Capstone Blog
Author: Erin Saunders, Account Executive - Personal Insurance/Private Client
Many personal insurance policies (Home, Auto, Umbrella, etc.) are set up for automatic renewals. Meaning these policies will often renew each year, or every six months, without having the opportunity to review coverages, costs, or to update personal information or report life events.
While we encourage reporting all major life events to your insurance advisor to update policies accordingly, at a minimum we recommend reviewing your policies annually to make sure you and your family continue to receive the most comprehensive and cost-effective coverage available. This is especially true today as we continue to be faced with macroeconomic challenges that could certainly have an impact on your personal insurance policies, such as:
Increased cost of building materials - How much would it cost to rebuild your house today as compared to when the policy was first written?
Increased interest rates - Would a loss impact your current mortgage or lease agreement?
Supply chain & continued difficulties in procuring new and used automobiles - Does auto policy account for increased cost of vehicles? Do you need to increase rental reimbursement coverage if you can’t get a replacement right away?
To help get you thinking, here’s a list of possible questions to consider as you approach your next renewal cycle:
Automobile Checklist
Are all vehicles you own insured; did you purchase a new car this year has it been added to your policy?
How are your cars valued on your policy? Actual cash value, Replacement Cost, Guaranteed Value? Know the difference
Does your policy include rental car coverage? With costs of current rental cars, you may need to increase this coverage for less out of pocket costs at the time of a claim.
Do you have any students away at college? Possible discounts
Do you have a teenager that is going to get their license in the next year?
Have you recently paid off your car loan?
If your car is towed, would you like coverage that would reimburse you for that? Did you know that towing reimbursement coverage on an automobile policy generally costs less than $10.00 per year?
Are you interested in adding or increasing your Accidental and Death Benefit Limits? Did you know that some of the most important coverages on an automobile policy are the least expensive, such as property damage coverage?
Do you wish to add income loss to your policy? Have you retired and income loss need to be removed?
Do you own a pickup or a van that contains customized equipment?
Do you own a mini bike, moped, motorized scooter or motorcycle?
Do you own any ATV's, boats, snowmobiles, jet skis or motorhomes?
Do you drive a company car?
Homeowners Checklist
Would it cost more to rebuild your home and replace its contents today than what it is insured for?
Have you made any changes to your home; additions, added garage, or a finished basement?
Do you own any of the following: Pool, trampoline, or recreational vehicles? Understand all exclusions
Does your home have a sump pump or drain to remove excess water?
Do you have a whole house generator?
Do you own any property that you rent or lease to others?
Do you own a second home such as a Coastal home?
Did you know flood is excluded on most homeowners policies? Understand the risks and available coverages
Are you running a business out of your home?
Have you acquired any collectables (jewelry, fine art, guns, antiques)? Understand coverage limitations
Have you added a new security or fire alarm system to your home?
Do you own pets or animals at your home? Certain dog breed exclusions
Have you recently updated your roof, heating, plumbing, or wiring?
Has your mortgage changed or been paid off?
Finally, after receiving the new declaration page you may discard any prior terms or policies. No need to hold on to them. And speaking of paper, many of our carriers have paperless options, one less thing to clutter up your counter!
As an insurance advisor, I can best assist my clients and recommend coverages if I know of changes that take place between renewals. Give your agent a call so they can make sure your policies are up to date and inform you of any new coverages being offered.
Erin Saunders
Account Executive - Personal Insurance
Email: Esaunders@capstonegrp.com
Phone: 215-542-8030
Capstone is proud to announce that Colin Williams, Private Client Advisor, has been named Chair of the newly-formed Pennsylvania chapter of the Private Risk Management Association (PRMA). This recognition is a testament to Colin’s dedication to advancing Capstone’s capabilities within the personal insurance marketplace and to protecting his client’s assets and standards of living.
Colin Williams - Private Client Advisor
Email: cwilliams@capstoneinsgroup.com
Certain cities are safer when factoring rainy, icy, or snowy winter weather conditions into collision frequency. These are the top 10 safest and most hazardous cities to drive in during bad weather based on the 2015 Allstate America's Best Drivers Report.
