Author: brooklyncovered1

An independent insurance agent and broker, and income tax preparer who combines over 37 years in financial services with experience as a bank mortgage administrator and Community Relations Manager.

What is a Loan Estimate?

graphic of a one-family house that speaks to the need for a home mortgage
Home is where the heart is.

What is a Loan Estimate?

Recently, a client asked me the following question:

“It has been years since I took out a mortgage. I notice that instead of the old Good Faith Estimate, I am getting a Loan Estimate. What is a Loan Estimate? Are they the same thing?”

When It’s Out of Your Comfort Zone, Seek Help

I am comfortable and qualified to questions concerning life, disability, home, flood, renters, auto, co-op, and condominium insurance. I don’t possess the same knowledge levels about mortgages. So, I reached out to three of the top home mortgage lenders I know for their insights about the new Loan Estimate form.

Somehow, I know this will cost me big time down the road.

My Panel of Experts Answer The Question of “What Is A Loan Estimate?”

 

Ennell Esperance, a Senior Home Lending Advisor (NMLS ID: 68006) with the Home Lending Division of JPMorgan Chase Bank, provided me with some recent history about this topic.

In 2015, the Consumer Financial Protection Bureau, a government agency that regulates consumer financial instruments such as mortgages, retired the Good Faith Estimate form (in part) and created the Loan Estimate form.

On the Good Faith Estimate form,  lenders used their own language to describe the loans. Multiple estimates could seem very different. Consumers were confused by that document.

How Does The Loan Estimate Work?

 

The new Loan Estimate consolidates four forms into two: the Loan Estimate and the Closing Disclosure.

The new Loan Estimate is a three-page form that you receive within three business days after you apply. It is not a loan approval or rejection. It simply gives you loan terms, projected payments, and closing costs for review.

Standardized Wording in The Loan Estimate


Leon T. Gelzer, Sr., (NMLS ID: 41256), is a Santander Bank Community Reinvestment Act (CRA) officer and Community Mortgage Development Loan Officer. He described how the Loan Estimate standardizes the wording that lenders can use. You’ll see which costs are fixed and which are not, allowing you to shop lenders.

Leon went on to say it also prevents surprise fees by establishing tolerance levels. If you do take the loan and the fee amount estimated is more than the amount paid, the lender makes up the difference.

I would imagine every mortgage lender does their best to avoid this reality.

How Loan Estimate Costs Are Broken Down

Peter Chace, a Mortgage Loan Officer (NMLS ID: 206181), with TD Bank directed me to the Consumer Finance Protection Bureau’s website to view samples of the Loan Costs and Closing Disclosure forms (Click Here to go to the CFPB website) and highlighted how costs are also broken down in the following categories:

  • Loan Costs (origination charges, services you can’t shop for and services you can shop for) and Other Costs (taxes, government recording fees, pre-paid fees, and initial escrow payments, for example).

  • Closing Disclosure
    The Closing Disclosure is a five-page form that buyers receive before closing. It has the final terms and costs associated with the mortgage and specifies the amount of money you need on-hand at closing. Buyers can easily compare the Loan Estimate to the Closing Disclosure. Buyers will have three (3) days to review the form and ask questions.

I want to thank these gentlemen for being so generous in sharing their time with me, and ultimately, you.

Let’s Thank Our Experts

Here is the contact information you’ll need to reach of our experts who contributed:

Ennell Esperance can be reached by telephone at
718-810-7680, and by email at ennell.esperance@chase.com;
Leon T. Gelzer, Sr.’s office number is 718-302-5418. Leon’s email address is leon.gelzer@santander.us.
Peter Chace can be reached by telephone at 917-715-2818. Peter’s email address is Peter.chace@td.com.

