Where are you putting your cash?
One of the things that I have heard several times recently is that sales of home safes are booming during these hard economic times. While this may be simply a result of people wanting to secure those few valuable items that they own, knowing that others around them are becoming more desperate every day and therefore it’s reasonable to assume that thefts will be on the rise, I also keep hearing that trillions of investment dollars in cash have been withdrawn from the system and are sitting on the side lines. Now, if I had a bunch of cash to just “sit on the side lines”, where would I put it? As an insurance professional, I sincerely hope that the answer is not in a safe at your house or worse yet, hidden somewhere in your house. This concerns me for a couple of reasons. First, if someone should break into your house (or worse yet, it should burn down), how much coverage do you think a regular homeowners policy generally provides for cash money? Would you believe $200? Yup, that’s all. Now your policy may provide a higher limit so be sure to talk to your agent but, whatever you do, don’t just assume that it’s covered! The other concern I have is that people are taking too much comfort in the fact that, once they have a safe, they are “protected” and don’t need to worry. Over the years I have been in the insurance business I can tell you that we have seen many cases where the whole safe was stolen from someone’s house and then taken somewhere where the thief could work on opening it at their convenience. So, unless you have one of those huge safes that it takes an army of movers to budge, your feelings of security may be misplaced. Now don’t get me wrong, I’m not saying safes are bad. All I’m saying is to be sure you understand that there is a certain amount of risk in every action and this is no exception. Keeping large amounts of cash, bonds, valuable jewelry, and the like around your house without understanding the risks involved could lead you to a very unhappy loss situation. One of the great values of having an Independent Insurance Agent is that they are there to consult with you and advise you at no additional charge if they write your insurance. Just like you would talk to your doctor or lawyer or CPA, don’t forget to talk to you insurance agent about the things that keep you up at night!
Something good from this economic mess!
It seems that every day all we hear is more gloom and doom about the economy and the prospects for our future. While the situation is definitely serious, many have said that it’s as much a “crises of confidence” as anything. The people are not spending money that does not have to be spent because they lack confidence about what is going to happen in the future.
While no-one can know what is going to happen tomorrow, I’m as sure as I can be that “this too shall pass”. I can’t say when, but it will pass for sure. I know, it’s hard to feel good about it right now, but have faith and be thankful for what you do have.
As I go through my day, I have the opportunity to speak with a wide variety of people and I have noticed recently that most people are much more grateful today for what they do have. They no longer complain about their crummy job, instead they say “at least I still have a job”. We all know many people who are less fortunate. It’s no longer all about making lots of money, but rather it’s about maintaining the basics of good health, food and shelter. It’s as if these hard times have made us all realize the real value of the important things like good health, families and friends.
I also hear less and less talk about “getting rich quick” and much more about a simple “slow and steady savings” process. I think this is a good thing. Maybe we are reverting back to the more traditional American values of thrift and savings. It’s no longer about the expensive vacation abroad, it’s more about the weekend camping with the family or fishing with some friends.
So what’s the point of all this? Simply that this seems to be a time for everyone to take a breath and relax as much as possible. Grab hold of your family and friends and hold on tight. Make the best of what you do have and be confident that better days are ahead for all of us. And above all, never give up!
