of credit-based insurance premiums such as California and Washington.
Insurance companies use what is called a “soft pull”. This differs from a “hard inquiry” in that it will not register with the credit bureaus. Typically, you’ll see your credit score drop a few points as the result of a hard inquiry.
Luckily, for insurance purposes, this is not the case so you are free to compare insurance rates without worrying that it will affect your credit.
Most insurance companies will base your rates on your credit. Many times, they do not re-run your credit as long as you are a customer. If your credit score has increased since you purchased your policy, you could be paying more than you have to.
Let’s say you purchased your home and auto insurance policies 3 years ago and you had a 690 credit score at the time. You’ve worked hard on your finances and you now have a 750. More than likely you’re still going to be paying insurance rates based on a 690 credit score. It costs a lot of money and time for insurance companies to re-run credit and re-rate your policies so they typically will not do that as long as you’re a client.
You have two options to take advantage of your increased credit score.
Keep in mind most insurance companies do not have the option to re-rate in the middle of the policy term. You’ll probably have to wait until renewal.
Moving to a new insurance company is always an option, however consider the discounts you may lose such as diminishing deductible, or a discount received for allowing them to track your driving. If you have insured your valuable items such as jewelry, art or firearms, you may have to get appraisals on all those items again which costs time and money. Typically, appraisals must be less than 3 years old.
If you liked this info on how credit score affects insurance rates, check out some of our other content you may find useful.
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For financial education videos, The Minority Mindset YouTube channel offers great content.
Here’s the deal, like a savings account, life insurance is part of your basic financial foundation. We don’t like to think about it, and it typically gets pushed back on the to-do list, but it’s something we all need. A Life Insurance Calculator will help you determine your need.
Whether you have a complex need or just want a simple $100k term life insurance policy, we can walk you through the options that fit your needs. No infomercial hard sales tactics here, just a consultative approach that our clients have come to love.
Many financial gurus like Dave Ramsey and Suze Orman gloss over life insurance b/c it’s not their big money maker. However, they both agree that Term Life Insurance should be part of your financial foundation. We couldn’t agree more.
Term: A policy with a determined time frame that pays a death benefit should you die during the policy term. For example, a 30 year term life insurance policy will pay out if you die during those 30 years.
Whole Life: Provides a death benefit for the rest of your life. Also, includes a cash value component that builds value over time. Sometimes referred to as Permanent Life Insurance.
I learned a valuable lesson a long time ago. Don’t wait until your thirsty to start digging the well. The longer you wait to get life insurance, the higher the cost because age is a factor. This also protects your insurability should you unfortunately encounter health problems.
Here’s a quick way to help you determine how much life insurance you need. You don’t want to just pick a number. Like the rest of your finances you need to be strategic and do your homework. Use this to get things started. Determine your need
Complete this quick form and we’ll compare the best life insurance companies for you. Life Insurance Quote Request
Partners Insurance specializes in Home, Auto and Life Insurance. Easily compare the best rates and get a home and auto quote too.
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Upgrades to your motorcycle aren’t always covered. If you’ve added those badass pipes, some new handlebars or sweet wheels, make sure you let us know so we can work with you to get your bike properly covered.
Most policies will have an optional coverage called “Customized Equipment”. This is where you’ll want to add coverage to make sure your policy doesn’t fall short.
If you’ve put aftermarket parts on your bike, and have not added this coverage, chances are you’re going to be out of pocket at claim time. This is when you won’t care that you saved $3/ month to get the cheapest policy. Cheap insurance is expensive.
How much does it cost to add Customized Equipment Coverage? It depends on the value of the aftermarket parts, but in general, it’s very cheap. It may end up only adding a few dollars per month. Get a list together and add up what it would cost to replace your aftermarket parts. Let us know the total amount and we’ll show you the price difference.
According to reviews.com, Progressive, Nationwide and Safeco are 3 of the best motorcycle insurance companies. Partners Insurance represents all 3 of these companies and can help you choose which one is best for you.
No one insurance company is best for everyone and rates vary by location, age, driving history and a whole host of other factors. For example, one insurance company may have better rates for sport bikes than cruisers and another company could be vice versa.
Combine your motorcycle insurance with home and auto to get additional discounts.
Congrats to this month’s winner!
We’re going to be giving away something every month as a thank you to our amazing clients! Keep an eye out each month for our e-newsletter and Facebook post.
Painting kitchen cabinets has become very popular lately. Turning those old school wood grain cabinets into a modern solid color can add quite a bit of pop to the look of your kitchen. However, you need to know what you’re getting into before starting this project.
