Beginning tomorrow, New York drivers who are caught talking on their cell phones without a headset will gain two points on their driving records — which means higher insurance costs.
The New York Department of Motor Vehicles (DMV) announced the change this week. Previously, no points were assigned for talking on a cell phone although two points are assigned for texting while driving violations. The new regulation will align the point penalty for both violations.
“Distracted driving is one of the most serious dangers on our roadways today,” said J. David Sampson, DMV executive deputy commissioner. “By strengthening the current law, our hope is that motorists will become even more aware of the potential consequences of their actions if they use a cell phone while driving.”
Ten years ago, New York became the first in the nation to adopt a statewide ban on handheld cell phone use while driving in 2001. In 2009, a law eliminating the use of portable electronic devices for texting while driving took effect, a violation that currently has two points attached to it along with a $150 fine.
In New York, driver distraction is a contributing factor in at least one out of five crashes, officials say. Each year over 300,000 tickets are issued statewide for cell phone violations.
Compliements of IIABNY Article Feb 16, 2011
Wednesday, February 16, 2011
Thursday, February 3, 2011
WINTER WEATHER HAZARDS AND PREPARATIONS
February 2011
WINTER WEATHER HAZARDS AND PREPARATIONS
Chubb and Your Independent Agent want your home safe and secure all year long. In harsh winter climates, it is critical to have the interior, as well as the exterior, of the home prepared to avoid potential for loss from water or fire. Following are some best practice tips to safeguard your home.
• Driveway Access – Homes with long driveways may become impassible for the fire department during heavy snow accumulation. The key is to have a plow service contracted BEFORE the storm which guarantees returning to the home to remove every 6” of accumulation.
• Ice Damming – To avoid potential ice damming, all gutters should be cleared out in the spring and fall. If clogged, ice will form and back-up under the roof line causing interior water damage. For climates with extreme winter conditions, having heat tape installed along the roof edge and into the downspouts can help avoid ice accumulation. Proper attic insulation should also be in place. Heavy Ice Damming at Roof’s Edge Roof Mounted Heat Tape
• Snow Load – Heavy snow load on any roof and/or deck can eventually lead to failure and collapse. In areas where heavy snow accumulation is prevalent, it is sometimes prudent to hire a professional company to help “shovel” the snow offt he roof.
• Insulate Exterior Pipes – Purchase weather resistant insulation kits to protect exterior pipes and help avoid pipe freeze. All exterior sprinkler systems should be winterized by a professional to remove all water and avoid residual water from freezing and bursting pipes. All pipes leading to exterior spigots should be turned off and drained.
• Chimney Cleaning – All chimneys and flues on wood burning fireplaces should be checked once a year due to the build up of creosote. Don’t forget to check for spark arrestors on all wood burning fireplace chimneys.
• Back Up Generators – These units should never be placed inside of living area quarters, garages or carports due to potential for carbon monoxide poisoning (a colorless, odorless gas which is deadly and emitted from gas burning units). These should only be located outdoors and far from open windows, doors and vents.
• House Numbers – Numbers should be marked in a conspicuous area at the front of the home with visible, contrasting colors so they are clearly visible for emergency services.
Maintaining a Safe and Warm Indoor Environment
Attention to the interior detail begins with the smallest and sometimes most obvious details and can make a very crucial difference in preventing both water and fire losses.
• Property Managers or Caretakers – Secondary/seasonal homes or homes which are unoccupied during cold winter conditions should be checked a minimum of once or twice a week. Comprehensive and conscientious inspections can detect potential mechanical failures and help reduce the severity of water losses due to freezing pipes. A walk through should include running the water in every sink, flushing toilets and possibly include leaving cabinets doors under sinks open to avoid freezing during harsh winter conditions. While some property managers will leave the faucets dripping to avoid freezing pipes, this is not recommended as it can drop community water pressure vital to fire fighting efforts if many homes use this practice.
• Marking the Fire Hydrant – Has anyone seen the fire hydrant? A large marker should be placed near it and surrounding show should be removed to make the hydrant easily visible to the fire department. Less time searching for it means more time fighting the fire! Every second is important.
• Alarms – Best practice for all alarm types is to make sure all batteries are changed every six months. Replace all detectors over 10 years old due to technological updates per the Center for Disease Control. The following are several important alarm types to be considered:
• Interior Thermometer Settings – Any home which is not completely winterized by a professional and is a secondary/seasonal residence or is left unoccupied during cold winter conditions should maintain the thermostat level at a minimum of 55 – 60 degrees or higher. Unheated, seasonal structures with plumbing should be winterized.
