Blog

On The Road With Your Business

Posted on July 18, 2019July 18, 2019 by agentinsure

From ride sharing to delivering food and goods, transportation-based businesses have seen a surge in popularity around Cypress, TX. Putting your personal vehicle to run your own business can be a smart choice to earn income in an ever-changing convenience service industry. InsureUS knows one of the most important considerations to make when you start such a business is auto insurance coverage.

Even if your personal vehicle already has insurance, that policy is likely not adequate for commercial use. In fact, accidents that occur while you are using the vehicle for business might not be covered at all by your personal use policy. So, how can you decide if you need a commercial auto insurance policy?

Personal VS Business Usage

A vehicle is considered to be used commercially when a business requires it in order to maintain normal operations and/or it is used over 500 miles per week. How you use your vehicle also matters in determining if it is mostly personal or commercial.

Commercial Examples – Regularly visiting clients or business properties, Hauling equipment to work sites, Delivering goods or paying customers, Selling goods or services out of the vehicle (i.e. a food truck or traveling cleaning service)
Personal Examples – Regular commutes to work, Taking non-work trips with coworkers, Picking up lunch, Business use less than 3 times per month

Unique Opportunities, And Dangers

Using your vehicle to generate income can be exciting, but it can generate problems, too. Your vehicle will likely deteriorate in condition faster and is far more likely to encounter dangerous weather and accidents. These situations are just some reasons why commercial auto insurance offers special coverage for business vehicles.

Whether you’re using your personal vehicle to run your business or own a whole fleet of work cars and trucks, InsureUS encourages all of our Cypress, TX customers to reach out and discuss commercial auto insurance with us today.

Earn high interest with online savings accounts

Posted on July 12, 2019June 10, 2019 by Victor Varma

You might love your local bank, but it isn’t necessarily the place to park money over the long term.
Today, online high-yield savings accounts offer dramatically higher savings rates than brick-and-mortar banks.
A typical savings account in a brick-and-mortar bank could pay .02% APY (annual percentage yield) compared to 2.25% or more with an online bank, according to Magnify Money.
What this means to savings really matters.
A $15,000 savings account at .02% yields about $3 per year — a whopping 25 cents a month. The same amount saved at 2.25%, yields about $337 per year, or about $28 per month.
Online banks are FDIC insured as is the local bank. But online banks have lower overhead with no buildings to worry about.
However, they also may not have ATMs, they might have fees, or require high minimum deposits. But not all do.
Synchrony Bank, for example, has no minimum deposit and no fees, but you are limited to six withdrawals or transfers per month. APY is 2.25%.
The low-interest account at your local bank will give you access to money at all times and likely include easy transfers. Still, these accounts are best reserved for merely separating money to be used for different purposes.
Search for high-interest online savings to compare features.

Securing internet of things

Posted on June 28, 2019May 10, 2019 by Victor Varma

You are on vacation; wouldn’t it be nice to check in on the family pet? Or you are at work; it would be nice to check to see if the baby is down for a nap.
The convenience of security cameras and baby monitors make them an important part of the Internet of Things (IoT).
But they can and do have security issues.
Most security flaws involve software called iLnkP2P, which is often bundled with IoT devices like doorbells and video recorders. The software makes it easy to access remote devices from anywhere in the world, according to Krebs on Security. But they are easily hacked.
Here is what you can do to protect your security:

Avoid connecting devices to the internet without a firewall or in front of a firewall. Keep IoT devices behind a firewall, such as is found on routers.
Change the device’s default credentials if you can. On cameras and DVRs, you might not be able to do that.
Update the firmware when an update is available.
Disable Universal Plug and Play.
Don’t buy Peer-to-Peer (P2P) devices.
Don’t go cheap.
Check out the internet security site: grc.com’s Shield’s Up.

Home Insurance Options in Cypress, TX

Posted on June 24, 2019June 24, 2019 by agentinsure

A home insurance policy helps you rest a little easier in case of covered items, which may include vandalism and theft. Learn more about what home insurance coverage would work for your home and family from your InsureUS agent. In the meantime, here are some essential facts home insurance in Cypress, TX.

What is Home Insurance?

A home insurance policy pays to replace or repair your home and belongings in the case of an unforeseen event. Home insurance typically protects you when your home or property is damaged by a covered event, like a storm or fire. Besides basic coverage, you may want to invest in optional coverage. Texas has a Consumer Bill of Rights that discusses the rights of rents and homeowners. Be sure to ask for a copy of the Bill of Rights when you purchase or renew a home policy.

Is Home Insurance Required?

Home insurance is not required by Texas law. However, if you have a mortgage loan, your lender will require you to buy a policy. Even if you own your home, it’s a good idea to protect your house and personal belongings.

