Page 4 Friday, March 5, 2021
THE GARDEN ISLAND
www.thegardenisland.com
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Julie Black, Principal Broker & Owner (808) 652-6174 with daughter Kela Caspillo, Realtor Sales Person (808) 652-6173 kauaidreams.com
Featured Homes
UNDERSTANDING THE DETAILS
trouble paying your bills or you no longer own a vehicle. But this could cost you, Pratt says. “People tend to shop insurance after they’ve already canceled their insurance, (but) unfortunately that’s a huge negative” when calculating your price. After a gap in coverage, insurers view customers as riskier and charge higher rates. You can avoid this by shopping for quotes before your policy expires, buying nonowner car insurance if you’re between vehicles and asking your carrier for leniency if you’re struggling to make payments.
5 things agents wish people knew about insurance Sarah Schlichter NERDWALLET
Wailua Houselots • 4865-F Nonou Rd
Single story open floor plan home. Large windows, French doors and a skylight. Enclosed lanai, garage and a roof top deck. Tranquility, practically, a modern single family home all for one great price. Multiple agent listing MLS#647605; $779,000 Julie A. Black, Principal Broker, Cell: (808) 652-6174, Julie@kauaidreams.com Kela Caspillo, Realtor, Cell: (808) 652-6173, kelacas17@gmail.com
Insurance is notoriously complicated, and few people have the time or desire to pore over their policies. But some basic knowledge can go a long way — and that’s where an insurance agent can help, by clearing up some of the most common misconceptions they encounter. Here are five things agents say are helpful for customers to know. Insurance doesn’t cover everything When it comes to insurance, “Most people don’t understand the details,” says Andrew McGill, agent at The Insurance Shoppe in Collierville and Nashville, Tennessee. For instance, they often don’t realize that most homeowners policies won’t cover flood or earthquake damage. If your home is at risk for these disasters, you need separate coverage. Auto policies generally cover only personal use of your car, so if you’ve picked up a side gig delivering groceries or meals during the pandemic, you likely need additional coverage, says Keya Pratt, agent and CEO of Pratt Insurance LLC in Richmond, Virginia. Otherwise, accidents you have on the job may not be covered. Insurance policies of all types also generally exclude wear and tear, says Katherine Navarro Wong, a State Farm agent in Santa Rosa, California. She often gets calls from policyholders asking if their insurance will pay for things
like broken dishwashers or aging gutters. The answer is no. Insurance is designed to cover sudden, accidental damage, not regular maintenance. “We’re not going to replace (an) old pipe,” Wong says, “but if the pipe accidentally burst and ruined the wall and the flooring,” that would be covered. You can’t get coverage for something that’s already happened If you get into an accident and your car needs repairs, you might want a rental vehicle to help you get around. But by that point it would be too late to add that coverage, Wong says. Your auto policy would pay for this only if you had rental car coverage in place when the accident happened — not if you added it the day after. The same goes for other insurance. For example, say a storm leaves an inch of water in your basement, but you haven’t purchased flood insurance. You can
still buy coverage for future disasters, but it won’t pay for damage your home has already sustained. You shouldn’t skimp on liability insurance Many people focus on buying enough coverage for their belongings, but the liability insurance on your policy may be even more important. It pays for injuries or property damage that you’re at fault for. A lawsuit “is going to be more devastating than losing your laptop (or) ring,” Wong says. Including legal fees, the cost can total hundreds of thousands of dollars, especially if someone is seriously injured. To protect yourself financially, buy enough liability insurance on your auto and home insurance policies to cover your net worth. A gap in coverage can be costly There are various reasons you might let your car insurance policy lapse, whether you’re having
Your agent is there to help Confused by your policy’s fine print? Don’t struggle through it on your own, says Jana Schellin Foster, agent at Nevada Insurance Agency Co. in Reno, Nevada. “We’re here to take care of you and walk you through this process.” Foster advises interviewing agents to make sure you trust them and they have the services you need. Once you’ve found an agent you’re comfortable with, Wong recommends touching base once a year or whenever there are changes in your life. This might include getting married, buying a new car or renovating your home, all of which could trigger updates to your insurance. The most important thing to have in your agent is trust, Foster says. “You get so busy with your kids and your job and whatever else you have going on; you shouldn’t have to think about what you need your insurance to do.”
