Markus Andrews

It’s crucial to understand how to file a homeowners insurance claim after a natural disaster.
Insured losses alone for Hurricane Helene are now estimated at over $6 billion.
Hurricane Milton weakened slightly on Tuesday, but analysts still anticipate it could be a “once-in-a-century” storm with the potential to generate record-breaking damage when it makes landfall along Florida’s west coast on Wednesday.
Here are three steps to take to file an insurance claim.

David Hester inspects damages of his house after Hurricane Helene made landfall in Horseshoe Beach, Florida, on September 28, 2024. 
Chandan Khanna | Afp | Getty Images

It’s crucial to understand how to file a homeowners insurance claim after a natural disaster. 
Insured losses alone for Hurricane Helene are now estimated at more than $6 billion.

Meanwhile, analysts anticipate that Hurricane Milton could be a “once-in-a-century” storm with the potential to generate record-breaking damage when it makes landfall along Florida’s west coast on Wednesday.
Once you’re safely out of harm’s way, starting the insurance claim process is an important consideration. The sooner you report a claim, the sooner your insurance company can start the process and you can begin rebuilding, experts say. 
“Your adjuster is assigned on a first-come, first-serve basis,” said Shannon Martin, a licensed insurance agent and analyst for Bankrate.com. 
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The processing arm of your insurance company is going to have a “tremendous amount of paperwork and claims coming through,” said Jeremy Porter, head of climate implications research at First Street Foundation, an organization focused on climate risk financial modeling in New York City. 

“The longer you wait, you’re not only delaying the ability to have your claim approved and make its way to you, but you’re lengthening the time in which that claim will sit in the processing pipeline,” Porter said.
Here are three important steps to quickly file an insurance claim after a disaster, according to experts.

1. Call your insurer as soon as you can

Experts recommend including copies of your insurance policies and contact numbers in a disaster preparedness kit, that goes with you if you evacuate and is securely stored, otherwise.
Once a disaster has passed, immediately contact your insurance company to let them know that your home has damage from a recent disaster and you’d like to start the claims process, said Porter. 
If you evacuated, “you can start the claim from anywhere,” Porter said. “You’ll eventually have to schedule with the insurance company to actually review and inspect the damage.” 
But if you decide to wait out the storm in your house, you need to first prevent further damage to the home before calling, said Bankrate.com’s Martin.
A typical home insurance policy has language requiring homeowners to lessen the impact and prevent further damage, she said. 
“Then you can call the insurance company, take pictures of the damage and [move] items into safer locations,” Martin said.

2. Make a log of damages

During your call, provide your insurance company with some initial details, like if your roof blew off or several windows broke, said Porter. 
“But they really won’t make their assessment until they come in and inspect the damage,” he said. 
While the insurer will make its own inspection, it’s always important to document your damages, including taking pictures, so that you can align that with the formal inspection record that comes out from the insurance company, Porter said. 
This way, you can dispute any claims if you have to later, he said. 

3. Keep a record of receipts

In the event of a loss, you have to give prompt notice to your insurer and you have a duty to protect the property, said Daniel Schwarcz, an insurance law professor at the University of Minnesota Law School. 
You have to protect the property from further damage after the storm, make reasonable repairs and have an accurate record of repair expenses, Schwarcz said. 
The receipts that you need to keep on file are for purchased materials used to prevent further damage on the property that’s already been damaged by a covered peril, said Schwarcz — meaning wind and trees, but not generally flooding unless you have a flood insurance policy. The insurer will generally reimburse you for reasonable expenses you incur. 
If you don’t take such measures after the storm, and that inaction results in further damage, the insurer is not obligated to cover the loss, he said.

Materials purchased to protect the home before the natural disaster — for example, plywood to cover windows — are oftentimes not covered. 
You also want to keep a record of receipts when you start working with contractors to rebuild from the damage, experts say. 

