Financial Risk Advisors

03/29/2024

You need to see this...but not for the reason that you might think I would be sharing. State Farm is a competitor, so I have little reason to prop them up, but this issue is alot bigger than a chance to increase sales.

State Farm General is a subsidiary of State Farm that primarily insures homes in California. California is in a really bad place when it comes to insurance regulations AND recent homeowners insurance losses. MOST EVERY company that is writing homeowners in California is taking drastic measures just like State Farm. This downgrade pertains to this subsidiary and not to State Farm on the whole. Don't panic and keep reading for my recommendations on how to handle this news.

Most of you don't live in California, BUT THIS IS IMPORTANT FOR YOU! Personal insurance (Home and Auto) is in a bad spot across the country and some states are alot worse than others, but generally speaking weather patterns, reinsurance costs and state commissioners refusing needed rate increases are driving most every insurance company into such a negative position that changes are coming. Rates will go up, deductibles will go up, Non-renewals will become normal in the short term and you may have to work hard to find personal insurance at all depending on your specific situation in your specific state.

A good agent has always been an important part of any insurance program and that importance level is only going up. There are plenty of State Farm agents that fit into the "good agent" catagory, so as you see this news thrown around with fear mongering...(let me assure you those that would take this opportunity to bash State Farm are simply salespeople)...State Farm is the biggest for a reason...they are a good company. Call your State Farm agent first if you are worried about your policy.

Here are 3 steps to take to help your future insurability.

1. Don't look to file claims that you can afford to pay for yourself. Gone are the days that it is a good financial idea to have the insurance companies pay for claims that are just slightly higher than your deductible. If it makes financial sense, look to raise those deductibles yourself.

2. Schedule a review with your agent in the near future and ask them what you can do to better your position for the future. Take pictures of the outside of your home and bring them with you to the meeting. Ask how you can prepare your home for high winds, cold temperatures and hail storms.

3. Communicate with your local and state officials that you don't want to be in the same boat with California and other states whose commissioners have spent decades only worrying about the consumer, leaving the consumers today with few to no options for homeowners insurance at all in those states. Insurance has become a commodity in the buyers eyes, but really insurance has always been a trusted partnership between the company and the insured. I encourage you to move back toward thinking about your insurance this way, they are our partners on our worst days, not your cheapest option.

AM Best has knocked down the insurer's Financial Strength Rating due to "weak" balance sheet strength

03/06/2023

Have questions about life insurance? This is a great way to get some basic answers in short order! Hope to see you soon!

12/10/2021

Looks like there could be a wide ride tonight. Y'all stay safe and we are by the phones if you need us!

901-614-1057
901-347-0547

🚨 6:30AM Severe Weather Update 🚨

As of the latest SPC severe weather outlook for today (Friday), the Enhanced Risk (3/5) area has been extended farther west, now encompassing almost all the Mid-South.

OVERVIEW 📃:
Severe thunderstorms are possible late this afternoon into tomorrow morning ahead of a strong cold front. Isolated supercells will be possible late this afternoon through the evening. The main line of storms should take shape after midnight and move through in the overnight hours.

TIMING ⏱:
Isolated strong to severe thunderstorms could start popping up ahead of the main line after 4pm this afternoon through the evening. The main line of storms will move through after midnight. Most likely timing windows for the main line:
Jonesboro: 10PM-1AM
Memphis/Jackson/Paris: 1AM-3AM
Tupelo: 3AM-6AM

SEVERE THREATS ⛈🌪💨:
All modes of severe weather (strong tornadoes, damaging straight-line winds, large hail, and flash flooding) will be possible with this event. The threat for the strongest tornadoes will be late this afternoon through the evening. Any of the isolated supercells that pop up ahead of the main line could support rotation and strong tornadoes. Once the main line takes shape after midnight, the tornado threat should diminish to short-lived, weaker embedded tornadoes. Damaging winds will be the primary concern throughout the event; any of the isolated or main line of thunderstorms will be capable of producing wind gusts of 60mph or greater. The threat for the largest hail will mostly be confined to the isolated supercells ahead of the main line, but small hail will be possible as the line passes overnight. Any of these storms could produce locally heavy rainfall and thus lead to flash flooding.

KEY TAKEAWAYS ⚠:
This will likely be a long duration event that lasts from the afternoon well into the overnight hours. Make sure you stay Weather Aware throughout the event with multiple ways to receive watches and warnings (WEA phone alerts, local TV and radio stations, NOAA weather radio, push notifications for NWS Memphis, etc) that can also wake you up if you are sleeping. Before going to bed, check the latest information on our social media or weather.gov/memphis and have a plan for shelter if a warning is issued overnight. Most importantly: Be prepared, not scared!

10/19/2021

Guess the number of pieces of candy in the jar to win the jar, the candy, and the fun surprise inside! (hint: must be 21+ to win)

The link to enter is in the comments!