Whether or not you agree with the data-gathering practices of the government and private and publicly held companies, there is no doubting the fact that various entities want to know as much about us as possible. Insurance companies, of course, feed on data that helps them assess risk. For example, the more auto insurers know about drivers’ specific behaviors, the better they are able to properly price premiums. Even now, some auto insurance companies are collecting data about driving habits by analyzing the data collected by sensors in policyholders’ vehicles. These sensors are able to record information about what routes are driven, the number of miles driven, the time of day, speed, and braking patterns. Call it “custom risk assessment.”
NOTE: By comparing the driving data of one person with statistical information of similar drivers on similar routes and similar times, insurance companies may be able to tell if a chosen driver is an above- or below-average risk, and charge accordingly.Read More
>h1>Annually Examine the Health of Your Trees
The second devastating storm in CT in as many years should cause homeowners to take close stock of the health of the large trees surrounding their homes. It may be time to call on a certified arborist because of the finding that more than 75 percent of the fallen trees that succumed to bad weather displayed pre-existing signs of correctable conditions that made them vulnerable to falling. Half of the structural losses that were sustained by homeowners were due to these falling trees causing annual losses of between $3 billion and $4 billion dollars nationwide with home insurance. Here is a link to an article to help you spot conditions that should definately result in a call to a certified arborist: http://bit.ly/VXqvRN to minimize losses to your home from tree damage.Read More
Check Your House for Mold to Avoid Rising Insurance Costs
Leaky foundations, roofs and plumbing are a few of the circumstances that lead to water and moisture buildup and consequent mold growth. When it comes to mold removal, home insurance companies generally regard mold to be a home-maintenance problem, just like insect damage and rot as a result of oversight or neglect. For these reasons, mold is specifically excluded from standard homeowners policies. The exception is if the mold resulted from a “sudden and accidental” source such as a burst pipe, or other covered peril.
Be on the lookout for repeated water leaks and moisture, because while it is possible to add a mold rider to an existing policy, mold is usually not covered. Keep bathrooms and dryers vented to the outside and use dehumidifiers in basements to keep the chances for mold to a minimum.Read More
Study Reveals Which Gender is Likely to Drive More Reckless
The unending battle of “who is better” moves onto to the driving battleground: Who are better drivers, men or women? The most recent study on the matter looked at a gender-specific comparison of traffic violations, accidents, and auto insurance costs. Contrary to what men might believe, the comparison shows that women are better drivers in nearly every category, including reckless driving, failure to yield, seat belt violations, and speeding. The study’s findings reveal that men are responsible for nearly 80% of all fatal and serious automobile crashes, and women are 27% less likely than men to cause auto accidents. Male DUI drivers outnumber females by 3-1. This study is by the Insurance Institute for Highway Safety’s Highway Loss Data Institute. It also reports more men than women die each year in car crashes. In crashes of equal severity, however, females are more likely than males to be killed or injured, perhaps because they are in the passenger seat?Read More
Alerting Family Members About Your Life Insurance Policy
Even the best meaning and most conscientious people can have their best efforts count for little if they overlook some simple details. For instance: you have a life insurance policy, a will and an estate plan in place. But have you drawn up a “letter of instruction”?
In short, the benefits of a life insurance policy may do little good if no one knows about the policy. It is also possible that surviving members may unknowingly close a bank account that had previously been making automatic premium payments on a policy. In this case, the life insurance policy may be cancelled because of unpaid premium before a payout can be made. These problems can be prevented by a “letter of instruction” that should be kept with other important documents in a safe place. This “safe place” should be accessible and know to family and estate executives. If you are uncertain that your insurance policies include this important “letter of instruction” feel free to call the office of Scott Insurance in Stratford CT to review your situation.Read More
Why You Should Have Earthquake Insurance
If you thought that earthquakes were just an isolated phenomenon, last year’s east coast shaker that trembled even Connecticut may be an eye opener. The fact is that about 5000 earthquakes occur yearly in the US, according to the Insurance Information Institute, with quakes of various magnitudes occurring in 39 states since 1900. When it comes to insuring against quake-related damage, you should know that earthquake damage is not covered under the standard homeowners or business insurance policy. While it is common for property insurance to cover fire resulting from an earthquake, these policies typically exclude damage from earth movement. For that, it is necessary to purchase a rider to existing property insurance. Otherwise, a supplemental policy might be necessary.Read More