You can also find a copy of the full Loan Estimator, with completed samples in English and Spanish at https://www.consumerfinance.gov/policy-compliance/guidance/mortgage-resources/tila-respa-integrated-disclosures/forms-samples/

Eustace L. Greaves, Jr., LUTCF is an NYS-licensed Independent Insurance Agent and Broker with over 38 years of experience. Eustace is ready to assist you with your life, disability, home, flood, renters, auto, cooperative and condominium, and wedding insurance needs, and can be reached at 718-783-2722, or by email at eustace@insuremeeg.com. You can also contact him by going to https://greavesinsurance.com and completing any of the available “Contact Us” forms.

If you’d like to subscribe to his monthly newsletter, “Health, Safety, and Good News You Can Use,” just to his website, https://greavesinsurance.com, and click on any of the “Subscribe” buttons.

Have insurance, income tax, real estate, mortgage, or home inspection questions for Eustace? He’ll be happy to provide the insurance and income tax answers and will continue to call on his expert contacts for help in the other areas. Just send him an email to eustace@insuremeeg.com with the subject line, “Ask Eustace.”

Let’s Set The Record Straight About – Customizing Your Insurance

Today’s clever insurance commercials are a necessary evil. They provide more information about bundling and saving and less about the coverages you, your family, and your business really need.

We can change that by simply asking the right questions.

Customizing Your Insurance

No insurance company owns a monopoly on helping you customize your insurance.

None.

Commercials, Commercials, Commercials

Commercials are designed to increase brand awareness using gimmicks, including celebrity spokespersons, animals, car crashes and chases, and, well, anything they think you will remember when it is time to buy insurance.

Does Every Company Allow You To Customize Your Insurance?

You can customize your home, life, auto, renters, co-op, condo, disability, long-term care, personal umbrella, and, yes, even your flood insurance with any company licensed to do business in the State of New York and every other state in the Union.

Every company gives you the ability to customize your insurance.

Every single one.

The problem is that most consumers aren’t served by most of the television commercials aired today.

They are goaded into a perpetual state of dissatisfaction with their current career, even when their current career is doing a good job for them.

It’s What Consumers Don’t Know About Their Insurance Which Hurts Them

Each year, I make at least 25 insurance-based presentations for HUD-approved housing agencies and organizations such as Neighborhood Housing Services of New York City, Harlem Churches for Community Improvement, and Impacct. I always ask those in attendance to tell me their automobile insurance coverages. Inevitably, 14 out of 15 give the same answer, “Full Coverage.”

Not 25/50/10.

Not 250/500/100.

Full coverage.

When I ask them how much their policies cover in an accident, they usually reply that they’re not sure, but they did save money by bundling their home and auto.

Yay,

Buying What You Need Is A Two-Edged Sword

As long as the policy or policies quoted for you meet your state’s required minimum coverage limits, buying the cheapest policy or bundle possible is actually all you need.

What if, though, you just struck and killed a pedestrian or lost control of your vehicle and totaled a house? Will your policy provide you with the actual amount of money you will need when the jury hands down some obscenely massive award against you?

Imagine coming home to find;

  • Your home is on fire.
  • Two (2) feet of toxic sewage water sloshing about your finished basement.
  • Burglars paid you an expensive visit while you are at work or the market.
  • Your good dog had a bad day.
  • There are three feet of floodwater in your home, and you don’t own a flood insurance policy.

What Questions Should I Ask?

  • What, if any, hoops must I jump through in case of a claim?
  • Are policy coverages or exceptions more important to know?
  • Why do I have duties after a loss?
  • In case of a covered cause of loss, how easily will my claim be settled?
  • Is your claim service fair?


What Should My Insurance Company and/or Independent Agent and Broker Teach Me?

