Category Archives: Insurance

Randi Glazer

Randi Glazer’s Realtor Age Interview

Insurance, Randi Glazer

Randi Glazer

This was originally featured at Realtor Age.  You can go here to see it on their website here.

Randi Glazer’s lengthy and remarkable career in the insurance industry began with a role as a property package and inland marine underwriter and has since seen her consistently excel across a variety of leadership positions and professional responsibilities. In her current role as an underwriting consultant, Randi is able to impart the wisdom she has gained through years of experience and can continue to ensure that the lessons she learned from her professional mentors will be passed on to the next generation of insurance professionals.

In addition to the responsibilities she has taken on as an underwriting consultant, Randi has also responded to the frequent demand for her insight and expertise by authoring a number of articles and books covering business and insurance-related subjects. From specific issues regarding the nuances of underwriting to the simple matter of navigating issues of office politics, Randi has addressed just about every subject imaginable through the countless articles and full-length books she has written over the years.

While her career in the insurance and underwriting profession has taken her all over the world and has included near-constant travel at various points during her professional life, Randi has always considered Long Island, New York home and currently resides just east of San Francisco in Walnut Creek. With Mount Diablo not too far from her home and constantly looming over her backyard, Randi is most likely to be found hiking the seemingly endless steps of the Iron Horse Trail or relaxing while taking in a view of the Pacific Ocean from Stinson Beach.

1. In what city/state was your first house located and approximately what year did you buy it?

I lived in Farmingdale, New York, which is about 60 miles to the east of Manhattan and within Nassau County. I bought the house in 1997, and it’s a modest-sized home with a beautiful yard in a very quiet neighborhood. It was only a half mile from the Bethpage State Golf Course where they have held the U.S. Open.

2. What was your living situation prior to buying your first house? Where/with whom/etc.?

I had always lived on Long Island, New York prior to buying my house in Farmingdale, and my last place was a single-bedroom apartment in Farmingdale neighborhood where I purchased my house. It was a great deal for the price even though it needed a lot of upgrades.

3. What motivated you to purchase your first house?

The initial motivating force was having the opportunity to take on a role in which some of my work could be done remotely, so I wanted to make sure I had a separate space for work. When I began looking in Farmingdale, New York, I knew immediately that I could find an ideal home.

4. How did you go about getting the money together to buy it?

My grandmother was generous enough to give $15,000 towards the purchase of my house and with my excellent credit rating, I was able to secure a low-interest mortgage and come up with the rest of the money for the down payment.

5. When you purchased, were you thinking of it as an investment or as a place to start a family. Please elaborate.

While I evaluated each potential property as a permanent home, I have since treated it very much like a long-term investment.

6. What are 3 things you liked most about the house?

Farmingdale is a beautiful place to live and it is more than close enough to occasionally commute into Manhattan for work. I love being so close to the beach, to Bethpage State Park and being part of a very active community.

7. Was there anything you didn’t like about it?

My only concern was that a property in Farmingdale, New York wouldn’t appreciate in value as quickly as other properties closer to or in Manhattan however, I am nonetheless content with the purchase and am more concerned with its long-term potential.

8. Did you make any improvements or major renovations to the house?

The prior owners did not put much in to the house.  We upgraded everything including, heating, plumbing, installing a central air unit, re did both bathrooms, the kitchen, the basement and put 2,000 sqft of brick and a brick patio with a hot tub for the landscaping. It was a lot of work over several years, but it was well worth it.

9. Please share 1-2 of your fondest/funniest memories from living there.

I remember making my first meal in the kitchen after we completed all the renovations. I loved how much easier it was to cook and move around as opposed to how it has been. We opened up walls, vaulted the ceiling, put in a lot of overhead lighting, a skylight and I really enjoyed cooking for the first time in a long time. I felt like the house was starting to be come more of my own.

10. Do you still live there or did you sell it or renting it?

I sold my house before the housing bubble collapsed and did very well making back all the money I put into the house and then some.  I really enjoyed living there.

11. What advice would you give other first time home buyers?

Expand the geographic area in which you search for a home and focus more on what it has than what it is close to. I could have never found a place like mine had I limited my search to just homes that didn’t need to be renovated.

