Home Insurance

Failing to properly maintain your washing machine can result in expensive repairs and a shorter life overall for your appliance. Certain problems such as hose malfunctions can also result in water damage to areas of your home surrounding the washer.

8 Washing Machine Maintenance Tips

Posted on by Shield Insurance Agency

Nationwide | September 15, 2021 | Washing Machine | Home Insurance | Start A quote today!

Washing machines provide homeowners with endless utility. The ability to wash everything from clothes to bedding at home with minimal effort is life-changing. But most don’t realize there is a laundry list of washing machine maintenance boxes to check. Failing to properly maintain your washing machine can result in expensive repairs and a shorter life overall for your appliance. Certain problems such as hose malfunctions can also result in water damage to areas of your home surrounding the washer.

That said, much of washing machine maintenance boils down to proper usage of the appliance and some regular cleaning and checking of its important features. Let’s get into eight easy washing machine care tips to keep yours operating safely and effectively.

1. Check the hoses of the Washing Machine

Water damage in homes is often caused by the washing machine leaking. When the washer is the culprit, that leak can frequently be traced to the hoses. The wear and tear of regular use cause traditional rubber hoses to lose flexibility over time, and water will ultimately win that battle. You should check your hoses for cracks, blistering, or kinks every few months to confirm that none of these warning signs have developed. If they have, it’s recommended that you replace the hose. Even if your hoses remain in good shape, you should still replace them every five years or so.1

2. Clean the lint filter of the Washing Machine

A clean washer filter is essential for a well-functioning washer! Most homeowners are familiar with the lint traps in their dryers and regularly clean them out in between cycles, but did you know your washer may have a lint filter too? Newer, high-efficiency models have self-cleaning pump filters for getting rid of lint, however, many washers have lint traps for filtering the general debris that comes out of clothes and other fabrics mid-wash. If your washer has a filter, you should check and clean it at least four times per year to ensure that debris doesn’t build up and cause mildew.2

3. Don’t overload the Washing Machine

Just a few more shirts, what could go wrong? Plenty! Overloading the washer is a common mistake many homeowners make with their washers. Oversized

loads add pressure that can throw the machine off balance mid-cycle and cause damage to various parts. Just remember: you can always do another load after this one!

4. Leave the washer door open after use

The inside of your washing machine doesn’t dry immediately after the cycle finishes. Moisture lingers for a while after you remove the load and closing the washer door can cause it to stick around even longer, eventually causing mold and mildew. Always leave your washer door open for at least 15-30 minutes after using it to help air circulate and dry the inside. You can also wipe down the gasket or rubber seal around the washer door to accelerate the process.

5. Use recommended laundry detergent

The detergent you use matters. Always check your washer’s manual to see which kinds of detergent are recommended. Detergents that are too heavy in alkaline can damage the machine and any clothes or other fabrics you load them with. This is particularly important with high-efficiency models. Powdered or high-efficiency detergent can be used with these models to minimize residue build-up. Using high-efficiency detergent can also save energy since less water is required to wash it away.2

6. Clean the washer

Even a washing machine needs to be cleaned sometimes to remove detergent residue, dirt, soap scum, and hard water build-up.3 Luckily, DIY solutions of white vinegar and baking soda can be used on most washers. Simply run a cycle on hot with the solution or use a self-cleaning cycle if your model has the option. This solution can be used as high efficient washer cleaner as well.

7. Clean the drain pump filter

If you notice your washer having trouble draining, it’s time to have a look at your drain pump filter. Debris can build up in the filter and cause the drain pump to clog, preventing your washer from draining properly between cycles. You can typically find the filter on the front of your machine, either in plain sight or behind a kick strip.5 Simply unscrew and pull it out to clean.

8. Keep your washing machine level

Keeping your washing machine on an uneven surface can unbalance it, causing it to rock and vibrate. In addition to being very loud, this can also damage various parts of your washer. Make sure that your machine is on a level surface, with all four legs firmly planted on the floor.

It’s easy to forget that the things we use to clean also need to be cleaned themselves from time to time. But if left unchecked, appliances like your washing machine and dryer can quickly go from a beloved appliance to an expensive repair. It’s best to take maintenance measures first, but when hoses burst or machines start causing unexpected damage to your home, it’s important to have homeowner’s insurance. Learn what coverage a homeowner’s policy provides against water-related damage.

1https://www.tlcplumbing.com/blog/preventing-washing-machine-hoses-bursting/, Accessed July 2021
2https://www.consumerreports.org/laundry/energy-saving-laundry-tips/, Accessed July 2021
3https://www.thespruce.com/how-to-clean-a-washer-lint-trap-2147322, Accessed July 2021
4https://simplegreen.com/cleaning-tips/rooms/laundry/high-efficiency-washing-machine/, Accessed July 2021
5https://www.ariel.in/en-in/washing-machine-101/how-to-use-a-washer/how-do-i-check-pump-filter, Accessed July 2021

Disclaimer:
The information included is designed for informational purposes only. It is not legal, tax, financial, or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state, or federal regulations. Nationwide Mutual Insurance Company, its affiliates, and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide, Nationwide is on your side, and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2021 Nationwide and Shield Insurance Agency

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Did you know that every year, the probability of your house getting struck by lightning is 1 in 2001? Luckily, the probability of you getting struck by lightning is only 1 in 500,0002, but that begs the question – what happens if your home is that 1 in 200?

Protect your house with a lightning protection system

Posted on by Shield Insurance Agency

Nationwide | March 14, 2022 | lightning | Home Insurance | Start A Quote Today!

What happens if lightning strikes your house

Did you know that every year, the probability of your house getting struck by lightning is 1 in 2001? Luckily, the probability of you getting struck by lightning is only 1 in 500,0002, but that begs the question – what happens if your home is that 1 in 200?

No one wants to think the worst can happen to them, but it’s important to be prepared in the instance lightning does strike because it can wreak havoc on your house, property, and family.

Lightning is extremely common across the U.S., and during severe storms, you can experience dozens of lightning strikes an hour. Lightning can strike just about anywhere, so how can you tell if lightning has struck your own home?