The cost is relatively cheap. You’re probably looking in the neighborhood of $250-$500 depending on the number of cabinets you have. You’ll need to price out cleaners, paint, paint brushes or sprayer and new hardware if you so choose. There’s also the cost of the adult beverages which is highly dependent on your palette. We’ll let you do that math on that one. A professional will likely charge around $2,000 – $3,500.
Krud Kutter works great and is only about $7 bucks per bottle.
You’ll want to use cabinet and furniture enamel. Some are easier to apply than others. For example, DecoArt’s Satin Enamels adheres nicely whereas Valspar, Behr and Sherwin-Williams has a tendency to drip.
If you want to really up your game you can fully sand, prime and finish with Alkyd paint. This is an extremely labor intensive job but should provide great results. The other paints mentioned above have gotten so good that this method is not a fit for most.
Spraying offers a nice smooth finish but you’ll need a higher degree of skill and practice. You also have the extra cost of purchasing or renting the sprayer if you don’t already have one. For most, good high quality brushes are the way to go.
Unfortunately, your cabinets will likely chip over time. There’s just no way around this no matter what method or paint you choose. Make sure you keep some extra paint around for touchups along the way.
Painting your kitchen cabinets is a lot of work. If you’re paying a professional, it’s a lot of money. If you paint them yourself you’re looking at a $250-$500 investment to possibly add a few thousand dollars of value to your home. Not bad. It’s also one of the best ways to completely transform a kitchen. If you’re thinking about doing this to a home you rent to others, see durability above. Just know that once you paint them, you’re going to have to re-paint them over time. Something to consider for landlords trying to minimize maintenance.
Almost every insurance company now offers significant discounts if you allow them to track your driving habits and you score favorably. So, should you consider car insurance tracking devices to save money? Well, that all depends. Let’s dive into what data they’re gathering, how they do it, and if you’re comfortable with “Big Brother” spying on you.
Every company is different so it’s best to ask your insurance professional about the details of the program. However, there are some commonalities amongst the big players. Here are some of the data points these car insurance tracking devices utilize:
With most insurors, the discount can be up to 20%, however there are some that can reach up to 30%. Some will give you a 5% discount to start and then determine your total discount at the end of the tracking period. There are some insurance companies that won’t give you any discount until you’ve completed the program AND you have to wait until your next renewal.
This varies by insurance company and can be 3 months, 6 months or 12 months. There are a few companies out there that will require you to have the car insurance tracking device permanently turned on. I would stay away from those unless you are are an ultra low mileage driver……3,000 miles per year or less.
Yes, however very few insurance companies will do this. Most will only change your rate if you earn a discount, and if you perform badly, they’ll just keep your rate the same. Ok, pretty good deal here.
Should you trust these insurance companies to track you using either your phone or a plug in device? Well, let’s consider some comparisons:
Just be educated on how your data is being collected and by who. Then, you can make an informed decision for yourself. We’re not particularly for or against car insurance tracking devices. We believe it’s just an option offered.
It seems insurance companies are more up front then some of the others like Google, Facebook and other phone apps. These services tend to sneak in location tracking and can be tricky to turn off. In comparison, when purchasing car insurance, you’re not forced to use car insurance tracking devices. Only use them if you want, and if you do, you’ll likely be rewarded with lower insurance premiums.
No nonsense quote comparisons from multiple insurance companies. Great technology paired with a personal insurance broker. Be a part of the Partners Insurance experience. Get Quotes.
This COVID-19 HR Toolkit provides a comprehensive overview of the most pressing issues facing employers, including vital information regarding new federal laws such as the Families First Coronavirus Response Act (FFCRA) and Coronavirus Aid, Relief and Economic Security (CARES) Act, HIPAA privacy considerations, carrier response to the pandemic, layoffs and furloughs, tax credits and much more. However, please note that due to the developing nature of the pandemic, it is highly likely that the guidance found in this toolkit will require updating. Every effort will be made to continue to provide the most accurate, up-to-date information regarding COVID-19 and employer compliance considerations.
This COVID-19 HR Toolkit is informative in nature and should not be used as a substitute for legal advice. For additional assistance, seek the help of legal counsel and a qualified insurance broker at Partners Insurance, Inc.
For more information visit https://www.sba.gov
There are many questions surrounding Economic Impact Payments. These are the payments going to individuals and families. Here’s the down and dirty from the IRS.
U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:
Taxpayers will receive a reduced payment if their AGI is between:
The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.
Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans’ benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.