 

Randi Glazer Credit Card

Banks Raising Credit Card Limits for Some Customers

Credit Cards, Insurance, Randi Glazer, , , , ,

Randi Glazer Credit Card

Money may be more available to the average citizen as banks raise their caps on loans, borrowing limits, and financial packages for all clients. Recently, and for the first time in a few years, people have more money in their pockets and in their bank accounts. Banks are responding by taking slightly bigger risks, which is good news to those who have faced trouble with damaged credit, late payoffs and similar financial tarnish.

But not everyone is pleased by the news. Some worry that the move is a potentially insensitive attempt, as part of a pattern, to create new leads for business—a move that will leave most carriers with debts they cannot pay off. Interest rates are low (although “poised to rise”), and the labor market is healthy, making it easy for banks to take a more daring stance.

Some speculate that engorging the market with loan money will lead to banks making demands that simply cannot be met. In February, credit card companies reportedly accepted more than three-fourths of the appeals for loans, putting a lot of money in the hands of eager clients that show promise of paying off debts.

Those considered prime-quality candidates for loans at a mid-range credit level are now seeing a 90% approval rating for loans while subprime clients still suffer to get the loans they need. Banks maintain high interest rates for lower-level candidates, and many who have taken out loans are already struggling to juggle the many accounts and payments on their plate.

As a result, subprime clients are increasing demands for temporary checks to help pay off standing bills. In recent surveys, subprime clients were shown to have taken on the most loan-related debt. For this, banks remain somewhat inflexible with borrowing policies and customers who miss credit card payments or take years to pay off debt in minimal increments certainly do not entice banks to loosen their standards.

Randi Glazer

Why Renters Insurance Matters

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Randi GlazerThe phone rang and on the other end was a close friend of mine, sobbing quietly into the phone. Her new apartment had been burglarized and her brand new expensive camera was now gone forever. It’s incredibly unsettling and violating to be burglarized.

What adds insult to injury is she didn’t have renters insurance. What could’ve been an inconvenience now is a devastation. I urged her to get renters insurance at this point. She didn’t heed my advice since she didn’t think it would be likely she would need it after being burglarized. 2 weeks later, her laptop was stolen, still without renters insurance.

What can Renters Insurance Do For You?

Renters insurance is actually incredibly affordable. Coverage starts at around $100 per year with a $500 deductible. If you use the insurance once in your life, it will be worth the investment.  Renters insurance also helps protect your personal possessions provides coverage for your things (clothes, furniture, electronics) up to your coverage limit. Renters insurance provides personal liability which is coverage if you’re ever legally responsible for an injury or property damage, like if you drop some water and a guest slips and sues. It also helps with medical payments and coverage for medical expenses if someone (other than a resident) gets hurt in an accident at your place. You can also get additional living expenses covered for extra temporary living expenses if your place is damaged and becomes uninhabitable.

Where to get Renters Insurance? A good jumping off point might be http://www.netquote.com/ to get a few quotes for different insurance. Look for the yearly cost, deductible, and ease of use. Major providers include Allstate, Farmers, State Farm, and Progressive.

Randi Glazer

Tax Returns Made Easy

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Randi GlazerThe holidays are over, and as people are beginning to recover from end of the year spending many are looking forward to tax season. Yes, from middle of January until April collecting tax credits is at full force. Below are a few ways you can use these earnings to improve your personal finances, and bring yourself one step closer to financial security.

1. Pay Your Debt

There aren’t too many people out there who are completely free of debt. Whether it’s your mortgage, credit card payments, and even loans for the younger generations, we all have some sort of payment that is due in the near future. Depending on the interest rate, paying off these balances will greatly benefit you in the future and eliminate extra charges, and credit card fees that can add up to hundreds of dollars at the end of the year.

2. Replenish Your Savings Account

If immediate debt is not a part of your finances, one way to put your tax returns to good use would be by replenishing your savings account. End of the year spending can be a burden on most families, which means taking out more than expected from you SA. By adding this money, you are proving an emergency stash that can cover unexpected occurrences such as being laid off, medical expenses, and possible penalties that can truly set you back financially.

3. Invest

This suggestion is mostly directed towards people who are already financially stable and can afford to invest a large sum into real estate, as well as are able to acquire additional expenses. One area one can invest would be real estate. Taking advantage of decreasing prices and low interest loans could be a great way for anyone to purchase their own home. This is a great goal that can truly pay off in the future.

