How Much Is A Homemaker Worth?

 How Much Is A Homemaker Worth?

The life of a homemaker is one that includes an endless amount of demands and to-dos. Depending on the size of the home and family, the position of homemaker can go well beyond the usual nine to five. We examined some of the tasks that a homemaker might do to find out how much his or her services would net as individual professional careers. We only take into consideration tasks which have monetary values and use the lowest value for each calculation.

Private Chef
Meal preparation is one of the major tasks of most homemakers. From breakfast to dinner, there is plenty of meal planning and cooking to be done. The American Personal Chef Association reports that its personal chefs make $200 to $500 a day. Grocery shopping is another chore that needs to be factored in. A homemaker must drive to the supermarket, purchase the food and deliver it to the home. Grocery delivery services charge a delivery fee of $5 to $10.

Total cost for services: $1,005 per five day work week x 52 weeks = $52,260 per year.

House Cleaner
A clean and tidy home is the foundation of an efficient household. Typical cleaning duties include vacuuming, dusting, sweeping, scrubbing sinks as well as loading the dishwasher and making beds. Professional maids or house cleaning service providers will charge by the hour, number of rooms or square footage of the home. For example, bi-weekly cleaning of a 900-square-foot, two-bedroom apartment with five rooms, costs $59-$124 . A 1,300 square-foot, single-story home with seven rooms runs $79-$150 . A 2,200 two-story, three-bedroom home with nine rooms averages $104-$180 . Additional tasks such as oven or refrigerator cleaning and dusting mini blinds can run an extra $20-$25.

Total cost for services: $118 per week X 52 Weeks = $6,136 per year.

Child Care
Homemakers provide full-time, live-in child care. This type of service from a professional provider would usually come with a host of perks including health insurance, paid vacation and sick days, federal holidays off, dental and vision coverage, and bonuses. The International Nanny Association’s 2011 survey found that nannies make $600 to $950 per week in gross wages, on average.

Total cost for services: $600 a week plus perks/benefits x 52 Weeks = $31,200 per year.

Driver
A private car service might seem like a high-end luxury to most, but the beneficiaries of a homemaker get this service on a daily basis. Companies like Red Cap, which provides personal drivers that use the client’s own car as the means of transportation, offer a glimpse into the cost of this homemaker task. An elite membership which includes 365 days of unlimited, round-trip service is $1,000 a year plus 33 cents – $2.03 per minute.

Total cost for services: $1,000 per year + [(estimated miles driven 8000 miles / 50 MPH) x 60 min/hr x $0.33 per minute] = $4,168 total per year.

Laundry Service
Clean clothes come at a cost when you have to pay for the service that most homemakers do for free. Professional laundry services charge by the pound. For instance, Susie’s Suds Home Laundry Service, Inc. in Texas charges 90 cents to $1.00 a pound to wash, dry, fold, hang and steam your clothes. Items that take longer to dry such as comforters, blankets, rugs and winter clothes are assessed at a price of $12-$15 each.

Total cost for services: $0.90 per pound x 4 pounds of clothes per day x 5 days per weeks x 52 weeks = $936 total per year.

Lawn Maintenance
Basic maintenance of the exterior property is a less common, but possible duty of a homemaker. This could include things such as mowing, debris removal, edging and trimming the lawn. These services cost about $30 a week on average.

Total cost for services: $30 per week x 52 weeks = $1,560 total per year.

The Bottom Line
Total for a year of all services is: $52,260 + $6,137 + $31,200 + $4,168 + $936 + $1,560 = $96,261 per year.

The daily work of a homemaker can sometimes be taken for granted by his or her family members. However, these services could earn a homemaker a considerable wage if he or she took those skills to the marketplace. Homemakers in general contribute a lot more to the home in addition to these tasks, and no amount of money can fill those needs.

Don’t forget your homemaker when making your life insurance decisions. Please give Lindsey or I a call now to review your life insurance needs.

Help Protect Your Income and Retirement Dreams

Your lifestyle and retirement dreams depend on your ability to work and earn an income.  But, what if you became too sick or hurt to work?  How would you pay for everyday living expenses, such as food and housing?  Would you be able to continue saving for retirement?

I can help you find answers to these questions. If you became disabled, The Summer Group together with top disability insurance carriers can work together to help insure your lifestyle – today and in the future. Please give me a call now to discuss disability insurance before you need it. 

 

LK@summergroup.net 

 (562) 690-9770

Buying a Car After Hours or Weekend…Need Insurance?