  • Why buying home insurance based on your home’s replacement cost is essential.
  • How to determine your condominium and cooperative apartment “walls in” insurance coverage based on what a licensed contractor would charge to completely repair fire or water-damaged walls, ceilings, and floors.
  • It is important for renters to complete a personal home inventory down to the last sweat sock.
  • How owning Life and Disability insurance will prevent financial disaster should death or disability destroy the earning power of a family breadwinner.
  • Reasons why every property policy should include Water and Sewer Backup coverage. And why every cooperative and condominium apartment owner should add the Loss Assessment endorsement to their coverage.
  • Why buying flood insurance, even when their home is not in a high-risk flood zone, is a smart financial move.

And, of course, what coverages do I actually need to protect my family and home from most disasters?

The other day a woman asked me for my honest opinion of who I felt was the best insurance company out there.

My answer?

The one with whom you secured the proper policies, with sufficient coverages, which is in force at the time of your claim.

A company that won’t make you jump through hoops to settle a  claim fairly. An independent insurance agent and broker willing and able to service your policies. With premiums accurately reflecting the coverages your policies provide.

Nothing else matters.

As for the commercials, well, give my regards to Broadway.

At least until we can enjoy live theater again. Until then, stay healthy and safe.

 

Eustace L. Greaves, Jr., LUTCF is an independent insurance agent and broker, licensed to conduct business in New York State. Contact Eustace at 718-783-2722, 718-489-2218, by email at eustace@insuremeeg.com or by completing the contact form on this page, or  one of the many contact forms on his website, https://greavesinsurance.com.

 

 

Wash Your Hands and Your Face Too!

There’s More To Life Than Just Washing Your Hands

If there is one thing we will all take from the experience of surviving (hopefully), COVID-19, it is this:

We all learned the simple act of washing our hands properly and often is key to disease protection.

Well, to quote Derrick Coleman, “Well whoop dee ding dang do.”

No matter where you look during these Covid-19 days, you are reminded of the importance of handwashing. There are signs, videos, I mean, did most of us fail kindergarten? When I attended P. S. 129K for kindergarten, my essential education included education in the proper use of rhythm sticks, marching in a circle,  zipping up your pants before leaving the bathroom, and the correct way to wash our hands.

Oh, and eating pretzel sticks layered with enough giant salt crystals to give a bull elephant high blood pressure.

With all the hullabaloo about washing our hands, there is one important procedure no one is talking about.

What, pray tell, could it be?

Don’t Touch It. It May Be Filthier Than Your Hands

How about washing your face?

You know, the thing you’re not supposed to touch with your hands as you might transmit disease through the mucous membranes around your eyes, or into your mouth.

How many times do you wash your face each day, I mean really get your rag and soap it up and scrub your face until your skin glows? Not the glow from the makeup layered on your skin, but the healthy glow from facial pores saying, “Hallelujah! We see the light!”

Then, scrub your neck until there’s no dirt left to stain your collar.

Get Behind Your Ears, Too

And don’t forget to get the crud from behind your ears, and the surface wax and filth from the surface of your ears. It would be a shame for someone to actually want to nibble on them, only to gag and spit out whatever lives there.

So take the time to scrub your face, ears, and neck at least two or three times a day.

If nothing else, you’ll be touching a clean face with clean hands.

And you won’t be like Shrek, pulling enough earwax out of your ear to make a candle.

Eustace L. Greaves, Jr., LUTCF is a New York State licensed Independent Insurance Agent and Broker who tends to look at life way differently than most people.

You can reach him at 718-489-2218, 718-783-2722, or by email at eustace@insuremeeg.com for home, renters, life, disability, flood, coop condo insurance coverage quotes, and policy reviews.

Changes To The New York State Star Program

Changes To The New York State Star Program

My good friend and leading Real Estate Broker Marcia Clarke, the Owner and Principal at M C Realty Consulting and Management, Inc., in Brooklyn, NY does a wonderful job of keeping real estate professionals and those in related professions up to date with important information.

Marcia is a member of the Long Island Board of Realtors, which is where she found this information about changes to the New York State Star Program.