• Interior Plumbing Pipes Located on Exterior Walls – Keeping cabinet doors under sink areas open during heavy freeze can allow heat to circulate around pipes. All pipes should be either insulated or have wall insulation surrounding them. Space heaters should never be used in these confined areas! Interior plumbing pipes should not be located near exterior venting to avoid freeze potential.
• Portable Heaters – Space heaters should NOT be placed within 3 feet of anything flammable including curtains, furniture and bedding. Nor should they be placed on top of furniture. Extension cords should not be used to power the units. Any unit with a damaged cord should not be used. Kerosene heaters should never be used unless there is adequate ventilation.
• Baseboard Heaters – Scorch marks on interior walls may be a warning sign the unit is heating to an unsafe level and can create a fire hazard
WINTER WEATHER HAZARDS AND PREPARATIONS
Chubb and Your Independent Agent want your home safe and secure all year long. In harsh winter climates, it is critical to have the interior, as well as the exterior, of the home prepared to avoid potential for loss from water or fire. Following are some best practice tips to safeguard your home.
• Driveway Access – Homes with long driveways may become impassible for the fire department during heavy snow accumulation. The key is to have a plow service contracted BEFORE the storm which guarantees returning to the home to remove every 6” of accumulation.
• Ice Damming – To avoid potential ice damming, all gutters should be cleared out in the spring and fall. If clogged, ice will form and back-up under the roof line causing interior water damage. For climates with extreme winter conditions, having heat tape installed along the roof edge and into the downspouts can help avoid ice accumulation. Proper attic insulation should also be in place. Heavy Ice Damming at Roof’s Edge Roof Mounted Heat Tape
• Snow Load – Heavy snow load on any roof and/or deck can eventually lead to failure and collapse. In areas where heavy snow accumulation is prevalent, it is sometimes prudent to hire a professional company to help “shovel” the snow offt he roof.
• Insulate Exterior Pipes – Purchase weather resistant insulation kits to protect exterior pipes and help avoid pipe freeze. All exterior sprinkler systems should be winterized by a professional to remove all water and avoid residual water from freezing and bursting pipes. All pipes leading to exterior spigots should be turned off and drained.
• Chimney Cleaning – All chimneys and flues on wood burning fireplaces should be checked once a year due to the build up of creosote. Don’t forget to check for spark arrestors on all wood burning fireplace chimneys.
• Back Up Generators – These units should never be placed inside of living area quarters, garages or carports due to potential for carbon monoxide poisoning (a colorless, odorless gas which is deadly and emitted from gas burning units). These should only be located outdoors and far from open windows, doors and vents.
• House Numbers – Numbers should be marked in a conspicuous area at the front of the home with visible, contrasting colors so they are clearly visible for emergency services.
Maintaining a Safe and Warm Indoor Environment
Attention to the interior detail begins with the smallest and sometimes most obvious details and can make a very crucial difference in preventing both water and fire losses.
• Property Managers or Caretakers – Secondary/seasonal homes or homes which are unoccupied during cold winter conditions should be checked a minimum of once or twice a week. Comprehensive and conscientious inspections can detect potential mechanical failures and help reduce the severity of water losses due to freezing pipes. A walk through should include running the water in every sink, flushing toilets and possibly include leaving cabinets doors under sinks open to avoid freezing during harsh winter conditions. While some property managers will leave the faucets dripping to avoid freezing pipes, this is not recommended as it can drop community water pressure vital to fire fighting efforts if many homes use this practice.
• Marking the Fire Hydrant – Has anyone seen the fire hydrant? A large marker should be placed near it and surrounding show should be removed to make the hydrant easily visible to the fire department. Less time searching for it means more time fighting the fire! Every second is important.
• Alarms – Best practice for all alarm types is to make sure all batteries are changed every six months. Replace all detectors over 10 years old due to technological updates per the Center for Disease Control. The following are several important alarm types to be considered:
1) Carbon Monoxide (CO) alarms should be suggested in all homes with at least one battery operated unit in the event of a power failure.
