Shield Insurance Agency Blog

Welcome to the Shield Insurance Agency Blog. 

Here you will find a ton of articles on each of these topics: Auto Insurance, Boat/Watercraft Insurance, Business Insurance, Flood Insurance, Health Insurance, Home Insurance, Insurance, Life Insurance, Michigan Auto Insurance Reform, Recreational Insurance, Renters Insurance, RV Insurance, Things To Do At Home, Umbrella Insurance, and even a list of the Shield Agency Weekly Gift Card Winners,

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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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Your Guide to Driving in a Roundabout

Your Guide to Driving in a Roundabout

Posted on by Shield Insurance Agency

Nationwide | March 15, 2023 | roundabout | Auto Insurance | Start your quote today!

Even though roundabouts are more common in European countries, they are growing in popularity everywhere in the United States, especially in cities that want to increase traffic flow and prevent clogs at popular intersections. If you haven’t driven through a roundabout before, it can be confusing. That’s why it is essential to familiarize yourself with them so you can move around them safely. [1]

What is a roundabout?

A roundabout is a circular-shaped intersection where drivers move counterclockwise around a center point. There aren’t any traffic signals or stop signs. Instead, every driver yields at the entry of the roundabout to other traffic. Once you’ve entered the roundabout, you may enter the intersection and exit at your desired street. The Federal Highway Administration studied roundabouts and found they can increase traffic capacity by as much as 50 percent compared to more traditional intersections. [2]

What are the differences between roundabouts and traffic circles?

Although most people believe roundabouts and traffic circles are the same, the two have distinct differences. Traffic circles often have stop signs or traffic signals within the circle’s intersection. To enter the traffic circle, vehicles enter in a straight line. Vehicles in the circle have the right of way, while vehicles approaching and attempting to enter must yield to vehicles already in the circle. Traffic circles are designed to allow vehicles to enter and circulate at higher speeds, and they are typically much larger than roundabouts.

The roundabout is designed to provide a more positive direction to motorists as they approach, enter, and exit the roundabout. The entrances are tapered, so the vehicles don’t enter the roundabout at 90 degrees. Traffic speeds are lower compared with a traffic circle. In a roundabout, the entry points are yield-controlled, which prevents traffic from locking up and allows the free flow of vehicles. [3]

Top 7 tips for driving in a roundabout

  1. Slow down. Pay close attention to the change in speed limit around the roundabout and decrease your speed when approaching the entrance. Going slower allows you more time to make decisions and be better prepared to yield to other road users.
  2. Yield. Look around as you approach the roundabout. Yield to the drivers already in the roundabout and pedestrians and bicyclists in the surrounding area.
  3. Choose the right lane. If there is more than one lane, use the left lane to turn left, the right lane to turn right, and all lanes to go through, unless directed otherwise by signs and pavement markings. Make sure to use your indicator to let all cars in the roundabout know where you are going.
  4. Don’t drive next to large vehicles. Always assume trucks and larger vehicles need all available space. Therefore, do not pass them or drive close to them.
  5. Do not stop. Once you’ve entered the roundabout successfully, do not stop. If you miss your exit, continue driving in the roundabout until you have circled and reached your exit again.
  6. Stay in your lane. Do not change lanes within the roundabout. Instead, stay in the lane that you entered and use your right turn signal to indicate your intention to exit.
  7. Let emergency vehicles pass. Make sure to clear the roundabout to allow emergency vehicles to pass. [1]

Benefits of using a roundabout

Compared with other types of intersections, roundabouts have demonstrated many benefits. Roundabouts:

  • Improve safety: Slower speeds are generally safer for pedestrians. In addition, head-on, and high-speed right-angle collisions are virtually eliminated.
  • Reduce congestion: They make traffic efficient during peak hours and other times. Typically, there’s less of a delay.
  • Reduce pollution and fuel use: Fewer stops and hard accelerations mean less time idling.
  • Save money: There’s no signal equipment to install and maintain. Smaller roundabouts may require less right-of-way than traditional intersections. Often less pavement is needed. [4]

What else should you know about roundabouts?

