Saving with Steve, 28/06/2022
Saving with Steve with Steve Sexton
Guest, Steve Severaid, Wildfires and Home Insurance
The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.
We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.
everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins and outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton<br>saving with Steve sure we're talking about the ins-and-outs of money pretty much everything under the sun really see you having a happy healthy relationship with money my name is Steve sex and I want to thank you for joining us today you know what lot of stuff going on we keep expanding our listeners throughout the United States as well as internationally so we appreciate you all for sharing this with your friends and family and Associates by the way we have a lot of people do to viewers at stadium with Steve. USA I'd like to hear about this in fact this week that's one of those we have Steve's Chevrolet he's the CEO of Greenspan company adjusters International you can be talking about the wildfires you know what you know what we're in that extreme Wildfire season and homeowners are a trance or worried about how they can build their lies of a disaster strikes with her insurance will provide the funds he's going to walk you through it and he's going to talk to you about what a public adjuster does and these are things you're going to need to know but<br>don't make a difference in your life that we seen recent last couple of weeks couple months a while buyers disasters are really hitting everybody so it's important to understand that now last week we have Steve's left at educator seniors could use the equity in their home to create income cover long-term care costs in retirement and more you need to know about reverse mortgages all you need to do if you want to go see cuz you haven't go to saving with Steve. Us and check out episode number 79 again that's appisode 79 and all you got to do is go to saving with Steve. Us to check it out you jump in with Steve separate and talk about wildfires and what I'm talking about today is the ugly truth about retirement see many people lined up financially stressed during the seniors for one big reason they don't learn the truth about retirement until it's too late it's easy to think of retirement is a Rosy Carefree. Alive but the reality is that many senior struggle financially<br>as a result you're better off getting the loan on a retirement even if it's hard to hear so first of all according to Social Security Administration Social Security the rest is made up of personal savings many people have the misconception about social security that's going to pay seems enough to replace their tire change second full and real he's not even close if your average earner the benefits rolling price anywhere from is 37 to 40% of your pre-retirement income most seniors need roughly twice that much to maintain a comfortable standard of living so if you're a mean you're retired solely on Social Security with no other income sources you going to need to think again in fact a good Battistelli on the retirement Savings Plan through out your working here so you have the option to take withdrawals from it when you were seeing if it's too late for that you're only a few years away from each other with limited time to catch up on savings and you're going to need another plan that<br>Bob working part-time raining at your house many people instead of California and other states have sold ticket proceeds bought a house for cash and use the rest to invest in order to have to retire if you want to be in a situation where you don't have much of Justin make sure you start savings and make sure you talk to Financial professional to help you get through it number to Health Care is going to be a burden many people soon once they get into Medicare still need to spend a little or nothing I Medicare expenses for healthcare expenses not even Free Part B which is a monthly premium that typically goes up annually you also need part day to cover your prescription and you're going to pay for him if that is well on top of that you'll be on the hook of coke for co-pays to do once you're on Medicare and because their services that Medicare doesn't cover at all there are things going to need to pay for completely out of pocket like dental vision and other things also never 65 Euro<br>returning this year will spend about $143,000 in healthcare throughout the retirement average female $157 best way to pump up your savings to cover these is if your eligible to participate in the health savings account or a CJ account figure out how to max amount you can carry these money for it into retirement and use it when Healthcare becomes a notable straining your limited resource next long-term care costs not covered by Medicare 70% of people over the age of 65 we'll need some sort of help with their long-term care average cost for long-term care 105,000 nationally certified California 117,000 average days 3 years so you can look at that saying hey that's a $300,000 Bill how do I handle that well you can ensure you can find a way to plan for it so if you got time to start talking to financial professional to find the best way to plan for long-term care of those health care that your Medicare doesn't cover hey you know what let's talk to your tax burden<br>lower your retirement and it is during your working here but don't be fooled into thinking you won't be paying taxes at all that's not the case unless you're your whole house of savings is actually a Roth IRA were all the proceeds of the distributions are tax-free ksac to be looking at ways to reduce your taxes still look so let's be really can't hear most people that I've surveyed every time I've done the 90% fill that taxes are going to get increase sometime over the next five to ten years if you feel that way it's important that you sit down with your financial advisor and your CPA to find ways to lower eliminate your taxes there's three things that are going to draw down your retirement fund their fees that you pay on your vest their taxes you going to pay and volatility it's important to dress all three because if you do and you reduce those fees reduce those taxes in that bowl of chili you'll have more money and that's more money that you can redirect the things that are important to you<br>retirement so with that this is the first segment here I want you to take a quick break and when you right back with some Steve separate okay more expert advice for having a happier relationship with money still to come I'm the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the in an ounce of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton we talked about the ins-and-outs of money if you'd