Jim Valkenburg

Guaranteed Retirement Income - Is There Such a Thing?

jvalkenburg@sageinsurance.com — Thu, 12 Aug 2010 17:16:00 GMT

Is there such a thing as "guaranteed" retirement income. If the market has taught us anything in the past few years, it has taught us that "guarantees" are difficult to come by. However, if you ask the right questions, pick the right company, and remain diligent in your efforts you can come as close as is humanly possible to assure yourself of a comfortable retirement. Here are some tips ...

More...

Market Value vs. Insurance Value of your Home

jvalkenburg@sageinsurance.com — Thu, 12 Aug 2010 16:33:00 GMT

The current market value of your home can vary widely from the insurance value. That's because market value is based on many factors both tangible and intangible. But insurance value is based soley on construction costs. The insurance company has one primary goal when there is a loss: put you back in the same position you were in before the loss... not less and not more.

More...

Nevada DMV Changes Insurance Verification Rules

jvalkenburg@sageinsurance.com — Fri, 05 Feb 2010 18:58:00 GMT

As of February 1, 2010 the rules have changed! Two primary changes are (1) You must present evidence of Nevada insurance to register a vehicle, and (2) The insurance lapse penalty no longer has a grace period! Read more...

More...

Insurance Claims That Can Raise Your Rates

jvalkenburg@sageinsurance.com — Wed, 13 Jan 2010 20:49:00 GMT

There are a few types of insurance claims that raise a red flag to your insurer. In general, they are the ones that hint of negligence on the part of the insured. They are investigated more heavily and can result in cancellation of policies. These are some of the claims that you should avoid if at all possible.

More...

Insurance Myths

jvalkenburg@sageinsurance.com — Wed, 13 Jan 2010 20:36:00 GMT

Many people think about insurance in the wrong way. They act according to “guidance” given them by non-professionals and rely on certain myths about insurance, and those myths can cost them -- big time. They buy too much or not enough. They get blindsided by huge increases in their premiums, or they get dropped by longtime carriers. They get mad about insurance instead of getting smart.

More...

Auto Insurance Rates in Las Vegas

jvalkenburg@sageinsurance.com — Thu, 06 Aug 2009 17:29:00 GMT

Auto Insurance rates in Las Vegas are among the very highest in the country. Why? What are the main factors that control rates?

More...

Insurance is NOT a Commodity

jvalkenburg@sageinsurance.com — Mon, 03 Aug 2009 20:48:00 GMT

By definition: A commodity is some good for which there is demand, but which is supplied without qualitative differentiation across a market. [from Wikipedia] What that means is that the good or service you purchase is the same no matter where you buy it. Like milk or note paper... the same everywhere. Many would have you believe that insurance is like that... the same no matter where you buy it. But most of you know that's not true

More...

Flood Insurance ... In the desert?

jvalkenburg@sageinsurance.com — Tue, 28 Jul 2009 17:15:00 GMT

Yes, we have floods here in the desert Southwest. Because the desert floor is so dry from the heat, just a little rain can make our streets dangerous and our property vulnerable. It pays to understand the risks and protect against them.

For most of us, our home is by far our most valuable possession. But every year, more homes in the US are damaged by floods than any other natural disaster. And you don't have to live near a river or a lake or any other body of water to make the disaster real. Floods move and can spread for miles. The Las Vegas Valley is a maze of "washes" and although there has been much progress in the past 10 years, it's not solved. You need to assess your own situation and decide if you want to take the risk or avoid it.

You avoid it by purchasing flood insurance. The National Flood Insurance Program (NFIP) is administered by the Federal Emergency Management Agency (FEMA) and (here's where you need to pay attention!) it provides coverage that your homeowners insurance doesn't !

Flood insurance is far better protection than depending on Federal disaster assistance, which is available only if a disaster is federally declared. If you have flood insurance, you can be reimbursed for all of your covered losses, even if a disaster is not federally declared. Additionally, Federal disaster assistance is often a loan that must be paid back --- with interest! With flood insurance, all you have to pay is one annual premium.

The average cost for flood insurance is approximately $400 a year for $100,000 of coverage. If you had to pay back just $50,000 on a disaster home loan it would cost about $311 a month for some 20 years! If you experience a flood and a federal disaster is not declared and you do not have flood insurance, there is no recourse to recover any ruined property.