Studies by the Federal Highway Administration suggest that roundabouts can improve traffic capacity by 30% to 50%. They can reduce overall collisions by 37%, injury collisions by 75%, fatal collisions by 90% and pedestrian collisions by 40%. Although the public tends to fear roundabouts when they are first introduced, the approval rate doubles once drivers get used to them. If you are concerned about your ability to successfully navigate a roundabout, consider taking an adult driver’s ed lesson to refresh your skills. [1]

With all this knowledge, now you can take to the road and successfully navigate roundabouts with ease. While on the road, ensure that your vehicle and you are protected with auto insurance.

Sources:

[1] “What Is a Roundabout and How Do I Drive Through One?” driversed.com/trending/what-roundabout-and-how-do-i-drive-through-one (Nov. 16, 2021).

[2] “How to Drive in a Roundabout: A Helpful Guide,” drivesafeonline.org/traffic-school/how-to-drive-in-a-roundabout (March 24, 2020).

[3] “Traffic Circles & Roundabouts,” Gordon Meth, robsonforensic.com/articles/traffic-circles-roundabouts-expert-article (June 4, 2013).

[4] “Roundabouts: A Safer Choice,” highways.dot.gov/sites/fhwa.dot.gov/files/2022-06/fhwasa08006.pdf (accessed Feb. 2, 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 Agency. © 2023

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When a Car Recall covers your auto.

When a Car Recall includes your auto.

Posted on by Shield Insurance Agency

Nationwide | January 27, 2023 | Car Recall | Auto Insurance | Start your quote today!

A car recall can hit home, but the process may be relatively painless.

It can be quite unsettling to discover that your car has been recalled. And it’s happening more than ever: There were over 400 recalls in the U.S. in 2022 according to the National Highway Traffic Safety Administration (NHTSA). Recently, the NHTSA issued a recall on Takata airbags, one of the largest and most complex safety recalls in U.S. history, affecting approximately 47 million vehicles. Visit NHTSA for details and see if you’ve been impacted. [1]

“With so many new cars on the market every year, the chance of yours being recalled at some point during its life span is pretty good,” says consumer auto expert Kristin Varela of Cars.com.

What is a car recall?

For starters, car recalls can result from a number of events. Car manufacturers will put their products through multiple tests and may issue a recall based on subsequent findings. NHTSA can also ask for a recall after investigating a number of complaints from owners. If your vehicle is subject to a recall, don’t panic; it doesn’t necessarily mean that the car has a defect. Sometimes a recall is intended to check for potential defects, Varela says.

“Recalls are issued because the defect or possible defect might make the vehicle unsafe in some way,” she says. “You don’t have to wait to be contacted by mail, which happens 2 or 3 months after a recall is announced. After all, chances are that you’re transporting your most precious cargo: your family. It’s always better to be safe than sorry.” To stay connected, NHTSA provides recall notifications and updates. You can sign up there to receive notifications via email or have alerts sent directly to your phone through NHTSA’s Safer Car app.

What happens if your car is recalled?

The recall letter should have instructions on how to proceed. Typically, you will be advised to take your vehicle to an authorized local dealer to conduct a maintenance check for defects, update software or replace parts. Make sure to call and set up an appointment beforehand. 

Is there a cost to car recall?

For any recall, defective parts are replaced at no cost to the owner. As for anything else, that depends upon the manufacturer in question. However, automakers have been known to provide free rentals, taxi reimbursements, and even the free pickup and return of the vehicle in question.  

In addition to paying attention to vehicle recalls, having the right auto insurance is another safety essential. Learn about Nationwide’s available car insurance coverage options today. 

Sources:

[1] “Automakers With The Most Recalls In 2022,” carpro.com/blog/automakers-with-the-most-recalls-in-2022 (Jan. 5, 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 Agency. © 2023

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How to use car wax

How To Use Car Wax

Posted on by Shield Insurance Agency

Nationwide Blog | March 22, 2023 | Car Wax | Auto Insurance | Start A Quote Today!

If you just bought a new car or had it painted, you want to keep it looking new for as long as possible. Waxing your car with car wax can be very beneficial to maintain that fresh look.

What is Car wax? And what does car wax do?

