Identity Theft Insurance

The loss exposure from identity theft is increasing, along with ever-evolving methods that identity thieves utilize. Where identities were previously stolen one by one, criminals are increasingly stealing
massive amounts of them in a single blow. 

The Federal Trade Commission (FTC) processed 1.4 million fraud reports in 2018, totaling nearly $1.5 billion in losses. In their report, the FTC stated that the most common categories for fraud complaints were identity theft and imposter scams, with credit card fraud as the most widespread identity theft cases. Fraudulent tax returns to claim a refund are also prevalent.

Most unendorsed homeowners policies do not cover identity theft, creating a significant coverage gap. At McCurdy Group, we are very concerned about this loss exposure. That’s why we encourage our clients to consider identity theft insurance options. This coverage can be purchased as a stand-alone policy or as an add-on to a homeowners policy. These policies are not meant to pay for the fraudulent charges or accounts themselves; they are meant to provide reimbursement of expenses associated with
the process of recovering from fraud.
 

Here are a few examples of covered expenses:

• Fees for reapplication and the reissuing of various identification documents such as passports, Social Security cards, and driver’s licenses.
• Loan application fees for reapplying if the initial application was denied due to the identity fraud.
• Reasonable attorneys’ fees for defense of lawsuits and related costs.
  

Identity theft is a crime that can have terrible consequences. However, with swift and thorough action—and the assistance and expertise of trained professionals— victims can regain control of their credit,
finances, and good name.

Identity theft insurance is worth considering and the cost runs from $25 to $50 a year, according to the Insurance Information Institute. Give us a call at 508-347-9343 and schedule a time to talk with us about Identity Theft Coverage. Identity Theft Insurance.

Water Damage: A Renter's Potential Nightmare

 

According to the Insurance Information Institute (iii.org), water damage is the second most common cause of property damage. Yet, 63% of renters do not have renter’s insurance. Many tenants presume their landlord's insurance policy will cover the damage to their belongings. Unfortunately, this is not the case.

 

A landlord's insurance covers repairs to the building itself, not the renter's personal possessions. With winter’s chill upon us, if a pipe were to freeze and break thus flooding the apartment’s interior, the landlord would be responsible for repairing the pipe and any damage to the structure. As a tenant, you would be responsible for replacing your personal property.

 

Or let’s flip that around. Let’s say you caused the water damage due to an overflowing tub or sink causing water damage not only to your apartment, but to other units in the building as well. A renter’s policy can protect you from property damage to others.

 

Renters insurance covers your personal property in the event of a disaster. And it’s not expensive. The average policy, depending on coverage is about $20 per month for $20,000 policy, according to the Independent Insurance Agents and Brokers of America. 

 

What to do if you have a water loss:

• Take photos and/or video of the damaged property. And don't throw anything away until your claims adjuster has completed an inspection. 

And if you don't have renter’s insurance, definitely call us now at 508-347-9343!

 

 

Preventing Fire Losses

When is the last time you did a fire safety check at your business? Fire safety is important business. Experts have identified the most frequent causes of loss and how to reduce the extent of damage when accidents occur. Below are questions designed to help you decide whether you need to take additional precautions to control the risk of fire.

§ Are employees trained in fire safety?

o   Do they know exactly what to do if a fire starts?

o   Is extra training given to those responsible for storage areas, housekeeping, maintenance and operations where there are open flames or flammable substances are used or stored?

§ Do you have the right type, size and number of fire extinguishers? Your fire department or fire protection equipment supplier can best advise you.

§ Are the fire extinguishers serviced and tagged annually?

o   Do you review with employees at least once a year where the fire extinguishers are and how to use them?

§ If needed, have you modernized your electrical system? Faulty wiring causes a large percentage of nonresidential fires.

o   Are electrical panels accessible, with at least three feet of clearance and labeled? Except for temporary use (or surge protection for sensitive electronics such as computers) electrical equipment should be plugged directly into an outlet, rather than into extension cords.

§ Do you regularly check your heating system?

§ Does your building have a fire alarm system connected to the local fire department or an alarm company?

§ Have smoke detectors been installed, and are they regularly tested?

§ Does your building have a sprinkler system to douse fires?

o   If so, is it serviced, including a main drain test, at least annually?

o   Is your sprinkler system the right one for your kind of building and the materials used in your business? Different types of buildings and contents require different types of fire suppression systems. Your insurance carrier, alarm company or local fire department can assist you in choosing the most appropriate type of system.

