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Weekly Market Summary, May 9, 2011

The anticipated relief rally in equities after the news of Osama Bin Laden’s death never really materialized, and markets slid lower last week on poor economic news.

A much better-than-expected jobs number on Friday gave equity markets a boost, but it was not enough to offset weakness from earlier in the week. Read more in this week’s Market Summary (PDF, new window)

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Weekly Market Summary, May 2, 2011

For the first time ever, the chairman of the Federal Reserve spoke last week to a national audience regarding the Federal Open Market Committee’s (FOMC) monetary policy.

Equity markets shrugged off the press conference as a nonevent, but they did move sharply higher on strong earnings results. 2011 estimates for the S&P 500 have been slowly creeping toward $100 per share.

Read more in our Weekly Market Summary. (PDF, new window)

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CFP Board Says: "Let’s Make a Plan"

Certified Financial Planner Board of Standards, Inc. has announced its “Let’s Make a Plan” Public Awareness Campaign, designed to help educate Americans about the importance of sound financial planning and raise awareness about the significance of the CFP® certification and the need for competent and ethical financial planning.

Allen Insurance and Financial is supporting this effort in his/her/their local community by encouraging people to learn more about CFP® certification and financial planning.

“People are pulled in so many different directions when it comes to their finances, but a CFP® professional is uniquely qualified to pull all the pieces together and provide a comprehensive evaluation that looks at the whole picture of a person’s financial life,” said Charles Moran, CFP®, 2011 Chair of CFP Board’s Board of Directors.

The integrated campaign includes national cable television and online advertising in addition to its print advertising.

Click View YouTube Video (in a new window)

A public service website – www.LetsMakeaPlan.org – will serve as a core feature of the campaign, where consumers can learn about financial planning, the personalized approach CFP® professionals provide and find a local CFP® professional through a search function.

The Board of Directors approved the four-year, $36 million campaign in November 2010 partly in response to many CFP® professionals who want the public to understand the important role they play in educating Americans on their financial well-being and helping people meet their life goals. The campaign will help provide clarity to consumers who are looking toward designations and certifications to provide guidance on choosing a financial planner or advisor.

“The CFP® mark truly serves as the gold standard for personal financial planning,” said CFP Board CEO Kevin R. Keller, CAE. “Just about anyone can use the term ‘financial planner.’ But only those individuals who have passed a rigorous set of criteria and meet our strict ethical qualifications can call themselves a CFP® professional.”

This is the first large-scale Public Awareness Campaign the organization has underwritten. For more information on the campaign and to find a CFP® professional, visit the public service website at www.LetsMakeAPlan.org.

ABOUT CFP BOARD
The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. The Board of Directors, in furthering CFP Board’s mission, acts on behalf of the public, CFP® professionals and other stakeholders. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and the federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. CFP Board currently authorizes nearly 63,000 individuals to use these marks in the U.S.

ABOUT ALLEN INSURANCE AND FINANCIAL
Allen Insurance and Financial is an employee-owned insurance, employee benefits, and financial services company with offices in Camden, Rockland and Southwest Harbor. Call 800-439-4311.

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Insurance FYI: Prevent and Detect Water Damage in Your Home

You have plenty to worry about with home ownership, but keeping on top of potential water problems can save you buckets of money. Even a small leak can become a major problem, so take a moment to become educated on easy ways to prevent small leaks from turning into huge headaches.

Regular home maintenance can help you uncover potential water damage problems before they start. Drips can be sneaky, but we can help you outsmart them.

Take the Drip Discovery Tour at Safeco.com

Print out this Drip Detective checklist.

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Community Support: Building Hope’s Future in Science

Building Hope’s Future in Science, the volunteer group raising money to build a science lab in the middle school wing at Hope Elementary School, recently received a donation from Allen Insurance and Financial of Camden.Donation to Building Hope's Future in Science

The Hope group has been reaching out to local businesses as they work to raise the $136,000 needed to fund this project. A matching grant has been donated when the group reaches the $50,000 mark. The result of this effort will be the school’s first fully-equipped science lab.

