Welcome!

News Feed Item

Time is Money: SUrvey Finds Homeowners Receive Insurance Claim Payments Faster When They Have a Home Inventory

WORCESTER, Mass., Aug. 4, 2014 /PRNewswire/ -- A recent survey of insurance professionals points to a tangible reason for consumers to take the time to create a home inventory record that lists the contents of their home. The Insurance Journal magazine poll, sponsored by The Hanover Insurance Group, found that nearly 80% of insurance professionals believe homeowners insurance claims are processed 50-100% faster when customers have completed a home inventory in advance.  

A survey of insurance professionals by The Hanover Insurance Group shows why it's important to keep a home inventory.

"This survey says loud and clear that there's a real value in taking the upfront time to create a home inventory," said Mark Welzenbach, chief claims officer at The Hanover. "You never know when a disaster will strike – whether it's theft, damage or weather, but when it does, the priority is to restore your life. A home inventory documents your contents and the value of your possessions to help expedite the claims process."

Welzenbach said that "cycle times," which refers to the time it takes for an insurance company to process a claim, vary depending on the size of the loss from a few days to months.  Over 20% of the Insurance Journal poll respondents indicated a home inventory results in claims being processed a full100% faster - and that could translate to a settlement happening several weeks sooner.

Insurance professionals say there are two keys to a good home inventory:  item descriptions and proof of ownership.  For electronics or appliances that means serial numbers, make and model, along with receipts or warranty information. For collector's items or jewelry, appraisals and photos are recommended. 

Fortunately, today there are numerous ways to complete an inventory, ranging from printable inventory sheets to apps for smart phones and tablets. One leading online tool that guides users through the process is MyHanoverInventory.

The process of completing an inventory often helps homeowners better understand the value of their property contents.  Items such as sports equipment, tools, instruments and clothing, as well as valuables like art and family heirlooms, add up and often point to the need for modifications in homeowners policy coverage. 

"Choose whatever inventory process helps you get the initial work done and, importantly, that you will update regularly," Welzenbach said. "If you suffer a loss – whether a lost piece of jewelry or a fire -- you'll be glad you're prepared."

Several opportune times to update an inventory are:

  • New home – document contents upon move-in
  • Remodel – if furniture or electronics are upgraded along with the home
  • Holidays – when "celebration" purchases of high value are often added
  • Daylight Savings Time – make a habit of updating your inventory annually when you change the clocks in the spring

"Don't procrastinate and have regrets later," Welzenbach said. "This is a small investment of time that could pay a significant return."

Be sure to keep your inventory in a safe place, away from home. Ideally a hard copy is kept with a family member or in a safe deposit box, and an electronic copy is stored on a server, such as a home inventory website, that is accessible in an emergency. The Hanover Platinum Experience provides home inventory tools, as part of a complete, multiline personal insurance program.

For an independent agent in your local area, please visit the "Find an Agent" section at www.hanover.com.

The Insurance Journal poll, conducted in April 2014, received 610 responses.

About The Hanover
The Hanover Insurance Group, Inc., based in Worcester, Mass., is one of the top 25 property and casualty insurers in the United States. For more than 160 years, The Hanover has provided a wide range of property and casualty products and services to businesses, individuals, and families. The Hanover distributes its products through a select group of agents and brokers. Through its international member company, Chaucer, The Hanover also underwrites business at Lloyd's of London in several major insurance and reinsurance classes, including marine, property and energy. For more information, please visit hanover.com.

Contact:
Karen O'Neil
[email protected]
508-855-6367

Logo

Logo - http://photos.prnewswire.com/prnh/20130605/NY26925LOGO

Photo - http://photos.prnewswire.com/prnh/20140804/133022

SOURCE The Hanover Insurance Group, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
President Obama recently announced the launch of a new national awareness campaign to "encourage more Americans to move beyond passwords – adding an extra layer of security like a fingerprint or codes sent to your cellphone." The shift from single passwords to multi-factor authentication couldn’t be timelier or more strategic. This session will focus on why passwords alone are no longer effective, and why the time to act is now. In his session at 19th Cloud Expo, Chris Webber, security strateg...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.