HNW INSURANCE MARKET NOTES- JUNE 2024

Understanding the Risks of Wood Roofs: What Insurance Carriers Need You to Know

The Power of a Home Inventory Video Imagine this: You’ve spent years building a home filled with cherished possessions, from your grandmother’s antique vase to your latest tech gadget. Suddenly, disaster strikes. A fire, a burglary, or a natural calamity – the result is the same: your precious items are gone. Amid the chaos, the last thing you want to do is try to remember every single item you owned. This is where a home inventory video becomes invaluable. The Emotional Toll of Loss Experiencing a significant loss can be emotionally devastating. It's not just about the monetary value of the items lost but the memories and sentiments attached to them. Recalling every possession under stress is nearly impossible, and the process can be heart-wrenching. By creating a home inventory video, you can ease this burden, ensuring you have a detailed record of your belongings when you need it most. Steps to Create Your Home Inventory Video 1. Preparation Start by gathering your equipment. A smartphone or a video camera will do the job. Walk through your home, ensuring all lights are on for clear visibility. For dark corners, use a flashlight or the light on your smartphone. 2. Filming Begin with a Sweep: Start with a general sweep of each room to set the scene. Detailed Description: Open all drawers, closets, and cabinets. As you film, describe each item briefly. For example, say, “a set of 12 forks and spoons” rather than filming each one individually. For particularly valuable or unique items, take more time. Pick them up and hold them close to the camera, explaining their significance and details. 3. Storing Your Video Once your video is complete, store it safely. Back it up in multiple places: an external hard drive, the cloud, or even with your insurance agent. This ensures you have access to it when needed.  4. Updating Your Inventory Regularly update your inventory, especially after making significant purchases. Set a reminder to review and update your inventory annually. The Practical Benefits A home inventory video not only helps you remember what you had but also speeds up the claims process. Insurance companies appreciate detailed records, and a video can serve as indisputable proof of your possessions. This can be the difference between a smooth, swift claim process and a prolonged, stressful one. Creating a home inventory video might take a bit of time, but the peace of mind it offers is invaluable. Don’t wait for the unexpected. Start filming today to ensure you and your family are prepared for whatever comes your way. Your future self will thank you!

The latest update in the high net worth insurance market highlights significant changes impacting policyholders. Florida's state-backed insurer secures $3.56 billion in reinsurance for the hurricane season, while Allstate proposes a 34% rate hike for California homeowners. The post also discusses the alarming rise in distracted driving among Gen Z, increasing by 24% from 2022.

Flooding isn’t just a coastal issue; it can impact homes anywhere. From heavy rain to unexpected storms, non-coastal regions can experience severe flood damage that leads to costly repairs. This makes comprehensive flood insurance essential for homeowners. To highlight the importance of this coverage, let's look at some real-life examples from Chubb's latest claims stories. Reclaiming a Home Submerged by the Storm An intense storm hit a non-coastal town, causing a nearby river to overflow. The resulting floodwater pushed open a home's basement door, inundating the interior. The water damaged carpets, drywall, insulation, paint, cabinets, baseboards, and even a pool table and family heirloom furniture. Chubb quickly assessed the damage and confirmed coverage under the client’s flood policy, enabling prompt restoration and recovery. Chubb claim payment: $227K Underwater and Undeterred: Rebuilding After a Hurricane A hurricane brought heavy rain to another non-coastal area, submerging homes in water. One client's unfinished basement suffered extensive damage, necessitating the replacement of flooring, the hot water tank, furnace, and electrical panel. The first floor required new hardwood and tile flooring, kitchen appliances, cabinets, and plaster walls due to elevated moisture levels. The garage's overhead door was also destroyed. Chubb responded promptly, recognizing the damage and providing an estimate to start repairs immediately. Chubb claim payment: $300K These stories demonstrate the value of having comprehensive flood insurance and the commitment of Chubb to support their clients through significant losses. For more detailed examples and to understand the difference Chubb’s claims service can make, download the full brochure below and visit Chubb's website . Ensure you’re protected against unexpected events. Contact BCU Risk Advisors to discuss your insurance needs and secure comprehensive coverage today.

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