Due to changes in the law, the STAR (School Tax Relief) Program has been modified. Here are some highlights of the Star Program:

Effective July, 1 2019:

 

– If you own your own home, it’s your primary residence, and your income is $500,000 or less, you are eligible for the Basic STAR Program.

– If your income is greater than $250,000 and less than or equal to $500.000, you will receive a check for the STAR credit instead of a reduction on your school tax bill.

– If your income is $250,000 or less, and you are currently receiving the STAR exemption (a direct reduction on your school tax bill in the form of a property tax exemption), you can choose to register for the STAR credit to receive a check instead.

– The STAR exemption program is now closed to new applicants. New applicants can only register for the STAR credit.

– Homeowners with income greater than $250,000 and less than or equal to $500,000 who currently receive the STAR exemption, need not take any additional action to start receiving the STAR credit in the form of a check.

– If your income is $250,000 or less and currently receive the STAR exemption but want to receive the STAR credit instead, you have to register with the NY State Department of Taxation and Finance to make the switch.

– The taxing authority is giving homeowners an incentive to switch to the STAR credit. STAR credits may increase as much as 2% each year, but the value of the STAR exemption savings cannot increase.

– Enhanced STAR is provided to homeowners age 65 and older for their primary residence if their income is $86,300 or less for the 2019-2020 school year.

– Enhanced STAR recipients are now required to enroll in the Income Verification Program (IVP).

– Homeowners need not register every year for the STAR Program. Once registered, they are automatically reviewed for eligibility each year.

Want To Know More?

For more information, please go to: https://www1.nyc.gov/site/finance/benefits/landlords-star.page

Courtesy of the Long Island Board of Realtors, August 2019

If you would like to reach Marcia Clarke to buy, sell or manage real estate, here’s how to reach her:

Marcia Clarke, Broker – 917 841 2121
MEMBER: National Association of REALTORS-Brooklyn Board of Realtors. ABR CIPS CRS ePRO SRES; AREAA: ICSC: NAREB: projectREAPNY 2016: ULI: WCR-PMN
M C Realty Consulting & Management Inc.
1431 Nostrand Ave Brooklyn NY 11226 O: 718 484 8582 F: 718 345 0102

Eustace L. Greaves, Jr., LUTCF wants to help his clients “Live Life Full Covered.” He accomplishes this by combining homeowners, renters, flood, life, disability, long term care, co-op, condo, umbrella liability and auto insurance  policies with income tax strategies designed to meet and exceed client goals and needs.
If you want to ensure you and your family are living life fully covered, call Eustace today at 718-489-2218, or email him at eustace@insuremeeg.com to make an appointment.

 

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Acknowledgements: Marcia Clarke, Real Estate Broker; an more...

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Live Life Fully Covered

One of the best things you can do in life is to “Live Life Fully Covered.”

It’s time to just be honest and admit many bad things, gruesome tragedies and heart-rendering losses don’t always happen to “The Other Guy or The Other Woman.”

You Can Be “The Other Guy”

One day you could be “The Other Guy or The Other Woman” who;

  • Loses their husband or wife whose income helped meet mortgage payments, to cancer;
  • Suffers a life-changing heart attack which requires you to stay home to recuperate for six (6) months to a year or more;
  • During their prime working years finds themselves as the primary care-giver for a parent, other elderly relative, or even a sibling who lacks long-term care coverage;
  • Experiences the pain of  burying a child;
  • Watches as their house containing all their treasured belongings accumulated over a lifetime burns to the ground;
  • Comes home after a hard day at work to discover they’ve been burglarized;
  • Needs money to secure a new place to live while your home, co-op or condo is being rebuilt;
  • Gets sued by the cyclist, pedestrian or other driver who can prove you were at fault;
  • Gets sued by the cyclist, pedestrian or other driver who can’t prove you were at fault, but you must engage the services of an attorney to defend you against a baseless suit;
  •  Watches as their home is inundated by two (2) to ten feet of floodwaters even though you bought your home in a non-Special Flood Hazard Area (SFHA).
  • Owns the sweet and gentle nice old dog walking off the leash who rears up and mauls or takes a bite out of your neighbor’s child;
  • Wonders who stole their new car;
  • Never gets their wedding and bridesmaid dresses because the bridal shop went out of business unannounced, and the owners didn’t return your deposit.