Differentiating damage from back-to-back disasters 

One of the reasons why you want to document the damage immediately with your insurer is so that you can attach it to the event itself, increasing the likelihood of the event being covered by your home insurance, said Porter. 
“Filing the claim immediately is the number one most important thing to do,” Porter said.
It’s important to keep track of where the damage came from, and having evidence can help avoid problems down the road, he said.
Port offers the hypothetical of of someone whose home sustained wind damage from Hurricane Debbie or Helene, but hasn’t filed a claim before the Milton makes landfall and causes flood damage. 
“All of a sudden, you have a problem where the National Flood Insurance Program, which covers flood, and your home insurance company, which covers wind, can potentially start to argue over what actually caused the damage to the property,” Porter said.
You want to make sure you file any claim within three to five days of when the incident occurred, said Martin. As long as you had submitted all of your information in a timely manner for the first incident, if something else arises, you’re able to show the adjuster that it happened from a second event, she said. More

Molten copper pours into ceramic molds to form plates at the Southern Copper Corp. smelter facility in Ilo, Peru, on Jan. 30, 2017.
Dado Galdieri | Bloomberg | Getty Images

After years of political unrest in Peru, the relative calm of recent months has made international investors increasing their appetite for the country’s sovereign bonds.
Foreign investors now hold 39% of Peru’s sovereign bond market holdings, the highest level across all emerging market countries. This underscores the increasingly positive sentiment surrounding the Peru’s fixed income outlook. Moody’s currently has a moderately stable Baa1 credit rating on Peruvian bonds.

This comes after years of political unrest made investors wary of the Latin American nation. Lawmakers earlier this year called for President Dina Boluarte’s resignation amid allegations of illicit enrichment. Calls of an impeachment have currently faded and Boluarte and Congress are now at an impasse.
But now “Peru is a bit ahead of the game,” said Pramol Dhawan, Pimco head of emerging markets portfolio management. “It has recognized the need to provide international investors positive returns on domestic assets, and for central banks to be aligned with international investors and provide positive returns on domestic assets.”
Fixed income backdrop
Some of the Peruvian economy’s standout characteristics are its low debt-to-GDP ratio, which is among the lowest within its Latin American peers, and its stable currency, the Sol. According to the International Monetary Fund, Peru’s debt equates to 33% of its GDP. That’s well below Brazil’s 86.7% and lower than Chile’s 40.5%.
The Central Reserve Bank of Peru also lowered interest rates at its September meeting to 5.25%, the lowest level across Latin America. Peru also holds the steepest yield curve across global and emerging markets, Dhawan highlighted — a stark contrast to the inverted yield curves in the U.S. and many other countries. 
“The real yields are high and the curve is steep; and as the [Fed] rate cut cycle continues, there is still a lot of potential upside for duration for local Peruvian bonds,” said David Austerweil, deputy portfolio manager for the emerging markets fixed income strategy at VanEck.

A 2-year Soberano, the country’s local currency bond, is currently yielding 4.661% and the yield on the 10-year Soberano was last at 6.428%. Bank of America is long on Soberanos, the local-currency government bonds.
Ironically, Peru’s political dysfunction — which has put its Congress at a gridlock and unable to pass meaningful legislation — likely has strengthened Peru’s fiscal health. 
“In some sense, the lack of a strong executive has led to better fixed income outcomes,” Austerweil added.
Dhawan also underscored that Peruvian fixed income is a high quality market for foreign investors. Dhawan noted that the political turmoil is not detracting from the country’s debt market outlook. The fixed income backdrop is helped by the relative stability of the Peruvian central bank. 
“Peru has created an ecosystem which is largely conducive for international investment,” said Dhawan. “The central bank has been viewed as  the grown up in the room … It’s now validating what we think it should be doing, which is normalizing policy in-line with their domestic conditions.”
What about the stock market?
The Peruvian equity backdrop is less clear. The MSCI Peru Index has rallied 24.8% in 2024 and 55.8% over the last 12 months. That makes it an outperformer against the MSCI Emerging Markets and World indexes, which are up just 15.2% and 16.7% each on a year-to-date basis, and around 23% and 30% in the past 12 months, respectively. 
“Whilst the commodity bonus has helped Peru in the short-term, it is hard to see a good longer-term equity story without a proper functioning political system,” Dhawan said. 
Mining companies are among the largest market-cap stocks in Peru, making the stock market highly exposed to cyclical factors. Peru is one of the world’s largest producers of metals such as copper, silver, and zinc.
Notably, copper prices have surged 24.5% year to date — and commodities prices are expected to climb higher with the recent China stimulus measures raising hopes for a rebound in economic activity. However, the commodities sector remains highly volatile and subject to external conditions, complicating the equity environment. 
“Absent a big commodity supercycle, which is not our base case, it’s hard to see sort of sustainable growth, outperformance versus trend without being more conducive,” said Dhawan.