2) Smoke Alarms – Battery operated unit should have fresh batteries every 6 months
3) Low Temperature Alarms – One sensor per heating zone is necessary to detect malfunction or failure. This can help avert pipe freeze and resulting water damage losses and is required in most territories.
• Interior Thermometer Settings – Any home which is not completely winterized by a professional and is a secondary/seasonal residence or is left unoccupied during cold winter conditions should maintain the thermostat level at a minimum of 55 – 60 degrees or higher. Unheated, seasonal structures with plumbing should be winterized.
• Interior Plumbing Pipes Located on Exterior Walls – Keeping cabinet doors under sink areas open during heavy freeze can allow heat to circulate around pipes. All pipes should be either insulated or have wall insulation surrounding them. Space heaters should never be used in these confined areas! Interior plumbing pipes should not be located near exterior venting to avoid freeze potential.
• Portable Heaters – Space heaters should NOT be placed within 3 feet of anything flammable including curtains, furniture and bedding. Nor should they be placed on top of furniture. Extension cords should not be used to power the units. Any unit with a damaged cord should not be used. Kerosene heaters should never be used unless there is adequate ventilation.
• Baseboard Heaters – Scorch marks on interior walls may be a warning sign the unit is heating to an unsafe level and can create a fire hazard
Wednesday, January 12, 2011
Lower Your Homeowner Insurance Costs
Homeowners insurance premiums often take a substantial bite out of a family’s budget. You may, however, be paying too much for this coverage. The following are some approaches you can use to reduce your homeowners insurance costs.
• Try to increase your deductible to the highest one you can afford, even if the premium savings do not appear to justify it. This will decrease your premium and increase the likelihood that your loss history will be excellent, since minor losses will be paid by you and not your insurance company. A loss-free record over time saves premium dollars. For example, if you currently have a $250 deductible on your homeowners policy, consider increasing it to $500 or $1,000.
• Consider purchasing a monitored burglar alarm. Alarms have proven successful in reducing burglary rates. In addition, most insurers provide premium discounts to consumers with these alarms, some as high as 20 percent. Some insurers are now offering discounts for homes equipped with permanently installed Backup Electrical Generators and for Non-Smoking Households.
• Maintain your home in optimum condition. If a repair is needed, perform it as soon as possible. For example, loose or missing roof shingles should be repaired or replaced immediately. A home in excellent condition is much less likely to experience a loss.
• Buy your home insurance and your auto insurance from the same company. Discounts normally apply when you do.
Mofied from the January 12, 2011 IRMI e-mail newsletter for personal lines insurance professionals
• Try to increase your deductible to the highest one you can afford, even if the premium savings do not appear to justify it. This will decrease your premium and increase the likelihood that your loss history will be excellent, since minor losses will be paid by you and not your insurance company. A loss-free record over time saves premium dollars. For example, if you currently have a $250 deductible on your homeowners policy, consider increasing it to $500 or $1,000.
• Consider purchasing a monitored burglar alarm. Alarms have proven successful in reducing burglary rates. In addition, most insurers provide premium discounts to consumers with these alarms, some as high as 20 percent. Some insurers are now offering discounts for homes equipped with permanently installed Backup Electrical Generators and for Non-Smoking Households.
• Maintain your home in optimum condition. If a repair is needed, perform it as soon as possible. For example, loose or missing roof shingles should be repaired or replaced immediately. A home in excellent condition is much less likely to experience a loss.
• Buy your home insurance and your auto insurance from the same company. Discounts normally apply when you do.
Mofied from the January 12, 2011 IRMI e-mail newsletter for personal lines insurance professionals
Tuesday, October 26, 2010
Tips for Avoiding Deer Collisions
· While you should always be aware of your surroundings, keep an especially keen eye around dusk and dawn. These are the periods of time when deer crossings occur most often. It can also be more difficult to see at dusk or dawn, since it is neither completely light or dark outside.
· One of the best ways to avoid deer collisions is to drive at a safe speed, especially in areas with deer warning signs. These signs are strategically placed in areas known to be frequented by wildlife. Follow the speed limit and you’ll give yourself enough time to react should a deer or any other animal cross your path.
· Whenever possible, use your high-beams when driving in areas with wildlife. Not only will they provide the light necessarily to see the road, but they can also help illuminate a deer’s eyes from afar, giving you proper warning. Flashing your lights at other drivers can alert them to a deer’s presence, but do so with caution, so not to distract them.