An average flash of lightning is around 300 million volts and 30,000 amps3 in strength. That can do some severe damage. If your home has been struck by lightning, you’ll likely experience the aftereffects almost immediately. These effects include:

  • Loud ‘boom’ that shakes the house
  • Power outage
  • Fire
  • A burning smell
  • Electrical buzzing
  • Charring
  • Holes in the roof/walls
  • Burnt electrical switches

If you notice any of these signs during a severe storm where lightning is present, it’s important to first call your emergency department to get the fire department and local authorities to your property immediately to ensure everyone is safe.

Once you’ve secured the safety of everyone in the house, you might be wondering what’s going to happen to your property – and you’re not alone. In 2021, there were over 71,0004 insurance claims filed in the U.S. for lightning losses. Luckily, most homeowners insurance policies cover lightning damages.

Nationwide offers comprehensive homeowners insurance coverage to give you peace of mind even during the most harrowing of circumstances.

However, there are steps you can take to protect your home against damaging lightning strikes.

What is a lightning protection system?

A lightning protection system is used to prevent property damage due to lightning. The system works by diverting the electric charge produced by the initial strike to the ground through the path of least resistance5.

An effective lightning protection system comprises four key compartments: copper air terminals, copper cables, copper-clad ground rods, and surge suppressors.

From the outside, the only visible aspect of the system is the lightning rods connected to the chimney or roof.

What are lightning rods?

Lightning rods are used to protect a house against damage from lightning strikes. It’s important to note that these rods don’t prevent lightning from striking, but work to divert the energy the lightning produces so it doesn’t damage your home or property.

Lightning rods must be connected to an accompanying lightning protection system to ensure maximum benefit from electrical surges and damage.

But lightning rods are just one key component of lightning protection.

Electrical surge protection

There are many steps you can take inside the home to protect against lightning damage. In many instances, lightning can cause electrical fires, so ensuring your outlets are protected is key to ensure your entire home is safe against detrimental lightning.

One way to do this is by installing a whole-home surge protector for appliances and electronics throughout the home in the case of voltage spikes. These surge protectors will limit the damaging effects of a power surge to ensure that your appliances don’t die or worse, catch fire.

Additional lightning protection tips

Thunderstorms are a common occurrence across the country, but that doesn’t mean you have to bear the brunt of weather damage.

Always make sure you take shelter during a storm if you aren’t already indoors. Being inside will keep you away from the most harmful aspects of a severe storm.

When you’re in the home, it’s important to avoid water, electronics, corded devices, concrete surface, windows, and doors6. These all provide easy access for lightning strikes to wreak havoc as electrical currents make their way to the ground.

Before your next storm, make sure to catch up on our thunderstorm tips so you can weather the storm with ease and peace of mind.

1http://lightningsafety.com/nlsi_pls/probability.html, Accessed Sep 2021
2https://www.cdc.gov/disasters/lightning/victimdata.html, Accessed Sep 2021
3https://www.weather.gov/safety/lightning-power/, Accessed Sep 2021
4https://www.iii.org/fact-statistic/facts-statistics-lightning, Accessed Sep 2021
5http://www.lightningsystemsofva.com/html/what.htm, Accessed Sep 2021
6https://www.cdc.gov/disasters/lightning/safetytips.html, Accessed Sep 2021

Disclaimer:
The information included is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state, or federal regulations. Nationwide Mutual Insurance Company, its affiliates, and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide, Nationwide is on your side, and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2022Nationwide and Shield Insurance Agency

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When to Replace Your Roof

When to Replace Your Roof

Posted on by Shield Insurance Agency

Nationwide | September 09, 2022 | Roof | Home Insurance | Start a quote today!

Homeownership comes with lots of responsibilities, and one of the most expensive is replacing your roof at the end of its life expectancy. But before choosing to replace your roof, there are some things to consider—and you should always consult a professional before making any decisions.

How often does a roof need to be replaced?

How often a roof will need to be replaced depends on a number of factors, such as the quality of the roof’s installation, the quality of materials used, and the type of roof. Generally speaking, this is how long a roof made of each material can last: [1]

  • Composition shingles: 12-20 years
  • Asphalt shingles: 15-30 years
  • Wood shingles: 30-40 years
  • Rubber roofs: 30-50 years
  • Metal roofs: 40-70 years
  • Clay tile roofs: 50-100 years
  • Slate tile roof: 75-200 years

Harsh winters and severe humidity can cause these materials to wear down faster. Looking at your roof after high winds and intense storms can help you keep your roof in top shape. Whether conducted by yourself or led by a roofing contractor, a twice-a-year inspection of your roof might also help you spot any damage before it becomes too great. [2]

Signs that a roof needs to be replaced

While there are a few things that can indicate your roof is no longer in its best shape, any one sign on its own doesn’t necessarily mean your roof needs to be replaced. If you are worried about any visible signs of damage to your roof, a professional can help you decide whether a total replacement is necessary.

Loose, cracked, damaged, or missing shingles

Missing, loose, or damaged shingles can be detrimental to the integrity of your roof and can lead to problems such as water damage and lack of insulation. Finding exposed spots on your roof where shingles are missing or damaged can be difficult. Professionals are usually much faster at spotting missing shingles than homeowners. But if you’d like to take a look for yourself, you can safely do so with both feet on the ground using binoculars or with the help of a drone. You’ll want to look at each shingle to ensure that they’re sitting flat. Any shingles that are missing should catch your eye fairly quickly. If enough shingles are damaged or nails are exposed, patching your roof probably won’t suffice; you will need a total replacement. [2][3][4]

Signs of water damage, mold, or roof rot

Boards of wood that span the trusses of your roof are known as roof decking or sheathing. Wet wood decking leads to wood rot, which can cause issues in additional areas of your home. Your roof probably has wood rot if the roof deck has dark spots, discoloration, crumbles, or cracks; feels spongy, or has a damp, musty smell. A roofer can also detect wood rot by stepping on shingles above the rot and feeling them give more than usual. If you suspect you may have wood rot, seek the help of a professional home inspector. Initial signs of water damage to your roof may go unnoticed until the damage becomes substantial. These are some signs of water damage to look out for: [5]