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Revolving debt, which mostly includes credit card balances, fell 1.2% in August, according to the Federal Reserve’s latest consumer credit report.
Although credit card spending growth is slowing, it may be too soon to tell if August’s contraction reflects a real shift in consumer behavior.

In the last year, credit card debt spiked to a record $1.14 trillion. But recent signs show consumers may now be pulling back.
Revolving debt, which mostly includes credit card balances, fell 1.2% in August, compared to a year earlier, according to the Federal Reserve’s G.19 consumer credit report released on Monday. Nonrevolving debt, such as auto loans and student loans, rose 3.3%.

After a prolonged period of high inflation and sky-high interest rates rates, spending habits are adjusting, according to Ted Rossman, Bankrate’s senior industry analyst. “Consumers have been in a pretty frugal mood lately,” he said.

This could be ‘just a blip’

However, it may be too soon to say whether August’s contraction reflects a real shift in consumer behavior, said Matt Schulz, LendingTree’s chief credit analyst. “It is far more likely that is just a blip.”
Even though spending has moderated this year, “it isn’t a huge decrease and I don’t think there’s really any reason to think that this is the beginning of a trend,” he added.
“it will be very interesting to see what the NY Fed debt data says when it is released next month,” Schulz said. “I expect it to show that debts are continuing to climb. I’d be very surprised if it didn’t.”
Heading into the peak holiday shopping season, lower rates and cooling inflation may encourage more spending in the months ahead, the National Retail Federation’s most recent analysis of retail sales also shows. 
“Easing inflation is providing added spending capacity to cost-weary shoppers, and the interest rate cuts expected to come from the Fed should help create a more positive environment for consumers in the future,” Jack Kleinhenz, the NRF’s chief economist said in a statement.
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ETF Strategist

Without action from Congress, trillions of tax breaks enacted by former President Donald Trump will expire after 2025, including lower federal income tax brackets.
Higher brackets can impact “short-term capital gains,” or assets owned for one year or less, in your brokerage account.
You can minimize capital gain payouts by investing in assets like exchange-traded funds, experts say.

Shapecharge | E+ | Getty Images

If you’re investing in a brokerage account, it’s important to know how assets can impact your taxes, especially with possible rate increases on the horizon.
Without action from Congress, trillions of tax breaks enacted by former President Donald Trump will expire after 2025, including lower federal income tax brackets, among other provisions.

Higher rates after 2025 could impact some brokerage accounts since investors pay annual taxes on earnings, experts say.

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Here’s a look at other stories offering insight on ETFs for investors.

If you sell investments that you have owned for one year or less, the profits incur “short-term capital gains,” or regular income taxes. The same rule can apply to mutual fund distributions, depending on how long the fund manager owned the underlying assets.
“Generally speaking, it’s good to avoid short-term gains as much as you can,” said Samantha Pahlow, wealth management chair of Ferguson Wellman Capital Management in Portland, Oregon, which ranked No. 10 on CNBC’s 2024 FA 100 list. 

Generally speaking, it’s good to avoid short-term gains as much as you can.

Samantha Pahlow
Wealth management chair of Ferguson Wellman Capital Management

After 2025, short-term gains in a brokerage account could become more expensive, with brackets scheduled to revert to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%, experts say.
But it’s unclear whether Congress will allow lower brackets to sunset, particularly with control of the Senate, House and White House uncertain.