“We are pleased to be able to support this important education initiative,” said Gilbert Fifield, president Allen Insurance and Financial.

The Hope Elementary School website includes additional information about this project: hopees.u69.k12.me.us.

Image caption: From left, GIlbert Fifield, president, Allen Insurance and Financial of Camden; Carol Hathorne, principal, Hope Elementary School and Erik Wade, middle school science teacher, Hope Elementary.

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Insurance FYI: Five Insurance Mistakes to Avoid

Too many Americans believe that the coverage limits of their homeowners insurance policy are linked to the market value of their home, according to the Insurance Information Institute.

In the I.I.I.’s 2011 Insurance Pulse Survey, conducted by the Opinion Research Corporation, nearly half (48 percent) of survey respondents came to that mistaken conclusion.

 

“The real estate value of a home, that is the price you can buy or sell it for, has absolutely nothing to with the amount of insurance needed to financially protect the homeowner in the event of a fire or other disaster,” said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. “Reducing insurance coverage because the market value of a home has decreased can result in being dangerously underinsured.”

 

One out of three respondents to the Pulse Survey reported that they purchased less homeowners or auto insurance as a way to save money. A better strategy would be to take a higher deductible, which can substantially reduce insurance costs. Home and car owners can then put the savings into a purchasing the right amount and type of insurance for their specific needs, pointed out Salvatore.

 

Another way to save money is to comparison shop, something that seven out of 10 Pulse Survey respondents said they utilized as a strategy to save on both their home and auto insurance needs.

 

Following are the five biggest auto, home, flood and renters insurance mistakes consumers can make, with suggestions to avert those pitfalls while still saving money:

 

1. Insuring a home for its real estate value rather than for the cost of rebuilding. When real estate prices go down, some homeowners may think they can reduce the amount of insurance on their home. But insurance is designed to cover the cost of rebuilding, not the sales price of the home. You should make sure that you have enough coverage to completely rebuild your home and replace your belongings.
A better way to save: Raise your deductible. An increase from $500 to $1,000 could save up to 25 percent on your premium payments.

 

 

2. Selecting an insurance company by price alone. It is important to choose a company with competitive prices, but also one that is financially sound and provides good customer service.

 

A better way to save: Check the financial health of a company with independent rating agencies and ask friends and family for recommendations. You should select an insurance company that will respond to your needs and handle claims fairly and efficiently.

 

3. Dropping flood insurance. Damage from flooding is not covered under standard homeowners and renters insurance policies. Coverage is available from the National Flood Insurance Program (NFIP), as well as from some private insurance companies. Many homeowners are unaware they are at risk for flooding, but in fact 25 percent of all flood losses occur in low risk areas. Furthermore with the significant snow fall this winter, spring related flooding may be particularly severe, thus increasing the importance of purchasing flood insurance.

 

A better way to save: Before purchasing a home, check with the NFIP to determine whether the property is situated in a flood zone; if so, consider a less risky area. If you are already living in a designated flood zone, look at mitigation efforts that can reduce your risk of flood damage and consider purchasing flood insurance. Additional information on flood insurance can be found at www.FloodSmart.gov.

 

4. Only purchasing the legally required amount of liability for your car. In today’s litigious society, buying only the minimum amount of liability means you are likely to pay more out-of-pocket if you are sued—and those costs may be steep.

 

A better way to save: Consider dropping collision and/or comprehensive coverage on older cars worth less than $1,000. The insurance industry and consumer groups generally recommend a minimum of $100,000 of bodily injury protection per person and $300,000 per accident.

 

5. Neglecting to buy renters insurance. A renters insurance policy covers your possessions and additional living expenses if you have to move out due to an insured disaster, such as a fire or hurricane. Equally important, it provides liability protection in the event someone is injured in your home and decides to sue.

 

A better way to save: Look into multi-policy discounts. Buying several policies with the same insurer, such as renters, auto and life will generally provide savings.

 

Source: Insurance Information Institute, iii.org.