  • Fungal and mold growth, which can reduce air quality
  • Bulging or bowing, which will be visible on the roof from the outside; the shingles above this part of the roof might not work properly, and the roof decking can eventually fall in
  • Damage to wood in your home, including structural wood
  • Damaged insulation, which can increase the cost of heating and cooling your home
  • Damage to other home systems, such as your electrical system, particularly if wood rot goes unresolved

Damaged flashing

Flashing helps protect your roof from leaks. It’s made of sheet metal, galvanized steel, or aluminum, and you can typically find it around plumbing vents, skylights, and chimneys. When working properly, flashing helps divert rainwater to the ground. However, when flashing fails, there are several noticeable signs: [6]

  • Cracks, dents, and bends: This makes your flashing more prone to rusting
  • Rust: If your flashing has rust, it will need to be cleaned, sealed, or replaced
  • Missing parts: Repairs should be made promptly if any of your flashings are missing
  • Holes: Sometimes small animals can create tiny holes in your roof that can result in leaks and should be sealed as soon as they are noticed
  • Leaks inside your house: You may find indicators of leaks around your fireplace, windows, skylights, and attic
  • Mold or stains on fascia boards: If your flashing wasn’t installed correctly, mold and water stains might develop on fascia boards
  • Damaged shingles or siding: This will look like bending or darkening on your shingles or siding near the flashing

A professional who is inspecting a roof for leaks or failed flashing will look out for loose nails, holes, and broken seals at flashing edges.

The current roof was installed 20+ years ago

If your roof was installed 20 or more years ago, consult a professional home inspector or roofer. Roofs typically last about 20 years, and your roof may be reaching the end of its life span. [1]

Additional consideration: Are you planning on selling the house?

A new roof can be expensive, but one benefit is that it can add value to your home. While you may not necessarily recoup the cost of a roof replacement in the sale of your home, there are still several benefits to having a new roof installed. You may be more likely to get the full asking price for your home, spend less time with your home on the market, or have shorter negotiations. [7]

If you suspect your roof is damaged or you’re nearing the end of your roof’s life expectancy, consult a trusted professional before making any decision on repairs. Your roof is an essential part of your home, protecting the structure from leaks and damages. Furthermore, Nationwide and Shield Insurance is here with personal insurance plans to protect your home in case of disaster.

[1] “How Long Do Roofs Last? 5 Roof Types and Their Lifespans,” fixr.com/resources/how-long-do-roofs-last (accessed June 2022).

[2] “How Often Should You Replace Your Roof?” roofadvisor.com/how-often-should-you-replace-your-roof (accessed June 2022).

[3] “Should I Replace My Roof? Here Are 21 Things to Consider” familyhandyman.com/list/should-i-replace-my-roof-here-are-21-things-to-considerfamilyhandyman.com/list/should-i-replace-my-roof-here-are-21-things-to-consider (accessed June 2022).

[4] “How Can I Tell If I Have Missing Roof Shingles?” hopewell-roofing.com/can-tell-missing-roof-shingles (accessed June 2022).

[5] “What is Wood Rot & When to Replace Roof Sheathing,” io.com/na/pro/building-professional-tools/roofing-101/rotted-roof-deck-how-to-replace-roof-sheathing (accessed June 2022).

[6] “Roof Flashing Failure: Why It Occurs and Ways to Address It,” negutters.com/blog/roofing/roof-flashing-failure-why-it-occurs-and-ways-to-address-it (accessed June 2022).

[7] “How Much Value Does a New Roof Add?” zillow.com/sellers-guide/should-i-replace-my-roof-before-selling (accessed June 2022).

Disclaimer: The information included here is designed for informational purposes only. It is not legal, tax, financial, or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state or federal regulations. Nationwide Mutual Insurance Company, its affiliates and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2022 Nationwide and Shield Insurance Agency

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22 Spring Cleaning and Decluttering Tips

22 Spring Cleaning and Decluttering Tips

Posted on by Shield Insurance Agency

Nationwide | January 20, 2021 | Spring Cleaning | Home Insurance | Start your insurance quote today!

Spring Cleaning time has arrived – which means it’s time to get your home in tip-top shape. A good, deep spring clean-up is a tradition that not only promotes wellness by keeping your environment clean and organized, but it also helps carry the fresh-start feeling brought on by a new year well into the summer.

We’ve compiled some of the best DIY spring cleaning tips so you can declutter and deep clean your house to make it sparkle all year round.

1. Remove water stains with lemon for a natural faucet fix

This spring, make faucets clean and sparkly by rubbing a lemon half on the water stains. The citric acid helps remove hard water marks. Then, use the other half of the lemon for our next tip.

2. Spring Cleaning your microwave by heating lemon juice and rinds in water

Cut a lemon into halves, squeeze the juice into 1/2 cup of water, and drop the rinds into the mixture. Microwave for three minutes and let it stand for five minutes without opening the door. The trapped steam will loosen the grime, so you can wipe the microwave clean with less elbow grease.

3. Use white vinegar to beat shower head buildup for Spring Cleaning

Looking for more natural ways to clean your bathroom? Vinegar can dissolve the mineral deposits that accumulate in showerheads over time, causing reduced pressure and water flow. Fill a plastic bag with white vinegar, secure it over the showerhead with a rubber band, and leave it overnight to get rid of buildup. Just be sure to run the shower before you hop in, or you risk smelling like vinegar all day.

4. Spring Cleaning stainless steel sinks with baking soda

Simply wet your sink and faucet, sprinkle baking soda, and scrub with a sponge. If you need more heavy-duty scrubbing power, add salt to the baking soda.

5. Use newspaper to clean dirty windows and mirrors

Mix ¼ cup of white vinegar, 2 cups of water, and 2 teaspoons of liquid soap into a spray bottle. Spray the mixture onto the glass and scrub with newspaper for a streak-free window or mirror. The ink acts as a mild abrasive and allows you to make use of old newspapers.

6. Organize your fridge and cabinets with rotating turntables

Don’t limit rotating turntables and Lazy Susans to your tabletops. After discarding old condiments and spices, organize your pantries and refrigerator with this useful storage hack.

