Posts Tagged ‘insurance claim’

Determining Premiums for Home and Auto Policies

February 9, 2015

iStock_000011471283XSmallThe age old saying “things just aren’t the way they used to be” still holds true when it comes to how insurance companies price insurance these days. The way it “used to be” was that a company would look at more risk based information when it came to pricing.

For instance, on home insurance policies, the age, location, and features of the home, along with whether or not the prospective insured had suffered any claims over the past 3-5 years, were the sole determining factors when it came to pricing. After determining the rebuild cost of the home to set the amount of insurance, the price for the coverage would be consistent from person to person using this method of pricing. However, this is not so in today’s insurance marketplace.

About 15 years ago, insurance companies began looking at the client more personally, focusing on their credit score, along with other personal information to assign them an Insurance Bureau Score. This score is now used as a determining factor for the price and is more heavily weighted in the pricing system than the risk characteristics mentioned above. The result is the higher a person’s credit score the lower the premium stands to be. Statistics have shown that people with higher credit scores typically are more reliable and responsible when it comes to day to day life. Insurance statistics also show these people are less likely to suffer a loss or file a claim when it comes to non-weather related incidents. Of course no one can predict the weather. However, most all other claims are preventable. (more…)

The Polar Vortex and Burst Pipes

January 21, 2014

Polar_Vortex_2014By now, many of you know someone who had their plumbing pipes freeze and burst during our “Polar Vortex” sub-freezing temperatures. Or, it may have even happened to you. So how does an insurance policy respond?

Well, for a regular occupied homeowner policy or occupied rental dwelling policy, freezing of a plumbing system or household appliance is a covered loss. And, since the cause of the loss is freezing, the policy pays to repair or replace the damaged system or household appliance. In addition, if the house is not livable while the repairs are being completed, additional living expenses or loss of rent (landlord policy) are also covered. (more…)

Everything You Read on the Internet Isn’t True!

October 28, 2013

insurance_claimIn a recent report from InsuranceQuotes.com, Georgia homeowners only pay an average of 6 percent more for their homeowner’s insurance after making one claim. That puts Georgia among 18 states that are below the national average of 9 percent.

While on the surface this seems like a big relief, tread lightly down the path of filing claims. First of all, I recommend carrying higher deductibles on your policy to discourage turning in small claims. Most property insurance companies now have a minimum deductible of $1,000 on new policies going forward. The higher deductible also saves premium dollars over the years.

While there are many types of losses that are covered under a homeowner’s insurance policy, turning all of them in can lead to your policy being canceled. After the policy has been canceled, you’ll then be placed in a high risk pool for insurance, with a rate 3-5 times more than you are currently paying. (more…)

Life and Times of an Insurance Adjuster

September 7, 2010

glen curry, insurance adjusterI began my insurance career on February 12, 1988, as a Claims Representative (aka Insurance Adjuster) for a major insurance company. Little did I know the situations encountered for the next 10 years of my life would shape me as an individual in ways beyond I could ever imagine. No other career path I can think of requires one to be a contractor, psychologist, attorney, expert negotiator and doctor all rolled into one. In one single day, it was not uncommon to inspect 4 different property claims involving all five of these fields. The job was never boring! 

The schedule for any given day might look something like this:

9:00 AM – Take a recorded statement from the owner of a dog that bit a little girl in the face when she tried to go under a coffee table to retrieve the furry stuffed animal that happened to be alive.  While there, take photos of the dog and where the incident took place.

10:30 AM – Inspect the home of an insured that accidentally set a grease fire in their kitchen. There is fire damage to the house along with smoke damage throughout. Take photos, diagram and measure each room so an estimate to repair and clean can be written, advise the insured to find a contractor they want to do the work and explain the process. (more…)