§ Have you posted "No Smoking" signs?

o   Do you enforce the rule?

o   Is there evidence of smoking?

And while I have you thinking about fire safety, think about your business interruption coverage too. Fire is one of the costliest perils that affect businesses. And while business interruption insurance is often a part of the overall property insurance coverage for a commercial property, you want to ensure that you are covered for many of the costs of shutting down your business and restoring operations—in addition to the separate coverage for direct property losses provided in your standard fire insurance policy.

Unsure as to all that your policy covers? Give us a call at 508-347-9343 and we’ll review your policy with you. Remember, the best insurance is prevention.

 (Source: Insurance Information Institute www.iii.org)

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AirBnB: Questions You Should Ask Before You Rent Out Your Home

A lot of events happen in our area: The Brimfield Antiques and Collectibles Show, the Patriots in the
play-offs, college graduations (20+ in Central MA within a 30-mile radius). All these events are tempting times to make a little extra cash by renting out your home on sites like AirBnB. But do you
know the risks and liabilities? Do you know exactly what your homeowners policy covers?

If you rent out your home for a one-time event, you may be covered, according to the Insurance Information Institute (III), but different insurers have different requirements. Some may require advance notice; others might want you to purchase an endorsement (an add-on) to your homeowners policy to provide broader coverage for the renter. (III)

Or, if you're planning to rent your home for short periods on an ongoing basis, (e.g., all three Brimfield show weeks) some insurers may consider that a "business" and require you to purchase
business insurance. (III) And, if you're planning to rent your home for a longer period of time, say six
months, you will likely need a landlord policy. (III)

Now, let's talk personal property . . . of a paying guest, that is. Is their personal property covered by
your homeowners insurance policy? Most likely not. The property of a paying guest would not be covered by a typical homeowners policy. If something, such as a fire, occurs while the paying guest is staying in your home, their own renters or homeowners policy may cover the loss of their personal property.

And what about your personal property? What if a paying guest steals your property during their stay? Sorry, but you likely won't be covered by your homeowners insurance either. There are typically exceptions on a homeowners policy for theft that takes place in the part of a residence being rented to a paying guest.

Oh boy…what if my guest injures somebody or causes damage to a neighbor's property? Does my
homeowners insurance cover that? (Cringe) Most likely not. While the liability coverage of your homeowners policy typically does protect you from financial loss if you're legally obligated to pay for another person's injuries or for damage you do to their property; it will typically not extend to a guest.

If your paying guest was responsible for another person's injury or property damage, they would
need to look to their own renters or homeowners policy for liability coverage.

Okay, but what if my guest damages my own property? Surely now I would be covered. Don't hate me, please, but your policy most likely won't cover these types of damages, either. Your homeowners insurance won't likely consider a broken television, for example, a "named peril." And to
add salt to this wound, most homeowners / renters policies exclude property damage to a rental
property.

So what precautions should you take before renting out your home, even for one day? First and foremost, call us. We will help you to understand what your existing homeowners policy may or may not cover, what exclusions might apply, and if an endorsement is necessary.

We recommend, too, that you do your due diligence. "Do a thorough interview of anyone before giving them access to your home. Most home sharing sites offer a screening service that gives you an overview of a candidate's background, but you likely want to go further, asking for identification, doing reference checks, asking for deposits (much like you would do when taking on a rental tenant as a landlord). You might also require any paying guests to have their own homeowners or renters insurance policy; check to see what their policy covers (liability, for instance) and consider whether their insurance is extensive enough to help you avoid any undue risk." (nolo.com)

(Sources: https://www.airbnb.com; http://www.nolo.com/legal-encyclopedia/insurance-questionswhen-renting-out-your-home-short-term.html; http://www.iii.org/article/what-type-of-insurance-do-i-need-ifim-renting-out-my-home)

Top 3 Auto Perils Between March and May

What do you think are the top three hazards car owners face between March and May? If you said
hail, water, and wind you’d be correct.

The insurance industry relies heavily on historical data to predict the future. According to Farmers Seasonal Smarts Digest, while April showers may bring May flowers, many of us will also deal with another spring weather phenomenon -- hail and lots of it.

Keep your vehicle in a garage or under a carport / awning during a hailstorm. If covered parking isn't
available, you may want to consider a hail blanket or specialized car cover. Make sure all coverings
are secure, as the wind associated with hailstorms can blow loose covers away.