Only you can assess your own risk. You have to look at the history of flooding in your neighborhood. Do the streets around you fill with water when it rains? Do you live at the end of a cul-de-sac where water accumulates? Have your neighbors had flood issues in the past? You simply have to be diligent and protect your property... or accept the risk and the potential loss.

If you want help with a flood policy, we're here for you just like we are for any other insurance issues you may have. Don't hesitate. Call now and ask the questions. We'll give you answers.

Staged Car Crash

jvalkenburg@sageinsurance.com — Fri, 24 Jul 2009 17:22:00 GMT

Here are some videos depicting different types of staged car crashes designed to bilk you and the your insurance company out of money.

More...

Insurance Fraud and You

jvalkenburg@sageinsurance.com — Wed, 04 Feb 2009 20:54:00 GMT

Insurance Fraud is the one major reason our insurance premiums are so high.

That is not a statistically generated opening line, but merely a statement to start you thinking. AND, it may well be true. So, what is insurance fraud anyway? Here is a simple definition from Wikipedia:

Insurance fraud is any act committed with the intent to fraudulently obtain payment from an insurer.

Perhaps that is too simple for such a complex topic, but rather than spend time on semantics of what it is, I submit to you that we all know what fraud is. It's a crime whether it be a minor offense or a major one, it is nevertheless a criminal act that is committed by millions of us on a daily basis. I would guess that it might be almost as rampant as traveling over the speed limit on our highways. Just so we can get on the same page, let me ask you a few questions (and I'll answer them for you):

1. How much do you think insurance fraud costs all of us annually? And I'll limit the "all of us" to people residing in the United States just so we can get some handle on the problem. ANSWER: No one really knows for sure because of the nature of the crime, but it is estimated that insurance fraud costs Americans at least $80 billion a year. (source: Coalition of Insurance Fraud at www.insurancefraud.org ). That's almost $1,000 for every family in America. Wouldn't you like to reduce your premiums be a thousand dollars every year?

2. What is "soft fraud'? Many people believe that harmless fudging is not criminal and much of it is considered soft fraud. Consider a car owner that inflates a fender bender claim to cover the deductible; or a person that underestimates how many miles she drives annually in order to lower her auto premium; or a homeowner that inflates the value of his stereo equipment that was stolen during a robbery; or a business that lists fewer employees than it actually has in order to pay lower business insurance and workers compensation premiums. (borrowed from the Coalition Against Insurance Fraud website). Many of us have committed "soft" fraud without even thinking about it. But, it all adds into that $80 billion annual total bill.

3. What is "hard fraud"? That is when someone deliberately fakes an accident, injury, theft, arson or some other loss in order to collect money from an insurance company. Only the act of deliberately staging the external crime distinguishes hard and soft fraud from each other. They both cost all of us a great deal of our premium dollars when we have to pay to cover losses that were not legitimate.

As an aside, let me add here that insurance is designed to make you whole again and not allow you to make a profit from some unforseen event. You should be put back in the same position you were before the claim event took place. In other words if a thief stole a $500 digital camera from you, you shouldn't expect the insurance company to buy you a $2,000 camera to replace it.

4. How many different types of insurance fraud are there? The list is very long covering almost everthing imaginable. If you want to see a listing there is a good one on the California Department of Insurance website. Try clicking here: http://www.insurance.ca.gov/0300-fraud/0100-fraud-division-overview/0100-what-is-insurance-fraud/

Want more?
Try these websites:
www.insurancefraud.com
http://en.wikipedia.org/wiki/Insurance_fraud
http://www.iaifa.org/
http://www.nicb.org

There's much more to come, but here's something to chew on as you consider adding to this blog: Las Vegas, Nevada has been ranked 2nd, 1st and then 2nd again in the number of auto thefts in the US in the years 2005, 2006 and 2007. What do you think? Were they all legitimate thefts? Do you think people stage thefts to collect insurance dollars? Do you think insurance fraud has a big impact on your premiums? Do you think it can be controlled or even stopped?

Let's keep this going. Tell me what you think and I'll come up with more statistics about the number one reason your insurance premiums are high.