7. Place a wet dryer sheet on your ceramic stovetop to remove burnt-on residue

Dryer sheets are non-abrasive and a great way to remove burnt-on food from your stove. Place the wet dryer sheet on your stovetop at least 15 minutes before rubbing the gunk away. Follow these tips to clean your oven.

8. Spring Cleaning your grill with an onion

Get your grill cleaned up and ready for the warm weather. First, heat it up and spray some white vinegar onto the grates to help loosen the residue. Then, scrub the area firmly using half an onion. The acid from the onion will rid your grill of any leftover remnants.

9. Let coffee filters do more than put a spring in your step

Does your TV screen or computer monitor show fingerprints, smudges, and dust? The fiber in coffee filters is gentle enough to rub them away, even on delicate TV screens. Just don’t press too hard!

10. Unpack and stack your spring/summer clothes vertically

Are your dresser drawers a mess? Instead of putting away folded clothes flat, stack them vertically for easy access. You can stack your clothes inside shoeboxes to keep tidy rows inside your drawers.

11. Use cream of tartar to clean toasters and tea kettles

Combine 1 tsp of cream of tartar with just enough water to create a milky paste. Rub the solution onto your stainless steel appliances and wipe away to reveal their original shine.

12. Know your couch or rug before spring cleaning it

Don’t ruin your upholstered furniture by using the wrong cleaner. Not all manufacturer labels state what type of solvent to use. Familiarize yourself with the cleaning codes below.

Upholstery Cleaning Labels:
W: Use water-based cleaning solutions.
S: Use dry-cleaning solvents. Do not saturate. Do not use water.
S-W: Use water-based cleaners or dry-cleaning solvents.
X: Use a vacuum or brush only.

13. Use a window squeegee to scrape pet hair from your carpet or rug

The rubber edge of the squeegee is a great tool for gripping and removing pet hair from your rug. Use a firm grip and make sure to clean up the excess hair as you go. Finish by running the vacuum to catch any hair still on the surface.

14. Avoid scratching floors by placing clean towels under furniture while rearranging

Looking to freshen up your home by rearranging furniture? Slide heavy pieces like couches and tables easily and without damage by placing folded, clean towels under each end of the furniture.

15. Use Velcro strips to keep drawer organizers in place

Attach the grippy strips to one end of your drawer and the other to your drawer organizers. This keeps the organizers in place but lets you remove them when needed.

16. Put the spring back in your dirty keyboards with cotton swabs

If certain keys or sticking, or your entire keyboard just doesn’t have the same pop that it used to, chances are dirt and crumbs are the culprits. Sweep cotton swabs between your keys to dislodge dust and grime. And for a real deep clean, use compressed air to blast away any leftover dust, and follow it up with one more sweep through your keys, this time using a cotton swab dipped in rubbing alcohol to kill germs.

17. Use a dustpan to help fill a large mop bucket

Not all mop buckets fit in bathtubs or sinks. If your bucket is too large, try using a dustpan as a spout by placing it flat on your sink to transfer water to the bucket. This handy hack is also helpful for other large containers you want to fill.

18. Use a butter knife to clean air vents

Don’t let that dust build-up for another minute; use a butter knife to reach those tough get places between and behind your vents. Simply wrap the knife in a rag and wipe it between the slats. Then, open the windows and run your central air to fill your home with fresh spring air (just be sure your heat or AC isn’t on while you’re running the fan).

19. Wrap a towel over a broom to clean hard-to-reach places

Cobwebs and dust can collect in room corners and on ceiling fans. Wipe them away by securing a towel over the bristle end of a broom with a large rubber band. The dust and cobwebs stick to the cloth.

20. Recycle old socks to use as dusting mitts

Cotton is a great fabric for trapping dust particles. Try using a (clean) pair of socks as dust mitts and you’ll have more control over where dust goes.

21. Spring Cleaning also means to Declutter your home

As you’ve been hibernating throughout the winter and piling on the sweaters and blankets, there’s a good chance that clutter—and your lists of chores—have been piling up as well. Start small – don’t try to attack your entire house at once. Think about clearing one room, or even one closet, at a time.

When this is complete, sort it out. Go through your space and separate your belongings into categories. Determine the things you will keep on hand, store for later, sell, donate, or throw away.

22. Organize and freshen up for Spring Cleaning

Once you’ve cleared out the clutter, give your home some much-needed TLC.

  • Empty your kitchen fridge and thoroughly clean it.
  • Sweep under your large appliances, like the stove and the fridge, and larger furniture pieces, like dressers, desks, and beds.
  • Wash the windows, both inside and out.
  • Clean blinds and take any curtains or drapes to the cleaners.
  • Flip your mattress. Don’t just clean your sheets; wash your pillows and mattress covers as well.
  • Clean your upholstery, or hire a professional to do it.
  • After these more thorough tasks, do your usual scrubbing, mopping, dusting, and vacuuming.

If it’s warm enough, open the windows, and let the fresh air in as you freshen up your home. When your work is done, not only will the sun be shining your house will too.

Whether you’re doing your annual spring clean-up or a weekly deep clean, find out how to clean your house fast.

Spring is also a great time to clean up your insurance. Make sure you have the right homeowners insurance policy that suits your needs and budget.

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Personal Finance Tips for Dealing with Inflation

Personal Finance Tips for Dealing with Inflation

Posted on by Shield Insurance Agency

Nationwide Insurance | September 16, 2022 | Inflation | Start a Quote Today!

Inflation is at the top of everyone’s minds right now. Our recent Nationwide Retirement Institute® survey found the majority of U.S. parents (60%) listed inflation or the rising cost of living as their top financial concern right now. [1] Coming out of the Covid-19 pandemic, we have seen supply-chain issues, as well as rising consumer demand. Add in the fear of a potential recession, there’s a lot in the current environment that is putting pressure on families.

Personal Finance Tips for Dealing with Inflation

We’ll discuss what is causing inflation and how to save money with our personal finance tips that you can take to help deal with inflation.

What is causing inflation?