High winds are also perilous to cars. From falling tree limbs to tornado debris, wind damage can be
extensive. Here are a few safety tips to keep in mind during high winds:

• Never try to outrun a tornado. You would need to drive more than 70 miles per hour to outrun the fastest tornado.
• While an overpass may seem like a great spot to wait out a hailstorm, it may put you and your car in greater danger, since hailstorms often are part of larger severe weather systems that may include tornadoes. Stopping under an overpass can result in even more damage to your car and occupants, if high winds, as well as the debris picked up by those winds, move through the underpass.

Warmer weather also brings an increased risk for damage from flash flooding brought about by spring's strong storm season, as well as windshield and body damage caused by gravel pieces from
newly-formed potholes on roads across the country. Nearly 500,000 insurance claims each year
are directly related to damage from potholes.

Keep an eye out for "covered" potholes. Potholes can fill with water following a storm or as roadside
snow melts, which makes them harder to notice and their depth difficult to judge. A good rule of thumb is to safely avoid mysterious puddles.

Know where your route will take you at all times and understand if you're driving (or even parking)
near drainage channels, underpasses or similar areas. These are areas where flash flooding can occur at any time, regardless of whether typical warning signs like rain clouds or heavy rain are
present.

And lastly, don't panic if you're caught in a flood. If you're inside your vehicle, you should consider
staying where you are and waiting for rescue if safety permits.
(Source: https://www.farmers.com/news/seasonal-smarts/)

Water Damage: A Renter’s Potential Nightmare

According to the Insurance Information Institute (iii.org), water damage is the second most common cause of property damage. Yet, 63% of renters do not have renters insurance. Many tenants presume their landlord's insurance policy will cover the damage to their belongings. Unfortunately, this is not the case. 

A landlord's insurance covers repairs the building itself, not the renter's personal possessions. With winter’s chill upon us, if a pipe were to freeze and break thus flooding the apartment’s interior, the landlord would be responsible for repairing the pipe and any damage to the structure. As a tenant, you would be responsible for replacing your personal property.

Or let’s flip that around. Let’s say you caused the water damage due to an overflowing tub or sink causing water damage not only to your apartment, but to other units in the building as well. A renters policy can protect property damage to others. 

Renters insurance covers your personal property in the event of a disaster. And it’s not expensive. The average policy, depending on coverage is about $15 per month for $30,000 policy (Independent Insurance Agents and Brokers of America). A basic renters insurance policy covers:

• Frozen pipe breaks
• Windstorm or hail
• The weight of sleet, snow or ice
• Fire sprinkler failure
• Plumbing leaks
• An accidental discharge from an appliance

What to do if you have a water loss

• Call your landlord and call us, your dedicated insurance representative at 508-347-9343
• Take photos and/or video of the damaged property. And don't throw anything away until your claims adjuster has completed an inspection. 

And if you don't have renters insurance, definitely call us now!

McCurdy Insurance, 508-347-9343, where the Best Insurance is Prevention!

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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Happy Holidays

No matter what holiday you celebrate -- and this time of year has a plethora of them -- the holidays mean family get-togethers, celebrations, good times catching up with good friends, and parties -- lots of them. And parties mean plenty of food, laughter, and beverages of all kinds. 

During the holidays it's time to be especially careful when entertaining, and especially careful in New England where we have more seasonal hazards like ice, snow, sleet, cold.  And while 'tis the season to be jolly, when it comes to alcoholic beverages, they need to be handled and served with care.

So allow me to get right to the point right out of the gate. YOU CAN BE SUED as a homeowner, business owner, or tenant. Anyone who provides alcoholic beverages has enormous responsibility and risk.

Yes, even as a homeowner entertaining a few friends or relatives can unwittingly create danger. Friend and family over-indulging in alcoholic beverages can lead to serious consequences. Even as a social host you have responsibilities to your guests and to the general public.

Below you will find a few tips that may help. In fact, just being aware of these is a good starting point.

Have fun, be safe…

As a party host, you probably don't want to think about your potential liquor liability. But it's something you'll want to consider as your party planning gets under way this holiday season.

That’s because most states hold party hosts who offer excessive alcohol to their guests responsible for those guests' actions behind the wheel (or for serving alcohol to minors). In those states, anyone injured by a drunk driver has the right to sue the host of the party who served the alcohol. Sometimes, criminal charges may even apply.

A 2017 jury verdict shows just what can happen -- $3.5 million jury verdict last year against a family serving alcohol to teenagers (this could have been adults as well). A young female guest left with a male guest who was obviously drunk. The boy caused a terrible accident that left the girl with brain damage.

