Archive for October, 2013

The beginning or end of daylight savings time each year marks a real rise in the risk of DWD —- Driving While Drowsy. With the end of daylight savings time arriving this weekend, it will be extra important to “watch out for the other guy“ while on the road in the weeks ahead.  He / she may be half asleep…..

How big a risk is Driving While Drowsy? According to the National Highway Traffic Safety Administration, driver fatigue is considered a factor in more than 100,000 crashes, approximately 1,500 deaths, 71,000 injuries and amounts to $12.5 billion in losses each year.  Big enough?

Many who would never drive while intoxicated have admitted to driving while drowsy. I regret that I have “nodded off” while driving overly tired a few times. After one particularly close call (thank heaven for rumble strips) I now take precautions to eliminate this risk.

Following is a link to a great article that may benefit someone you know who needs to be reminded of the dangers of DWD. Why not forward this to someone you know: http://www.claimsjournal.com/news/national/2013/10/30/239152.htm

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The Biggert Waters Flood Reform Act of 2012 has created a harsh new normal for those requiring flood insurance in high risk flood zones. Beginning this past Oct. 1, flood insurance premiums for more than 1 million homeowners are increasing in compliance with legislation passed by the U.S. Congress last year to remedy the massive deficits plaguing the National Flood Insurance Program administered by FEMA.

As a result, the re-sale prices for many homes located in high risk flood zones around the country are declining as potential buyers balk at the new, considerably higher flood insurance premiums. The impact has been especially challenging for those connected to the real estate industry, as many buyers and seller have been caught by surprise, as documented by this story:  http://www.insurancejournal.com/news/national/2013/10/24/309110.htm

To learn more about the Biggert Waters Flood Reform Act of 2012, check these FAQ’s provided by this link:  http://hamptonsfloodprotection.com/2013/08/20/faqs-on-bw12-the-new-flood-reform-act/ or call me for more information.

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As an insurance advisor who strives to help consumers make well informed decisions to intelligently manage their many risks, properly framing such risks is a real challenge. I avoid the tone of scare-monger, while also reminding others that just because a risk has not personally impacted them does not mean it might not in the future. While the axiom “stuff happens” is proven correct daily, bad stuff usually happens to others. Usually.

Buying insurance to indemnify us from a possible future loss is just one strategy to consider in managing the risks we face. Employing other risk management strategies to minimize our vulnerabilities to certain risks is another approach worth considering. Meanwhile, there is one common de-facto “strategy” that consumers should NOT embrace. In alarming numbers, many consumers kid themselves that a wide range of risks simply will not occur, and have no real plan in place for a wide range of unlikely yet still possible disasters. After every natural disaster, we see the plight of the large numbers who have embraced this “can’t happen to me” belief. Choosing to NOT be prepared can be a terrible decision.

For any you know who could benefit from a dose of reality to better understand the risks of living near the coast – specifically Eastern Long Island – I highly recommend this eye opening article by noted journalist T. J. Clemente: http://easthampton.patch.com/groups/tj-clementes-blog/p/will-town-save-montauk-from-the-next-hurricane?a_dgi=aolshare_email

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