like to follow as you can always go to Google Play YouTube and Spotify and you can take a look at that or if you like you can go to the shaving with Steve. Us and look at all the episodes is that it's something else we're up to 80 episodes pretty soon we'll be up to 100 it's kind of crazy and our listeners and viewers keep growing so I appreciate y'all for that so let me fill you in on Steve says he's got 30 years of experience as a licensed professional public adjuster he works in advocates for individuals Community businesses that has suffered major losses as workers earned him a reputation as a respected industry experts the tanning of handling a broad range of residential commercial losses ranging from Flyers plug earthquake and tsunami event his team include<br> Structural Engineers inventory specialist forensic accountants insurance attorneys former claims adjusters and it's all designed to secure the most favorable outcome for every property insurance claim you know he's representing victims across the globe in the US we got Thailand Caribbean Puerto Rico Hawaii the holeshot newest Steve I want to welcome you back to the show by popular demand right thanks for having me back see if I appreciate it before we just jump into everything and start talking about regulations and all that stuff could you just explain to everybody what a public adjuster does what they do how do people engage them things like that just so we can have a foundation because if you do it a lot of people requested to come back because I want to know what to do but you know what I have a feeling this time around they're going to need you sure I've been doing this as you said for 35 years or so and there's there's a lot of people never even heard of what we do is know her license<br> Department Department of Insurance across the country most people have never heard of a more public awareness of their own claims team so essentially Steve there are three types of the jesters there's a salaried adjusters they work for the insurance company they're on a salary and their employees of the insurance company they acquire any kind of license or any kind of special training necessarily the second type of adjusters called an independent adjuster and that's really kind of a misnomer because they're not independent at all they work for the interest of the insurance company so they come out say I'm your adjuster but really there the insurance companies adjuster looking out for the insurance company to make sure that they don't pay anything more than they are absolutely convinced that they are the third type of adjuster is is what what I do and what my company Greenspan does and that's called a public adjuster by the way the independent adjuster have some licensing requirements for managers but no<br> necessarily everybody you mean 2 comes out will need a license with Public Adjusters we have to be licensed both as a company and also individually license by the Department of Insurance to represent exclusively the policyholder never the insurance company so just got hired by a consumer or a policyholder make it a little bit so like if you're going to purchase a property buyers real estate agent although they represent the get the the property transaction taken care of as you should we have all the various experts under our roof to help prosecute the claim and make sure it does the best way possible and we'll deal with the insurance company and their adjusters to get a successful outcome so that people can move on with our lives<br> and make sure they're compensated fairly I didn't leave anything on the table to make it real simple basically you have the adjusters who work for the insurance companies and the independent and gestures that work for the insurance companies or other contractor to work for the insurance companies and basically those people are following the limits and guidelines that the insurance companies provide and say here's our limit for this type of claim so that's know what we're going to pay out in this is what you need to focus on achieving the correct yeah and also I think it's important you know I'm not the written constructed if you read the contract and that's what it is it's a contract use the policyholder the homeowner the business owner and certain duties you need to fulfill under the terms that contract. The insurance companies duty to 2 to put the inventory together to prepare the claim presented so if you've never done this before and you got<br> experts on the other side we have no fiduciary obligation for you to get it right how do you know the best way to do it how do you interpret the terms in the language of the policy if you don't have history and knowledge of how to do it so you really at a disadvantage not necessarily the insurance companies fault right because they're your duties especially if somebody has a fire like we saw Orange County California where are these new multimillion-dollar homes just were devastated so to speak but they were just gone and there's people there that had collections that are completely burned up and if they don't have the proper documentation according to their plan they really not going to get much for that that's a sad situation especially can lose something that you really work for a lifetime since, because you didn't know how to properly documented so to speak let's talk about California has new insurance regulations you know and what does it really mean to property<br> some of these things are great the great new legislation come in and it's given its it's done it's been a long ways from the old days doing this for the insurance companies kind of could just do whatever they wanted the Flop more guidelines and built into the cake now there's some some benefits that insurance have now that they didn't have before I think we're the most significant one see this used to be you could always instead of rebuilding your home at the location you could always have the opportunity to use your replacement cost benefits and fault-finding your insurance to buy another house so if you just didn't want to take the time it takes to build a house or if you just want to move somewhere you could get your replacement cost benefits by purchasing another home but not that was normal that's not new but what is new and this is really significant is that you used to have to take the land of the new house out of the equation and I'm really that's the fair way to do it so if you had a house that burned down and you had a replacement cost agreement<br> got to spend the money in order to get all the money that's how it works and you didn't want to take the time and the energy to rebuild their you can go buy another house you still own the land where your where the fire was it and so they would interest the land out of the new home purchase out of the equation for example if you had a million-dollar home replacement cost them out and you went out and purchased the home from million dollars they would take out the land value out of that and it wouldn't be part of the qualification so what this new legislation is done at eliminated that you are no longer allowed to take the new land value out of the equation so if you spend a billion dollars on replacing your home somewhere they can't be ducked anything for the land that you're buying its new home so essentially used to own the land at your old location and you can use all of your replacement cost money even if a lot of it's towards the land value and you still get the benefits of think about the pioneer.