Phil Richard Insurance

Understanding who is responsible for fallen tree damage can be complicated. If you have trees around your home, even if they’re not on your property, it’s important to understand how your insurance works. Your agent can help you understand!

🏠 Mortgage rates climbed above 7% last week, and more borrowers started looking for a different way in.

The average rate on a 30-year fixed mortgage rose to 7.12%, while adjustable-rate mortgages offered rates more than a percentage point lower. That difference helped push ARMs to 9.8% of all mortgage applications, up from 8.4% two weeks earlier.

🔑 The appeal is easy to understand: an ARM may offer a lower initial rate and monthly payment. But that rate doesn’t stay fixed forever. Once the initial period ends, it can adjust higher or lower depending on where rates are at that time.

Meanwhile, overall mortgage demand fell, with purchase applications down 1% for the week and refinancing applications down 3%.

A lower rate today can be tempting. What it does after the fixed period ends is the part worth thinking through before you sign.


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Nearly 10% of borrowers opted for riskier mortgages last week, as rates soared over 7% As mortgage rates rise, borrowers are seeking savings in riskier, adjustable-rate mortgages that offer lower rates.

💡 "I Thought I Was Covered…" 💸

This is the most expensive phrase in insurance. Thinking your policy does something that it doesn’t leads to gaps that could cost you much more than you think.

But we don’t expect you to be an insurance expert. That’s why we try to make sure your policies match your life at least once a year. We try to avoid things like:

🚫 Sewer backup not included
🏠 Business equipment stored at home
🏚️ Out-of-date replacement cost on your home
🚗 Liability only with a valuable vehicle

If you haven’t had a review in a while, get in touch with us. We can help you find these issues before they become “I thought…” moments. 🛡️

🚗 3 Business Auto Tips 💼

Running a business with vehicles? These gaps can cost you. 🛡️

1️⃣ Personal Auto ≠ Business Use: Employees' personal policies deny business claims. HNOA (Hired & Non-Owned Auto) protects your business from liability when employees use personal cars for work. ☕

2️⃣ Company Vehicles Need Full Coverage: Comprehensive + collision + commercial-specific coverage. Don't skip this. 🚐

3️⃣ Rideshare or Delivery? New Rules: Uber, DoorDash, and deliveries are usually excluded in both personal and commercial policies. You may need separate coverage. 📱

Small gap = big problem. Let's talk. Questions? DM us. 📩

🚙 Buying a Car? 3 Reasons to Chat With Me First 🚗

Before you sign the paperwork, here's why a quick call matters:

1️⃣ Coverage Needs Change: Upgrading to something nicer? Financed cars require comprehensive and collision coverage. Liability-only leaves you exposed. 💰

2️⃣ Rates Vary By Model. That dream car might cost way more to insure. A quick call saves you insurance sticker shock. 📊

3️⃣ Bundling Saves Money: Timing matters. Bundle with home or add to existing policies, and you save moolah. 💸

New car shopping is fun. New car insurance, well, not as much. But that’s why we’re here.
Ready to talk? Give us a call. 📞

🗣️ Ask an Agent: 3 Common Questions 🛡️

We hear all kinds of questions as insurance agents. Answering these questions is part of our job, and honestly, one that we don’t mind. Insurance isn’t always easy to grasp, and helping people understand it a little better is incredibly rewarding. 🤝

That’s why we’ve listed three questions we get asked a lot right here to save you the trouble of asking:

1️⃣ Why do I need all of this coverage?
Your coverage amount should match the cost to replace the items on the policy. That said, every situation is different, and costs change over time, so go over your policy with us to make sure everything is right. 📋

2️⃣ Why did my rate change?
Rates can shift due to claims history, driving record, inflation, or market changes. I can guarantee that it is not because your agent raised your rates! 📈

3️⃣ Does bundling actually help?
Almost always. It can make things easier when dealing with your company, streamline service, and give you a discount on both policies. 💡

If you have a question that isn’t listed, or want to know more about one of these three, raise your hand in the comments or send us a DM! 🙋‍♂️💬

Back to School time! It’s been a long summer, and it’s time to get back to class and crack those books. We send our best wishes out to all of our scholars this year, including those starting out at a new school or maybe gearing up for graduation.

A record number of U.S. adults under 35 are living with their parents, according to a recent Realtor.com study.

In 2025, 25.2 million adults under 35 lived at home, a higher share than during the COVID-19 pandemic.

Many are working, but wages are not always keeping up with the cost of living. Among adults ages 25 to 34 who live at home, roughly 7 in 10 have jobs.

Housing affordability is a major factor. Higher home prices, elevated mortgage rates, rent, student loan payments, car payments, and everyday expenses can make living independently harder to sustain.

For some families, moving back home may be a way to reduce expenses, rebuild savings, or create more breathing room before taking the next step.

The broader takeaway is that financial independence does not always follow a straight timeline. Cost-of-living pressures are reshaping what adulthood, housing, and household decisions look like for many families.


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Record number of U.S. adults are moving in with their parents as costs rise, study finds One woman in her mid-30s said her $60,000 annual income wasn't enough to cover all her bills after a breakup, leading her to move back home.

Let the ’ber months begin! 🍂☕

Hello, September! Cooler mornings, changing leaves, football, apple picking, pumpkin everything… we’re ready for you.

The start of the ’ber months also means a new season is right around the corner. As life changes, it’s always a good time to make sure your insurance is keeping up with it.

Here’s to a happy, cozy & well-covered September! 🧡

For many homeowners, the biggest weather risk may no longer be hurricanes.

New research from First Street found that severe convective storms, including tornadoes, hail, and damaging winds, have become the costliest insured natural disasters worldwide.

In 2025, these storms accounted for one-third of global natural disaster economic losses. Insured and uninsured losses totaled $82 billion, with $68 billion concentrated in the U.S.

Hail is the biggest driver of insurance payouts within this category, followed by severe winds.

These storms tend to move quickly, but they can cause widespread damage to homes, cars, businesses, and infrastructure.

For homeowners, the growing cost of severe weather can show up in more than repairs. It may also affect insurance premiums, property maintenance, emergency savings, and long-term housing costs.

As weather risks shift, it can be worth reviewing coverage, deductibles, and how prepared your household is for unexpected property damage.


Source:

The biggest weather risk for homeowners? It's no longer hurricanes. Severe "convective" storms account for roughly a third of global natural disaster economic losses, a new study finds.