Exchange-traded funds are ‘more efficient’ for taxes

Regardless of future tax law changes, investors should consider the types of assets they use in brokerage accounts, along with the possible tax consequences, experts say.
Exchange-traded funds “are certainly going to be more efficient than those actively traded [mutual] funds that may have very high turnover rates,” said Shea Abernethy, a Winston-Salem, North Carolina-based investment advisor representative.
Actively managed mutual funds often trigger capital gains payouts, even when investors haven’t sold shares, which can be a costly year-end surprise. 

But minimally-traded funds, such as ETFs or index funds, typically offer more year-to-year tax savings, said Abernethy, who is also chief compliance officer for Salem Investment Counselors, which earned the No. 8 spot on the FA 100 list.  
When aiming for tax efficiency, “mutual funds are kind of the dinosaur of the past,” added Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida.
However, it’s important to consider more than taxes alone before making an investing decision, experts say. Ultimately, your assets should reflect your risk tolerance, goals and timeline. More

Traders work on the floor of the New York Stock Exchange during afternoon trading on October 03, 2024 in New York City.
Michael M. Santiago | Getty Images

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Here’s what CNBC TV’s producers were watching as stocks slid on Monday, and what’s on the radar for the next session.

PepsiCo

The soda-and-snack giant reports Tuesday before the bell.
Shares are up 1.7% in three months.
Pepsi is 8.8% from the 52-week high hit in May.
It’s not a cola-to-cola comparison, but Coca-Cola is up 8% in three months. It’s 6% from the September high.

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PepsiCo shares in 2024

Boeing

The airline maker reports September orders and deliveries on Tuesday at 11 a.m., Eastern time.
Boeing is down 1% in a month, and it’s down 15.6% in three months.
The stock is 42% from the December high.

The insurance stocks

After many of these names had record runs, insurance stocks fell Monday ahead of another major hurricane approaching Florida. This time it’s a Category 5 monster called Milton.
Travelers fell 4.3% Monday. It is 7% from the high three weeks ago.
Progressive fell 3.85%. It is 5.75% from the mid-September high.
W.R. Berkley lost 3.47% Monday. It is 8% from the September high.
Hartford lost 3%. The stock is 4% from the high hit last week.
Hanover Insurance dropped 2.8% Monday. The stock is 4% from the Sept. 19 high.

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Traverlers Cos. in 2024

The bonds

Super Micro’s super jump

The stock was up nearly 16% on Monday as Super Micro Computer said sales are still going strong.
It remains 61% from the 52-week high hit back in March.
The stock closed at $47.74. The all-time high is $122.90.

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Super Micro Computer’s performance in 2024

Amazon and Apple

Both giants were hit with analyst downgrades on Monday.
Wells Fargo took down its rating on Amazon to equal weight from overweight. Jefferies dropped Apple to hold from buy.
Both stocks lost about $5 a share Monday. That’s a 3% decline for Amazon, and a 2.25% decline for Apple.
Amazon is now 10% from the July high.
Apple is 6.5% from the July high.

Nuclear

The White House’s national climate advisor Ali Zaidi said Monday that the administration is working to restart more nuclear reactors in the U.S.
He mentioned the two projects CNBC has previously reported on. One is in Michigan, and the other is in Pennsylvania. It’s unclear if more are coming soon.
Vistra dropped 5% Monday.
NextEra fell 4.25%. It is 6.75% from last week’s high.
Uranium Energy fell 3.46% Monday. It is now 20% from the Feb. 1 high.
The Sprott Uranium Miners ETF (URNM) declined about 2.4%. More

Many Americans would rather talk about who they’re voting for in the November presidential election than money, a recent survey finds.
While most people are reluctant to talk about money, the good news is that some money conversations are happening more regularly.
Here’s why experts say it can cost couples and parents who don’t discuss financial issues.

Voters cast their ballots on the second day of early voting in the 2024 presidential election at the Board of Elections Loop Super Site in Chicago, Illinois, on October 4, 2024. 
Kamil Krzaczynski | AFP | Getty Images

There are few topics Americans would rather not talk about more than money.
They would even rather reveal who they’re voting for in the November presidential election than talk about their finances, according to new research from U.S. Bank based on a survey of 3,500 individuals.