Hawaiiana Management Company, Ltd. Serving Kauai’s Condo & Community Associations with award-winning service US mortgage rates steady to higher; 30-year at 3.02% ASSOCIATED PRESS WASHINGTON — U.S. longterm mortgage rates were steady to higher this week, as the benchmark 30-year loan breached the 3% mark for the first time since July 2020. Rates remain near historic lows as the economy strains toward recovery in the pandemic’s wake. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year fixed-rate home loan rose to 3.02% from 2.97% last week. By contrast, the benchmark rate stood at 3.29% a year ago. The average rate on 15-year fixed-rate loans, popular among those seeking to refinance their mortgages, was unchanged at 2.34% this week. The government reported Thursday that the number of Americans applying for unemployment benefits edged higher last week to 745,000, a sign that many employers continue to cut jobs despite a drop in confirmed coronavirus infections and evidence that the overall economy is improving. While economists expect modest increases in home-loan rates this year, they likely will remain low while the Federal Reserve keeps interest rates near zero until the economy recovers. The record-low lending rates have helped push buyers into the housing market, which remains one of the stronger sectors of the U.S. economy. But the lack of supply of homes, which was pushing up prices even before the pandemic struck last March, has left many prospective buyers empty-handed.
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awaiiana currently serves nearly 60 resi-dential and commercial associations on the Island of Kauai. Kauai native Sunshine Ruiz Hatto serves as Hawaiiana’s Director RI .DXDL 2SHUDWLRQV IURP LWV RIŅFH DW WKH .XNXL *URYH ([HFXWLYH &HQWHU LQ /LKXH
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99% retention rate among clients Local (vs. mainland) banking All employees are in Hawaii Serving nearly 60 associations on Kauai
www.hmcmgt.com
BOB WILSON SR. MANAGEMENT EXECUTIVE
LUCY TAYLOR SR. MANAGEMENT EXECUTIVE
AMY CAMPBELL MANAGEMENT EXECUTIVE
THERESA LEWIS MANAGEMENT EXECUTIVE
KIMBERLY NORTON MANAGEMENT EXECUTIVE
RICHARD ROBERTS MANAGEMENT EXECUTIVE
WHIT VAN BLARGEN MANAGEMENT EXECUTIVE
HINAHEA LANGI OFFICE MANAGER, SENIOR ADMINISTRATIVE ASSISTANT
RACHELE BURNS ADMINISTRATIVE ASSISTANT
TORI WAIALEALE ISHIBASHI ADMINISTRATIVE ASSISTANT
Hawaiiana’s Kauai Properties: $OLKL /DQL Alii Kai at Hanalei Alii Kai II $OLRPDQX (VWDWHV Apopo Hale (PPDODQL &RXUW +DODXODQL &RQGRPLQLXP Hale Honu Halelani Village at Puhi Halemalu at Puhi Hanalei Bay Villas +RROXDQD &RQGR DW .RKHD /RD +RRNHQD DW 3XKL Kahala at Poipu Kai Ka‘iulani of Princeville .DNHOD 0DNDL 2FHDQYLHZ Kalaheo Pali Kai Kalihiwai Ridge
Kauai Beach Resort Kauai Beach Resort Association Kawaihau Sports Villa . * (QWHUSULVHV &RQGRPLQLXP .RKHD /RD 0DVWHU $VVRFLDWLRQ .RORD *DUGHQ $SDUWPHQWV Kuhio Shores at Poipu .XNXLĢXOD /DH 1DQL 0DNDQXL 0DQXDORKD Paliuli 3LNDNH Plantation at Princeville 3RLSX &UDWHU Poipu Kai Association 3RLSX .DL 5DFTXHW &OXE Poipu Kai Water Reclamation
Poipu Kapili Poipu Sands 3ULQFHYLOOH ,, &RPPXQLW\ Association 3ULQFHYLOOH 0DNDL 5DQFK DW Halele‘a Princeville Paniolo Princeville Sealodge I Puamana 3XKL ,QGXVWULDO 3DUN Pu‘u Po‘a
Regency at Poipu Kai Regency Hule‘ia Regency Villas at Poipu Kai Sandpiper Village I The Villas at Poipu Kai Villas at Puali Villas of Kamali’i Villas on the Prince :DLNRPR 6WUHDP 9LOODV Wailua Bay View Waipouli Beach Resort
For more information about Hawaiiana’s services, contact Sunshine Ruiz Hatto at 792-0515 or email sunshine@hmcmgt.com.