Digital Products

Digital Products Are Changing The Landscape of Finance

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Digital Products

Finance, both personal and otherwise, has long been an esoteric field, its intricacies walled off from those on the outside. But the way people consume financial services is changing, with ever-expanding digital capabilities more and more accessible. Writing for TechCrunch, Pierre Brais, argues that the stranglehold that the old world of large financial institutions has on these services is rapidly eroding.

Brais, a venture capitalist and founder of Olocode, a digital business card sharing platform, sees the disruptive forces of the internet radically reshaping the way we purchase and consume financial products. This democratization, in Brais’s view, will lead to continued innovation and lower costs.

Consumer Trust

Prior to the financial crisis, consumers and regulators alike were wary of trusting new entrants into the financial sector. But since that time, trust has shifted away from the big banks. Brais points to the JOBS Act and the FSA restructuring the U.K. as just a few of the ways that the landscape has become easier for startups offering financial services. Ironically, many of those entrepreneurs who are putting these products to market are former employees of the big banks, who understand the limitations of the large corporations.

Money Going Digital

Mobile payments served as the first wave of digital financial products on platforms like Square or Braintree, but companies like Dwolla and TransferWise are pushing towards money transferring and foreign exchange. And with digital cryptocurrencies such as bitcoin gaining traction, consumers are showing clear signs that they are becoming more comfortable with keeping their money within the digital realm. Large banks can be slow to respond to this rapid level of evolution that we are seeing in the digital finance realm.

Digital Currency Can Obviate Big Banking

Some predict that the third wave of digital finance, digital currency, can make the big banks obsolete. While such a bold prediction still lies entirely within the realm of speculation at this point, what is clear is that digital banking and digital finance has a way of eroding the need for an intermediary between savers and lenders, the primary function of the banking system. Brais predicts that more and more customers will be empowered by the nimbleness and freedom afforded by digital financial products, making it harder and harder for big banks to maintain control over finance.

Read more at TechCrunch.

 

Credit Cards

Trend Fluctuations Among Credit Card Consumers

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Credit CardsIn a recent report, creditcards.com found that interest rates on new credit cards offers are the lowest they have been in the past 5 months. The current 15 percent interest rate has fallen from its  two week streak of 15.09 percent. Credit card companies have also shown more leniency towards borrowers by giving them a second chance to to receiving larger credit limits, despite their credit pasts.  

Late payments on credit cards have also decreased in recent years. This particular consumer trend is due to a widespread knowledge of understanding the consequences bad credit can have on your future, as well as stricter regulations on who is able to apply for a credit card. In addition to these changes, credit card companies have also developed scoring methods that can indicate which customers will have delayed payments, and which ones will pay on time. 

The improvement of our economy is another factor of why consumers are now applying for more credit cards and consciously trying to improve their credit. Despite the willingness to purchase more big ticket items, the fear of acquiring additional debt is still present among Americans. As of late September 2014, total debt went up to 1.30 trillion dollars, including car loans, mortgage, and student loans. These statistics show that debt is present among diverse collective of age groups and communities.

The increase in debt has a positive correlation with the amount of credit cards that were opened this year. Since January 1st, the Federal Reserve’s reported a $ 22 billion increase in credit card balances across the board. The future of credit  cards depends on a few factors, starting from fluctuations in our economy, the uncertainty of the job market as well as constantly increasing college tuitions. In turn, this will prompt credit card companies to respond accordingly by changing interest rates and raining credit card limits. 

Credit Cards

Avoiding Credit Card Debt As a Recent Graduate

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Credit CardsA recent article in the New York Times delves into the changing trends among the younger generations and their dissociation with credit cards and the crippling debt that follows. FICO,  one of the largest analytic software companies in the US, conducted a study aimed at understanding the decline of credit card usage among the ages of 18-29. They found that from 2005-2099 there was a 7% decrease in credit card purchases.  The study also recognized that older generations are relying less on credit cards, but not with such drastic numbers.

These changes in consumerism have contributed to reductions of the average credit card payments, which dropped from $3,073 to $2,087 in late October of 2013. Despite these changes in credit card debt, this generation is experiencing a devastating increase in loans, which have almost doubled in the past decade. Another reason this age group prefers to use debit cards which make it easier to face for them to face their debts and live comfortably.

There are a few reasons behind the declining trends of credit card usage. In 2009,  the introduction of the Credit Card Accountability Responsibility and Disclosure Act was introduced to the public, and it added amendments requiring applicants to have a stable income stream, which in turn made it more difficult for younger people to become approved for credit cards.

