The top 5 reasons to promptly report a claim

Report a claim promptly to your insurer 
to make sure your coverage isn't affected.

Your insurance policy is merely a promise until you have a claim, but many people hesitate to report a claim to their insurer. Here are five reasons why you should promptly report a claim if you have an incident. Read more of this post

When in doubt? Ask us for advice on whether to submit a claim, and let us help you through the process.

Smart parents monitor smartphone, tablet gifts

Set ground rules for using smartphones and tablets.

Planning to get your kids a smartphone or tablet this holiday season? 

With schools using technology in classes and kids being exposed to these devices at an early age, the question is often a matter of when, not if. Parents may have questions and concerns about how to keep kids safe online. Here are some tips and resources that can help. Read more of this post

by Kerri Hinkel for The Cincinnati Insurance Companies

Your personal umbrella policy: Increased policy limits…and more

Accidents involving common, everyday activities may result in a worst-case scenario. Being held legally liable for injury to another person or damage to their property could exhaust your home or personal auto policy liability limits, and cause financial ruin to your family. A personal umbrella policy works hand in hand with your existing underlying insurance, adding a layer of liability limits to protect you in today’s litigious society.

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by Bill Taylor for The Cincinnati Insurance Companies

Prepare your building to weather the cold

Temperature extremes from summer to winter place a heavy burden on the buildings we live in and the places we work. With little warning, gusting winds, heavy snow and bitter temperatures can create a weather event that could collapse your roof, freeze and rupture your piping and cause havoc in your life.

But prudent loss control strategies you implement before winter can protect your home or business and minimize the impact of weather-related property damage, business interruption and other losses.

Cold weather states are not the only places vulnerable to extreme winter weather losses. In reality, property owners in moderate climate states not normally associated with harsh winter weather tend to suffer the most costly losses because they are typically unprepared for extreme conditions. The winter of 2014 was one of the costliest since 1980, with $1.5 billion in insured losses filed between January 1 and February 21, 2014, alone, according to the Insurance Information Institute.

PREPARING BUILDINGS

Be prepared by keeping on top of routine building maintenance. Look for any evidence of previous damage to your building’s structure, paying special attention to damaged roof material or equipment that may need repair or replacement. Also take note of any areas that could be unstable during severe winter weather.

• Maintain roofs in good condition. Repair leaks, secure flashing and clear debris from the roof, roof drains, downspouts and overflow outlets.
• Check that gutters and downspouts are secured to buildings and clear of leaves and debris. Were they iced over during the previous winter? Consider installing heat trace (electric cable or tape) to prevent major icicles and ice dams.
• Assure that all building openings are weather-tight to prevent cold air that could cause water pipes or fire protection systems to freeze. If you recently built an addition or renovated, how were existing utilities – especially water and sprinkler piping – protected from frigid temperatures?
• Test any low-building-temperature alarms.

PREVENTING BUILDING COLLAPSE

Heavy snow, freezing rain or a series of constant rain showers and wind can cause precipitation to accumulate, leading to roof failure. Blocked roof drains and overflows can cause precipitation to accumulate and overload the roof. Many older buildings that were not required to provide secondary overflow drainage, such as scuppers, do not provide adequate drainage when primary drains are blocked.

Collapses can damage the building and its contents, destroy fire protection systems and unleash dangerous live utilities, including electricity and flammable gases. These losses can be made worse by water damage from rain intrusion or broken water piping.

Consult with a qualified contractor to assess your roof condition before you experience a problem.

By Troy Dohmeyer for The Cincinnati Insurance Companies

Backyard hazards: After-school safety strategies

The start of school signals a seasonal change in routine for many families. Children may spend after-school hours at home with an adult or teen caregiver. Sometimes older children are trusted to be alone for an hour or two until a parent arrives. This change in routine offers a good opportunity to re-evaluate the safety and liability exposures right in your own backyard.

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By Misty Fraley

Additional coverages keep you afloat after a flood

My Insurance Doesn’t Cover What?! Understand common misconceptions that can leave you paying for a policy that may not cover you in case of water damage, and additions you can make to your policy to ensure you're covered.

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Ongoing patterns of severe weather mean homeowners and business owners have experienced everything from record snowfalls and tornadoes to recurring storms with wind, hail and record amounts of rainfall – all leading to a record number of flooded homes and businesses.

Water claims under personal or business insurance contracts can be confusing and easily misunderstood, and standard insurance does not cover everything.

Read more of this post

by Michael Sullivan

Check coverage before loss of power, utilities

Check your policy before you have utility loss.

