Here is the most recent version of Cavalcade of Risk, a bimonthly risk roundup. This month’s focuses mainly on health insurance, but there are always good risk management topics covered.
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Cut Rate Auto and Homeowners Insurance May Cost You
Cut rate auto and homeowners insurance may cost you big in the long run.
You no doubt frequently receive solicitations and ads from insurance companies promising to save you money on your auto or homeowners insurance. Most consumers are looking at each expense they pay to cut costs. However, buying cut-rate insurance may cost you much more in the long run.
Insurance is your first line of defense against life’s calamities. After a loss, these are just a few of the problems a good insurance company can help you solve.
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Provide prompt and courteous service year round after a loss.
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Provide knowledgeable adjusters who can assist you in making important post-loss decisions.
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Find a top-rated repair shop to repair your damaged car.
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Promptly and conveniently provide a replacement vehicle while your vehicle is in the shop if you purchased rental coverage.
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Pay for a similar alternative living space if you are unable to occupy your home after a loss.
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If you are sued after a loss, provide a strong defense with excellent legal counsel.
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Provide prompt board-up services after a loss.
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Help you locate a trustworthy contractor if your home or roof is damaged.
Cut-rate insurance carriers cost less because they generally provide fewer services and less coverage. The decision to purchase insurance should go beyond price. Protection for your home and family after a loss is priceless.
Several of my friends have recently been involved in auto accidents and found themselves lacking rental reimbursement coverage and gap coverage. Gap coverage helps make up the difference between a totaled new car and its depreciation if the vehicle is damaged while the owner is still “upside down.” A good independent insurance agent can help you avoid these necessary coverage gaps.
Don’t get suckered into buying insurance solely based on the lowest premium. If you have a loss, cheapest may cost you.
The AIC 44 Workers Compensation Claims Practices Class Begins May 23
I’m teaching the new and improved Associate in Claims class, AIC 44 Workers Compensation Claims Practices, on-line at Prepademy. This class begins Thursday, May 23 at 5 p.m. Pacific time.
Register with Prepademy for a great preparation for the AIC 44 class. Visit this link for more information.
As a former workers compensation claims manager, I love teaching this class, especially in its new, streamlined format. And if you miss the live presentation, Sandy Masters, the owner of Prepademy, makes the classes readily available on line so you can view them at your convenience.
We hope you can join us!
Hoarding Behaviors Cause Landlords Big Problems
Hoarding behaviors are on the rise. Take proactive steps to address problems head-on before they escalate to save you repair costs and potential liability.
Today animal and other hoarding cases are mainstream news and the stuff of television reality shows. Early in my career, I worked for a group of self-insured cities and experienced my first case of animal hoarding, if you consider a rat an animal.
In a small Bay Area apartment complex, fellow tenants walked by an apartment unit and noticed a rat sunning itself once in a while on the windowsill. No biggie, they thought. “Live and let live” is a Bay Area core value. Eventually as they passed, however, they noticed the curtains were chewed at the bottom. Still not a big deal. Until one morning, lots of rats were hanging out on the sill and the neighbors decided to peek under the ever-shortening curtain hem. What they saw freaked them out. There were many, many rats, hundreds in fact, scampering about or chillin’ on the furniture, maybe even watching Animal Planet. Neighbors called the management company which turned to the city for help. As the city’s claims representative, I arrived right after a Hazmat team.
Sure, it started out innocently enough – two rats that bred. Then those rats bred. Then the tenants turned their bedroom into the “rat room” and moved into the living room. Soon, rats were everywhere, hundreds when I arrived, as city workers in respirators caged and counted.
“Domestic squalor” is a term used by professionals to define people who slowly destroy their own living quarters. Those who stockpile may experience extreme loneliness after the death of a partner or may have a mental disorder. However, despite the reasons one begins to hoard, landlords must proactively manage these issues to reduce liability. After all, others have to live near these blighted properties.
If you own a rental unit, you probably have a hoarding story or two of your own. Tenants who store papers, hoard animals or even cook meth may be in your story repertoire. Managing the general factors that encourage or discourage these types of problems and others in housing risks can help you to avoid contending with a big, big mess. Those factors are environmental, biological and equipment-related.
Environmental factors include crowded hallways, inadequate lighting which encourages acts like using dark areas as toilets, overgrown landscaping and floors in poor condition.
Biological factors include not treating vermin infestations, such as roof rats we harbor in inner city Phoenix. These pesky creatures destroy wiring and bring a host of other problems, including mites, rat waste and odor. Bedbugs, too, have become a national problem.
Equipment factors like leaking boilers and other poorly maintained equipment are frequently the root cause of other injuries and incidents like mold.
Only by frequent condition assessments of your tenant-occupied properties can you hope to discourage hoarding and other problems. Here are some tips to help you reduce the exposure to hoarding losses.
- Try to develop relationships with repair people. Use them to report on the general condition of that property when making repairs, for example a plumber who replaces a leaking faucet or a heating specialist who repairs the heater. They can tip you off to any problems.
- Put language in your lease agreements allowing monthly property inspection. Use monthly maintenance calls to replace heater filters as the time to eyeball the property condition. This monthly visit helps you both ensure your equipment is well maintained and that hoarding or filthy conditions are nipped in the bud.
- Hoarding is a difficult situation. Do not let situation get out of hand. If you never faced this problem as a landlord, visit this URL to see what can happen when hoarding runs wild. Your city or county health department may offer guidance, as the city I represented did in the rat affair. Local social service organizations can often assist with the human element, which may be the hardest piece to manage.
- If you do run across a case of domestic squalor, you may need to marshal outside resources before safely deploying workers. Many companies now specialize in cleaning up after hoarders. Beware, though, coverage for hoarding-related losses may be dicey under your insurance policy.
Landlording is never simple, but with many living alone without family support, hoarding behaviors are on the rise. Take proactive steps to address problems head-on before they escalate to save you repair costs and potential liability.
What is the Best Day to Blog or Update Facebook?
When social media is queen, it pays to understand when you should post. We know that posting twice a week will keep your blog rising to the top in SEO optimization. This short, graphical link outlines the best days to post to your blog. Click here.
Whether you consider your business part of finance or consulting, it looks like leaning toward weekend publishing may get you more bang for your blog buck. Couple that with some keyword research services to help hit your target terms more firmly and you should see some success in time.
We provide blog content for some of the nation’s most respected regional and national insurance carriers, agencies and consultancies. We can help you succeed in your SEO or other marketing efforts. Contact us for a no-obligation chat.
Taking the Associate in Claims 30 Class?
Take the AIC 30 virtually.
I’ll be teaching the AIC 30 class for Sandy Masters’ Prepademy beginning next week. This virtual live class takes you through the Associate in Claims 30 introductory claims class and is the basis for sound claims handling.
Visit Sandy’s site for my information.