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Message From The President
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Spring 2022 has
arrived!! It is once again time to review your financial goals and make
any necessary changes for a successful financial future. One area
of focus should include a review of your financial security via your
insurances. As costs increase over time pay attention to the
insurance limits you’ve chosen. Make sure your home, camp, or
other real estate property limits are keeping pace with construction
costs. You will also want to make certain your long-term care and life
insurance policies are endorsed with inflation riders. Don’t
be left out in the dark on these important issues. Give your agent
a call today to help shed light on your insurance program!
And speaking of
darkness, did you know that Northern Maine will be experiencing a total
eclipse in a couple of years?! You’ll be hearing lots more about
this unique phenomenon in the coming year because FAPCO’s home
office community of Houlton, Maine is in the path of total darkness.
Have a great spring
season!
Christopher B.
Anderson CPCU, WCP
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Has Inflation Left Your Coverage Short?
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It seems like prices
are going up for everything. In fact, inflation has set records in
recent months as the highest it's been in 40 years. Food, gas, cars,
homes, clothes...anything you need to buy today will likely cost a lot
more than it did a year or two ago.
What if something
happens, like a car accident or kitchen fire? Does your insurance cover
the current cost to repair or replace your property?
In some instances,
you may have automatic coverage for replacement cost of items lost in a
claim. But, in other cases, you may have a limit or a stated amount
that you agreed to cover when you started your policy. Now is the time
to take a close look at your coverage to make sure it's enough to meet
current inflation.
This dilemma can
apply to both personal insurance, like home and auto, and business
insurance. Equipment or property you own for your business may not be
currently insured for what you would need to buy it again today.
Inflation is already
leaving most of us tightening up the belt a bit. Don't let it leave you
out in the cold if you don't have enough coverage. Call your agent
today!
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Improve your insurance financial literacy in these 5
areas!
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When improving your financial literacy, don’t forget
about insurance!
We often see news
articles and posts about “adulting” and the lack of financial education
for young people. We make efforts to improve financial literacy by
giving advice about employment, mortgages, saving and investing, and
automobile costs. What usually gets put on the back burner is equally
as important – insurance!
Don’t wait until your
mortgage closing or your purchase of a new car to remember you need
insurance! Being prepared with the help of an independent insurance
agent can save you hundreds of dollars a year, or more. Here are five
of the most important insurance products you need.
We all know medical
costs are crazy, and most people can’t afford to go without health
insurance. If you’re lucky, you have a job that provides it. If you
don’t, there are options in the health insurance marketplace. The website can seem daunting, but did you know that we
can help? Our health insurance agents would be glad to help you through it. We also
have other options outside of the marketplace, to help you figure out
your best coverage.
Nobody wants to talk
about death, but nobody escapes it. Life insurance is pivotal to
financial literacy. If someone depends on you financially, you need life insurance. Even if you are single with no children, you may have
a co-signer on a loan who would be responsible for the payment if you
died. Term life insurance is a policy you buy at a set annual rate for
a period of years and provides a set amount of money to your
beneficiary when you die. These policies are generally affordable!
Other types of life insurance that can be used as investments are also
available. Our agents will help you find the best option.
Most homeowners have
mortgages, and banks require homeowners insurance, so this is a hard one to overlook. Often, banks will
provide their own financial literacy courses for first time buyers,
that cover insurance topics. Our homes are usually our biggest
investment, so protecting them is essential. Homeowners policies cover
damage to your home and belongings for many events, including fire.
They also cover you for liability if someone is injured or property is
damaged as a result of your negligence.
What is often
overlooked, because it is not required, is renters insurance. Renters insurance covers the same things as homeowners
insurance, except for the actual home itself, which is owned by your
landlord. You will have coverage for all of your belongings and
liability. Renters insurance is extremely affordable.
The State of Maine
requires liability insurance for any registered vehicle, so if you are
a driver, you likely know at least enough to buy car insurance.
You may not know about what different coverages
are included in your policy. If you financed the vehicle, your
bank required “full coverage” as well. Liability insurance covers
bodily injury or property damage to others when you are responsible for
an accident. For “full coverage,” you also need comprehensive and
collision coverage for your own vehicle. Collision coverage will pay
for damages to your vehicle as a result of a collision. Comprehensive
coverage, or “other than collision,” provides coverage for things like
theft, glass damage, and hitting an animal. Both of these coverages
have a deductible, or an amount that you would pay before coverage
kicks in. For instance, if you run off the road and hit a tree, and
your collision deductible is $500, you would pay the body shop the
first $500 and your insurance company would pay the remainder of the
bill.
It makes sense to
review your car insurance often. We represent dozens of insurance
companies and can find you the right fit. Also, it saves money to
bundle your car and home (or renters) insurance for a discount!
Ok, so you may not
run a business so you think this doesn’t apply to you. Or does it? With
the trend of the “side hustle”
you may have some gaps in your standard insurance policies like home
and auto insurance. Do you babysit kids in your home? Are you an Uber
driver? Do you sell crafts or other homemade items from your home? If
there is anything you do regularly that provides an extra income, you
might not have the coverage you need. So, give us a call to make sure
you’re covered!
Brushing
up on your knowledge of these insurance basics will put you well on the
path toward financial literacy!
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Heather Bouley, Madawaska
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Meet Heather Bouley,
Assistant Branch Supervisor of our Madawaska office. Heather was
recently promoted to his position and still maintains her duties as
Senior Account Manager and Sales Producer. She has been with F.A.
Peabody Insurance for 5 years, and lives in Madawaska with her husband,
Wayne, and her sons, Nathanael and Lucas. She says, "I am looking
forward to making the Madawaska branch of F.A. Peabody Insurance a
well-rounded and sought after location for everyone’s insurance needs.
Growing our clientele is always a number one priority, while also
providing the best customer service to all current and new
customers.”
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Come to Houlton for Eclipse 2024!
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On April 8, 2024, a
total solar eclipse will make it's way across North America, and its
last spot in the U.S. is right in Houlton, Maine! The Houlton community
has already begun planning to make this event THE place to be in New
England! No other community in Maine has the unique advantages that
Houlton will enjoy. F.A. Peabody Company is excited to be the major
sponsor for the activities surrounding the eclipse! You can read more about it here!
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Inflation is when you
pay fifteen dollars for the ten-dollar haircut you used to get for five
dollars when you had hair.
Sam
Ewing
A big part of
financial freedom is having your heart and mind free from worry about
the what-ifs of life.
Suze
Orman
Know what you own,
and know why you own it.
Peter
Lynch
The quickest way to
double your money is to fold it in half and put it in your back pocket.
Will
Rogers
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We Can't Wait for Summer Surprise!
by Mary Cray, F.A. Peabody's Lincoln Office
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1 Quart fresh
strawberries
1 Large package
vanilla pudding
Mix pudding with milk
as directed
Mix 2 cups of Cool
Whip in with prepared pudding
Place one layer of
cubed angel food cake in glass dish
Place 1/3 of
strawberries and 1/3 of blueberries, press down lightly
Repeat layers 2 more
times
Spread with remaining
Cool Whip
Garnish with
remaining berries
Refrigerate until
ready to serve
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