Car wax, or automotive wax, can be natural or synthetic and is designed to protect the body parts of a vehicle and enhance the paint’s shine. [1]

Waxing your car is a great way to keep it looking sharp, but did you know it has many more benefits? In addition to giving your car a beautiful shine, waxing helps by:

  • Protecting the paint from airborne contaminants and the elements. By forming a protective coat, it prevents corrosive elements (such as salt or tar) and bugs from becoming embedded in your paint.
  • Preventing paint chipping. It also slows the effects of smog, wind, rain, and sun on your finish.
  • Filling in scratches. While you can’t remove minor scratches from your car by waxing, you can help make them less noticeable.
  • Expediting the car-washing process. Without a coat of wax, it’s harder to remove impurities like bugs, sap, and other unwanted substances that can collect during your daily drive.

What are the different types of car wax?

Waxing your vehicle will make it shine and protect the finish from various environmental hazards, mainly birds, tree droppings, and pollutants. There are plenty of car wax types on the market; here are the pros and cons of each. [2]

Liquid car wax

Liquid wax is the best for cleaning, gloss, and durability, but it’s somewhat challenging to apply. Some liquid waxes are also slightly abrasive, which could damage your car’s finish.

Paste waxes

Paste waxes are very easy to apply, but they tend to lose their luster sooner than liquid waxes. It may also contain abrasive components, so be careful when applying it to your car.

Spray waxes

Spray waxes work well for the paint on newer cars and are the quickest to apply, but they do not last as long as a liquid wax. In addition, spray waxes are typically nonabrasive.

Check with the dealership where you purchased your vehicle or the shop that painted it to get recommendations on which type of wax would be best for your vehicle’s finish and the environment you will be driving in.

How often should you use car wax?

To reap the benefits of waxing, you’ll need to maintain a regular schedule. Waiting until it looks like a fresh coat of wax will make your vehicle more vulnerable to small chips and fading paint.

Just as you have a regular maintenance schedule for your engine, it’s essential to have a regular schedule to maintain the exterior. How often you wax can depend upon several factors, including:

  • How often you drive your vehicle
  • Whether it’s parked in a garage or out in the open
  • The type of wax you use

If you want that fresh-from-the-showroom-floor look, some experts recommend you wax your car about once a month. Some of the newer synthetic waxes on the market claim they can keep a showroom-worthy shine for up to a year; others say every three months is sufficient.

One way to tell it’s time to wax your car is to see if water beads on the surface when it’s wet. If not, it’s time for a new coat of wax. [3]

How to properly wax a car

The easiest way to get a super shine is to go to a car wash that provides a professional wax service. But you can also do it yourself and get fantastic results. An electric polisher will make the job easier and faster, but you can also do it by hand and get a beautiful finish.

How to Wax a Car by Hand

  1. Wash your car.
  2. Apply the appropriate kind of wax.
  3. Work in sections and rub in the wax using polishing pads. [4]

How to Wax a Car with a Buffer

  1. Wash your car.
  2. Apply the appropriate kind of wax for a mechanical buffer.
  3. Buff in the wax, being sure to follow the instructions for your mechanical buffer. [4]

Car Waxing Tips

Keep these tips in mind for the best results:

Prep for your wax with clay

A clay bar is used as part of the cleaning process before waxing. Even after a thorough wash, your vehicle will still have some gunk embedded in the finish — which is where clay bars come in. Used with a lubricant, a clay bar grabs these particles out of the finish. As with the waxes, there are various levels of abrasiveness with clay bars, and you need to make sure you use one suitable for your vehicle’s finish.

Once you have “clayed” your vehicle, you can apply a fresh coat of wax to keep other contaminants out. While waxing cannot make your old car look new, it can protect the finish of a new or newly painted car for years to come.

Always wax your car in the shade

Try to wax your car under a protective cover, such as a carport, tent, or other structure. On a sunny day, your car can become hot, and when you apply wax to the hot surface, the wax will dry quite quickly. This makes it more difficult to remove.

Another reason to wax undercover is the possibility of bad weather. The wax can’t adhere properly to the surface of a wet car and can create a sloppy mess. It can also run off the body of the car and get on the molding and plastic parts, which can be a pain to remove. [5]

Apply car wax to small sections

Complete each section before moving on to the next to avoid having the wax dry. Adding more wax will not give you a better shine; it will just make it harder to buff the wax off. If you want more shine, add another coat, but check the label to see how long the first coat should be allowed to dry before applying the second one.

Make friends with microfiber

These are the best towels for polishing your car because they don’t leave behind lint and are great for buffing. Be sure to have plenty of towels on hand, so you’re not using a wax-caked towel.

