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Does Your Vacation Home Have the Right Insurance?

Vacation homes are often used in one of three ways: owner occupied, as a rental, or unoccupied. Many people carry either a homeowners or landlord insurance policy, both of which often have significant coverage gaps. You will want to make sure you’re covered for all three situations.

If you vacation home is in the path of a named-storm, such as a hurricane, it’s possible that your home insurance deductible will increase. Many named-storm deductible clauses work by requiring a deductible that’s a certain percentage of a home’s value, which can be anywhere from one to ten percent. The hurricane deductible is designed to offer lower premiums, so the first thing you can do is to put aside that savings for damages. Be aware that hurricane deductibles only take affect if the home’s damage results from a storm officially named by the National Weather Service. 

Remember, no insurance is perfect – and so it is usually a good idea to have an umbrella insurance policy. They fill in any gaps in coverage in case of damages over and above your normal liability insurance.

You never know what’s going to happen, and you don’t get a second chance! Coordination is important for anyone, and having an experienced Financial Quarterback can save you time, money, and worry. 

Whatever you decide, make sure your assets are fully-coordinated to avoid unnecessary taxes and fees, now or later, to your investments, retirement plans and pass-along legacies.

If you have questions, we can help! We offer a no-obligation financial consultation. You can schedule your appointment today by calling us at 216.521.1711, emailing us at Quarterback@Lineweaver.net, or by clicking here.

Most Recent

Were Your Taxes a Costly Surprise This Year?

By Lineweaver Financial Group
May 02, 2019 Category: Taxes, Trump, Portfolio

Theres been a lot of confusion this year, as we all file for the first time under the New Trump Tax Law. Some people are finding that their returns are lower, or that deductions theyve always depended on have gone away. The biggest cause that we see for a lower return is a lack of tax strategy and planning in advance most strategies have to be in place by the end of the tax year not at filing time. There are estate planning implications as well for example, if youre considering a ROTH conversion, which can be a great strategy, there used to be q do-over period you had in case something happened after the fact, or if you changed your mind. However, thats no longer the case. There are two parts to this; 1) being proactive, and 2) investing for tax efficiency, because taxes have the ability to take the largest bite out of your portfolio and your returns, and, its important to remember that its not what you make its what you keep. That means working with a team to build a portfolio

The Power of Coordination

By Lineweaver Financial Group
April 18, 2019 Category: Coordination, Tax, Legal, Insurance, Financial, Wills, Estate Planning, Taxes, Retirement

At the Lineweaver Companies, we believe a team approach to coordinating all your financial, legal, tax, and insurance needs helps save you time, money and worry. For example, we had clients who were both close to retirement, and unfortunately the husband had been diagnosed with terminal cancer. The first thing we did was to work with them to make sure his pension was triggered in such a way that the wife could receive a greater lifetime benefit - almost a million more dollars than she would have otherwise received. At the same time, in this sort of situation, you have to consider powers of attorney and other basic estate planning documents that everyone should have, like wills, and even if trusts make sense for your particular situation. There were also huge student loan balances of more than $120,000. But, because they kept the loans entirely in the fathers name, when he passed, the debt was forgiven. But what many people dont know is that the forgiveness of debt in this

Economic Commentary: Q2 2019

By Lineweaver Financial Group
April 02, 2019 Category: Economic Commentary, Q2 2019

Investment Directions - Spring Forward Once again, spring is near, a time of growth, renewal and restoration. But with concerns over slowing growth, uncertainty around economic and earnings outlooks, and ever-present U.S.-China and European political risks, investors should be prepared for potential spring volatility. Our take on the major themes for this quarter: U.S. Equities: The Healthy Healthcare Sector In an environment of slowing growth and less certain earnings outlooks, the traditional defensive qualities and resilient earnings growth of healthcare stocks are appealing. Plus, valuations broadly look reasonable compared to historical levels. Tactical investors may consider getting more granular with the medical devices industry. Developed markets: What Next for Brexit? With Theresa Mays Brexit plan resoundingly defeated, she must now renegotiate a deal. We believe the United Kingdom is likely to avoid a hard exit with an extension of the March 29 deadline to exit and gain time

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