Tag: Home Insurance

Commissioner Ted Nickel Statement on Summer Storms in Wisconsin

Madison, WI—Wisconsin Insurance Commissioner Ted Nickel expressed concern for the citizens of Wisconsin facing property damage and floods after storms in recent weeks.

“Unfortunately, this summer, many individuals throughout the state of Wisconsin have experienced the stress and pain from heavy storms as their homes and business have been damaged,” said Commissioner Nickel. “Make sure to check your insurance coverage and remember OCI and other state agencies are here to help.”

Typical homeowner’s policies usually provide coverage for damage that is the result of severe weather such as damage from hail or high winds. An exception is that damage caused by flooding is typically not covered. For protection against floods, you must purchase a separate policy from the National Flood Insurance Program.

Damage resulting from sewer backup and sump pump problems is also rarely covered in homeowner’s policies but an endorsement providing that coverage may be purchased and added to the policy. Endorsements are added to insurance policies in order to provide additional coverage to the homeowner’s policy.

Most comprehensive auto policies provide coverage for vehicles damaged in a flood. However, if you purchased collision-only coverage, you may not have coverage.

Commissioner Nickel suggests the following tips in dealing with storm aftermath:

  • Notify your insurance agent or insurance company as soon as possible to begin the claim process. Make sure you provide a telephone and/or e-mail address where you can be reached.
  • Pay attention to local news to find out if state and federal agencies are available on-scene to help with relief efforts.
  • Separate damaged items from undamaged items.
  • Make a detailed list of all damaged or lost personal property. It will help to take photos of the damage. Your adjuster will need evidence of the damage and damaged items. Do not throw out any damaged property without your adjuster’s agreement. If local officials require the disposal of damaged items before the insurance company’s claims adjuster can inspect the damages, take photos and keep a swatch or other sample of damaged items for the adjuster (e.g., cut swatches from carpeting, curtains, chairs).
  • Contact your insurance company again if an adjuster has not been assigned to you within several days.
  • Keep a file containing all the claim documentation including telephone logs, photos, estimates and receipts.
  • To avoid scams, make sure to take your time. If you feel pressured to sign a contract quickly, take a step back and investigate.

The Office of the Commissioner of Insurance (OCI) Web site has many helpful publications including Consumer’s Guide To Homeowner’s Insurance and Personal Property Home Inventory. OCI also offers several publications that may help you as you sort through the claims process, including Settling Property Insurance Claims and Documents and Records, which provides a list of documents that will need to be replaced if they have been destroyed and whom to contact for replacement. All publications are available on our Web site at oci.wi.gov/Pages/Consumers/ConsumerPublications.aspx and may also be ordered free from the agency.

 

Source: https://oci.wi.gov/Pages/PressReleases/20170712SummerStorms.aspx

Three Ways to Take a Home Inventory

The new year is a great time to take stock of your household belongings and update your home inventory. If you experience a fire, theft, or other significant loss, the insurance company will ask for a list of your belongings. This can be hard to remember, particularly during a stressful time.

A full home inventory makes your claims process easier if you have a loss.

Here are some different methods you might use:

Video Records Use the video feature on your smartphone to walk through your home room-by-room and pan over your belongings. Include an audio commentary noting any significant items, and capturing any info about quantity, age, or price that seems relevant. Open cabinets, drawers, and closets to record those contents, and remember to review your basement and garage storage, too.

Make each room or level of your home a separate video to keep file sizes manageable. Label or tag your video files and back them up to the cloud. Or store your videos on a jump drive you’ll keep offsite.

Mobile Apps You can find several home inventory apps online, including Know Your Stuff created by the Insurance Information Institute. These apps help your track more detailed information, including model and serial numbers, photos, and scans of your receipts and appraisals. Some apps include reporting features that allow you to export your data to PDF or Excel- ideal if you ever have to report a loss.

Mobile apps provide a handy way to update your home inventory on an ongoing basis, as you buy new goods throughout the year. Whenever you make a notable purchase, snap a picture of the item and the receipt right away.

Manual Records If you’re not a smartphone user, or you just prefer the tangible nature of paper records, you might like the home inventory checklist from the National Association of Insurance Commissioners. This printable form helps walk you through the main rooms of your house and includes reminders for miscellaneous items you’ll want to record.

Whichever method you choose, remember to make copies and store them offside, in the cloud, in a safe- deposit box, or with a trusted friend. You don’t want your only records kept on a computer or phone that could be stolen or lost. An up-to-date home inventory makes the claims process faster and can provide the verification your insurance company may require for certain high-value items.

Contact our agency for more details.

 

Written by: Secura Insurance Company December 29, 2016