Winter Insurance Tips for Work & Home

Insurance agent, expert and subscriber Stacie Leigh Cook of Insurance Inc shares some timely insurance tips for fall and winter that can be helpful to you…

Insurance Tips for the Winter

HOME:
If your home had lots of icicles last winter — or worse, ice dams, which can cause melt water to back up and flow into your house — take steps to prevent potential damage this year.

• A home-energy auditor or weatherization contractor can identify and fix air leaks and inadequate insulation in your home’s attic that can lead to ice dams. If you have the work done before December 31, 2013, you can claim the federal energy-efficiency tax credit for 10% of the cost (excluding installation), up to $500. Your state or utility may offer a rebate, too
•  Check out your roof Or at least scan it closely with binoculars. Look for damaged, loose or missing shingles that may leak during winter’s storms or from melting snow
•  Clean the gutters out If your gutters are full of detritus, water can back up against the house and damage roofing, siding and wood trim — plus cause leaks and ice dams
•  Divert water Add extensions to downspouts so that water runs at least 3 to 4 feet away from the foundation
•  Disconnect all garden hoses and drain the water that remains in faucets. Un-drained water in pipes can freeze, which will cause pipes to burst as the ice expands.
•  If you don’t have frost-proof faucets (homes more than ten to 15 years old typically do not), turn off the shut-off valve inside your home
•  Trim tree and tree branches. You may need to hire an arborist to remove deadfall or trim limbs close to your home or power lines that could cause problems in a winter storm
•  Clean and/or replace your furnace filter.
• Clean the clothes dryer exhaust duct and space under the dryer. Remove all lint, dust, and pieces of material.
• Check your electrical outlets for potential fire hazards such as frayed wires or loose-fitting plugs. Be sure not to overload electrical outlets, fuse boxes, extension cords or any other power service.
• Keep a multi-purpose fire extinguisher accessible, filled and ready for operation.
• Inspect your smoke detectors. Make sure there is one on each floor of your home. Test them monthly, and change the battery
• Have your furnace cleaned and inspected annually by a qualified technician.
• Keep flammable materials, including all lawn and power equipment, away from water heaters and wiring in the basement.
• Keep the house warm- The temperature in your house should be at least 65 degrees. The temperature inside the walls where the pipes are located is substantially colder than the walls themselves. A temperature lower than 65 degrees will not keep the pipes from freezing. Check and repair caulking around doors and windows that show signs of deterioration.
• Maintain steps and handrails. Broken stairs and banisters can become dangerous when covered with snow and ice. Make repairs now to prevent someone from falling and seriously being injured.
• Call your oil or gas company to inspect and clean your heating system. Not only can this prevent a potential loss, it can possibly save you energy costs.
•  Test your sump pump average life of a sump pump is  about ten years, according to Chubb Personal Insurance
• Inspect and clean your fire place. Before you burn the Yule log, make sure your fireplace (or any heating appliance burning gas, oil, wood or coal), chimney and vents are clean and in good repair. That will prevent chimney fires and prevent carbon monoxide from creeping into your home
• Check insulation and Add extra insulation to attics, basements and crawl spaces. If too much heat escapes through the attic it can cause snow or ice to melt on the roof. The water re-freezes causing more snow and ice to build up. This can result in a collapsed roof, and can contribute to ice damming. Ideally, the attic should be five to ten degrees warmer than the outside air. Well-insulated basements and crawl spaces will also help protect pipes from freezing.

AUTO:

• Check your tire pressure. With frequent weather and temperature changes, tires can expand and contract, causing them to lose air pressure. Make sure tires are properly inflated and have plenty of tread.
•  Watch out for deer : If you live in an area with a large deer population, you are more likely to encounter a situation where they will run onto the roadway, especially at dawn and dusk, since the fall is one of their more active times of the year. If you see a deer on the side of the road, slow down and approach with caution. Another tip: they often travel in groups, so if one runs out in front of your vehicle, chances are additional deer may follow shortly thereafter.
•  Have an emergency kit in your car incase you get stranded in the snow, flashlight , flares, window scraper, lighter , water, food  and a blanket.
•  Make sure you have plenty of windshield wiper fluid in your car to keep your windshields clean and ice free.

BUSINESS (courtesy of the SBA web site):

1. Assess Your Risks. Insurance companies determine the level of risk they’ll accept when issuing policies. This process is called underwriting. The insurance company reviews your application and determines whether it will provide all or a portion of the coverage being requested. Each underwritten policy carries a premium and a deductible. A premium is the price you pay for insurance. Premiums vary widely among insurance companies, and depend on a number of risk factors, including your business location, building type, local fire protection services, and the amount of insurance you purchase. A deductible is the amount of money you agree to pay when making a claim. Generally, the higher deductible you agree to pay, the lower your premium will be. However, when you agree to take on a high deductible you are taking on some financial risk. So, it’s important to assess your own risks before you go shopping.

2. Shop Around. The National Federation of Independent Businesses provides information for choosing insurance to help you assess your risks and to make sure you’ve insured every aspect of your business. The extent and costs of coverage vary from company to company. Some brokers specialize in insuring specific types of business, while others can connect you with policies specific to your business activities. For example, if you operate a tow truck service, you’ll want to find an agent that can help find policies that specifically cover automotive service businesses. Often specialist brokers can get you the best coverage and the best rates.

3. Consider a Business Owner’s Policy. Insurance can be purchased separately or in a package called a business owners’ policy (BOP). Purchasing separate policies from different insurers can result in higher total premiums. A BOP combines typical coverage options into a standard package, and is offered at a premium that is less than if each type of coverage was purchased separately. Typically, BOPs consist of covering property, general liability, vehicles, business interruption and other types of coverage common to most types of businesses. BOPs simplify the insurance buying process and can save you money. However, make sure you understand the extent of coverage in any BOP you are considering. Not every type of insurance is included in a BOP. If your business has unique risks, you may require additional coverage.

4. Find a Reputable, Licensed Agent. Commercial insurance brokers can help you find policies that match your business needs. Brokers receive commissions from insurance companies when they sell policies, so it’s important you find a broker that is reputable and is interested in your needs as much as his own. Make sure your broker understands all the risks associated with your business.

Finding a good insurance agent is as important as finding a good lawyer or accountant. You should always look for one that has a license. State governments regulate the insurance industry and license insurance brokers. Many states provide a directory of licensed agents.

Stacie is a 3rd generation property and casualty broker who is passionate about helping people be adequately and properly insured, she enjoys working with small business owners. To connect with Stacie personally email her at: scuthie@Insurance-Inc.com