It doesn’t always happen to “The Other Guy or The Other Woman.” It’s also amazing how these types of tragedies frequently happen yesterday, last night or while you were thinking about taking action to put the proper coverage in force.

Can Life’s Tragedies Be Stopped?

You can’t stop life’s tragedies. You can, however, take intelligent, adult steps to control their outcomes using;

  • Life Insurance
  • Disability Insurance
  • Long Term Care Insurance
  • Homeowners Insurance
  • Renters Insurance
  • Co-op Insurance
  • Condominium Insurance
  • Flood Insurance
  • Auto Insurance
  • Personal Umbrella Liability Insurance
  • Wedding Insurance

In over 37 years of helping my clients reach successful life outcomes using insurance and related financial services and products, I’ve realized for me it all comes down to one simple phrase:

“Live Life Fully Covered.”

I would be honored to help you reach your desired outcomes. Call me at 718-489-2218, or reach me by email at eustace@insuremeeg.com .

Let’s work together to make sure you “Live Life Fully Covered.”

Hurricane Season Preparation

There is no substitute for Hurricane Season preparation

With the 2019 hurricane season underway, we would like to remind you of the importance of preparing for potentially destructive storms. Here are some things you can do today, before a storm approaches, to help keep you and your family safe throughout the hurricane season.

How do Hurricane Watches and Warnings differ?

Understand the difference between a hurricane watch and a hurricane warning. A hurricane watch means that a hurricane may occur within the next 24 to 36 hours. A hurricane warning means that a hurricane will probably strike your area within the next 24 hours.

Prepare a storm survival kit.

  • A complete list of essential supplies is available on Ready.Gov.
    Certain preparations must also be made for disabled persons, senior citizens, and pets.
  • Taking any medications? Ask your pharmacist and physician for an increased prescription package so you will always have an additional 30 days of medication available in waterproof containers.
  • Make complete front and back copies of drivers licenses, identification cards, and all credit and affinity cards. Other important documents such as mortgages, deeds, birth and death certificates should be copied and the originals should stay in a safe deposit or a water and fireproof security chest.
  • Plan your evacuation route in advance of the storm.
    Arrange for a family or friend who lives far away from the danger zone to act as a central communications hub so family members who may be split up can call and confirm where they are and their condition.

Create Your Family Communication Plan

  • Establish a safe location for family members to reconnect.
    Make sure you have at least one credit card with the full credit limit available to you should you need to rent hotel or motel accommodations until you are able to return home.
    Secure storm shutters and board up all windows.
    •Stock up on drinking water and non-perishable goods.
    •Have a supply of batteries and be sure you have flashlights and a hand-chargeable portable radio in good working condition.
    •Keep your cars gas tank at least 3/4 full just in case you are forced to leave your home or town immediately.
  • Purchase a five-gallon gasoline or diesel fuel container (Yes, they are different. The gasoline containers are usually red in color, while the diesel containers are yellow.), and fill them at the first mention of a Hurricane Warning or Hurricane Watch to prevent the possibility of your running out of fuel.

Don’t Forget Your Flood Insurance

The typical home, dwelling fire,renters, co-op or condo insurance policies do not cover losses caused by a flood. And unless you’re buying your coverage for a closing, you will have to wait 30 days for your coverage to become effective, so purchase your flood insurance coverage today.

Please remember, we are here to help. If you have any questions, do not hesitate to contact us.

Check your local weather

Eustace L. Greaves, Jr., LUTCF is a New York State licensed independent agent and broker. parYou can reach him through email at eustace@insuremeeg.com, or by phone at 718-489-2218.