· If you do come across a dear, firmly apply your brakes, but try not to slam on them or swerve into another lane. While deer collisions are extremely dangerous, drivers losing control of their car to avoid them can be just as deadly.
· You could consider investing in one of the “deer whistle” products. These whistles emit ultra-sonic noise when driving over a specific speed and they are supposedly only audible to animals. Unfortunately, studies have shown them to be largely ineffective at minimizing accidents.
· Should you see a deer getting ready to cross the road or one that is already in the middle of it, loudly honk your vehicle’s horn. This will scare most deer and they’ll quickly make their way back into the woods. It also helps alert other drivers nearby to the situation.
· Finally, always keep an eye on the vehicles in front of you. Be prepared to stop suddenly, as there’s no telling when a herd may decide to cross, forcing the drivers in front of you to slam on their brakes.
· One of the best ways to avoid deer collisions is to drive at a safe speed, especially in areas with deer warning signs. These signs are strategically placed in areas known to be frequented by wildlife. Follow the speed limit and you’ll give yourself enough time to react should a deer or any other animal cross your path.
· Whenever possible, use your high-beams when driving in areas with wildlife. Not only will they provide the light necessarily to see the road, but they can also help illuminate a deer’s eyes from afar, giving you proper warning. Flashing your lights at other drivers can alert them to a deer’s presence, but do so with caution, so not to distract them.
· If you do come across a dear, firmly apply your brakes, but try not to slam on them or swerve into another lane. While deer collisions are extremely dangerous, drivers losing control of their car to avoid them can be just as deadly.
· You could consider investing in one of the “deer whistle” products. These whistles emit ultra-sonic noise when driving over a specific speed and they are supposedly only audible to animals. Unfortunately, studies have shown them to be largely ineffective at minimizing accidents.
· Should you see a deer getting ready to cross the road or one that is already in the middle of it, loudly honk your vehicle’s horn. This will scare most deer and they’ll quickly make their way back into the woods. It also helps alert other drivers nearby to the situation.
· Finally, always keep an eye on the vehicles in front of you. Be prepared to stop suddenly, as there’s no telling when a herd may decide to cross, forcing the drivers in front of you to slam on their brakes.
Wednesday, October 13, 2010
Monitor Your Teen's Driving
Automobile accidents are easily the leading cause of death for teenagers across America, according to the National Highway Traffic Safety Administration (NHTSA). For both genders, drivers between the ages of 16 and 19 have the highest average annual crash and traffic violation rates of any other age group. NHTSA data also show that unaccompanied 16- and 17-year-olds crash nine times more often than adults.
Research indicates that young novice drivers tend to underestimate the crash risk in hazardous situations. Teen drivers also tend to take more risks while driving, partly due to their overconfidence in their driving abilities. One way for parents to reduce their teen's chances of being involved in an auto accident is to use technology to monitor their driving characteristics and provide appropriate feedback.
A number of "black box" products are now available on the marketplace to facilitate monitoring drivers. These small devices (often the size of a pager and starting at around $280) can be simply installed into the auto your teen drives by plugging them into the Vehicle Data Link Connector (on 1996 and new vehicles). They can detect and record your teen's speed, aggressive driving such as "jack-rabbit" takeoffs, failure to wear a seat belt, unsafe backing techniques, driving locations, monthly mileage, and driving times. Thus, if your teen's curfew is at midnight and they get home at 1:00 a.m., you will know it.
With some of these products, you can simply pop the memory card out of the "black box" and plug it into your PC to display the reports and graphs. You can then review the results with your teenager, providing a great educational opportunity based on solid, technology-driven evidence. Research indicates that this type of monitoring and coaching pays off big dividends in the form of safer teen driving. Numerous companies offer these products in the marketplace, with some of the more sophisticated ones costing upwards of $1,000. A few insurers offer discounts for families who utilize these devices.
Copyright 2010
International Risk Management Institute, Inc.
Research indicates that young novice drivers tend to underestimate the crash risk in hazardous situations. Teen drivers also tend to take more risks while driving, partly due to their overconfidence in their driving abilities. One way for parents to reduce their teen's chances of being involved in an auto accident is to use technology to monitor their driving characteristics and provide appropriate feedback.