To put it simply, inflation is a measure of the rate that goods and services are rising in the economy. Inflation can occur nearly everywhere, from basic daily needs and services such as food and housing, and also in luxury goods, such as cosmetics, vehicles, and more. [2] When inflation is rising, it can make consumers’ purchasing power less valuable. If the inflation rate in a given year was 5% and your yearly salary increase was only 3%, you would have less purchasing power in the next year.

So, what exactly causes inflation? There are a variety of factors that can play into the inflation rate rising, but we’ll break down a few here.

Supply and demand

When consumers want to spend more either with cash or by accessing extra credit, businesses could raise prices due to not being able to keep up with supply at the rate that consumers are wanting. Businesses also might see this as an opportunity they can raise their prices more without losing customers, as demand is so high that consumers will buy regardless.

Supply chain issues

Supply chain issues can also lead to increase inflation. The coronavirus pandemic forced many factories to either shut down or limit production. This led to less supply across many different industries. On top of that, there has been a shortage of workers across different industries and it is more expensive to ship products right now.

In short, there is often not one single issue that drives the increase in inflation, and there are a variety of factors that come into play and affect different industries all at once. [3]

How to deal with inflation

While we can’t personally affect how inflation is roaring throughout the country, there are different steps we can take to help ourselves save money and not feel the sting of inflation as hard.

Make a budget

One good step is making a budget to track how much you are spending each month to hold yourself more accountable. You might be spending more than you realize in some areas or find that you have a recurring expense that you forgot about. You can then reallocate your spending to different areas, invest your money, or save some money based on your budget. For some more tips on how to create a budget, view these tips from The Balance or start developing a realistic plan with our budget worksheets.

Save money at the grocery store

While many of us are feeling the extra cost of food and groceries, there are many ways we can try to grocery shop on a budget. Our previous blog goes into detail on 14 different ways that you can save on groceries so you have that money to use elsewhere.

Make extra money with a side job

Side gigs have become increasingly popular these days, as many of us look for some extra cash to meet our financial goals. There are a variety of different ways you can make extra money with a side job, depending on your time commitment and how much you are looking to make.

Here are 13 different side jobs that provide a high reward for low commitment.

Invest

Investing can be a way to get out ahead of inflation and potentially receive a better rate of return on your money. Traditional savings accounts will most likely not provide a larger rate of return than the cost of inflation, so you may not be taking full advantage of your money by leaving it all in a savings account.

Nationwide has many different options when it comes to helping you prepare for your financial future with investing and retirement. Learn more about our annuity, life insurance, mutual funds, ETFs, retirement plans, and more here.

If you are looking for a financial specialist who can help you with your investing needs, you can find one here.

Take advantage of insurance discounts

Insurance discounts are also a great way to keep yourself on budget and save some extra money. Nationwide offers discounts on car insurance and gives our members a variety of different ways to save. We also believe that dependable homeowners insurance shouldn’t strain your budget. View our full range of available home insurance discounts here to help yourself start saving more today.

Work with a finance professional

To make sure you are staying on track with your financial goals, a financial professional can help with money and retirement planning. No matter your stage of life or where you are at in your retirement planning, you can find a financial professional who fits your unique situation to help you reach your financial goals.

Find a financial professional here.

Inflation Conclusion

While we can all certainly feel the sting of inflation in our daily lives and the products and services we buy regularly, there are various ways that we can work to save money and come out ahead. Whether it’s making a budget, finding ways to save at the grocery store, investing, finding a side job, or using Nationwide’s insurance discounts, find what works best for you on how to save money in your daily life.

Inflation Sources:

[1] Nationwide Financial Family Finances Flash Poll Findings, August 2022

[2] https://www.investopedia.com/ask/answers/111314/what-causes-inflation-and-does-anyone-gain-it.asp

[3] https://www.nytimes.com/article/inflation-definition.html

Disclosure:

Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.

NFM-21839AO.1

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First Time Home Buyers

11 First-Time Home buyer Tips

Posted on by Shield Insurance Agency

Nationwide Blog | March 14, 2023 | Home | Home Insurance | Start A Quote Today!

Few experiences are more exciting or rewarding than purchasing a home for the first time. However, the process can be more complex than it may seem. Working with a skilled agent can make things go more smoothly, but remaining involved at all phases is essential. Anticipating and addressing critical issues directly can make the buying experience easier and more enjoyable. It can also help ensure you come away with the best deal. Consider the advice for first-time homebuyers below:

1. Identify your needs in a home.

You have options when purchasing a residential property, including a single-family home, a duplex, a townhouse, a condominium, or a multifamily building with two to four units. Each option has pros and cons, so you must decide which property will help you reach your homeownership goals. [1]

2. Begin building your home savings in preparation

Browse first-time homebuyer programs in the city and state where you want to buy. Look at your weekly and monthly expenses to find ways to trim your spending. Rather than saving in an account that pays little to no interest, compare interest rates on options to park your money, such as CDs or high-yield savings accounts. [2]

3. Be prepared to commit to a home loan.

The most popular type of mortgage is the 30-year home loan, which gives homebuyers three full decades to pay it off, meaning smaller payments over a more extended period. Search for help finding the best personal loan and get prequalified loan offers in 2 minutes or less. [3]

4. Make sure you understand important terms.

Many homebuyers begin the process of getting a home loan with little or no knowledge of how mortgages work. Here are a few mortgage terms you should consider before signing anything with the lender. [6]

  • Annual percentage rate (APR) — The interest rate on a mortgage. This is the percentage of the loan amount that you will pay each year in interest.
  • Adjustable Rate Mortgage (ARM) — also known as a variable-rate mortgage. Interest rates on an ARM change based on a specific index or benchmark interest rate. With an ARM, the buyer’s payments may fluctuate significantly over the loan term.
  • Closing costs/settlement costs — This covers any costs associated with buying or selling a home and can include origination fees, escrow payments, attorney fees, appraisal fees, title insurance, and any other fees required by the lender to complete the transaction. Review these with your mortgage broker to better understand each fee’s purpose.
  • Fixed rate mortgage (FRM) — Interest rates on an FRM stay the same through the life of the loan.
  • Mortgage Term — The length of the mortgage loan in years. Common term lengths are 15, 20, and 30 years.

