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
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...