Does Your Dog Bite?

In 2003 there were 17,000 dog bite claims submitted to insurers at an average cost of $19,000.In 2009 claims were 16,600 at an average cost of almost $25,000.Dog bites account for 1/3 of all homeowner insurance liability claims.State Farm paid out over $90,000,000 in claims in 2009.(From Best's Review Nov, 2010)Can we say this another way? One … [Read more...]

Thanksgiving Fires

From the Insurance Journal..."For most Americans, Thanksgiving Day invokes memories of safe and warm family gatherings featuring hot turkey dinners. But for some 2,000 families a year, and for firefighters across the country, the memories are not so happy.There are an estimated 2,000 fires in residential buildings in the United States each … [Read more...]

Dog Bite Claims Top $400M in 2009; Rise 30% in Last 6 Years

Dog bite claims cost the insurance industry $412 million in 2009, an increase of 6.4 percent from 2008.Dog bites account for more than one-third of all homeowners insurance liability claims paid out in 2009, says the Insurance Information Institute (I.I.I.).An analysis of homeowners insurance data by the I.I.I. found that the average cost of dog … [Read more...]

Lightning Damage and Your Insurance

Data accumulated by the Insurance Information Institute reveals that there were 185,789 home insurance lightning claims in 2009. These claims include damage to homes, contents, and electronics. The total cost of the claims was $798 million.  In 2008 lighting damage topped $1 billion. Surge protectors (at individual outlets or on your power … [Read more...]

Barbie Jeep Exclusion on the HO policy

Chris Boggs of the Academy of Insurance pointed out an exclusion on most home insurance policies I had never thought of. The policy excludes liability from Barbie Jeeps operated off the residence premises. Barbie Jeeps are those battery operated "cars" that kids sit in and ride down the sidewalk.Now, certainly there is no specific exclusion. … [Read more...]

Insurance Update of Chinese Drywall Damages

What a mess! I have been reading with interest the reports of defective Chinese drywall.From an insurance perspective your property and home insurance probably will not provide coverage.Contractors may not have coverage either, depending on the construction defect exclusions in policies.Here is an article on the financial impact of the issue on … [Read more...]

Lightning Damage

Lightning is one of the most frequent causes of homeowner insurance claims. 177,000 claims in 2007 278,000 in 2004 While the number of claims went down, the average cost per claim went from $2,646 to $5,321, according to the Insurance Information Institute. The increase in cost is attributed to an increase in sensitive electronics like flat … [Read more...]

Smart Money Article – Insurance Issues of Laid-Off Workers

A writer from Smart Money magazine called yesterday with some questions about insurance for people who have lost their jobs.Article Here.Scott Simmonds, CPCU, ARM, CMC"The Guy With the Big Insurance Brain"Providing Unbiased Insurance Assurance℠ … [Read more...]

Privilege Underwriters Reciprocal Exchange

A client called me yesterday asking about home insurance in Florida. His agent has suggested Privilege Underwriters Reciprocal Exchange, PURE for short. I had not heard of the company. Initially I thought it was a FL pooling arrangement due to insurers backing off the FL market. No, it is a true reciprocal exchange. I reviewed the website and … [Read more...]

Saving Money on Personal Insurance

Here's an article that includes some comments from an interview I did.Info on home and personal auto insurance. … [Read more...]