Buying a Car AfterNormalBusiness Hours or Weekend?  No Problem…

 Car Sales are picking up so I wanted to be sure you are aware most insurance carriers have after hours “Call Centers” to assist you in adding coverage for your new car.  The “CallCenter” agent can confirm coverage for you so you can drive off the lot knowing you are covered.  Don’t get pushed by the sales or finance manager into an expensive and limited short term policy.  We can provide confirmation of coverage for you after hours and on weekends!  Also, DON’T buy Extended Warranty or Mechanical Breakdown Coverage from the dealer either.  Their prices are 50-75% HIGHER than our Mechanical Breakdown or Warranty product…and our policy is BETTER! 

 Check now to be sure your Insurance Auto ID card has the after hours toll free number to your insurance carrier’s “CallCenter” now before you need it.  Can’t find it?  Call us and we can issue a replacement.

Don’t Neglect Your Insurance…That Could Cost You!

The fact is, far too many people make the simple mistake of letting their insurance policies run on auto-pilot for years, even decades! It is important that you make sure that you have exactly the right amount of insurance for your circumstances – no more and no less. In today’s roller coaster economy, it’s critical that you constantly review any weaknesses in your own financial situation.
That means you need to periodically review and adjust your insurance policies at least once a year because life events can change your insurance needs at any time:
• Marriage, divorce, or retirement.
• Birth or adoption of a child or grandchild.
• New driver such as a teenager.
• Serving on a board of directors for a non-profit (or a homeowner association).
• Changes in your or your loved one’s health.
• Taking on the financial responsibility of an aging parent.
• Buying, selling or renting a new home, or refinancing your current home.
• Purchasing or selling a business.
• Purchasing or investing in collectibles such as artwork or antique firearms.
• Claiming an inheritance or even winning the lottery.
Any changes to the above could prompt an important update to your protection plans. Remember, once a loss or tragedy happens, no one will sell you insurance no matter how much you’re willing to pay. It must be done ahead of time.
Please call me now to review your insurance.

Important Tips About Disability Income Insurance

Insurance Commissioner Dave Jones today advised consumers about the importance of understanding their options when considering disability income insurance.

“In a down economy many people may not think their most valuable asset is their ability to work,” said Commissioner Jones. “But if illness or injury were to keep you from earning a living you would still need to pay your bills. Disability income insurance could be a viable option for people and their families, and that’s why consumers need to take the time and evaluate their options closely.”

According to the U.S. Census Bureau, one in four of today’s 20-year-olds will become disabled before reaching retirement age; however, only 32 percent of U.S. private industry workers have long-term disability income insurance as part of their benefits package.

An individual may obtain disability income insurance coverage in two ways – either through a group-sponsored setting or purchased as an individual. Group insurance is available through an employer or an association, and these policies may offer short-term and long-term coverage. Short-term disability income insurance typically replaces a portion of the policyholder’s salary up to a year following the disability, while long-term disability income insurance may begin six months after the disability and can last a few years or even until retirement.

Individual insurance is coverage that can be purchased from any insurance company that offers it. The terms of the policy, length and type of coverage are negotiated between the individual and the insurance company and are generally subject to underwriting requirements.

Comparing Disability Policies – When considering disability income insurance policy options there are definitions and benefits consumers should carefully compare.

Definition of disability – the definition varies from policy to policy. Some may pay benefits if you cannot perform the duties of your own occupation, while others may require that your disability keep you from performing tasks of any occupation you are reasonably expected to perform based on your age, education, training and experience.
Extent of disability – Some policies may require you be totally disabled before it pays benefits, while others may pay a limited amount or for a limited time if your injury limits you to performing only part of your job.
Disabilities Covered – The list of covered injuries or illnesses considered disabilities under the policy will vary. Coverage for pre-existing conditions may be limited or excluded.
Residual benefits – This coverage fills in a gap in come if you are partially disabled, you return to work, and your income is reduced because you can’t perform all of the duties of your job.
Determining How Much Coverage You Need

Before purchasing disability income insurance, determine how much income you need to meet critical financial obligations such as rent/mortgage, food, fuel/transportation, utilities, etc. An easy way to do this is by adding up your monthly expenses and comparing them with the income from any existing disability coverage, plus any income from other sources, such as personal savings.

Becoming disabled can also bring with it increased or additional expenses like health care costs, assistance with daily activities, even home modifications. Keep this in mind while evaluating the amount and type of coverage you could need.

The amount of benefits you receive is based on a percentage of your pre-disability earned income. The benefit amount received can be reduced by other sources of disability support such as Social Security disability payments, employer long-term disability insurance, among others.

If the long-term disability income insurance coverage your employer offers is not enough to cover your needs, there are options for purchasing additional coverage.

When it comes to insurance, your options can be confusing and it can be difficult to determine your family’s needs. Learn more about insurance by visiting the us online at www.summergroup.net or contact us toll free at (888) 541-9444.

Important Tips About Disability Income Insurance

Insurance Commissioner Dave Jones today advised consumers about the importance of understanding their options when considering disability income insurance.

