We Answer Common Home Insurance Questions

We Answer Common Home Insurance Questions

Whether you are a new homeowner or have owned your home for a longer period, there’s no doubt you have any questions about homeowner’s insurance. You want to protect your home, your possessions, and your family. Below are five of the most frequently asked questions about homeowner’s insurance.

As a homeowner, am I required to have insurance? Yes, in most cases, especially if you have a lender. It’s also wise to look into insurance if you are in the process of constructing your home and even renting your home to someone else.

What types of coverage does homeowner insurance provide? Two types casually, which covers the home and contents, and liability, which covers anyone who is injured on your property. With both types, the amount of coverage depends on the policy.

Will the replacement cost be the same as the sale price of my home? No. The replacement cost will cover the amount needed to replace the structure and/or contents. Replacement cost is usually calculated based on the individual policies formula. It’s wise to take inventory and photographs of your home and contents.

Will homeowner insurance cover damage or theft outside of my home? It depends on the policy. Sometimes standard policies offer this kind of coverage, but if not, ask if purchasing the coverage at additional costs is an option.

Are home-based businesses covered under homeowner insurance? No, unless you qualify for an endorsement to your current homeowner insurance policy. Otherwise, look into getting a business owners insurance policy.

Of course, homeowners will have more questions about homeowner insurance particular to their own situations (including protection against the elements, possessions that are no longer in the home, contents of vehicles, etc.). When searching for a homeowner insurance policy, be sure to ask about coverage relevant and beneficial to your own situation.

 

2017 Was A Tough Year For Many Insurance Companies

2018 is here, and 2017 is in the rear view mirror.  Last year we saw and experienced many hardships and disasters, but also hand many successes.  We hope 2018 brings you much happiness and success.  2017 was a year in which many entire communities were destroyed by storms and wildfires, 20 million or more people experienced an identity theft, and a number of women come forward describing their sexual harassment.

Here is a list of the top risk issues for 2017

Wildfires in California and Oregon – over $4 billion in damage

Storms in Texas, Florida, and the Northeast

Flooding in Texas, Oregon, and most of the Midwest

Identity theft and cyber breaches

An increase in sexual harassment claims

The continued evolution of driverless vehicles

The regulation of drones

Advances in home technology

Retention of key employees

The ability to attract quality workers

Terrorism

Random shootings

Over the next few months we will try to help you develop a clear plan on how to manage these risks. Please contact our office and we will be happy to help you identify what is important to you and then put together a plan to help you manage you risks most effetely.  Here are just two.

Identity Theft and Cyber Breaches

Identity theft insurance provides reimbursement to victims for the cost of restoring their identity and repairing credit reports.  This type of insurance will help you with certain kinds of expenses to aid you in restoring your credit. Cyber policies cover the liability arising from website media content as well as breach related property losses such as: (a) business interruption, (b) data loss/destruction, (c) computer fraud, (d) funds transfer loss, and (e) cyber extortion.  It can also provide notification and other services for a covered loss.

Harassment Claims

Your business must address this issue head on.  First, you need to secure employment practices liability insurance.  This insurance will offer defense and indemnification coverage should you be involved in an employment litigation.  Second, your business needs to have a clear anti-discrimination policy.  The policy should include reporting procedures and anti-whistleblower provisions.

 

 

How Cloud Computing Changes Cyber Risk Exposures

Cyber risk and cloud computing is a topic that keeps evolving. In a recent study 40% of companies thought they did not need cyber liability insurance. Many thought cyber liability was covered under their business insurance policy. And others thought that if they used the cloud to store client’s information that they had no risk.

A recent example has been the Anthem Health data breach; here over 80 million people may have had their personal data compromised. If a large company like Anthem Health can have a cyber-breach, so can your company. See More Here

How Cloud Computing Will Change The Cyber Risk Landscape

There is no question that cloud computing changes the cyber risk landscape. But using the cloud does not reduce your risk. In fact, using the cloud may increase your risk. As more firms use the cloud, cyber criminals will increase their efforts to brake in, as there is more information for them to steel. Your risk will vary depending on the platform your firm uses. One benefit is that your business may require less in house technology which will reduce operating costs.

Cyber Risks Are Growing

Russian hackers recently stole over 2 billion online names and passwords. Home Depot had millions of customer credit cards stolen. A local restaurant recently had 1200 customer credit card numbers stolen, and finally a medical clinic had a lap top stolen that contained 5,000 patient’s names and confidential information. Every company is at risk for cyber theft and loss.

Cyber Insurance

We can provide your firm with the right combination of pricing and coverage. Cyber risk    insurance is available at very reasonable premiums. Many of our companies offer coverage to help protect your business from loss.