If you aren’t sure what a term means, you should ask your mortgage broker; you can also search for it online.

5. Use internet research to help find a real estate agent.

You want to find a real estate agent who understands the market and what you want. Get customer reviews on specific agents in your desired location and discover their recent sales online.

Have you ever seen a house for sale and wanted to learn more about it but didn’t want to call the selling agent? With Homesnap, take a photo of the home, and you’ll get instant information about the property.

6. Take a closer look during the neighborhood search.

You may think you’ve found the right home in price, size, and style. But sometimes, less obvious details are more important than what is readily apparent. It may take extra legwork to uncover important points or to confirm your initial judgment about a property; start with a neighborhood search.

You might take a closer look at whether a neighborhood fits your lifestyle. Is it close enough to shopping? To parks and recreational opportunities? Is the neighborhood close-knit? What types of individuals live in the community? Speak with local homeowners about their likes and dislikes.

Calculate your commute to your job. Longer commutes can add stress and additional costs to your budget when paying for gas, parking, or public transportation.

Check the quality of the local schools regardless of whether you plan to have children. Areas in higher-quality school districts often maintain higher property values. However, when considering school districts, you may also want to assess property taxes; in some communities with outstanding public schools, property taxes may be as high as private school tuition.

Finally, visit the neighborhood throughout the day, especially in the evening. The atmosphere could be very different after dark. You want to feel comfortable at all hours.

7. When negotiating a home’s price, act quickly and walk away when necessary.

As a first-time homeowner, list your must-haves, nice-to-haves, and deal-breakers. Then, if a house fits your needs and budget, don’t be afraid to make an offer. In hot real estate markets, and especially in high-demand neighborhoods, you have to move fast to get the house you want.

However, if you make an offer and find something about the house is a deal-breaker, such as a compromised foundation, don’t be afraid to walk away. It’s much easier to change a visually imperfect house into a comfortable and stylistically pleasing home than to deal with much more serious fundamental flaws.

It’s also easy to become emotionally attached to a house when negotiating home prices. Getting caught up in a bidding war over a property can devastate your budget. Before making an offer, have a clear expectation of how much you’re willing to pay should another buyer outbid you. Then, if you’ve hit your maximum, do yourself and your budget a favor and walk away.

It may seem strange to make one of the most significant purchases of your life after spending so little time looking at it. But when buying a house, you will often need to make an offer after only spending around an hour or so inside. But if you make your offer contingent on inspection, you can withdraw the offer should the inspector find something wrong with the home. This is a critical step that can secure your bid on a property while mitigating the risk of unknown flaws in the house.

8. Have a professional home inspection.

Home inspections allow a buyer to identify and assess any significant issues with a home before closing. Hire an unbiased construction expert or professional inspector to thoroughly inspect the foundation, roof, other major structural components, and electrical and plumbing systems. Your agent will likely have a recommendation for the inspector.

Stay professional home inspection process and ensure that the contractor you hire is looking at hard-to-see areas. Don’t hesitate to ask any questions. If you have concerns about something, it’s better to ask them before the sale is complete.

Avoid using inspectors recommended by the seller’s agent or employing someone unqualified. That can result in a less thorough inspection and, in some cases, raise conflict-of-interest issues. [4]

9. Check local zoning ordinances.

If you plan to make improvements, such as adding a bedroom or expanding a home’s footprint, contact the local zoning board before you buy. Most municipalities try to work with homeowners, but ensuring your project meets local guidelines is best. That may be particularly important for homes in hillside communities or near water because those areas may have more restrictive ordinances.

10. Don’t underestimate the hidden costs.

Even after you find a desirable home that fits your budget, you’ll still need to account for other costs, such as closing costs, property tax, utilities, mortgage insurance, homeowners insurance, and a maintenance fund. Allocate about 1% to 4% of the purchase price for annual maintenance. [7]

Closing costs are typically about 2% to 5% of your loan amount, with a smaller percentage for larger loans. Some closing costs are set in stone, but many aren’t. Lenders have a lot of flexibility over the fees they charge. Borrowers like you can shop around for the lowest closing costs as well as the lowest rate. [5]

11. Protect your new home.

Purchasing a first house ranks among life’s most memorable moments. But, after all the work it took to buy your first home, ensure it is protected. If you have questions about homeowners insurance or other aspects of starting life in your new home, Nationwide has resources to help you make the right decisions.

Sources:

[1] “First-Time Homebuyer’s Guide,” Amy Fontinelle, investopedia.com/updates/first-time-home-buyer (Nov. 4, 2022).

[2] “How much money do you need to buy a house?” David McMillin, bankrate.com/mortgages/how-much-money-do-you-need-to-buy-house (June 1, 2022).

[3] “U.S. mortgage statistics and FAQs,” David McMillin, bankrate.com/mortgages/mortgage-statistics (July 11, 2022).

[4] “What Is a Home Inspection Contingency and Why Is It Important?” Amy Fontinelle, investopedia.com/articles/mortgages-real-estate/08/home-inspection.asp (Aug. 12, 2022).

[5] “Average closing costs in 2023: Complete list of closing costs,” Gina Freeman, themortgagereports.com/35800/guide-to-mortgage-closing-costs-what-average-mortgage-costs-are-and-how-to-keep-yours-low (Oct. 17, 2022).

[6] “Mortgages key terms,” consumerfinance.gov/consumer-tools/mortgages/answers/key-terms/ (Mar. 7, 2023).

[7] “How much does the average home cost to maintain per year? $3,000, according to Angi,”usatoday.com/story/money/personalfinance/real-estate/2022/02/12/average-american-home-costs-3-k-per-year-to-maintain/49780837/ (Mar. 8, 2023).

Disclaimer:
The information included here is designed for informational purposes only. It is not legal, tax, financial or any other sort of advice, nor is it a substitute for such advice. The information may not apply to your specific situation. We have tried to make sure the information is accurate, but it could be outdated or even inaccurate in parts. It is the reader’s responsibility to comply with any applicable local, state, or federal regulations. Nationwide Mutual Insurance Company, its affiliates, and their employees make no warranties about the information nor guarantee of results, and they assume no liability in connection with the information provided. Nationwide and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company and Shield Insurance Agency. © 2023

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How Does Investing Work?