Here is how you can help and prevent a tragedy:

·      Limit guests to people you actually know -- and seriously consider cutting from your list anyone who habitually overindulges.

·      Encourage your guests to choose a designated driver before they arrive.

·      Serve plenty of nonalcoholic drinks and food to help counter the effects of the alcohol.

·      Have activities like dancing or games going on that don't involve alcohol.

·      Stop serving alcohol well before the party ends.

·     Offer to call a cab or be the designated driver for anyone who appears intoxicated.

Have a happy and safe holiday season. And remember: "The best insurance is prevention."

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Bad Santa: Protect Your Clients Against Theft This Holiday Season

Article by Will Jones in IA Magazine

2014 marked nearly 15,000 home thefts during November, December and January, according to Nationwide claims data.

The holiday season might be a time of goodwill, a time to celebrate and a time to put your feet up, but this time of year also presents increased risks for homeowners.

"The holidays are a festive time, but there are lots of moving parts and it's hectic -- people get lost in it," says Lisa Lindsay, executive director, Private Risk Management Association. "Absent a plan, they’re likely to not pay attention to things that are important."

Don't let the Grinch steal Christmas. Help your clients avoid expensive losses by sharing these four tips:

Prepare for porch pirates. In 2016, nearly 26 million Americans had a holiday package stolen from their front porch or doorstep, up from 23.5 million porch thefts reported in 2015, according to a study released by InsuranceQuotes.

As online shopping becomes more popular, increasing the number of deliveries to homes, clients should be prepared for these types of  porch pirates.

While technology like smart motion detectors and cameras can alert you when someone's on your porch, Lindsay says there are also "some simple things that don’t require an investment in technology."

Tips include making sure you're home when you’re expecting a delivery, sending deliveries to your office, asking a neighbor to take in a package or utilizing a pickup service such as Amazon Locker, which "allows you to pick up a package at your convenience," Lindsay says.

Protect information online. In 2017, fraud attempts between Thanksgiving Day and New Year's Eve increased by 22%, while the number of online transactions increased by 19%, according to ACI Worldwide, an electronic payments solutions company.

When shopping online, "make sure you’re on a secure site" -- one marked with "https," Lindsay says. A secure site is marked by a small padlock item in the corner of the URL and, compared to websites that begin their URL with just "http," that extra "s" literally stands for "secure."

Second, "use credit over debit," Lindsay says. "With a credit card, you have some recourse if somebody steals your information. As we all know, a debit card comes right out of your bank account." Of course, looking out for any unusual activity on bank statements or credit reports is another important preventative measure to guard against online fraud.

And never do something like this: You're at the mall and you can’t find the gift you’re looking for, so you decide to sit down, log in to the public Wi-Fi and start searching for it.

“It’s through the use of public Wi-Fi that your personal information is transmitted, and there are people out there that are seeking to capture it," Lindsay says. "I would really encourage people to use a secure network or wait until they get home to make that purchase."

Leave the lights on. Your clients might be headed out of town this holiday season, but remember: Crime doesn't take a vacation.

That's why it's important to "make sure it appears like you're home," says Lindsay, who recommends putting a stop on newspapers and mail, as well as leaving lights on. After securing the premises and making sure alarm systems are in working order, "we also recommend that people have someone check on their home while they're away," she adds.

Additionally, "think about having a social media plan," Lindsay says. "People get lost in the moment of wanting to share where they're going and for how long -- but that's an advertisement of where you’re not."

Display the tree, not the presents. The average burglar spends eight to twelve minutes in a home, according to the FBI -- and that means clients who intend to stay close to home this holiday season aren't immune to thieves either.

Homeowners should always lock doors and windows before leaving the house, and those who hide a key nearby should consider changing the location or removing it altogether during the holidays. Another key tip: Wait until the last moment to lay out gifts to avoid them being spotted from outside.

Lastly, "During the holidays, there's usually a lot of people coming in and out of the home, especially if somebody's hosting a holiday party," Lindsay says. "If you plan on entertaining or having people in your home, just be mindful of putting your personal items such as checkbooks, wallets and credit cards away."

(Source: https://www.iamagazine.com/strategies/read/2018/12/12/bad-santa-protect-your-clients-against-theft-this-holiday-season)

Will Your Christmas Party Be Holiday Cheer or a Potential Lawsuit?