That’s on top of separate research that found personal finances are almost as difficult to talk about as sex, a recent Wells Fargo national survey including 3,403 adults found.
Most people are reluctant to talk about money, according to Wells Fargo’s research, and revealing how much they have saved or how much they have earned are two topics they’d prefer to avoid.
Still, for most people to be willing to talk about the U.S. election over their personal finances is a “big surprise,” said Scott Ford, president of wealth management at U.S. Bank.

People are likely more hesitant to talk about money because it is wrapped up with their anxieties, worries and aspirations, said Preston Cherry, a certified financial planner, founder and president of Concurrent Financial Planning in Green Bay, Wisconsin.
Moreover, while money is a “deeply personal,” everyday relationship, presidential elections are just once every four years, said Cherry, who is also a member of the CNBC FA Council.

Despite their reluctance, the research from U.S. Bank shows families are increasingly breaking the ice on financial topics, particularly with regard to conversations parents are having with their kids.
“The good news is people are talking more [about money], but it’s still at the surface,” Ford said.
U.S. Bank’s survey included 1,000 respondents from the general population, 1,000 mass affluent respondents with at least $250,000 in investable assets excluding their primary homes and retirement accounts, and 500 high-net-worth individuals with at least $1 million in assets excluding their primary homes and retirement accounts.

‘Missed opportunities’ of not talking about money

For both couples and families, not having those crucial financial conversations can cost them, financial advisors say.
“When you don’t have the knowledge, or you don’t feel like you have the ability to talk to your loved ones and people around you about money, then you also can’t build wealth effectively,” said Winnie Sun, co-founder and managing director of Irvine, California-based Sun Group Wealth Partners. She is a member of the CNBC FA Council.
“Avoiding money conversations will lead to misunderstandings, financial misalignment and, overall, just missed opportunities to plan effectively for the future,” said Douglas Boneparth, president and founder of Bone Fide Wealth, a wealth management firm based in New York City. He is also a member of the CNBC FA Council.

Have talks ‘before an emergency situation arises’

On a positive note, some money conversations are happening more regularly, U.S. Bank’s research found.
Today’s parents are almost twice as likely to discuss financial concepts with their children — such as investing in stocks and bonds — than their parents did with them, according to the firm.
Still, 45% of respondents say they are unaware of their parents’ financial situation, U.S. Bank found. Many believe they will have to provide financial help to their parents or in-laws in the future, according to the research.
A lack of family financial discussions can become an issue if aging relatives have a health scare, said Ford, who recalled having to scramble to pay the property taxes for a loved one who fell ill, without even knowing where the checkbook was.
“What I tell everyone is you want to have those conversations before an emergency situation arises,” Ford said.
To start to better understand older family members’ financial situations, it may help to begin with everyday items, like the cost of prescription medications, and build from there, Ford said.
“Our advice is just to start to have the conversation, start small,” Ford said.
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If those conversations are avoided, it can prevent important estate planning, health-care decisions and intergenerational wealth transfer, according to Boneparth.
“When these things aren’t accounted for, there could be costly legal mistakes or tax inefficiencies, either presently or down the road,” Boneparth said.
Ultimately, families want to have a full emergency plan in place, complete with knowledge of bank account information, long-term health-care plans, a will and a durable power of attorney, which is a legal document that gives someone else the authority to make financial or medical decisions on someone else’s behalf.
It may take some prodding for older family members to open up about their finances, said Ted Jenkin, a certified financial planner and the CEO and founder of oXYGen Financial, a financial advisory and wealth management firm based in Atlanta. He is also a member of the CNBC FA Council.
“It’s always best to approach parents and say, ‘Listen, we could care less how much money you have. We just want to make sure the proper things are in place to make sure that we’re not dealing with tons of legal hassles down the road,'” Jenkin said.

Couples often don’t agree on money

A lack of communication among couples can also lead to financial problems.
More than one-third of Americans don’t agree with their partners when it comes to how to best manage their money, both when planning for their current circumstances and retirement, according to U.S. Bank.
At the same time, 30% say they have lied to their partner about money, the firm found. Other research has shown that dishonesty — often referred to as financial infidelity — can be common when couples aren’t on the same page financially.
“Couples sometimes struggle,” Cherry said. “They struggle with sharing each other’s perspective without judgment in order to reach a common goal.”
To work past financial standoffs, it helps for couples to create a more welcoming environment to engage their partners in money conversations, Cherry said.