A number of "black box" products are now available on the marketplace to facilitate monitoring drivers. These small devices (often the size of a pager and starting at around $280) can be simply installed into the auto your teen drives by plugging them into the Vehicle Data Link Connector (on 1996 and new vehicles). They can detect and record your teen's speed, aggressive driving such as "jack-rabbit" takeoffs, failure to wear a seat belt, unsafe backing techniques, driving locations, monthly mileage, and driving times. Thus, if your teen's curfew is at midnight and they get home at 1:00 a.m., you will know it.
With some of these products, you can simply pop the memory card out of the "black box" and plug it into your PC to display the reports and graphs. You can then review the results with your teenager, providing a great educational opportunity based on solid, technology-driven evidence. Research indicates that this type of monitoring and coaching pays off big dividends in the form of safer teen driving. Numerous companies offer these products in the marketplace, with some of the more sophisticated ones costing upwards of $1,000. A few insurers offer discounts for families who utilize these devices.
Copyright 2010
International Risk Management Institute, Inc.
Thursday, August 26, 2010
Back-to-school: A great time to review coverage
Millions of students will be heading off to college this fall. Parents with college-age children should re-evaluate their insurance coverage.
HIGHLIGHTS
> Most home policies provide 10% of Coverage C for students away at college
> Generally damage to a dorm room or apartment would not be covered
> Students may qualify for auto good-student or distant-student discounts
College is expensive enough without finding out too late that an accident or theft isn’t covered under parents’ current policies. So, as parents get their children ready to head off to school in the fall, there’s one vital “to-do” to add to their list (other than writing that tuition check): a review of their insurance coverage.
It's important to keep in mind that policy language varies from state to state, and there are never "one-size-fits-all" situations, but below is a general guide.
HOMEOWNERS (may vary by state)
· Coverage of personal property: Most homeowners policies provide 10 percent of Coverage C (Personal Property) for property owned by an insured while it is at a residence other than the insured residence. That means if the contents of a policyholder’s home are insured for $100,000, a student’s property up to $10,000 would be covered if living in a dormitory – provided the damage is caused by a covered peril and the student meets the definition of an insured.
o Certain items, such as jewelry or expensive electronics, may require special coverage, or a “rider.” For apartments or houses off-campus, the same coverage generally applies. See your state’s product guide for specifics. Of course, renters insurance is strongly recommended if a particular policy does not cover a student’s personal property.
· Liability coverage: There usually is an exclusion for damage to property rented to an insured, so generally damage to a dorm room or apartment would not be covered.
· Ensuring adequate coverage: You should speak to your clients to give specific answers and information about their coverages. Also, having parents create an inventory of the items their student is taking to school is a good idea, as is keeping photos of and receipts for the items.
· Renters insurance: If a student's needs can't be met under their parents' current policy, don't forget Safeco’s Renters Program. We provide strong protection at a competitive price, as well as fast and easy selling through Quote & Issue. And we've recently made major enhancements to the product in 29 states.
AUTO (may vary by state)
· Coverage without a car at school: If the student will continue to drive while at home on school breaks, they should continue to be listed on an insured’s auto policy. If they are attending school more than 100 miles from home, and are not taking a vehicle with them, the policy may qualify for a distant-student discount.
· Coverage with a car at school: In most instances, a car registered to the parent and listed on their policy will be covered if used by a listed student away at school. But insureds should make sure that their insurance carrier writes coverage in the college’s state and location. It’s important for agents to know if the insured’s child is taking a car, because the principal location of the vehicle could result in a change in premium.
· Driving a friend’s car at school: Students generally would be covered while driving a friend’s car if they are listed on their parents’ policy and do not have regular use of the vehicle. The coverage would likely be secondary in this case, as the carrier for the friend’s vehicle likely would be the primary coverage.
· Coverage discounts: In addition to the possible distant-student discount mentioned above, students may qualify for a good-student discount. To qualify, a student must be enrolled in at least four courses per term as a full-time student at an accredited college university and meet certain academic qualifications. Also, drivers under the age of 21 who complete a driver education course may be eligible for a policy discount.
Contact us for additional information.