Many of us can still remember the effects of Hurricane Ike in September 2008, when the storm caused damage across 11 states. Widespread winds with gusts to hurricane force caused one of the largest power outages in the history of the Midwest, with close to 4 million customers losing power.

Of course, widespread power outages can occur at any time. Whether you are a homeowner with a personal insurance policy or a business owner with a commercial policy, it is important to understand what coverages you may have available before a storm hits.

Homeowners

Most homeowner policies exclude damage caused by utility service failure. An exclusion means that any damage caused by utility service failure is not covered by the policy. However, some insurance companies provide coverage for loss of refrigerated property by endorsement (a policy addition) or under the Additional Coverage section of the homeowner policy.

Coverage is usually limited and provides reimbursement for loss of freezer and refrigerator contents. Your agent can answer questions about what your policy covers.

Business owners

A loss of utilities can be costly. Even if your building is not damaged by a storm, a power outage could cause you to close your doors and prevent you from serving your customers. Business interruption insurance is available, but is not standard to every commercial policy. It  can usually be added for a reasonable cost.

In addition, business interruption insurance may not cover losses from utility service outages. Again, depending on your policy, you may be able to purchase a limited amount of coverage as a coverage extension or through an endorsement to your policy.

Whether you’re a homeowner or business owner, avoid surprises by checking with your agent in advance to assure you have the necessary insurance coverage in the event of a utility outage.

Submitted by Bill Gregory for Cinncinnati Insurance Companies

Technology ‘of the future’ helps policyholders today

Hail data, shown in red and yellow, overlays
policyholder locations, shown as dots.

When your home or business is damaged by a hail storm, you deserve a prompt response from your insurance company to assess the damage and process your claim so that repairs can begin as soon as possible.

• What if your insurance company could track hailstorms and know immediately how many policyholders might be affected, helping it to assign extra resources to process claims quickly?
• What if your insurance company had the ability to determine the size of hail that struck any given location within the past five years?
• Imagine how the use of aerial data could help the company write detailed roof repair estimates.

While this may sound like science fiction, you don’t need to stretch your imagination. The technology to do all these things is being used today by The Cincinnati Insurance Company and by many other insurers. When technology is used in combination with personal service from a locally based claims professional, policyholders receive a better claims experience.

Hail analysis technology – combined with policyholder databases – can help determine the number of policyholders in a geographical area that may have hail-related claims. This is especially important in catastrophe situations so that your insurance company can deploy a sufficient number of insurance claim professionals to process claims.

Hail analysis and verification technology can accurately determine the size of hail that struck the ground at a given location. This knowledge, in conjunction with an on-site property inspection, determines whether a structure suffered damage by hail or some other cause.

High-resolution aerial imaging can provide pictures showing all of the roof’s dimensions – data that can be downloaded into a claim estimating system. This process provides a detailed repair estimate, enabling a policyholder to receive a settlement check more quickly.

Having this information available helps thwart unscrupulous roofing companies from taking advantage by pressuring homeowners into signing contracts to repair a roof when there is no damage. By reducing potential payments on fraudulent claims, the technology helps contain insurance costs for everyone.

Submitted by Marty Skidmore for The Cincinnati Insurance Companies

Auto Insurance: Dirty Secrets In Your Policy

If you’re buying your insurance in “15 minutes or less,”
you’re missing something. Your agent should be spending
more than 15 minutes reviewing your individual information
to make sure you’re covered the way you think you are.

Does your policy cover theft? Hail damage? Falling objects? Your pet?

You pay your premiums every month, but may be surprised to see what items are NOT covered by your auto insurance if you don't have a comprehensive policy. Read on for questions to ask about your coverage, to make sure that saving a few bucks on your premium won't cost you hundreds or thousands when you make a claim.

Many people are surprised to learn that their liability only auto insurance policies include car insurance exclusions that limit coverage under certain circumstances. It's important to read your policy carefully, or work with a trusted agent who can make you aware of your policy’s exclusions.

Comprehensive Coverage Is Smart For Most People:

Comprehensive car insurance covers (non-collision) damage, can help pay for your car’s repair, and can help you replace it entirely in the event of a total loss like theft, but does not cover collision, towing/roadside assistance, rental, and personal property.

In terms of optional coverage, comprehensive is one of the last you should give up.  Comprehensive coverage – coverage for anything other than a collision – only amounts to a small portion of your auto insurance bill, but protects you against a wide number of events, including most of those listed below.