2017 New York State Insurance Continuing Education

“Take my advice and don’t wait until the week before your birthday to get your CE done. Trust me, somebody always dies, gets ill, needs a ride to the airport, has a house fire, or elopes with the village idiot. Look, for all we know, Godzilla is real, and about to do battle with Mothra this year. In various New York State locales. “

2017 New York State Insurance Continuing Education

And now, a message from your sponsor, Eustace L. Greaves, Jr., New State Licensed Continuing Education Exam Monitor on, “Your 2017 New York State Continuing Education Requirements for your New York State Life, Health, and Property Casualty Licenses.”
 

Your Birth Year Matters

If you are a New York State-licensed insurance agent or broker, and you were born in an odd year, say like, 2017,  (you know, your birth year ends with a one of the following: 1,3,5,7 or 9), you must complete at least 15 continuing education credit hours to keep your license or licenses active.

Take My Advice

Take my advice and don’t wait until the week before your birthday to get your CE done. Trust me, somebody always dies, gets ill, needs a ride to the airport, has a house fire, or elopes with the village idiot.  Look, for all we know, Godzilla is real, and is about to do battle with Mothra this year. In various New York State locales.

And there’s no strain like the strain of trying to complete those hours through self-study, only to find out your must engage the services of a state-licensed proctor like myself.

And that is for a fee.
 
For each exam.
 
Pass or fail.
 
You really don’t want to fail.
 
Word to the wise, begin preparation to meet your CE requirements as soon as possible. It is so much easier to set aside study time each day, instead of trying to hide from the world for a week to get the knowledge in your brain.
 
So, should you choose to get your hours in through self-study, you will need a proctor.  Call me, Eustace L. Greaves, Jr., LUTCF for an available testing time. My contact number is 718-783-7209, and my email is Eustace@insuremeeg.com.
 
Looking forward to hearing from you.
 
At least a month before we have to sing, “Happy Birthday.”
 
 

Eustace L. Greaves, Jr., LUTCF is an independent insurance agent and broker based in Brooklyn, NY. Call him today at 718-783-2722 to make an appointment for your personal insurance review of your home, auto, flood, renters, coop, condo, life and disability insurance policies.

You can also reach Eustace with an email to Eustace@insuremeeg.com.

Family Quarter Conversations

I can only imagine the scene in the Family Quarters of the White House last night. Barak has dried Michelle’s tears, (or, more likely, she’s dried his), and they are hugging each other.

I can only imagine the scene in the Family Quarters of the White House last night. Barak has dried Michelle’s tears, (or, more likely,  she’s dried his), and they are hugging each other.

There’s a soft knock at the door, and their two beautiful daughters come into their bedroom, sitting on the edge of the bed.

“Daddy, does America really hate you so much?”

” Seems so sweetie.”

“Why Daddy?”

“I guess racial hatred makes America just not really ready for prime time yet kiddo.”

Their conversation is interrupted by another knock at the door.

“That had better not be Joe,” President Obama joked.

The door opened and Grandma walked in. Wearily, she walked over to the sitting chair, and sat down .

She looked over to her family, taking in the sight.

“Barak?”

“Yes Mom?”

“How they like you now?”

Silence.

“And Barak?”

“Joe is outside. He needs a hug too.”

Eustace L. Greaves, Jr. is, most importantly, a Father. A Father who is praying for an America which has lost it’s way. 

Wheel Locks, Wherefore Art Thou?

One of my neighbors, seeing the precautions I’d taken for a then ten-year-old car with dents and rust made some derisive comments about wasting money on protecting something so old and out of date. I responded by asking him whether his wife still carried life insurance on his old and out of date self, which shut him up.

Wheel Locks, Wheel Locks, My Rims For A Set of Wheel Locks!