Monday, August 16, 2010
Apartments.com National Survey Reveals the Majority of Apartment Dwellers Are Living Without Renters Insurance
Renters Are Not Seeking Coverage Because They Believe It Is Too Expensive Or Did Not Know It Existed
CHICAGO, July 26 /PRNewswire/ -- Renters are 50 percent more likely to experience theft than those who own homes, according to the Bureau of Justice Statistics. Despite these risks, most apartment dwellers are still living without renters insurance. According to a recent Apartments.com survey of nearly 1,400 apartment hunters around the country, 67 percent said they do not have renters insurance. The top reason survey respondents gave for not being covered is that they cannot afford it, followed closely by many who claim they did not know this type of insurance existed. Other respondents believe they do not need renters insurance because their possessions are not valuable enough to make the investment worthwhile and nothing bad has ever happened to them.
Nearly a quarter of apartment seekers surveyed are under the assumption that renters insurance is too rich for their blood, yet the average premium is under $200 a year, according to the National Association of Insurance Commissioners. The majority of Apartments.com survey respondents who choose to protect themselves with renters insurance said they pay on average $12.50 a month or less and one out of 10 renters said they have had to use their insurance at one time or another.
The two most common components of renters insurance include protection against theft and destruction to personal belongings, including televisions and computers, and liability, which defends renters from judgments that go against them in the event that someone is injured on their property. While a large percentage of apartment dwellers are not carrying renters insurance, 33 percent of survey respondents said they are covered and list the most compelling reasons for purchasing renters insurance as protection against:
1. Theft (79%)
2. Fire/Lightening (70.7%)
3. Water Damage (52.3%)
4. Weather (e.g. Hail, Windstorm) (40.5%)
5. Smoke Damage (40.6%)
Management companies and landlords also understand the value of renters insurance. While most would likely prefer residents to carry renters insurance, nearly 20 percent of survey respondents said it is mandatory at their apartment community.
Renters may not want to think about what could go wrong at their apartment including the possible threat of a fire or burglary, yet apartment dwellers are encouraged to protect themselves from these potential perils by following these tips from Apartments.com.
1. Talk to Your Auto Insurance Provider: A good place to start looking for coverage is with your current auto insurance provider as your rate will often improve if you have multiple policies with one carrier. However, many of these same providers offer separate policies for renters insurance if you do not own a car. Decide how much coverage you want. Typically, you can purchase a policy that covers $15,000 in personal belongings and several hundred thousand in liability for a couple hundred dollars a year.
2. Picking Your Policy: There are two types of policies offered: Actual Cash Value (ACV) or replacement cost. ACV coverage will only pay you for what your belongings were worth at the time they were stolen or damaged. You will pay higher premiums with replacement cost coverage, but if something happens you will be paid the amount that it will actually cost to replace your items.
3. Keep Detailed Records: Take inventory of all the items in your apartment. Insurers state that most people underestimate the value of their possessions, and therefore, do not have enough personal property coverage. Keep detailed records of each item including its value, serial numbers and receipts of major purchases. Also, take photographs of each room, making sure all items of value are clearly visible. Store your documentation in a safe place such as a fireproof box, digital file with online access or in a bank safety deposit box to protect against a fire or natural disaster
As part of its "What Renters Want" research series, Apartments.com surveys renters on various topics. For more information on these surveys or to receive a copy of additional survey results, please contact Tammy Kotula at tkotula@apartments.com.
About Apartments.com
Apartments.com (www.apartments.com) is a leading national apartment Internet listing subscription service with more than 50,000 unique addresses representing more than three million rental units from managed properties, newspaper classifieds and for-rent-by-owner properties. With personalized searches, highly visual ads featuring "Walk Through Video," "Apartments.com Anywhere" mobile solutions, 360-degree virtual tours, professional photography and comprehensive community listings, Apartments.com makes it possible for renters to access apartment rental inventory from across town or across the country. Leads from highly qualified ready-to-rent prospects are delivered to Apartments.com customers, increasing closure rates and decreasing the average cost of leasing an apartment. The Website's foundation of solid partnerships with more than 1,000 newspaper affiliate and strategic partners across the country include Yahoo! Real Estate, AOL Real Estate, Univision, the Chicago Tribune, The Washington Post and the Los Angeles Times. Apartments.com is a division of Chicago-based Classified Ventures, LLC. Additionally, Apartments.com owns and operates Apartment Home Living (http://www.apartmenthomeliving.com), a leading social media apartment Web site distinguished by a "live for fun" community experience, proprietary lifestyle matching and local living guides to help renters find their perfect place to live.