How Does Investing Work?

Posted on by Shield Insurance Agency

Acorns.com | Tim Stobierski | Dec 19, 2022 | Investing | Shield Business Insurance | Start a quote today!

IN A NUTSHELL

  • Investing is when you purchase assets you expect to earn a profit from in the future.
  • Compounding (aka when the returns on your money generate their own returns) the longer your money is in the market, the longer it has to grow.
  • Investing small amounts regularly over time is a habit that will help you build wealth throughout your life called dollar-cost averaging.

You may have heard that investing is the best way to grow your money and reach your biggest financial goals. But what is investing, exactly? How does investing work? And how can you get started? Find the answers to those and other investing questions below.

What is investing?

At its simplest, investing is when you purchase assets you expect to earn a profit from in the future. That could refer to buying a home (or other property) you believe will rise in value, though it commonly refers to buying stocks and bonds.

How is it different from saving?

Saving and investing both involve setting aside money for future use, but there are a lot of differences, too. Check out this chart:

InvestingSaving
Always involves risk. Even the safest investments involve some risk that could cause you to lose money.Rarely involves risk. If your cash sits in an FDIC-insured savings account (which protects up to $250,000), you typically don’t need to worry about losing any.
Higher potential for growth. Depending on how much risk you’ll accept, it’s possible to earn a large return on your investments. With stocks, for example, the long-term average is nearly 10 percent per year.Lower potential for growth. Virtually all savings accounts will pay you interest for keeping money in your account. But it probably won’t be much and often fails to keep up with inflation (the rate at which prices are rising).
Usually best for mid or long-term goals. Generally, it’s best to only invest money you won’t need for a little while, as the stock market fluctuates and you don’t want to be forced to sell stocks that are down because you need the money.Good for short-term goals. A savings account, being essentially risk-free, is ideal for immediate purchases as well as any money that you can’t afford to lose in the short term (such as an emergency fund).
May be difficult to access quickly. Before you can spend any of the money you’ve built up through investments, you’ll have to sell them. With stocks, it could take days before the proceeds are settled in your bank account, and selling property can take months (or longer).Readily accessible. Generally speaking, you can access money in your savings account anytime.

What’s the difference between investing and trading?

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Scooter safety tips

Scooter safety tips

Posted on by Shield Insurance Agency

Foremost | Scooter Safety | Shield Insurance | Start a quote today!

With increasing gas prices it’s hard not to notice the spiking trend of people choosing scooters as alternate transportation. Whatever make or model you choose to fit your style, you can’t deny the money-saving and environmental effects riding a scooter has over driving a 2-ton motor vehicle that only gets 20 miles to the gallon.

A growing problem with having more people on scooters is how to safely share the road. State legislation varies on scooters; some states equate scooters with bicycles, in-line skates, and skateboards, while other states put scooters in the same category as motorcycles, requiring helmets and regulating where scooters can be ridden. Check your state’s DMV Web site for the appropriate laws and licensing rules for your state.

Regardless of where you live, scooters are most likely sharing the road with vehicles that significantly outweigh them and can easily overtake them. By using common sense and some very simple safety tactics, scooter riders can effectively, and safely, share the road with other vehicles.

Scooter safety tip: Wear a helmet

Even if your state does not require you to, studies show helmets significantly minimize head injuries if an accident occurs.

Scooter safety tip: Use your lights

Always turn on your headlight when you’re riding your scooter even during the day, especially if it’s raining, and of course always in the evening. Make sure you can be seen by other cars.

Scooter safety tip: use turn signals

Just like in a car, you need to let people know where you are going. In addition to a signal light, it’s also a good idea to use hand turn signals that motorcyclists and bicyclists use when they are sharing the road with cars. Based on U.S. standards, for a left turn, extend your left arm straight out in the direction of the turn, parallel to the road. For a right turn, extend your right arm straight out in the direction of the turn, parallel to the road.

Obey speed limits and road markings

Obey all posted limits and follow lane markings. Don’t attempt to make a right turn by coming up next to a vehicle on the shoulder, unless there is a lane. You could easily be in a car’s blind spot and be hit if they turn right as well and can’t see you.

Scooters are a fresh alternative to getting around town while saving money and the environment. Riding scooters present challenges that any motorist faces when sharing the road with vehicles of all sizes and speeds. Keep your head about you and make sure you put safety first when taking your new scooter out for a spin.

Looking for Scooter Insurance?

Foremost offers scooter insurance on all scooter makes and models and offers coverages such as:

  • Physical Damage and Liability
  • Total Loss Replacement Coverage
  • Towing and Roadside Assistance
  • Safety Apparel and Optional Equipment when Physical Damage coverage is purchased.

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Coexisting with bicyclists

Coexisting with bicyclists

Posted on by Shield Insurance Agency

Foremost Insurance Blog | by Jenean McLoskey | bicyclists | Start an Insurance quote now! | Shield

Cycling has grown significantly in popularity over the past decade. Towns across the country are adding bike lanes to their roads to become more bike-friendly, and more and more people are ditching their cars and using a bike as their primary form of transportation. According to USA Today, larger cities like Portland, Ore., and Minneapolis have more than doubled their rate of bike commuters since 2014 — and as a cyclist, I can’t help but get excited.

Now, with bike riding growing in popularity across the U.S. — it may be a good idea to brush up on some traffic guidelines to avoid any accidents.

When you purchase a bike, you’re likely not required to take a safety class before you ride it. And, for drivers, the instructors touched on bike safety as part of Drivers Ed, but who remembers details from a course they took in their teens?

My point is, adults aren’t given much guidance when it comes to cyclists and cars coexisting on the roads. And as a bicyclist and a driver, I did some research because honestly, I needed a refresher myself.

Safety tips for DRIVERS:

  • Try to be 3 feet or more away from a bike.
  • Try to pass on the left when possible.
  • Blind spots are always lurking, make sure to watch for bikes.
  • Only pass a bicyclist when your passing lane is free and clear.
  • Look in your mirror for cyclists when you’re parking.
  • Always think of cyclists as equals – remember, they have rights on the road too!