<br> I don't think it's necessarily. Berube insurance companies but there are some reasons why it makes sense and and and Sebastian me that's just a really big change if you think about the land portion of the house that might be 30% of the value could be even more depending on where you live so I didn't want to see your hand buying a million-dollar house but I only have $600,000 to put down if I own the whole thing because I still own this burned-out land is worth four hundred so you have to sell it or do you know so now you can just kind of go okay that's yours insurance company goodbye I'm I'm good to go and I can move on that stuff again if they don't get your land from your old place you still have your land from your old place oh wow so you don't get that that's why I'm saying that because you still on that lot in Granite right after a fire comes through that lot might not be as valuable as it as it was prior to buyer coming but it will be you know it will come will come back and it has value and you still own that that you don't give that up by buying a new house in the news<br> oh wow that it is not good for the insurance company but it's breaking that shares exactly I can see I can see the rates going up from that but that's a good point the a lot of these new laws are only if it's a declared disaster so if it's just a one-off for five houses burn down or even example of Orange County houses burn down I think if I remember right that the number is 25 homes and in order for it to be a qualified of that so that lot of this new regulation is really geared towards Big disasters it's not geared towards a couple houses burning down like last year in Colorado and places like okay so that's that's good to know but the reality is when the whole thing's devastating it could be years before you can rebuild your house just because of contractors and all that stuff you can take that money and go somewhere else that's one<br> that's the most of these new regulations by the way steamer California Rags so Colorado although there were adopted some some regulations not they're not quite as advanced as California has gotten it but most of the other western western US states have an adopted quite as comprehensive a consumer rights regulations yet so a lot of what we're talking about the day as well as California although the ability to buy another place instead of Build That Remains to everyone you know what we're going to have to take a break please stick with us we got more Steve Shiva raid the Greenspan company adjusters International this is something you're all going to want to hear so stick with this would be right back more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where to be talking about the in an ounce of money does Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve sex and out of saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton hey welcome back to the Steve show where we talked about the ins-and-outs of money you know what I want to take a moment to thank our Affiliates that you can help r a b o b b s Radio AM FM 247 for Distributing Air Show and you know what if you're looking to get guest gifts you can always go to saving with Steve Sexton for you no guests yes behind-the-scenes stuff you know if you want to see the shows you can go to Spotify Google Play and so again we're all about help me solve problems and live a life of Financial and personal freedom so we're here back with Steve sevareid we're talking about wildfires were talking about public adjusting claims no one of the biggest things that people don't understand how to do cuz we talked about it a little bit but not really this question is how to send me prepare for dealing with an insurance claim<br> people just don't know because it might be 20 years with a policy and then all of a sudden something happens and I'm like okay what do I do now yeah so one thing that I always suggest a people may I get this question a lot as you can imagine the receipt thing doesn't really help too much even if you have receipts for things you put them in a safety deposit box you could do that a lot of times people buy things on sale or they bought something five years ago in the prices go up so something's having a receipt for something in your house doesn't always help you could actually work against you but your butt will help you is doing a a video recording of your home and what I mean by that is you take your phone or take a video camera and walk through your home and narrate as you walk through an open drawers two dressers kitchen cabinets and and talk about into the recording talk about what you see and once through your home this gives us at post-loss it gives us such an enormous tool to help recreate everything that was in the<br> just that 15 minutes or 10 minutes of walking through a home we learned so much we're not just learning about the contents by the way when you're doing that lock to we're learning about the structural components of the home too because we're going to see the kitchen cabinets in the background as I see your cabinets be on you I might be looking for the picture frames I see in the microphone I must have seen the cabinets so the same thing goes for a video when you're walking through we get to learn a lot about the 5th and it should a home and we get to learn about what was in the sock drawer and all that kind of stuff and when we're putting them in for a together Steve and Incredibly comprehensive down so be nice to have a visual of that stuff even it's just a sweeping visual it helps tremendous amount very important though that video needs to not be in the house right now and needs to be on a cloud or it needs to be off site somewhere because you could do this and then it could be sitting there and burn down in safety deposit box<br> you know what you've heard this before but it's being sent me that used to work for AAA I know of two or three of those stories were they did a video and all that stuff and