Day: March 5, 2014

Almost three million households have lost their homeowner’s insurance since 2003 according to a 2007 national telephone survey conducted on behalf of Trusted Choice and The Independent Insurance Agents & Brokers of America.  Two-thirds of the households that lost coverage were located in the South. Only half of the non-renewed households said they were able to find other coverage.

As part of the current study, respondents were asked about changes they’ve made since 2003 to secure their home in the event of a natural disaster. Overall, a mere 28 percent of households indicated they have taken steps to secure their homes. Even in the South, where the threat of hurricanes is an annual occurrence, only 31 percent indicated that they had secured their homes.

The survey results also showed that about 35 percent of all American households had experienced a homeowner’s insurance rate increase in the previous 48 months. Twenty-two percent of the respondents answered that they had received anywhere from an 11 to 25 percent rate hike, while 13 percent said that they had received more than a 25 percent increase.

Trusted Choice offers the following tips to lessen the possibility of non-renewal or rate increases:

·   Monitor your claim activity – Insurance companies track how many and what type of claims you file. Frequent claim activity, no matter how small, can impact your rates and chance for renewal.

·   Stick with one insurance company – An insurance company is more inclined to look past an item on your claims record if you are a long-term customer. Changing insurance companies on a regular basis makes it difficult to build a relationship with an insurer.

·   Bundle your coverages – Keeping your homeowner’s and auto policies with one insurer makes you a more attractive customer. An insurance company may think twice about dropping your homeowner’s coverage if it may mean losing your auto insurance business, too.

·   Review your deductibles – Make sure that your deductible isn’t so small that you will be submitting every potential claim for payment, nor so large that it will cause financial hardship in the event of a loss. 

·   Home improvements help – Your home’s wiring, plumbing, heating and roofing should be in good repair at all times. At least twice a year, walk through your home and inspect it for developing problems.

·   Know a house’s claim history before you buy it – Ask for a disclosure report, which can be obtained from your real estate agent or the seller’s agent. Insurance companies will be wary of a home with previous structural or water-damage claims.

·   Consult your insurance agent – Working closely with an agent may be the easiest way to stay insured affordably.  And they will be your advocate when you have a claim or other problem.

If you and your home are the victims of a flood, your cleanup must be thorough to ensure that mold growth is eliminated to the greatest extent possible. You should completely dry wet structures as soon as possible after the event. However, while you want to act quickly, approach the cleanup process carefully, to avoid the mishaps and accidents that can occur in the less-than-safe environment that a flooded home can be.

The following tips, courtesy of the Kansas Department of Health and Environment, can help you to thoroughly clean up while protecting your own health and safety:

• Keep children and pets out of the area until you have completely cleaned it.

• Wear rubber boots, rubber gloves and goggles during cleanup.

• Discard items that cannot be washed and disinfected, including mattresses, carpeting, carpet padding, rugs, upholstered furniture, cosmetics, stuffed animals, baby toys, pillows, foam rubber items, books, wall coverings and paper products.

• Discard drywall and insulation that has been contaminated with sewage or flood water.

• Clean all hard surfaces such as flooring, concrete, molding, wood and metal furniture, countertops, appliances, sinks, and other plumbing fixtures with hot water and laundry or dish detergent.

• Use fans, air conditioning units and dehumidifiers to help dry the area.

• Wash your hands with soap and water after you have finished cleaning. Use water that has been boiled for one minute and then cooled. You can also disinfect water for personal hygiene by creating a solution of household bleach mixed with water.

• Wash all clothes worn during the cleanup in hot water and detergent, separately from uncontaminated clothes and linens. Use a self-service laundry for washing large quantities of clothes and linens until your onsite wastewater system has been professionally inspected and serviced.

• Get immediate medical attention if you become injured or ill.

If you need to turn off the main power and have standing water inside your home, remember to do so only when you are in a dry location. If you must enter standing water to reach the main power switch, call an electrician to turn it off. Never use an electric tool or appliance to turn off power while standing in water. Be sure the electrician checks the house’s electrical system before turning on the power.

If the house has been closed up for several days, enter only long enough to open doors and windows, and then leave them open for at least 30 minutes before you stay inside for any length of time. This allows potentially hazardous air to circulate out of the rooms, while letting fresh air inside.

As always, don’t hesitate to call a qualified professional for advice and/or help with the cleanup process.