“In a down economy many people may not think their most valuable asset is their ability to work,” said Commissioner Jones. “But if illness or injury were to keep you from earning a living you would still need to pay your bills. Disability income insurance could be a viable option for people and their families, and that’s why consumers need to take the time and evaluate their options closely.”

According to the U.S. Census Bureau, one in four of today’s 20-year-olds will become disabled before reaching retirement age; however, only 32 percent of U.S. private industry workers have long-term disability income insurance as part of their benefits package.

An individual may obtain disability income insurance coverage in two ways – either through a group-sponsored setting or purchased as an individual. Group insurance is available through an employer or an association, and these policies may offer short-term and long-term coverage. Short-term disability income insurance typically replaces a portion of the policyholder’s salary up to a year following the disability, while long-term disability income insurance may begin six months after the disability and can last a few years or even until retirement.

Individual insurance is coverage that can be purchased from any insurance company that offers it. The terms of the policy, length and type of coverage are negotiated between the individual and the insurance company and are generally subject to underwriting requirements.

Comparing Disability Policies – When considering disability income insurance policy options there are definitions and benefits consumers should carefully compare.

Definition of disability – the definition varies from policy to policy. Some may pay benefits if you cannot perform the duties of your own occupation, while others may require that your disability keep you from performing tasks of any occupation you are reasonably expected to perform based on your age, education, training and experience.
Extent of disability – Some policies may require you be totally disabled before it pays benefits, while others may pay a limited amount or for a limited time if your injury limits you to performing only part of your job.
Disabilities Covered – The list of covered injuries or illnesses considered disabilities under the policy will vary. Coverage for pre-existing conditions may be limited or excluded.
Residual benefits – This coverage fills in a gap in come if you are partially disabled, you return to work, and your income is reduced because you can’t perform all of the duties of your job.
Determining How Much Coverage You Need

Before purchasing disability income insurance, determine how much income you need to meet critical financial obligations such as rent/mortgage, food, fuel/transportation, utilities, etc. An easy way to do this is by adding up your monthly expenses and comparing them with the income from any existing disability coverage, plus any income from other sources, such as personal savings.

Becoming disabled can also bring with it increased or additional expenses like health care costs, assistance with daily activities, even home modifications. Keep this in mind while evaluating the amount and type of coverage you could need.

The amount of benefits you receive is based on a percentage of your pre-disability earned income. The benefit amount received can be reduced by other sources of disability support such as Social Security disability payments, employer long-term disability insurance, among others.

If the long-term disability income insurance coverage your employer offers is not enough to cover your needs, there are options for purchasing additional coverage.

When it comes to insurance, your options can be confusing and it can be difficult to determine your family’s needs. Learn more about insurance by visiting the us online at www.summergroup.net or contact us toll free at (888) 541-9444.

Retailers with Sales in CA at Risk of Penalties Following State Supreme

Retailers with Sales in CA at Risk of Penalties Following State Supreme
Court Decision

A recent decision by the California Supreme Court has placed retailers and other businesses that obtain and record personally identifiable customer information during point-of-sale transactions in the state at risk of significant penalties.

Retailers with transactions in California are being named in class-action lawsuits following a February 2011 California Supreme Court decision, Pineda v. Williams Sonoma Stores, Inc. The decision found that the state’s Song-Beverly Credit Card Act of 1971 prohibits retailers and other businesses engaged in credit card transactions from collecting and recording customer information such as zip codes or any other personally identifiable information not provided by the credit card itself during point-of-sale transactions.

The statute authorizes penalties of up to $1,000 for each transaction that violates the statute. While coverage will depend upon the claimant’s allegations, the loss is likely not covered by a business’ general liability insurance policy.

A retailer may be headquartered anywhere in the country, but only the transactions conducted in the state of California are subject to the statute and its penalties. If you have retailers with California transactions among your customers, you may wish to share these tips with them:

• Do not ask for customer zip codes, even if only for marketing or security purposes. Asking for this information is risky.
• If retailers use zip codes for security measures, instead ask to see customers’ driver’s license or other forms of identification, but don’t record the information.
• If a retailer has been recording zip code information, even if only for marketing purposes, seek legal counsel.

Risks of Condo & Town House Owners

Homeowners Insurance – Risks of Condominium and Town House Owners 

The single biggest change in the housing market in the past 20 years has been the movement away from single-family homes toward town houses and condominiums. A new type of Homeowners policy, called a unit-owner policy, has been created to meet the special needs of town house or condominium owners.

The good news is that there’s now a special policy for those who own townhouses or condos. The bad news is that this policy is the single most difficult Homeowners policy to set up correctly – without serious gaps.