Types of Home Coverage

Ask your insurance agent which of the following are covered in a policy you’re considering.

Dwelling coverage covers the house if it’s destroyed or damaged by an event in your policy.

Personal property coverage pays for clothing, furniture, clothing, and other belongings if they are damaged, stolen or destroyed.

Other structures coverage reimburses you for repairs on unattached structures on your property. This could include storage sheds, garages, and fences.

Loss of use coverage covers other lodging expenses if you can’t use your home due to a covered event.

Personal liability coverage takes care of lost wages, medical bills and other costs for those who suffer injuries you’re responsible for. It may also pay for damages to someone’s personal property that occurs in your home as well as court costs.

Medical payments coverage pays the medical bills if someone else if hurt on your property.

Contact InsureUS in Cypress, TX to set up an appointment for a free quote.

Vested: It’s not what you wear; it’s what you own

Posted on June 21, 2019May 10, 2019 by Victor Varma

It’s a term thrown around a lot, and it sounds important: vesting. As in, being fully vested — that sounds pretty good and it is.
According to the IRS, being vested in a retirement plan means ownership. All employee contributions to a retirement plan are 100% fully vested — the employee owns everything he or she puts in.
However, employers usually provide a match of a certain percentage of employee contributions.
Matching contributions
Employers match contributions made by employees in different percentages. An employer might say: If you put 6% of your paycheck into the 401(k), then we’ll match your contribution by 50%. So suppose your 6% equals $3,000. Then the employer will put in $1,500. That would be an unusually generous match. Typically, an employer may match 3% of the first 6% of the employee’s salary. That equals a 9% contribution — still pretty good, especially over the long term.
They key idea, though, is that the employer sets a certain match percentage. The employer may also have rules about when their contributions are fully owned (or vested) by the employee.
Vesting rules
The employer, along with the fund managers, decides how much of the match the employee owns and when.
Newer employees may start out at lower percentages, but they become fully vested in time.
For example, an employee may become 20% vested in the company match after two years, meaning the employee owns their personal contributions plus 20% of the company match. Many 401(k) plans work out vesting in tiers. The longer you stay with the company, the more of the company contribution you own. An employee might become fully vested in, for example, six years. Then the employee owns 100% of the matching contribution.
Sometimes 401(k)s are set up so that an employee becomes 100% vested at a specific time — say after 2 years. Then they own all the matching funds on one day.
Being fully vested
The good thing about being fully vested is that you own all the money you put in and all the money your boss matches. (Plus, you own all the money that grows over time.) That means you can take the money with you if leave the company or retire.

Book Review: Is Online Interaction Worth Our Privacy?

Posted on June 14, 2019May 10, 2019 by Victor Varma

Although it’s easy to shop online these days–and communicating with others is faster than dialing a phone number–it all comes with a price.
Our privacy.
So warns Shoshana Zuboff, a Harvard Business School professor emerita who has written “The Age of Surveillance Capitalism: The Fight for the Future at the New Frontier of Power” following decades of scrutinizing labor and power in the digital marketplace.
With scant resistance from the law or society, Zuboff writes, surveillance capitalism is very close to shaping the digital future and–in the process–ruling social order.
In its book review, the New York Times notes that instead of serving the needs of people, surveillance capitalists make billions more by monitoring, purchasing, and selling the characteristics of peoples’ behavior. Simultaneously, the fundamental production of goods and services is being governed by “behavioral modification.”
Comparing companies like Google and Facebook to the slaughter of elephants for their tusks, Zuboff writes that instead of being the product, the public is the “abandoned carcass” from the wrenching of raw material from the daily experiences of humans.
Such big tech platforms continue to sell advertising, but now it’s targeted by the behavior information gleaned from users.
The Age of Surveillance Capitalism: The Fight for the Future at the New Frontier of Power
Author: Shoshana Zuboff
Publisher: PublicAffairs
Pages: 704