Financial advisors can often serve as mediators and objective third parties in those conversations, Ford said.
More than half — 53% — of investors surveyed who have at least $250,000 in assets said their financial advisor has helped them work through uncomfortable family money conversations, U.S. Bank found.
Many people may be hesitant to consult a financial professional if they don’t feel they have enough money or know the questions they should ask.
But taking that first step — whether it’s talking to an advisor or doing the research to educate yourself about personal finance — can help shift your mindset and reduce financial stress, according to Sun.
“Most financial advisors, especially the good, experienced ones, will give you a free first initial consultation,” Sun said. “That is super powerful, and you should take us up on it.”

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ETF Strategist

For some retirees, the deadline to take required withdrawals from retirement accounts is approaching — and those who don’t need the money have options.
Since 2023, most retirees must take required minimum distributions, or RMDs, from pretax retirement accounts at age 73.
If you have enough cash flow without RMDs, you could consider qualified charitable distributions or reinvesting the proceeds into brokerage accounts with tax-friendly assets such as exchange-traded funds.

Skynesher | E+ | Getty Images

For some retirees, the deadline to take required withdrawals from retirement accounts is approaching — and those who don’t need the money have options, experts say.
Since 2023, most retirees must take required minimum distributions, or RMDs, from pretax retirement accounts starting at age 73.

April 1 after turning 73 is the first deadline, but retirees must take RMDs by Dec. 31 in subsequent years. 
The next step “always comes down to a client’s personal goals, financial and tax plan,” said certified financial planner Judy Brown, a principal at SC&H Group, which is headquartered in the Washington, D.C., and Baltimore metropolitan areas. She is also a certified public accountant. 

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Before deciding what to do with an RMD, it’s important to consider your short- and long-term priorities, including legacy goals, along with the tax impact, experts say.

Reinvest for ‘future tax savings’

If you’re eyeing long-term growth, you can reinvest after-tax RMD proceeds in a brokerage account and continue your current investing strategy, said Houston-based CFP Abrin Berkemeyer. 
Upon the sale of those assets, you’ll get long-term capital gains rates of 0%, 15% or 20% after holding the assets for more than one year. The rate depends on taxable income.

The strategy “could lead to future tax savings” if you use the money for a large expense later, such as health care, said Berkemeyer, who is a senior financial advisor with Goodman Financial. Brokerage assets could be subject to capital gains taxes, whereas pretax retirement funds incur regular income taxes.

ETFs are ‘incredibly tax efficient’

Some advisors use “in-kind transfers,” which move assets directly from your pretax retirement account to a brokerage, to stay invested in the same assets. You’ll still owe taxes on the distribution, but you maintain your original holdings. 
However, there are “good reasons” not to keep identical assets in a brokerage account, which incurs yearly taxes on earnings, said CFP Karen Van Voorhis, director of financial planning at Daniel J. Galli & Associates in Norwell, Massachusetts.
For example, you may want to shift holdings to exchange-traded funds because they are “incredibly tax efficient,” she said.
Unlike mutual funds, most ETFs don’t distribute capital gains payouts, which can save brokerage account investors on annual taxes.

Secure a ‘guaranteed tax deduction’

If you’re philanthropic, another option could be a so-called qualified charitable distribution, or QCD, which is a direct transfer from an individual retirement account to an eligible nonprofit organization.
For 2024, retirees age 70½ or older can donate up to $105,000, which satisfies yearly RMD requirements for those age 73 and above.
There’s no charitable deduction, but QCDs don’t count toward adjusted gross income, meaning retirees don’t need to itemize tax breaks to claim it.

It’s effectively a guaranteed tax deduction.

Karen Van Voorhis
Director of financial planning at Daniel J. Galli & Associates

“It’s effectively a guaranteed tax deduction,” Van Voorhis said.
More adjusted gross income can trigger other tax issues, such as higher income-related monthly adjustment amounts, or IRMAA, for Medicare Part B and Part D premiums. More