Most states have laws, which govern the operation of bars, taverns, restaurants or any other businesses who are required to have a liquor license in order to sell and serve liquor. State laws further define the responsibilities of these business owners for the actions of their customers who leave their place of business after having too much to drink. These businesses are encouraged to purchase a Liquor Liability Insurance Policy to provide protection for potential lawsuits due to property damage or bodily injury caused by an intoxicated customer. 

Many states extend liquor liability to any "social host" who continues to serve liquor to anyone who appears to have had too much to drink and will likely be driving home. So if you plan to have a company Christmas party where liquor or alcohol will be served, there are some precautions you may want to take:

• Contact your State Department of Insurance to see if current state law will hold you and your company liable for the actions of your party guests.
• Contact your business insurance agent to see if a Special Event Liquor Liability Policy is available in your state.

TIPs

• If possible, have the party at a location other than on company property.
• Don't make attendance mandatory or require employees to work if they don't attend; this makes it definitely a company event.
• It is best to hire an outside bartender, since an "open bar" allows members of management and employees to serve alcoholic drinks to other employees. The bartender should have enough training to recognize when someone has had too much to drink.
• Don't serve drinks at the table. Require everyone to come to the bar so the bartender can see them.
• Serve lots of food and non-alcoholic drinks.
• Have someone keep an eye on your guests, to recognize when someone has had too much alcohol.
• Keep an eye on everyone as they leave the party to determine whether or not they are sober enough to drive.
• Make arrangements for transportation for those who shouldn't get behind the wheel of a vehicle.

You may even want to consider an "alcohol free" Christmas party. You will just have to weigh the advantage of alcohol over the potential for workers comp claims or lawsuits due to sexual harassment, property damage or bodily injury which might result from the actions of an intoxicated party guest or employee.

Water, Water Everywhere: Loss Data May Surprise You

Water damage is the leading cause of property-related losses for homeowners, according to Chubb claims data.

A recent Travelers report reveals similar findings: After analyzing eight years of claims data, the insurer found that 20% of homeowners claims were attributable to non-weather water issues including plumbing, sewer or appliance leaks and failures -- making non-weather water losses the second most common homeowners claim, after wind (24%). Meanwhile, 11% of homeowners claims were caused by weather-related water.

Beyond just contributing to claims frequency, water is also the culprit in many devastating losses. Travelers reports that non-weather water and weather-related water damage accounted for 17% and 7% of the most expensive homeowners claims in 2009-2016, respectively -- and since 2015, water losses exceeding $500,000 have doubled, while those exceeding $1 million have tripled, according to Chubb.

Despite all this evidence, however, consumers may not be taking water threats as seriously as they should. Regarding weather-related water losses, Chubb reports that nearly half of homeowners believe weather reporting is "regularly" or "frequently" exaggerated, and 36% believe it’s "sometimes" exaggerated.

Furthermore, between summer 2017 and 2018 -- a timeframe that encompassed one of the worst hurricane seasons on record -- Chubb reports that 64% of homeowners did not change their home protection strategies. But people are still at risk from hurricanes even if they don’t live near the coast: 33% and 31% of Chubb’s Hurricane Harvey and Irma claims, respectively, were 25-50 miles away from the shoreline. And hurricane or not, flood remains the No. 1 disaster in the U.S., says Ana Robic, COO, Chubb Personal Risk Services.

"A lot of people think, 'This is never going to happen to me -- this is only a problem in X location,'" says Tanya Brown-Giammanco, lead researcher on the Insurance Institute for Business & Home Safety’s Hurricane Harvey Wind Damage Investigation Report. "But most locations in the U.S. are prone to some kind of disaster."

Non-weather water can also be more devastating than many homeowners may realize. "Once a consumer has a water loss, they’re definitely more aware of it for the next time," says Angi Orbann, vice president of Product Personal Insurance at Travelers. "But other than that, consumers typically aren’t thinking about those type of water losses."

And if a homeowner is away and doesn't notice a leak immediately, "the damage can be quite severe," Orbann adds. "Think about a two-story home where there’s a bathroom on the second story. If that hose line goes, it’s easy for it to be running down to the downstairs and possibly the basement for eight hours or longer if you’re away for a weekend. Those claims tend to be very disruptive."

Robic outlines a real-life scenario in which a homeowner was away on vacation when their washing machine hose burst, causing water to run unmonitored for several days. The water caused significant damage to the first and second floors of the home, including substantial damage to a newly renovated kitchen on the first floor.

At McCurdy Insurance, we will talk with you about your most common and most expensive risks and advise you on how to prepare for or prevent some of those losses.

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