Creston Valley Insurance loss prevention

Loss Prevention at Home: What You Can Do!

Insurance and loss prevention work together to help keep you, your family, and your home as safe as possible.

Buying home insurance protects your home and your most valuable assets. By understanding what common risks there are, and taking action to mitigate those risks, you can prevent potential losses.

Unfortunately, the worst-case scenario sometimes occurs, whether it’s a flooded basement, kitchen fire or natural disaster. Home insurance provides the peace of mind, knowing you’re protected in the event of any losses and many potentially costly risks. And there is a lot you can do to prevent damage to your home.

As a homeowner, it’s important to understand what risks you may face. Some risks are obvious, while others only reveal themselves to someone who knows where to look and what questions to ask.

When it comes to loss prevention, know how to reduce your risk:

  1. Know what might go wrong. Is your home surrounded by wild junipers that could provide fuel to the loose spark from your firepit? Learn what you can do, outdoors, around your home to make it fire safe. An uneven step could cause someone to fall on your property. Learn about your slip, trip and fall risks and the value of preventive maintenance.
  2. Plan ahead to reduce your liability risks. Create an emergency kit and plan emergency exit routes with your family members. Limit how much alcohol guests are served when you host a BBQ, dinner or house party. Prevent sewer overflow in your basement by installing a backwater valve. Ensure that all smoke and carbon monoxide detectors are working properly.
  3. Know how to handle an emergency or loss situation. Learn what you need to know when making a property claim. And keep calm.
  4. Keep an up-to-date record of your household contents. A current home inventory of your belongings will make it easier to file a claim.
  5. Consider if you have adequate coverage. If you are concerned about natural disasters, you may be able to add coverage to your policy, such as earthquake coverage. Your insurance representative can explain the available options.
  6. Be sure that your home is equipped with approved loss prevention devices:
    fire alarm systems
    fire suppression systems
    security systems
    sump pumps and backwater valves
    automatic water shut-off devices
    reflective tape for heavy/farm equipment
    lightning suppression systems
    back-up power systems
    keep the chimney clean and free of brush and debris
    hail-resistant roofing materials

To learn more about loss prevention, contact us; we have the knowledge and expertise to advise you on all aspects of Loss Prevention.

CVINS understand insurance

Understanding Insurance – Why It’s Important!

Understanding insurance is important so that, in difficult times, you know you’re covered so you can get back to your normal routine and enjoy peace of mind.

A car collision can happen at any moment. A massive wind storm could bring a tree down on to your home. Your business might be damaged by vandals. Everyday life can change in significant ways after a loss. While it’s impossible to anticipate what might happen, you can be prepared to a large degree. Typically, recovering from a loss situation costs more than most people can manage on their own. That’s where insurance comes in.

Proper insurance protects you from having to pay out a huge amount in the event of the unexpected: that car collision, fallen tree, or wretched vandals.

Understanding the basic elements of insurance can help you make informed decisions to ensure you’re as prepared and protected as possible given the unknown occurrences that can so easily impact our lives.

Without insurance, driving a car, buying a home, or taking that trip abroad would be an unaffordable risk.

What is insurance and How Can It Help?

When someone purchases insurance, that money is put into a premium pool with the many others who’ve purchased. That is the money that’s drawn upon to help those who’ve suffered an unexpected hardship due to loss from a home fire, vehicle collision, or business interruption that year.

The payouts for these losses are referred to as ‘claims’. Insurers are required by law to have sufficient funds to pay out claims.

Why Should I Have Insurance?

Without insurance, driving a vehicle, buying a home, starting a business, or traveling abroad would present an unaffordable risk as losses or mishaps would have to be paid out of pocket in these and other instances

Why do I Pay for Insurance Annually?

With a few exceptions, an insurance policy is an annual contract. The premium pool operates for only a year at a time. Insurance companies predict how much money they will need to pay the coming year’s claims.

Your premiums do not carry over or build up over time.

Calculating insurance premiums is complicated and involves a process that requires a risk assessment based on actuarial science.

Premiums are based on informed predictions about how much money may be needed to pay future claims. Insurers gather the information that they understand from experience will help them set fair yet accurate premium prices.

What Will Be Covered By My Insurance Policy?

Insurance pays for only the insured losses described in your insurance contract. Read and understand your policy – talk to your insurance representative with any questions!

Talk to her about what you are covered for and, equally importantly, what you are not.

Insurance will not pay for every problem you may encounter, nor is it meant to. For instance, your home insurance will not cover regular home maintenance.

Insurance is generally intended – and priced – to help you cope with the financial impact and consequences of unpredictable events that are sudden and accidental.

If, for example, you live on a floodplain near a river, the seasonal flooding of your property in the spring is neither sudden or accidental; it is an inevitability and, consequently, unable to be insured.

It’s important that you speak to your insurance representative about any potential inevitabilities as well as any other questions or details regarding your insurance policy to thoroughly understand your coverage.

4 Steps in the Insurance Process

  1. Your insurance company estimates an annual cost, or premium, to accept the risk of covering your home, vehicle, travels, or business.
  2. On an annual, or monthly, basis you pay a premium to your insurance provider for assuming the risk on your behalf.
  3. Your insurance company puts all premiums into one large pool, contractually operating only one year at a time.
  4. Your insurance company uses the pool to pay for the losses of the few who make claims that year.

Life and all of its various facets bring risk. Thankfully, insurance can give you the peace of mind you need to take it on!

Have questions about an existing or new policy? We want to help! Contact us today to talk about your insurance needs.