In a recent BrooklynDaily.com article, residents of the Bay Ridge community were crying the blues because of an uptick in the number of stolen tires and rims from their cars (http://www.brooklyndaily.com/stories/2016/36/br-rim-thefts-in-ridge-2016-08-26-bk.html?utm_source=20160829&utm_medium=email&utm_content=link&utm_campaign=newsletter). My question to the residents of the affected communities is a simple one: What, you never heard of wheel locks? How could you even think about parking any car on any street in New York City without wheel locks on each wheel? Since most criminals want to steal as quickly and simply as possible, the simple installation of one wheel lock on every wheel will solve the problem of stolen tires and rims quickly.

I remember the night I purchased the Subaru, the first accessory purchases I made were a set of wheel locks, and  a Club and Club Shield for the steering wheel from my local Auto Zone store.

The Nosy Neighbor

One of my neighbors, seeing the precautions I’d taken for a then ten-year-old car with dents and rust made some derisive comments about wasting money on protecting something so old and out of date. I responded by asking him whether his wife still carried life insurance on his old and out of date self, which shut him up.

Even a Mercedes baby, even a Mercedes
Even a Mercedes baby, even a Mercedes

Two days later, he came out of the house to find his car on blocks.

Three weeks later, after replacing the stolen rims and tires, the thieves didn’t go half-way.

They stole his car.

No, he lacked both wheel locks and a Club and Shield. Strange his Super-Duper, Organic Passive alarm neither sounded or protected his vehicle.

Some More Thefts

Two other tire thefts in my neighborhood come to mind when I think of the power of wheel locks to keep your wheels on your car.

I’d taken my daughter to meet her school bus at the intersection of Glenwood Road and East 18th Street. While parking my car, I noticed a brand-new, straight off the lot Nissan Maxima, well, not even on blocks. The wheel thieves added the ultimate indignity of leaving the car on the ground after stealing the wheels.

While I took pictures of this vehicle, the owner, a young woman, angrily asked me why I was taking pictures of her car. I responded, “Are you kidding? Your car is on the ground. Why didn’t you ask the dealer to install wheel locks on your car? Forget that, why didn’t you install your own wheel locks?”

“I bought wheel locks. My boyfriend told me to park on a safe block and my car would be all right for one night. He’s on his way with replacement rims and tires so I can get to work”

I am so glad I wasn’t him.

Just this past summer, I went for a Sunday afternoon walk, only to come upon another brand-new vehicle on bricks.

I Should've Bought Those Wheel Locks
I Should’ve Bought Those Wheel Locks

At least they put it on bricks.

Now the avenue where the car was parked has constant traffic at all hours of the day and night. It is also one of those streets where the police patrol constantly.

These thieves were good, but not that good. With the help of the local community and their barking dogs, the officers from the local precinct caught at least five of the thieves in the act of stealing rims and tires four (4) days later. This group of thieves worked in a six-man team, with two (2) driving cars, and the other four taking one wheel each on the target vehicle.

So, to my friends in Bay Ridge, and every other neighborhood, buy wheel locks. So what if they don’t look that good. At least you’ll still have your rims and tires.

Eustace L. Greaves, Jr., LUTCF,  is an independent insurance agent and broker and income tax preparer  based in Brooklyn, NY. Call him today at 718-783-2722 to make an appointment for your personal insurance review of your home, auto, flood, renters, coop, condo, life and disability insurance policies.

You can also reach Eustace  by sending him an email to Eustace@insuremeeg.com.

 

8 Tips For Saving Money On Your Automobile Insurance

Many companies will charge more for an auto insurance policy if you cannot show evidence of being currently insured for at least one (1) to three (3) years prior to your application …

 

Every automobile insurance commercial tries to sell you on saving money on your automobile insurance by ‘bundling and saving.’ I’ve got a better idea; here are 8 tips for saving money on your automobile insurance.