Road trips for June

Posted on June 7, 2019May 10, 2019 by Victor Varma

Welcome to June, when thoughts turn to vacations. School vacation, work vacation, whatever — it’s summer and it’s time to chill. Or travel.
Looking for something fun to do this month? Here are some events to fire up your brainstorming and kick off the summer season:
Chicago Blues Festival. This free three-day event takes place June 7-9 at Millennium Park and celebrates the history of blues in Chicago with live performances on six stages by local and national artists.
Bonnaroo Music & Arts Festival is June 13-16 in Manchester, Tenn. The event features more than 150 musicians and performance artists on 10-plus stages along with art, events, a 5k, and education about sustainability.
The U.S. Open Golf Championship is June 10-16 in Pebble Beach, Calif. Will Tiger Woods win another Major after his dramatic win at the Masters?
The Belmont Stakes, the third leg in the Triple Crown of horse racing, is June 8 at Belmont Park in Elmont, NY.
Firefly Music Festival is June 21-23 in Dover, Delaware. A music and camping weekend, the lineup includes Panic! At the Disco, X Ambassadors, Death Cab for Cutie, Travis Scott, Vampire Weekend, and dozens more acts throughout the weekend.
The South Carolina Festival of Flowers is in its 52nd year and will be held June 7-9 in Greenwood, SC which kicks off a month-long calendar of events. Likewise, the Mackinac Island Lilac Festival in Michigan runs June 7-16 and is in its 71st year. Events include tours, a 5k, parade, and kite-flying.
The Saratoga Balloon & BBQ Festival is June 21-23 at the Saratoga County Fairgrounds & Expo Center in Ballston Spa, NY.

Taxes and retirement: What is taxed?

Posted on May 31, 2019April 9, 2019 by Victor Varma

Upon retirement, you don’t get a paycheck with the proper amount of taxes withheld. That’s obvious.
What may not be so obvious until you retire is the amount of taxes you owe. Unlike employees, retirees write checks for their taxes, making them acutely aware of their tax burden.
Of course, everything we save for retirement is taxable at some point and in some way.
If you are ready to retire, here are some things to look forward to:

Social Security taxes: You have to pay tax on your benefit. You can have amounts from 7 percent to 22 percent withheld from every check. See form W-4V (for Voluntary).
Pension and annuity taxes: See Form W-4P to instruct the payor how much to withhold.
IRA distributions: The law requires 10 percent be withheld unless you tell the distributor not to withhold. You can also tell the distributor to withhold all of the taxes.
Company plans and lump sums: Some of these plans are taxed at 20 percent.

The etiquette of doing business abroad

Posted on May 24, 2019April 9, 2019 by Victor Varma

Every facet of U.S. business abroad depends upon its international relationships. As a result, it’s vital that business professionals understand what is expected of and from him or her when visiting a foreign country on business.
According to Business Etiquette International, research and retain as much as you can about the specific region of the country you are visiting. Learn the cultural nuances of the area, and–at a minimum–be able to use the local words for “Yes,” “No,” “Please,” “Thank you,” and “Help.” Clients truly appreciate the visitor who is trying to speak their language, if only in a few words or phrases.
Keep in mind that etiquette has no uniform set of standards around the globe. A gesture or remark in the U. S. may have the opposite meaning in other cultures and countries.
Business relationships cannot be overstated in international business etiquette. How you meet and greet residents in a foreign country is probably the most important part of your visit.
Behavioral studies show that, in the U.S. and abroad, most people judge your social position, economic, educational, and success levels within 30 seconds of introduction. In the next five minutes, they also form their opinions about your intelligence, reliability, friendliness, and compassion, among other traits.
Be sure to rehearse your meeting in advance and dress for it in a manner reflecting the culture and your client’s expectations. Establish clear objectives for your meeting, communicate politely, and be upbeat.
The more you know and understand about the nation’s culture–and local language–the deeper your relationships will become.

Determining Comps When You Want to Sell Your House

Posted on May 17, 2019April 9, 2019 by Victor Varma

The home you’ve cared for and loved might seem incomparable to you, but when you sell (or get a home equity loan), someone is going to have to find a comparison.
In the language of real estate and mortgage that is called comps.
Comps help answer the biggest question on your mind and a lender’s mind when you look to sell your house: What’s my home worth?
The answer? It depends.
It’s important to note that home values boil down to educated — and sometimes uneducated — guesses. They are merely opinions, with the one that truly matters being the bank’s. Toward the end of the process, the buyer’s bank needs to approve of the purchase price in order for the loan to be approved.
Before then, however, you have a few ways of gathering information. The best is to consult with a real estate professional who can provide you with a figure based on “comps” — comparative sales. The agent will conduct a comparative market analysis, or CMA, and give you their professional opinion on your home’s potential sales value. This is generally a far better option than relying on your neighbor’s or your uncle’s opinion, as the agent is trained and experienced at comps.
What goes into a CMA? The agent will find recent sales of similar properties in your location; the best comps are within 90 days or less, though if you live in an area that’s less populated, you’ll likely use comps from six months back and sometimes longer.
If your home is ranch style, it should be compared to sales of other ranch homes. A cape or a contemporary is different. Comps also take into consideration the number of bedrooms and bathrooms, the acreage, whether there’s a garage and a basement, and things like central air and the type of heating.
The key is to work with someone who understands your specific market and who has a track record of accurately providing figures. Top-selling agents (not necessarily top listing agents) are generally the ones who do best at this. As a seller’s agent, they know how to price your home to move while also getting you a fair price; as a buyer’s agent, they typically understand how to negotiate well.