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
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Recognizing the need to identify and validate information security professionals’ competency in securing cloud services, the two leading membership organizations focused on cloud and information security, the Cloud Security Alliance (CSA) and (ISC)^2, joined together to develop an international cloud security credential that reflects the most current and comprehensive best practices for securing and optimizing cloud computing environments.
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...