Things To Do In SW Florida

Stressed by rising home insurance prices?

Some insurers and agents are offering a way for clients to save substantial amounts of money off their insurance premiums, and data shows more homeowners are taking them up on it.

But experts warn that the strategy can be risky.

Sales of a form of insurance known as “dwelling/fire” is happening more and more in Florida, according to a South Florida Sun Sentinel analysis of quarterly insurance data released by the state Office of Insurance Regulation.

The increase is outpacing growth of the more traditional “all-perils” policies that most homeowners choose, the data shows.

Also known as “landlord insurance,” dwelling/fire policies are typically sold to owners of rental properties or second homes who only seek protection of the home’s basic structure from fire, hurricanes or other natural disasters. The most basic dwelling/fire policies do not include coverage for contents, water damage, loss of use, or liability in situations like dog bites or when visitors injure themselves on the insured’s property. In most cases, homeowners can add those coverages by purchasing them separately. read more

By ANNE D’INNOCENZIO

NEW YORK (AP) — Sending children back to school in new sneakers, jeans and T-shirts is likely to cost U.S. families significantly more this fall if the bespoke tariffs President Donald Trump put on leading exporters take effect as planned, American industry groups warn.

About 97% of the clothes and shoes purchased in the U.S. are imported, predominantly from Asia, the American Apparel & Footwear Association said, citing its most recent data. Walmart, Gap Inc., Lululemon and Nike are a few of the companies that have a majority of their clothing made in Asian countries.

Those same garment-making hubs took a big hit under the president’s plan to punish individual countries for trade imbalances. For all Chinese goods, that meant tariffs of at least 54%. He set the import tax rates for Vietnam and neighboring Cambodia at 46% and 49%, and products from Bangladesh and Indonesia at 37% and 32%.

Working with foreign factories has kept labor costs down for U.S. companies in the fashion trade, but neither they nor their overseas suppliers are likely to absorb new costs that high. India, Indonesia, Pakistan and Sri Lanka also got slapped with high tariffs so aren’t immediate sourcing alternatives. read more

David Siegel, the founder of Orlando-based Westgate Resorts who fought the opioid epidemic after his daughter overdosed, died Saturday at age 89.

Siegel established Westgate Resorts in his garage in 1982 with its first property on an orange grove he owned in Kissimmee.

Over the course of the next several decades as CEO he grew it into it what the company called the largest privately held timeshare business in the world and one of the largest resort developers in the United States — boasting more than 13,500 rooms at 22 resorts across the country.

He retired as CEO in March and was succeeded by Jim Gissy, a close friend and self-described right hand.

Gissy said in a news release announcing Siegel’s death that he was committed to continuing his legacy at the company.

“David worked hard to leave us a company that will continue to preserve its family origins, and the significant resources and ambition to instill joy in the lives we touch through the hospitality we provide,” he said. “We know that we are all up to the task of driving forward the legacy of this visionary man and the company he founded.” read more

Q. I was married for more than 10 years before my divorce. My ex worked many years under Social Security. If I remarry, will I lose the right to survivor benefits if I remarry?

A. Good question. If you remarry after age 60, you still are entitled to a survivor benefit based on your ex’s Social Security benefit. However, you would be entitled to one benefit out of a possible three: either the survivor benefit based on your ex’s work record, or the benefit based on your own work record, or the Social Security benefit you are entitled to based on your new spouse’s work record, whichever is greater.

Q. My spouse does not plan to apply for his Social Security benefit until age 70. He is 68. I am 65, and worked many years under Social Security. I have not filed for my Social Security benefit yet, because I have not reached my full retirement age, which is 67. My husband’s Social Security benefit will be greater than mine. When should I apply for my Social security benefit?

A. If you apply for a Social Security benefit now based on your work record, it will be discounted because you are applying prior to reaching your full retirement age (FRA). If you wait until 67 to apply, when your husband reaches age 70 and applies for his benefit, you will be entitled to a spousal benefit equivalent to 50% of his FRA benefit. If you apply for Social Security benefits now, your spousal benefit would be discounted slightly because you applied prior to your FRA. read more

By Kemberley Washington, CPA, Bankrate.com

From extending the tax cuts he signed into law in 2017 to ending taxes on tips, overtime pay, Social Security benefits and more, President Donald Trump has never made a secret of his goal to make sweeping changes to the U.S. tax code.

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