Common Cold Weather Insurance Claims: Part Two

Hail
Hail can do serious damage to your roof, siding, porch, and automobile.In 2014, State Farm alone had $2.4 billion in damages caused by wind and hail, according to III.
You can’t prevent hail, but you can prepare for it:

• Inspect your roof and siding every autumn. Repair loose or missing tiles.
• If you live in an area where hail is common, you can consider installing hail-resistant asphalt shingles. This precaution could even help lower your insurance premium.
• Never drive during a hailstorm. If you get caught in a storm, park at a nearby gas station underneath the awning. If that’s not possible, pull over and get in the back seat of the car away from the windshield, which could shatter.

Like wind, some homeowners’ policies have hail exclusion. Check with your insurance agent to make sure you’re covered. Discuss the different sorts of claims process and coverage lines with regards to hail. For your auto insurance, you’ll want to have comprehensive insurance, which will repair your car from “acts of God” like hail, falling icicles, or icy branches.

Frozen pipes

If your pipes get too cold, the water inside them will freeze. This ice can expand and burst the pipes, leading to water loss and water damage in your home. A study by Disaster Safety found that frozen pipes resulted in losses of around $10,000, which is twice as severe as other sorts of plumbing failures. Freezing pipes accounts for 18% of all water damage claims. Damages from frozen pipes can include flooding, ceiling collapse, damaged floors and walls, mold, and more. 
Interestingly, insurance companies often consider frozen pipes a “preventable problem.” They may say that your negligence caused the damage. This means that you could be stuck with a $10,000 water damage bill without your insurance company stepping in.
Thus, it’s crucial to protect your home against frozen pipe damage:

• Drain and disconnect all hoses.
• Drain the sprinkler supply lines.
• Keep your home warm at a minimum of 65 degrees.
• Insulate pipes in unheated spaces, like basements, garages, and attics. You can use pipe sleeves or heat tape.
• Leave garage doors closed.
• If you have a swimming pool, run the pump during nights where temperatures are expected to go below freezing.
• When it’s especially cold outside, let cool water drip from your faucets. This will keep your water flowing, so they have less chance of freezing in the pipes. 
• Know where your water is shut off. If your pipes do burst, the first step is to turn off the water to reduce any further damage.

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Common Cold Weather Insurance Claims: Part One

Preparing for winter incidents and cold weather claims begins with prevention methods and thorough insurance protection. Let’s take a look at the most common causes of claims in winter weather and what you can do to protect yourself from these costly concerns.

Hidden behind that gorgeous blanket of snow are harsh winter storms waiting to do serious damage to your home. The winter season creates the most common and costly claims for home and car owners. In fact, III estimated that winter storms caused $1 billion in insured losses in 2016.
They also found that the overall percentage of winter-related claims has increased at a higher rate than previous decades, likely due to the severity of storms and increase in the number of people with insurance protection. Nearly 51% of all insurance homeowners’ claims come from wintery wind, hail, and weather-related water damage. Moreover, more collisions and “acts of God” occur while out on the road during or after a winter storm.
Preparing for winter incidents and cold weather claims begins with prevention methods and thorough insurance protection. Let’s take a look at the most common causes of claims in winter weather and what you can do to protect yourself from these costly concerns.

Wind damage

The most common homeowners claim filed is due to wind damage. Nearly one in 35 insured homes have a property damage claim related to wind or hail each year, according to The Insurance Information Institute. Wind is more intense during the winter months and thus creates a majority of these costly claims.
Prepare for wind damage:

• Remove and store all unsecured outdoor items like umbrellas, furniture, and play items.
• Inspect your home for loose gutters, shutters, and shingles.
• Trim dead or weak tree branches around the house. Tree collapse is the third most costly winter weather claim, averaging nearly $6,000 per tree.
• Be aware of nearby power lines. Trim trees around power lines. Ensure power lines near your property are secure. If not, call the phone or cable company for further fastening.

Wind damage is not always covered by your homeowners’ insurance. In fact, wind and flood are often exclusions on many homeowners’ policies. In this way, you’ll want to talk to your insurance agent before the winter season hits in order to ensure you are fully protected from any costs associated with wind damage. 
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Does Homeowners Insurance Cover Theft Outside the Home?

True or false? Does homeowners insurance cover theft outside your home? If you said false, that's okay. Not many people know that in many cases, their homeowner's policy is a catch-all insurance policy for incidents that occur outside their home, including theft.

Many personal property losses due to theft outside your home may be covered by off-premises coverage, which is included standard in many policies. (And if it is not included in your policy, an off-premises rider to your coverage can be added for a small extra charge.)

Your homeowners insurance policy provides coverage for your items while you are traveling too,
covering you in the event of lost luggage, items stolen from your hotel room, and loss of any personal possessions you ship back home during your travels. So if you are planning to travel, make certain that your homeowners insurance policy coverage protects all the valuable items that you bring along on the trip.

By the way, did you know that if your children are college students, your homeowner's policy may even extend to losses from theft they suffer? That's right! Many policies include off-premises coverage that extends to the homeowner's children who are students and live in the dorm. So property stolen from a dorm room, or when they're studying, such as a laptop stolen while they were at the library, may be covered. (Any homework stored on the stolen laptop won't be covered. It is, however, a better excuse than the old "dog ate my homework"!)

(Sources: http://homeguides.sfgate.com/homeowners-insurance-cover-theft-outsidehome-
53333.html; https://insurance.freeadvice.com/information/home/article/290)

Certificates of Insurance: What You Need to Know

When a contractor works on someone else's property, there are risks involved. Companies (and individuals) that hire contractors want to be sure they won't be held responsible for any damages or injuries that may occur. Because of this, they will often request to see a certificate of insurance.

A certificate of insurance (COI) is a standardized document that offers evidence of insurance coverage. Included on the certificate will be the contractor's coverage types (and their effective dates), as well as liability limits.

COI's are very important. If you were to hire a subcontractor and they caused a large amount of property damage, your company could be held accountable for those damages. It's imperative to obtain proof of insurance because even though your contract with the subcontractor may state that insurance coverage is required, you could find yourself involved in a lawsuit if the coverage was, in fact, not in place. Even if you have a history with your subcontractor and may have worked with them before (and they were insured then), you should request a COI for each new job. 

In addition to ensuring that you won't be responsible for damages or injuries that may occur on the job, a COI also guarantees that you can collect compensation for poorly done or unfinished work. Not all heroes wear capes, and not all certificates are valid. Contractors may give false or forged coverage information, or they may allow insurance to lapse after attaining the COI form. One of the most efficient and dependable ways to obtain a COI is to request it directly from the insurance company or agent, rather than getting it through the contractor.

WHAT TO LOOK FOR ON A COI FORM:

•    Insured Name: Be sure that the name listed as insured on the form is an exact match to the name of the person or company you are dealing with.

•    Policy Dates: Be sure that effective dates of the policy are valid. If the policy is scheduled to expire before the job will be completed, you will need another COI to cover those dates.

•    Coverage Type: At the very least, be sure the certificate holder has both general liability insurance (to protect against damages) and workers compensation insurance (to protect injured employees.)

•    Liability Limits: Be sure that the limits held by the contractor meet the limits required of your workers. If they are too low, you can request that the contractor purchase additional coverage (and present you with a new certificate reflecting this new amount.)

•    Additional Insureds: Asked to be named as an 'additional insured party' for the extent of the job that you're hiring the worker for.

•    Agency Contact Info: Be sure that there is a number and/or name of someone you can reach out to at the insurance agency should you have any questions.

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