Taxpayers likely won’t qualify for an Economic Impact Payment if any of the following apply:
Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.
People who filed a tax return for 2019 or 2018
No additional action is needed by taxpayers who:
People who aren’t typically required to file a tax return
Social Security and Railroad Retirement recipients who are not typically required to file a tax return need to take no action. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate Economic Impact Payments of $1,200 to these individuals even if they did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits. Social Security Disability Insurance (SSDI) recipients are also part of this group who don’t need to take action.
For Social Security, Railroad retirees and SSDI who have qualifying children, they can take an additional step to receive $500 per qualifying child.
There are other individuals such as low-income workers and certain veterans and individuals with disabilities who aren’t required to file a tax return, but they are still eligible for the Economic Impact Payments. Taxpayers can check the IRS.gov tool – Do I Need to File a Tax Return? – to see if they have a filing requirement.
If you don’t have to file, use the “Non-Filers: Enter Payment Info Here” application to provide simple information so you can get your payment.
For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists.
Probably! Check here: Coronavirus Stimulus for Small Businesses
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In response to the American economy reeling from the coronavirus (COVID-19) pandemic, the federal government recently signed into law the Coronavirus Aid, Relief and Economic Security Act (CARES Act). You’ll also hear people refer to it as the Coronavirus Stimulus. Among other provisions, the CARES Act provides businesses suffering under the debilitating effects of the pandemic with unprecedented access to emergency loans. This document will serve as an overview of the loan programs available.
The CARES Act, commonly referred to as the Coronavirus Stimulus, is the largest economic stimulus measure in modern history and promises to provide help for struggling American families and businesses. Specifically, the Act includes the following provisions:
As noted above, the CARES Act provides two main avenues for obtaining a business loan:
Below you will find an overview of the eligibility requirements, key loan terms, and how to apply for each program.
The CARES Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Included in the CARES Act was the Paycheck Protection Program, which provides 100% federally guaranteed loans to small businesses, through Jun. 30, 2020. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis. Though information on the program continues to be rolled out, the following is an overview of information available now:
You are eligible for a loan under this program if you are:
The terms of a Paycheck Protection Program loan are as follows:
The application has been posted on the Treasury Department’s CARES Act resource page. The SBA has a network of 1,800 approved lenders that process small business loans. If you are interested in a Paycheck Protection Program loan, you should first contact your bank to see if it is an SBA-approved lender. If your bank is not an SBA-approved lender, you can contact the SBA to find one.
Another option for small businesses is the SBA’s existing Economic Injury Disaster Loan (EIDL) Program, which was expanded by the CARES Act and provides for longer-term loans with favorable borrowing terms. Companies in all 50 states, District of Columbia, and some U.S. territories are typically eligible for EDIL loans relating to economic injury caused by the COVID-19 pandemic, and will be available until Dec. 31, 2020.
The CARES Act expanded EIDL loan eligibility for the period between Jan. 31, 2020, and Dec.
31, 2020, to include:
If your business meets the aforementioned requirements and your revenues have suffered substantial economic injury from COVID-19, your business is eligible no matter your line of business.
The terms of an EIDL loan are outlined below:
The CARES Act also permits applicants to request an advance of up to $10,000 which may be used to keep employees on payroll, to pay for sick leave, meet increased production costs, or pay business obligations. If you apply, the advance should be paid to your business within three days. This advance, available backdated from Jan.31, 2020 to Dec. 31, 2020, is not required to be repaid even if your application is denied. To access this advance, borrowers must first apply for an EIDL and then request the advance.
EIDL loans are available directly from the SBA. They have introduced a streamlined application process, which you can access here. Additionally, SBA resource partners are available to help guide you through the EIDL application process. You can find the nearest Small Business Development Center (SBDC), Women’s Business Center, or SCORE mentorship chapter here.
It is clear that both Paycheck Protection Program loans and SBA EIDL loans provide very favorable terms to prospective borrowers. Eligible small businesses who have been economically impacted by the COVID-19 pandemic would be wise to consider taking advantage of such Coronavirus Stimulus programs.
Businesses interested in the Paycheck Protection Program loans should consult with their banker(s). In the meantime, those also interested in the EIDL loans should evaluate with its advisors whether they are eligible. If so, businesses can consider gathering all relevant company documents and financial information that borrowers would ordinarily expect a lender to want to review (e.g., payroll information).
As the pandemic develops and the CARES Act provisions are rolled out, look for more relevant guidance from Partners Insurance, Inc. on the Coronavirus stimulus for small businesses.