Spending habits among younger generations have also changed due to the Great Recession, and their inability to work full time after finishing school. Financial burdens, such as loans and increasing living standards across the US have made young consumers become aware of the overall economy struggles and their personal financial shortcomings.

Many financial analysts believe that without credit cards this age group will have a difficult time building credit and purchasing future big ticket items such as, a car or a home. However, for those who still cannot afford credit cards, there are other ways to acquire credit. For example, making your regular loan payments on time, and signing up for bills in your own name can help you slowly create a solid credit history. These simple exercises can place students and recent graduates in a good place with their future finances, without rushing into unnecessary credit card debt.

Car Insurance

The Importance of Car Insurance

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Car InsuranceThe importance of motor vehicle insurance is sometimes lost on people with an impeccable driving record and with those who do not wish to shell out thousands of dollars on annual fees. As an insurance professional with over 20 years of experience in the field, I would like to give an informed  explanation of why we need car coverage and other forms of insurance.

First and foremost, we purchase car insurance not only to protect ourselves but also the people we might harm in the unfortunate case of a car accident. Every state, with the exception of New Hampshire, has in place mandatory insurance policies for car and motorcycle drivers. However, these policies may vary depending where you live and the kind of car you drive. States enforce insurance policies in order to protect citizens from extreme financial loses and damages caused by vehicle and motorcycle accidents. With insurance policies intact, these loses are greatly minimized for the drivers who do not have the resources to cover medical bills and pay to repair physical damages out of pocket. By making monthly payments and annual premium dues, insurance companies are able to absorb a good portion of damages on behalf of their customers. Unfortunately, for many drivers insurance fees tend to increase after a car accident.

Another great reason to purchase car insurance is the high possibility of actually being part of a car accident. Those who have been unfortunate enough to experience this burden are all too familiar with the financial strains that follow an accident. It is important for drivers to be able to protect not only themselves, but also to be financially responsible for the other parties involved in the case that the accident is your fault. Insurance allows people to pay off damages and hospital bills, that would otherwise be too expensive to take on alone. 

One final consideration to take into account when discussing the benefits of purchasing insurance is the ability to protect your assets such as, your car, home and bank savings. Besides buying a house, cars are one of the biggest investments you will make in your lifetime. We will find ourselves paying off car payments for many years, which is why it is extremely important to protect such a significant asset. In many cases, banks require full collision coverage in order to secure full payment loans in case of an accident.

Car Insurance

Choosing Your Car Insurance Made Easy

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Car Insurance

Choosing your car insurance is not an easy task. Where do you begin? Do you ask your friends for recommendations? Family? Do you go directly to the most well known company according to recent TV ads? There are a plethora of options, all of which sound appealing in their own way. But with hindsight being 20/20, you won’t truly find out how well your car insurance works (or doesn’t) until you have your first accident.

Luckily, a recent article featured on Usnews.com takes an in-depth look at exactly this situation and shares advice on how to tackle the dilemma.

To start, Jeanne Salvatore, an industry group spokeswoman for the Insurance Information states that”It always makes sense to first ask people who you respect who they have auto insurance with, and if they were happy when they had a claim.”

Another helpful approach is to take to social media. People tend to be brutally honest when it comes to reviewing companies online, so search for posts on Twitter or Facebook using the applicable hashtag for the company in question.

The article goes on to recommend comparing similar policies in an effort to find out what factors may be causing higher insurance rates; policies can vary by level of service, add-ons, as well as length of time. In the same vein, there’s no need to become obsessive and look for the best deal out there. When asked what percentage of magazine readers were able to get a better deal, Jeff Blyskal, senior writer at Consumer Reports, says that only 12 percent of the respondents were able to do so.

Once you have settled on an insurance provider, you are tasked with choosing the various details of your policy. There are numerous add-ons to review but at the end of the day, the more you pay upfront, the greater your coverage will be. So make sure that you have considered all hypotheticals and are comfortable with the coverage your insurance policy will offer in each possible event. For example, if you think of yourself as a careful driver, you may opt for a higher deductible in order to minimize your monthly rate.

Lastly, remember that insurance policies do not fall under the one-size-fits-all umbrella; so whatever policy you end up choosing, make sure it meets all criteria that are paramount to your needs.