Safety tips for BICYCLISTS:

  • Make sure to ride with the flow of traffic.
  • Traffic signs and signals aren’t just for cars. Stop on red to be safe.
  • Use marked bike paths or lanes if they’re available.
  • Use your arm to make turn signals and take advantage of turn lanes so cars are aware of what you’re doing.
  • Consider using a mirror to monitor the cars behind you.
  • If you’re riding at night or in a storm, make sure to use some sort of flashers.
  • Watch for parked cars.
  • And most importantly — stay alert at all times.

If you’re unsure about your city’s or state’s traffic laws, it doesn’t hurt to look them up beforehand. No matter what you drive, be sure to enjoy the roads out there safely!

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9 Affordable Ways to Heat Your Home This Winter

9 Affordable Ways to Heat Your Home This Winter

Posted on by Shield Insurance Agency

The HOMEiA Team | Oct 01, 2020 | Heat Your Home | Home Insurance | Easy Quote

9 Affordable Ways to Heat Your Home This Winter

As temperatures fall outside, thoughts of fans and air conditioners are replaced by a need to warm our homes again.

If your heating bill was frightening last year, if you’re building a residence or vacation home, or if your old system is starting to fail, it is time to look at your options when it comes to heating your home.

Heating systems come in a number of varieties, each with its benefits and detriments. Here we’ll explore some cost-effective ways to keep your space comfortable this winter.

Here are 9 most affordable ways to heat your home this winter:

Table of Contents:

  1. The classic central furnace
  2. A Hot Water/Steam System
  3. Heat Pumps
  4. A Ductless Furnace
  5. A Fuel-Burning Stove
  6. A Portable Heater
  7. Fireplaces
  8. Upgrade with a programmable or smart thermostat
  9. Improve your Efficiency
  10. The classic central furnace

The classic central furnace, heat your home with a central furnace

The most common means of heating a home in North America is through a warm-air furnace.

A furnace is a large appliance inside the building that is powered by electricity or by fuel (natural gas or fuel oil). Gas and oil furnaces mix air and fuel to power a flame, which heats a metal exchanger and heats the air. From there a fan pushes the warm air through the home’s ducts.

How hard the furnace works is determined by the thermostat. When the temperature falls below the thermostat’s set level, the heating system’s components turn on; when it measures warm enough, the system turns off.

Some furnaces are more efficient than others. In the United States, the AFUE (Annual Fuel Utilization Efficiency) is the common way to measure efficiency, as averaged across the seasons and varying loads. To get more heat for the furnace’s work, look for a high AFUE.

One of the pros of a central furnace is that you can set the thermostat to control the temperature for you, allowing the system to turn off once the home has reached an appropriate temperature. On the other hand, central air handling means you can’t control the temperature in individual rooms.

A Hot Water/Steam System

A Hot Water/Steam System, heat your home with a hot water system
There’s a reason steam is used so often for fast cooking: it is low in density, has no temperature limit, works quickly, and can be controlled easily.

Even more efficient, though, are hot water (boiler) systems. Today many existing steam systems are being converted to hot water systems, partly because of a deficit in expertise among maintenance personnel.

Heat Pumps

Heat Pumps, heat your home with heat pumps. Heat pumps move heat energy from its source in an already cold area to a warmer destination referred to as a “heat sink.” The heat energy moves heat from a place that is already cold, making it even colder, and pushes it toward a destination that is warming.

Since the heat energy moves in the opposite direction that it would move on its own, an external power source is necessary. The result is essentially a refrigerator or air conditioner used in reverse.

Where does the heat come from? Typically, it comes from the external air or from underground (where temperatures remain fairly constant throughout the year).

A Ductless Furnace to heat your home

A Ductless Furnace, heat your home with a ductless furnace Whereas a central furnace moves air throughout the house via a system of ducts, a ductless furnace distributes heat through another pathway.

A floor furnace, which is installed below the floor, heats the room right above it and nearby. A wall furnace heats air to the rooms on either side of the wall. And a pipeless furnace distributes heat through a register on the floor.

In a ductless mini-split system, one unit is installed on an exterior wall and another is mounted on the wall of the room.

The lack of ducts can reduce the amount of dust that builds up, and these units can often be controlled individually so the heat can be adjusted in the room where it’s needed.

A Fuel-Burning Stove

A Fuel-Burning Stove, heat your home with a wood-burning stove. Popular in isolated and low-cost dwellings such as cabins, fuel-burning stoves can be effective in smaller spaces.

The stove is typically made of a metal fire chamber with a fire brick for a base. Its ventilated pipes connect it to a chimney or flue. As the fuel burns, the combustion gases move up the chimney while the air around the stove gets warmer.

A number of different fuels may be used, from natural gas to wood or pellets.

A Portable Heater

A Portable Heater, heat your home with a space heater. Especially useful for supplementary heating in a bedroom or chilly basement, space heaters come in a wide variety of styles, at a wide variety of price points.

Portable heaters generally work via convention; the warm air around the appliance rises, and cold air sinks to the floor to be heated again.

Other space heaters use infrared heating. Infrared light (which humans cannot see) is emitted and heats people and objects as it hits them, just like sunlight. These heaters are useful and efficient when you’re in a room with a line of sight to the heater.

While space heaters can work well as supplementary heat sources for the room you’re in, they are not efficient for heating a whole building.

Years ago, portable heaters got a bad reputation as fire hazards; today’s models are much safer, as long as they’re used appropriately (cords in good shape, on a flat surface, no clutter nearby).

Fireplaces

An energy-efficient fireplace (minimizing heat lost through the chimney) can produce enough heat to offset a lower central thermostat setting—in some cases substantially reducing heating costs.

An old, drafty masonry fireplace can be replaced with an energy-efficient insert to improve its heat generation capabilities.

Beware this major pitfall: if you’re not using your fireplace, make sure the damper is closed—otherwise, you’ll lose as much heat as you would by leaving a window open.

Upgrade with a programmable or smart thermostat

Click here for more ways to heat your home…

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