SOURCE Apartments.com
Back to top
RELATED LINKS
http://www.apartments.com
CHICAGO, July 26 /PRNewswire/ -- Renters are 50 percent more likely to experience theft than those who own homes, according to the Bureau of Justice Statistics. Despite these risks, most apartment dwellers are still living without renters insurance. According to a recent Apartments.com survey of nearly 1,400 apartment hunters around the country, 67 percent said they do not have renters insurance. The top reason survey respondents gave for not being covered is that they cannot afford it, followed closely by many who claim they did not know this type of insurance existed. Other respondents believe they do not need renters insurance because their possessions are not valuable enough to make the investment worthwhile and nothing bad has ever happened to them.
Nearly a quarter of apartment seekers surveyed are under the assumption that renters insurance is too rich for their blood, yet the average premium is under $200 a year, according to the National Association of Insurance Commissioners. The majority of Apartments.com survey respondents who choose to protect themselves with renters insurance said they pay on average $12.50 a month or less and one out of 10 renters said they have had to use their insurance at one time or another.
The two most common components of renters insurance include protection against theft and destruction to personal belongings, including televisions and computers, and liability, which defends renters from judgments that go against them in the event that someone is injured on their property. While a large percentage of apartment dwellers are not carrying renters insurance, 33 percent of survey respondents said they are covered and list the most compelling reasons for purchasing renters insurance as protection against:
1. Theft (79%)
2. Fire/Lightening (70.7%)
3. Water Damage (52.3%)
4. Weather (e.g. Hail, Windstorm) (40.5%)
5. Smoke Damage (40.6%)
Management companies and landlords also understand the value of renters insurance. While most would likely prefer residents to carry renters insurance, nearly 20 percent of survey respondents said it is mandatory at their apartment community.
Renters may not want to think about what could go wrong at their apartment including the possible threat of a fire or burglary, yet apartment dwellers are encouraged to protect themselves from these potential perils by following these tips from Apartments.com.
1. Talk to Your Auto Insurance Provider: A good place to start looking for coverage is with your current auto insurance provider as your rate will often improve if you have multiple policies with one carrier. However, many of these same providers offer separate policies for renters insurance if you do not own a car. Decide how much coverage you want. Typically, you can purchase a policy that covers $15,000 in personal belongings and several hundred thousand in liability for a couple hundred dollars a year.
2. Picking Your Policy: There are two types of policies offered: Actual Cash Value (ACV) or replacement cost. ACV coverage will only pay you for what your belongings were worth at the time they were stolen or damaged. You will pay higher premiums with replacement cost coverage, but if something happens you will be paid the amount that it will actually cost to replace your items.
3. Keep Detailed Records: Take inventory of all the items in your apartment. Insurers state that most people underestimate the value of their possessions, and therefore, do not have enough personal property coverage. Keep detailed records of each item including its value, serial numbers and receipts of major purchases. Also, take photographs of each room, making sure all items of value are clearly visible. Store your documentation in a safe place such as a fireproof box, digital file with online access or in a bank safety deposit box to protect against a fire or natural disaster
As part of its "What Renters Want" research series, Apartments.com surveys renters on various topics. For more information on these surveys or to receive a copy of additional survey results, please contact Tammy Kotula at tkotula@apartments.com.
About Apartments.com
Apartments.com (www.apartments.com) is a leading national apartment Internet listing subscription service with more than 50,000 unique addresses representing more than three million rental units from managed properties, newspaper classifieds and for-rent-by-owner properties. With personalized searches, highly visual ads featuring "Walk Through Video," "Apartments.com Anywhere" mobile solutions, 360-degree virtual tours, professional photography and comprehensive community listings, Apartments.com makes it possible for renters to access apartment rental inventory from across town or across the country. Leads from highly qualified ready-to-rent prospects are delivered to Apartments.com customers, increasing closure rates and decreasing the average cost of leasing an apartment. The Website's foundation of solid partnerships with more than 1,000 newspaper affiliate and strategic partners across the country include Yahoo! Real Estate, AOL Real Estate, Univision, the Chicago Tribune, The Washington Post and the Los Angeles Times. Apartments.com is a division of Chicago-based Classified Ventures, LLC. Additionally, Apartments.com owns and operates Apartment Home Living (http://www.apartmenthomeliving.com), a leading social media apartment Web site distinguished by a "live for fun" community experience, proprietary lifestyle matching and local living guides to help renters find their perfect place to live.
SOURCE Apartments.com
Back to top
RELATED LINKS
http://www.apartments.com
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