Now is the Time to Plan & Organize

2001 gave us all a slap in the reality face. Whether it was the shrinking economy or 9/11, we were all unprepared. It is uncertain how long we will be dealing with the repercussions. But what is certain is that being unprepared can be remedied.

At Shepard on Insurance, our theme for 2002 is organizing today and planning for the future. In this and upcoming editions of Shepard on Insurance we will examine all your personal insurance and basic estate planning concerns in an attempt to assist you in developing more order, and plans for the future.

Please let us know if there is a personal insurance issue that you would like addressed in an upcoming Shepard on Insurance by emailing us at Inquiries@shepardinsgrp.com.

Premium increases, non-renewals, coverage changes; we will see it all in 2002. It will be at least 3 to 5 years before the “high valued” property insurance market returns to the competitive balance we have experienced in the past. 2002 will identify which insurers have the capacity to insure the homes of Greenwich, and those who do not. A good question to ask your agent is, “Does my home insurer have a commitment to insuring “high valued” properties?
And while you are speaking to your agent, it’s also time to tighten up your coverage. The single largest problem that insurance companies have are keeping pace with the rising construction costs and the continual upgrades that homeowners are putting into their properties. Is your insurance company in touch with local construction costs? Is your coverage adequate? Have you kept your agent informed of your property improvements, and the valuable articles you have? Basic frame construction is up to $200 a square foot.

Now is the time to make a spot check on your insurance company and the property values you have insured. Guaranteed Replacement Cost Coverage on your home is important, but it is not the panacea that accurate coverage is.
It stands for The Economic Growth and Tax Relief Reconciliation Act of 2001. Its intention was to repeal estate taxes, which it does, temporarily. For you it is an indirect invitation to visit your Estate and Tax Attorney for a check up on your wills and trust planning. It is nearly certain that EGTRRA will force you to make some adjustments. With allowances and exemptions changing, revisiting these plans is prudent.
1700 East Putnam Ave
OLd Greenwich, CT 06870
203.637.6655 Fax 203.637.6700