like I see the picture of the melted video camera that and I will say this you know what people who have done that they have saved themselves a lot of Heartache they've actually received especially when they're replacing things that cost at today's toss that ten years ago cost it's been significant especially with items like a Cutlery that has melted you know somebody walks in and say this is a piece of Baccarat crystal is a we have three of them their worthiness and they can go and price them in the holeshot and that's a big difference now the next question is why Property Owners might need to reconsider their property coverage why should people reconsider you know what their their coverage if they currently have is it because they could be under undercover Dora<br> they're under the limits or over there limits from the value of how does that work yeah it's a it's a great question I'm glad you asked if there are a number of reasons why he might want to go we we have a lot of people say well this is what the broker recommended and then we looked at it knowing the world that we live in now and cost and a lot of the insurance carrier agency calculators are off so just because your agent recommends a limit to you doesn't make it the right limited do it talk to a few local contractors figure out what the price per foot is in a double check that against a lot more than I'd like to see it and you know if you're in a situation where you have a devastating fire that's not the time to find out that you didn't carry nothing shirts right and do what you want to know that I had it done and the other premium dollars to a little bit I've even had people who I know who got an argument with the age of when they want more coverage than the agent thinks they should have and so it's pretty interesting but<br> get a feel for what it would cost for free if your onion do that math on your on your policy and make sure you have no also if you bought your home a number of years ago you might have there's an inflation guard protection insurance policies which means that the policy limit goes up a little each year and if you ask Julie doesn't keep up with what the real Rising costs are and so if you got a policy with 10 or 20 year your your artificial e low base that's been artificially raised into smaller increments so you can be really behind the game well you know what I I want to point out something here they might have to put your house together with substandard materials to get it you know get the same house unless you're going to come out of pocket might have passed on this last time you and I were together is that there's there's up there's a part of the policy that I know you know about but maybe your listeners down and it's called extended replacement cost<br> set a percentage above the policy limit the chicks in if you need more coverage and there are a lot of agents that we'll say well don't worry about your policy limit because you have a 20% or 50% or whatever the percentage is extra money above and beyond that policy limit if you should need it in a fire or some kind of lost and that's not the intention of extended replacement cost it's not to put the numbers together to come up with a number that is for crazy things that you couldn't anticipate like what we've seen lately with supply shortages with with lack of of Labor with increased material costs all these things are those Loops we didn't count on this thing's so you want to make sure you have a Hoops meeting count on these things category you don't want to be using that part of the coverage as part of your thinking about what you need for coverage I agree I totally agree cuz the last thing you want is you don't want to say pardon the French oh crap<br> when you find out you're short so yeah what are the biggest pitfalls homeowners should avoid when filing claims after property lost well it depends on the claims but I will tell you sometimes people are are timid about making a claim or they don't want to ask for everything because they're worried about their insurance policy their insurance company and I would say and you know from your background at AAA if you have I made a major claim whether you have a claim that 20,000 this way or 20,000 that way he's going to make a decision whether you whether you're there or not a lot of large numbers is going to play in the all this so if you have a clay mask for everything you're entitled to don't shortchange yourself because you're thinking about the relationship and and the renewal of Premium because they're not going to take into account that you were nice guy didn't ask for everything and so we'll just keep covering it doesn't work that way with Steve I want to thank you for being here cuz I know we're in extreme Fire season there's probably other things are going to happen with soon<br> means an earthquake's and all that stuff and people are going to need a thing of companies like yours Greenspan company dusters International to help them cuz they just don't know and they need somebody Advocate form and that's why you're here so could you do us a favor could you just provide the entry content information for your company's that's okay so if somebody needs our help they can get ahold of you sure we can be found on the web. Greenspan ar.com and we can be reached at 800-248-3888 and we are happy that people have questions or not sure how they're but they're doing they don't know if they need an advocate for happy to talk that will give them some medication cuz it really it's all about education I think that's what you stand for and what you do with these 8080 podcast season and we're proponent of educating the public so that's what we're here to do for sharing your knowledge with us cuz it's invaluable especially this time of year and you know what I encourage people to go listen to this this record<br> it's going to show a bunch of times around the United States and around the world so I think a lot of people be educated so again thank you so much and you know what I have a feeling every time while far as it will pump will become good friends like you have a great day I want to thank everybody for joining us next week we have Allen Evan Allen Evans a an economist or well-known Economist with real estate he's going to stop what's happened with the economy in 2021 2022 what we can look forward to the rest of 22 and looking at 2023 which would be very very important it was that I want to thank you all for a wonderful read a healthy will see you this time next week bye bye thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that's saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a health<br> happy relationship with money this has been the saving with Steve show hosted by Steve Sexton<br>