Be Aware of These Common Exclusions To Your Standard (Non-Comprehensive) Auto Insurance Policy:

Standard auto policies do not cover theft

• Theft: 23% of auto policies don’t cover theft. If you don’t have comprehensive coverage, your policy doesn’t cover auto theft. With a vehicle stolen every 28 seconds in the U.S. (according tot the FBI), this is an important exclusion to consider when choosing coverage. Yet still, nearly one quarter of auto policies do not include comprehensive coverage, and so are not covered in case of theft. This is a very common misconception. Many people forgo comprehensive coverage as their cars age and depreciate, in order to save money. A friend recently became aware of this exclusion the hard way, after her insurance carrier denied coverage following the theft of her car, reminding me that this is a major exclusion that many people aren’t aware of (especially those who shop for car insurance online and don’t get the guidance of an agent). Her story illustrates the value of not just price shopping, but also reviewing everything with a broker to understand your coverage and gaps. 

• Falling Objects, Fire, Vandalism, Natural Disasters: If you’ve ever had your car keyed, had a branch fall on your hood, or had your car broken into, you’ve leaned this one the hard way. Damage caused to your car (like a key taken to your paint job or slashed tires) by a break-in won’t be covered by your policy unless you have comprehensive coverage. Nor will anything not originally included in your vehicle, such as a detachable GPS or other portable electronics, your laptop, wallet, after-market sound system, etc. These devices may be covered under your home or renter’s insurance instead.

• Glass Damage: Glass damage caused by a break-in, a rock hitting your windshield, or Mother Nature herself, isn’t covered under the average policy.

• Pet: Injury to a pet from an accident you’re involved in may or may not be covered by your policy. Check with your insurer to see if you have this protection available.

• Hail: Almost 70,000 total claims in Colorado alone were filed due to hailstorms last summer, and nearly half of those claims were for vehicles. The Rocky Mountain Insurance Information Association (RMIIA) estimated that more than $85 million of the damages from those storms were vehicle-related. Hail claims are an example of optional coverage that compensates policyholders for weather-related damage. In light of recent reports on increasingly severe weather across the U.S., choosing comprehensive coverage or an added hail policy is likely a smart move.

• Time Limits: If someone is injured, report the claim immediately! Your policy limits the period of time in which you can file a claim, usually beginning from the time you are aware of the damage.

Buying Insurance Online: Beware of Gaps and Exclusions:

With the recent news that Walmart is entering the auto insurance business, many people may be attracted by the claim on their partner site that they offer customized coverage, unbiased provider comparisons, and simplicity in shopping for a policy. This is, however, the same service you get with a reputable independent broker.

What you should consider before buying online is that you’ll have to spend a LOT of your own time reading and educating yourself on your policy coverage and any gaps or exclusions you may be selecting along with the lowest price quote. Without an agent who is well educated in the insurance industry to guide your purchase, you may end up with a good price, but at a higher long-term cost.

Your agent can guide you through the exclusions on your policy and help you to choose one that ensures you’ll be well covered.

Choosing an insurance company

While all companies should treat their customers fairly, honestly and ethically, it is especially important for an insurance company. You receive a promise for all your premium dollars, and you want to be sure the company you choose will fulfill that promise when the time comes.

How do you know if your insurance company has integrity and follows ethical principles?

If you have had the misfortune of experiencing a loss that resulted in an insurance claim, you may have some insight into the company’s culture:

• Did a representative establish contact with you promptly after being notified of your loss?
• How were you treated by the company’s claims representatives?
• If you received a settlement, was it fair and prompt?

When selecting your insurance company you can rely on some unbiased measurements. The National Association of Insurance Commissioners (NAIC) compiles complaint information from all states and produces online reports by company and by type of insurance (homeowners, auto, etc.) This allows you to compare and contrast complaint data for any insurance companies you research – go to NAIC.org and click on Consumer Information Source (CIS). You can also check your state’s department of insurance website, as many provide complaint data on companies operating in their states.

The Better Business Bureau assigns ratings to companies based on a number of factors, including complaints – just go to bbb.org, enter a location and search on the company name.

Of course, don’t rely solely on the complaint ratio or the complaint index of a company when making your choice. Coverages offered, financial condition, level of service and premium costs are very important when evaluating a company. Your local independent insurance agent is a good source for this information. You also may want to review independent third-party financial strength ratings assigned by A.M. Best Company.

Celebrate Corporate Compliance & Ethics Week May 4-10, 2014, a national event traditionally held the first full week in May. The observance highlights the importance of ethics and compliance in the workplace.

Submitted by Cincinnati Insurance