Use a soft brush for gaps and molding

Keeping a soft brush handy while waxing your car can help get wax off molding and out of cracks. You can buy these brushes at most auto parts stores, which are typically inexpensive. Removing wax from a car’s molding after it’s dry can be tricky, and sometimes the wax will leave permanent staining. Instead, use a soft brush to remove wax from moldings or cracks before it dries to help avoid permanent staining.

Use a random orbital buffer to car wax

Waxing your car with a mechanical buffer can save time and effort, making waxing your car a breeze. Many people prefer rotary buffers; however, they spin in a circular motion at a high velocity, which can cause permanent “burn” marks from the edge of the pad digging into the paint. Rotary buffers can also cause swirl marks due to the pad becoming dry and making micro scratches in the paint.

To help prevent this, use a random orbital buffer, which moves the pad in a random pattern rather than a circular one. This results in an even application of wax without the risk of creating damaging marks. Both the rotary and random orbital buffers are similarly priced. [5]

How long does car wax last?

In each case, the time and care you spend waxing your vehicle will translate into how long the job will last. If you are willing to spend the time and elbow grease, you can expect your shine to last up to 3 months. A general rule of thumb is to wash your vehicle weekly and wax it every 8 to 12 weeks. [3]

Waxing your vehicle is a great way to ensure it stays shiny and looks great. Waxing helps protect your car’s paint from damaging sun rays, abrasive dirt, and chemicals in the rain and snow. Proper, regular waxing can extend the life of your car’s paint and help keep your vehicle looking sharp long into the future.

For more tips on keeping your car in mint condition, discover cleaning tools every car owner should have.

Sources:

[1] “The Truth About Car Wax: 9 Things You May Have Overlooked!” avalonking.com/blogs/guides/the-truth-about-car-wax (March 28, 2019).

[2] “How Car Wax Protects Your Car’s Finish,” turtlewax.com/blogs/how-to/how-car-wax-protects-your-car-s-finish (accessed Dec. 8, 2022).

[3] “How Often Should You Wax Your Car?” Jessica Shea Choksey, jdpower.com/cars/shopping-guides/how-often-should-you-wax-your-car (Dec. 18, 2020).

[4] “How to Wax a Car by Hand or with a Buffer,” Chloe Murphy, leasefetcher.co.uk/guides/car-maintenance/how-to-wax-car (Aug. 26, 2021).

[5] “How to Wax Your Car with Amazing Results: 7-Step Guide,” driving-tests.org/beginner-drivers/how-to-wax-your-car/ (accessed Dec. 9, 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

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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?

Click here for the full story !

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Microplastics are fragments of any type of plastic less than 5 millimeters (mm) in length and are an increasing topic of risk

Microplastics

Posted on by Shield Insurance Agency

Liberty Mutual Business | Commercial Insurance | Microplastics | Start a Quote Today!

Microplastics are fragments of any type of plastic less than 5 millimeters (mm) in
length and are an increasing topic of risk discussions due to their prevalence in
the environment and the negative impacts they potentially pose on the earth and its
inhabitants. The term microplastics was first introduced to differentiate these smaller
fragments from their larger counterparts, macroplastics, which describe larger plastic
waste, such as plastic bottles.

Two classifications of microplastics are
currently recognized

Primary Microplastics

Primary microplastics include any plastic fragments or particles that are already 5 mm (5,000 mm) in size or less before entering the environment. Primary microplastics are purposefully manufactured and can include feedstock for manufacturing plastic products, such as plastic pellets (also known as nurdles), microfibers from clothing, microbeads in personal care products, glitter, and industrial abrasives. Once in the environment, microplastics can degrade to be even smaller in size. 

Secondary Microplastics

Secondary microplastics arise from the breakdown of larger plastic products through natural weathering processes after entering the environment. Sources of secondary microplastics can include water and soda bottles, fishing nets, plastic bags, shedding of fibers from polyester/nylon clothing, and tire wear. Over time, a culmination of physical, biological, and photodegradation can reduce the structural integrity of plastic debris to a size that is eventually undetectable to the naked eye. This process of breaking down large plastic material into much smaller pieces is known as fragmentation. Microplastics can be further divided into four sub-groups based on particle size: 

  1. Large microplastics (100–5000 mm)
  2. Small microplastics (1–100 mm) 
  3. Sub-micron plastics (100–1,000 nm) (0.1– mm) 
  4. Nanoplastics (1–100 nm) (0.001–0.1 mm) Because of their smaller size, nanoplastics can present additional risks and challenges: 

They may bypass filtration methods intended for larger microplastics. 

