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
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
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...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.