Defining the Problem

People who buy townhouses or condominiums (unit owners) band together to form homeowner associations. One of the functions of the association is to arrange insurance coverage – both property and liability – for the entire complex of buildings (the insurance is called the master policy). The master policy insures all structures, including the majority of the structure owned by each unit owner. Each unit owner is responsible for insuring her own belongings, plus any part of her unit structure not covered by the association master policy. The board of directors of the association determines exactly which part of each unit is insured by the master policy and which part is the unit owner’s responsibility. That information is contained in the association documents (the Bylaws, Declarations, or Operating Policies).

There are really two problems for unit owners. The first is identifying exactly what part of the unit structure is the unit owner’s responsibility and is not insured by the master policy. The second is finding the expert advice you need to help you modify your unit owner policy to plug the coverage gaps that exist between the two policies.

Distinguishing between condominiums and town houses

Town houses and condominiums are individually owned, residential units, similar to apartments, that are part of a complex of similar units attached together in one or more buildings. The usual distinction between the two is that town houses have their entry doors open to the outside, have other adjacent units only on either side but not above or below, and are often multilevel; condominiums, like most apartments, open to a common hall, are usually one level, and normally have adjacent units on either side, as well as above and/or below. From the outside, town houses look like single homes attached at the sides; condominiums look like apartments in an apartment building.

Similarities between condos and town houses are that:

• In addition to the ownership of their individual units, owners also own a proportionate interest in common areas like lawns, community structures, swimming pools, and so on.
• A board of directors of elected unit owners acts on behalf of the association of all unit owners.
• Several association documents exist that define rights, obligations, and operating policies.

If you have any questions, please call us now at (888) 541-9444.  The call is Free.  The advice is Free!

Townhome and Condominium – Exposing the Insurance Coverage Gap

In the vast majority of associations, a significant structural coverage gap between the association’s master building insurance policy and the unit owner‘s personal Homeowners policy exists. This gap is normally the result of a misperception on the part of the unit owner.

The unit owner believes – usually mistakenly – that he is responsible for insuring his personal belongings only, and that the association’s master policy pays for everything structural in the unit, after a policy deductible of typically $1,000. This misperception is reinforced by the basic unit-owner Homeowners policy, which covers the contents of the unit and usually only has $1,000 of building coverage – enough to cover the master policy deductible.

WARNING: But the reality, most of the time, is that the association master policy covers, at a minimum, the bare exterior walls of your unit and the bare floors, but then makes you responsible for some or all of the rest of your unit. This could be a big coverage gap – I’ve seen it be as large as $100,000! Can you imagine discovering this gap only after a fire destroys most of your unit? Sadly, that’s when most people find out.

Discovering where the gap is defined

The gap is not, as you may expect, spelled out in the master policy. Rather you will find it in one of your association documents, usually the Declarations. The Declarations define which part of your unit the association will insure. Here are some typical examples of items that the unit owner may be responsible for replacing – things excluded by the association master policy:

• Drapes, carpets, and wall coverings
• Any structural improvements you make
• Any improvements made by any unit owner since the unit was built (a fun one! How do you ever determine that?)
• Everything but exterior bare walls and floor – you’re responsible for carpet, wall coverings, built-in appliances, all interior walls, cabinets, plumbing appliances like tubs and toilets, lighting fixtures, and even unit-specific wiring! Ouch!

The price of a commission

I suggest that you have your agent review your Declarations for you or with you.  Often this may be difficult to do. Why? Because of how agents are paid. It’s the American way that people take jobs where they get paid well for their talents.  Agents usually do the same. Because the premium is small on a unit-owner policy, the average commission to the agent is about $50 a year. As a result, these policies tend to get sold by relatively inexperienced agents and tend to be mass-produced, neither of which helps you find the expertise you need. The expertise and care you need are out there. You may have to dig a little deeper to find them.

TIP: It is imperative if you own a condo or town house that you and your insurance agent read the Declarations to find out the extent of your obligations and modify your unit-owner Homeowners policy before you have a serious uninsured loss.

Call us now to make sure you are properly covered.

The call is FREE: (888) 541-9444   / www.summergroup.net

Life Insurance is For The Living!

Life Insurance is For The Living!

You need to ask yourself this one simple question:  Is something happened to your spouse this very night, could you afford to pay the mortgage, raise the kids, and pay all the bills on only your income.  If the answer is no, you need to call us immediately, not later…not tomorrow…but now!!

 I always tell my clients one simple thing… If you have kids, having a parent pass away is already the most devastating lifetime event.  You don’t want to make them go through the second most devastaring event…moving from their family home! 

 Life insurance can cost as little as $20 per month for $250,000 in protection.  Please make sure your family is financially protected in case disaster hits.

Remember:  Life Insurance Isn’t for People Who Die…It’s for the People Who Live!

Call me now so we can talk about your life insurance and the needs for those you will leave behind…

Gerald Reed   (888) 541-9444  (even the call is free!)