They may be less likely to settle, have greater mobility, and may be transported further. • They may be more likely to enter and bioaccumulate in the food chain. 

Due to their higher surface area, faster leaching of plastic additives can occur. 

They may act as pollutant “vectors” because their higher surface area also allows for more adsorption of metals and other pollutants.

Microplastics can also be categorized according to type of polymer, additives used, and shape.

U.S. National Oceanic and Atmospheric Administration (NOAA) and the European Chemicals Agency (Note: 1 mm = 1,000 micrometers [mm] = 1,000,000 nanometers [nm])

Source of microplastics in the environment There are countless sources of both primary and secondary microplastics in the environment, including the following:

Cosmetics: Microplastic “scrubbers”, “microbeads”, or “micro-exfoliates” used in hand cleansers and facial scrubs have replaced traditionally used natural ingredients, including ground almond shells, oatmeal, and pumice. These products are typically composed of polyethylene, a common component of plastics, but they can also be manufactured from polypropylene, polyethylene terephthalate (PET), and nylon. The beads may be washed into the sewage system immediately after use. 

Textiles and clothing: Many synthetic fibers, such as polyester, nylon, acrylics, and spandex, can be shed from clothing and persist in the environment. The process of washing clothes causes garments to lose an average of over 100 fibers per liter of water. Each garment in a load of laundry can shed more than 1,900 fibers of microplastics, with fleeces releasing the highest percentage of fibers. 

Tires: Car and truck tires. which are composed partly of synthetic styrene-butadiene rubber, erode into tiny plastic and rubber particles as they are used. The estimated per capita emission ranges from 0.23 to 4.7 kg/year, with a global average of 0.81 kg/year. In air, 3–7% of the particulate matter (PM2.5) is estimated to consist of tire wear and tear. 

Plastics manufacturing: Plastic pellets (aka nurdles), 2.0–5.0 mm in size, which are used as a raw material to create other plastic products, can enter the environment through spills and other accidents. 

Air blasting: This process involves blasting acrylic, melamine, or polyester microplastic scrubbers at machinery, engines, and boat hulls to remove rust and paint. As these scrubbers can be used repeatedly until they diminish in size and their cutting power is lost, they may become contaminated with heavy metals such as cadmium, chromium, and lead. 

Fishing industry: Recreational and commercial fishing, marine vessels, and marine industries can be sources of macroplastics and secondary microplastics. 

Wastewater treatment plants: The size of microplastics prevents them from fully being retained by preliminary treatment screens at wastewater plants, thereby allowing some to enter rivers and oceans. Wastewater treatment plants only remove an average of 95–99.9% of microbeads. This leaves an average of 0–7 microbeads per liter being discharged. Sewage sludge that is reused as fertilizer after the wastewater treatment has also been known to contain microbeads. Persistence of microplastics in the environment Microplastics are persistent and ubiquitous in the environment, particularly in aquatic and marine ecosystems. The most significant transport pathways to surface water are presumed to be via dust and stormwater runoff. It has been estimated that there are 51 trillion individual pieces of microplastics in the world’s oceans, estimated to weigh 236,000 metric tons. Microplastics can also accumulate in the air and terrestrial ecosystems but the cycle and movement of microplastics in the environment is still not fully understood. Microplastics have also been found in deep layer ocean sediments and in the high mountains, at great distances from their source. According to the U.S. EPA: 

Of the total plastics released to oceans (4.8–12.7 million tons (Mt)/year), 15%–1% originate as microplastics from homes and industrial products. 

About half of the total (3.2 Mt/year) microplastics released, or about 1.5 Mt/year, ends up in oceans. The following are the estimated sources of microplastics to oceans:

  • Washing synthetic textiles (35%) 
  • Tire wear (28%) • City dust (24%) 
  • Road Markings (7%) • Marine Coatings (3.7%) 
  • Microbeads (2%) 
  • Plastic pellets (0.3%) It has been estimated that 80% of microplastic pollution comes from textiles, tires, and city dust

here for the full story…

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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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Top Five Uses for a Trailer Hitch

Top Five Uses for a Trailer Hitch

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Foremost | by Rachel Neva | Trailer Hitch | Auto Insurance | Click here to start a quote today!