Safest:
1. Kansas City, KS: 39.1 inches of precipitation, 24.8% less likely to crash
2. Cape Coral, FL: 55.9 inches of precipitation, 21% less likely to crash
3. Brownsville, TX: 27.4 inches of precipitation, 24.6% less likely to crash
4. Boise, ID: 11.73 inches of precipitation, 23.5% less likely to crash
5. Madison, WI: 37.3 inches of precipitation, 18.2% less likely to crash
6. Huntsville, AL: 54.3 inches of precipitation, 14.7% less likely to crash
7. Fort Collins, CO: 15 inches of precipitation, 21.1% less likely to crash
8. Port Saint Lucie, FL: 63.7 inches of precipitation, 11.8% less likely to crash
9. Cary, NC: 47.4 inches of precipitation, 13.8% less likely to crash
10. Montgomery, AL: 52.8 inches of precipitation, 12.4% less likely to crash
Most Dangerous:
1. Boston, MA: 43.8 inches of precipitation, 157.7% more likely to crash
2. Worcester, MA: 48.1 inches of precipitation, 120.7% more likely to crash
3. Baltimore, MD: 42.4 inches of precipitation, 113.9% more likely to crash
4. Washington, D.C.: 43.5 inches of precipitation, 106.3% more likely to crash
5. Springfield, MA: 44.7 inches of precipitation, 93.1% more likely to crash
6. Providence, RI: 47.2 inches of precipitation, 87.4% more likely to crash
7. Glendale, CA: 23.3 inches of precipitation, 79.4% more likely to crash
8. Los Angeles, CA: 13.9 inches of precipitation, 63.3.% more likely to crash
9. San Francisco, CA: 38.3 inches of precipitation, 65% more likely to crash
10. Philadelphia, PA: 48.5 inches of precipitation, 64.4% more likely to crash
Traveling at slower speeds, allowing yourself more time to get to your destination, and increasing your following distance while driving can lower your risk of collision in bad weather conditions.
What does this mean for the future?
If you’ve ever been a victim of flooding after a serious storm or horrified watching video of people, homes and property being swept away, you’ll be pleased to learn that the U.S. National Aeronautics and Space Administration (NASA) has developed a new computer tool known as the Global Flood Monitoring System (GFMS), which maps flood conditions worldwide. Users anywhere in the world can access the system online to determine when flood waters might impact their communities.
“On our global interactive map, you can zoom into a location of interest to see whether the water is at flood stage, receding, or rising,” explains the University of Maryland’s Robert Adler, who developed the system with colleague Huan Wu. “You can also look around to see whether there is a rain event upstream, whether the rain is over, and how the water is moving downstream.”
GFMS works 24/7, even when there is cloud cover or other interference. "At times, our system might be the only way people can get information," says Adler.
Click here to read the full article and watch the video on how the GFMS works!
What do you need to do to prevent break-ins while you are away from the home?
Summer is a popular time for vacations, weekend trips and even day trips, which means homes remain empty while their occupants are out having fun. Not surprisingly, the highest percentage of burglaries happen during the summer months.
According to American Modern Insurance Group, 30% of all burglaries occur as a result of something as simple as an open or unlocked window or door. Even if you feel your neighborhood is safe, empty homes are more vulnerable to theft.
The good news is, home theft is preventable. American Modern offers the following 12 tips for homeowners to help them take the proper steps and measures to secure their homes.
If you know you are going to be away from your home this summer, follow these 12 easy steps to securing your home and personal belongings.
Dog bites, and other dog-related injuries, accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2014, costing in excess of $530 million, according to the Insurance Information Institute (I.I.I.) and State Farm, the largest writer of homeowners insurance in the United States.
An analysis of homeowners insurance data by the I.I.I. found that while the number of dog bite claims nationwide decreased 4.7% in 2014, the average cost per claim for the year was up 15%. The average cost paid out for dog bite claims nationwide was $32,072 in 2014, compared with $27,862 in 2013.
“The average cost per claim nationally has risen more than 67% from 2003 to 2014, due to increased medical costs as well as the size of settlements, judgments and jury awards given to plaintiffs, which are still on the upswing,” said Loretta Worters, vice president with the I.I.I.
The study noted that California continued to have the largest number of claims in the U.S. at 1,867. Ohio had the second highest number of claims at 1,009. While New York had only the third highest number of claims at 965, it registered the highest average cost per claim in the country: a startling $56,628. The trend in higher costs per claim is attributable not simply to dog bites but also to dogs knocking down children, cyclists, the elderly, etc., all of which can result in fractures and other blunt force trauma injuries that impact the potential severity of the losses.