Ah, as the cool nights of autumn become the, well, the warm days of winter, and holiday joy becomes the pain of looming credit card payments, you, like many others, may begin an annual search of finding ways to save money on everything from the cellular phone bill to food. Let me help with these 8 ways to save money on your automobile insurance.

Tip Number One: Maintain Continuous Coverage

Many companies will charge more for an automobile insurance policy if you cannot show evidence of being currently insured for at least one (1) to three (3) years prior to your application. So, even if you don’t own an automobile, consider the purchase of a Non-Owned Automobile Insurance Policy. You can also join an organization like ZipCar for about $19.00 each month, which includes liability coverage limits of $300,000. Either way, you can save thousands of premium dollars.

Tip Number 2: Head Back To School

Take a Point and Insurance Reduction Class. You’ll automatically
qualify for a 10% discount on your personal liability, no-fault, and collision
coverages. And make sure your children, and anyone else who regularly drives your car (and is hopefully listed on your automobile insurance policy as a driver), takes the class.

8 tips to save money on your automobile insurance
Accidents happen. Practice safe driving habits so accidents don’t happen to you!

Here’s Number Three: Send The Kids Away To College, Far, Far Away

If you have children in high school, and they are trying to choose between a college  88 miles away, and another one at least 100 miles away, choose the school at least 100 miles away. As long as both schools offer similar need-based tuition plans, you will save money by sending your offspring just another 20 or so miles away. Why? Many companies offer a “Student Away At School” discount and depending on the company, your premium will either not increase, or only suffer a small increase.

Your child must simply go to school at least 100 miles away from home.

Number Four: Good Grades Matter

If you have high-schoolers on your current family policy, encourage them to maintain at least a “B” average, so you will qualify for the Good Student discount. And they still get to live indoors.

Number Five: Okay, I Give Up. Get A Multi-Policy Discount

Purchase your automobile and home, renter, and condo or coop policies
from the same company. You’ll qualify for multi-policy discounts, which can save you at least 10% on each policy.

Number Six: Ask Your Agent For Help Before You Purchase

Before you actually purchase a car, call your agent and ask them to give you the symbol for the vehicles you are considering. One young lady was going to purchase a car with the letters “XL” in the model name. I told her the model with only an “L” was two symbols lower, which would result in much lower comprehensive and collision insurance premiums. The major difference between the two models of the same car? One had sun visors with extensions, and the other did not. So, she purchased the “L” model, ordered the fancier sun visors from the dealership, and installed them herself, saving a ton of money on her auto insurance.

Seven’s The Charm: Improve Your Credit

Improve your insurance credit score. The higher your insurance
credit score, the lower your premium will be. And do everything you can to
avoid having any of the “Five Deadly Insurance Credit Score Sins” on your credit report in the last five years.

The “Five Deadly Insurance Credit Score Sins” are:

a. Foreclosures

b. Judgments

c. Repossession

d. Bankruptcy, or filed for bankruptcy

e. Liens

Always remember, ‘the higher your insurance credit score, the lower your premium’ and the reverse, ‘ the lower your insurance credit score, the higher your premium.’ Any of the “Five Deadly Insurance Credit Score Sins” can hurt your chances of qualifying for a lower automobile insurance rate.

Last But Not Least, Tip Number Eight: Skip The Coach Bags. Pay Your Premium

Lastly, whatever you do, never, never, never let your automobile
insurance, or any insurance policy for that matter, lapse due to the
non-payment of premium. This alone will disqualify you for coverage with
many preferred companies for several years.

Eustace L. Greaves, Jr., LUTCF is an independent insurance agent and broker based in Brooklyn, NY. Call him today at 718-783-2722 to make an appointment to check your home, auto, flood, renters, coop, condo, life, and disability insurance policies. You can also request a meeting or subscribe to his monthly newsletter by completing a “Contact Us” form at https://greavesinsurance.com.

You can also reach Eustace by sending an email to Eustace@insuremeeg.com.

 

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