A trailer hitch just might be the most inventive way to add more cargo space, value, and extra opportunities for fun to your vehicle. While some vehicles like trucks and SUVs may come with a factory-installed hitch or tow package, it’s very common for drivers to install a hitch or tow package to their vehicle as an after-market accessory.

Wondering what the difference between a hitch and a tow package is? Depending on what you plan to tow, you may need more than a standard hitch with a trailer ball attached to your vehicle. In addition to the tow hitch itself, a tow package (especially if it’s factory-installed) may include things like a wiring harness and circuitry to power the lights and accessories on a trailer, heavy-duty suspension and brakes to handle the extra weight, an enhanced engine and transmission cooling system, larger battery and alternator to help power your vehicle and what you’re towing with ease, and additional driver-assistance systems that can help with overall spatial awareness while towing.

Depending on what you’re towing and where you’re going, this article provides some helpful information if you’re deciding between a factory-installed tow package or an aftermarket tow package for your vehicle.

If you’re thinking about adding a hitch to your vehicle … here are our top five uses for a trailer hitch:

  • Hitch-mounted bike rack — If you like to hit the mountain bike trails, go on scenic family bike rides in your area, or take bikes along on family vacations, a hitch-mounted bike rack is an easy way to transport bicycles of all kinds. While this type of bike rack extends the overall length of your vehicle (something to be aware of when parking), loading and unloading bikes can be much easier than bike racks that are mounted on a vehicle’s roof.
  • Utility trailer — A small utility trailer can be ideal for many towing tasks such as hauling plants and supplies for a garden or landscape project (and any debris resulting) or moving large items that won’t fit in your vehicle, like furniture or appliances.
  • Travel trailer — From pop-up camper trailers to luxury, fifth-wheel travel trailers, there’s a camping travel trailer to fit almost every kind of person who enjoys camping and exploring the great outdoors.
  • Boat trailer — If you don’t live on a lake or body of water but want to take nearly any kind of boat — a small fishing boat, a ski or wake boat, a pontoon or sailboat – out on the water, you’ll need a trailer that’s specific to the boat. Unless you have a boat slip at a marina that offers haul-out and storage service, you’ll likely need a trailer for your boat at some point.
  • Off-road vehicle trailer — There are many types of off-road vehicle trailers from simple, utility-type trailers for things like ORVs and off-road motorcycles to enclosed cargo-type trailers for ORVs and snowmobiles. If you like to explore new trails on your ORV or snowmobile, you may want to invest in a trailer to haul them with you wherever you go.

If you add a trailer hitch to your vehicle and have questions about insuring the things that you’ll tow, give Shield Insurance A call to shop for coverages that can help you protect the things you tow.

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Four things you might not realize about boat insurance

Four things you might not realize about boat insurance

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Boat Insurance | Start a quote Today!

Purchasing boat insurance is important for boat owners in Michigan. Shield Insurance Agency provides boat insurance policies that can cover your watercraft.

Before you buy boat insurance, it’s a good idea to spend some time researching how boat insurance works and what the different coverage options are.

The following are four things you might not realize about boat insurance.  

A boat insurance policy typically offers some coverage for belongings in your boat.

If you keep valuable items in your boat, these items can be covered up to a certain amount by your boat insurance policy.

Boat insurance is frequently required by marinas.

You aren’t required by law to have boat insurance in Michigan. However, boat owners often need coverage because it is a requirement of the marina they use to store their boats. 

Boat insurance policies specify a certain geographic area. 

Boat owners need to realize that they won’t be covered if they travel in their boat outside of the coverage region that’s specified by their policy. That’s why it’s important for boat owners to let their boat insurance provider know where they’ll be traveling with their boat when they buy their policy. 

A number of boat insurance policy add-ons are available.

When you buy a boat insurance policy, you may want to take advantage of various policy add-ons. Add-ons available for boat insurance policies include coverage for dock contract liabilities, ice and freezing issues, towing, boat trailers, and equipment like fishing tackle. 

Reach Out To Us

Do you have questions about boat insurance coverage in Michigan? Get in touch with us at Shield Insurance Agency to learn more about boat insurance coverage. Contact us today for a policy quote!

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Coexisting with bicyclists

Coexisting with bicyclists

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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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