​  What You Can Do to Help Reduce Increases in Your Insurance Premiums

• Treat your auto and home insurance like it is a "Major Medical" policy. Think about the potential claim amount before you submit it to your insurance company as they may use 'little' or 'insignificant' claims to increase your renewal rate even more or possibly cancel your policy altogether!
• Consider increasing your deductible on your home/renters/dwelling policy
• Consider increasing your Collision deductible on your auto policy. Pro Tip: Comprehensive (AKA Other Than Collision) is usually much less costly than Collision. You would not necessarily see any significant savings by increasing the Comprehensive deductible
• Speak with your licensed insurance agent to see if you qualify for additional discounts (i.e.; if you have AAA or other Roadside Assistance, you may not want to add towing coverage on your policy; many companies provide discounts for certain levels of education and occupations; for home, many carriers provide discounts for water/temp/theft devices, as well as new roofs)
• You can shop around for better rates. An independent insurance agent like Connecticut Insurance Exchange Ltd typically represents more than one company so they can compare rates for you, saving you time and money.
• CAUTION: If you do decide to move your homeowner's insurance policy to another company, you most certainly may be subject to another – and more scrutinizing -- home inspection as companies can use even the smallest excuse to not write or cancel due to the Hard Market climate.

 
Our best advice is to look at all your options and discuss it with your licensed insurance agent.

As we've seen over the past few years, weather can be unpredictable — and when storms hit, they can cause a great deal of damage and heartache for homeowners like you. Taking proactive steps to assess your property before storm season can make a big difference in keeping minor problems from becoming major ones.
 
To help you get going,  here are a few DIY ways you can avoid surprising and costly impacts to your home:

• Give your roof the once over. If you can get on the roof safely, check for leaks and loose shingles. While you’re there, clean roof vents and make a mental note of any further inspections or repairs. Don’t feel comfortable or afraid of heights? Reach out to a roofer you trust.
• Gird up your gutters for spring showers. Check gutters and downspouts to ensure they're draining correctly...away from the house. Consider if now is the time for gutter covers which will drastically reduce how often you need to clean them.
• Ready your deck. As you daydream of backyard barbecues, check decks, stair rails, steps, and other outdoor wood for rotted wood, nail pops, warping, or splintering. If it’s been a few years, consider giving your deck a weekend and a fresh coat of deck stain.
• Inspect hoses, pipes, and shut-off valves. Carefully turn on outside water valves and irrigation systems in the event they froze and/or burst over the winter. Fix leaks and replace gaskets that seem old and likely to crack soon.
• Give your AC some TLC. Remove debris from around the unit, replace filters, and clean ducts and vents. Consider a professional tune-up to address any issues before the summer heat arrives.
• Prep for some serious outdoor fun. Check your yard for fallen objects that could cause family members to trip. Go ahead get your mower in tip-top shape by testing lawn mower blades and sharpening or replacing as needed.
• Test and inspect safety items. Test fire extinguishers, smoke and CO2 alarms, and outdoor lighting. Review your family’s fire escape plan and remind everyone of your designating outdoor meeting place.

Hope this gives you a boost of inspiration to determine what your home needs in the coming weeks. Of course, if you have any questions, please don’t hesitate to give Connecticut Insurance Exchange a call at 860-666-5443. We're here to help!

Most homeowner claims in Connecticut are due to water damage... frozen pipes, broken pipes, and water back up from sewers and drains. You may be particularly susceptible if your home is on a hill, if you have a basement, or if you have an old sewer line, but anyone can be at risk.

Here's just one example:
The town's drainage system was overloaded after a week's worth of rain. Water backed up into the drains of Mary Clement's unfinished basement causing around $4,500 in damage. Even though Mary did not have a sump pump, if she had a Limited Water Back-Up and Sump Pump Discharge or Overflow endorsement added to her homeowner’s policy, the claim would be covered, up to the limits of the endorsement, less the deductible.

What, exactly, is water back up coverage?
Water back up and sump pump failure coverage is not covered under a homeowners’ (HO 03, HO 05) policy. Coverage is available as an endorsement called Limited Water Back-Up and Sump Pump Discharge or Overflow. This endorsement offers coverage to property for direct, physical loss by water that backs up into the home through pipes, drains, sewer, water-service, sump pump and any other type of fluid transfer system from the house, and is available with optional limits and deductibles.

This coverage excludes the cost of the sump pump itself (if there is one) and any loss related (but not limited) to flood, tidal water, or groundwater seepage. Ask your agent for a full list of details.

How much water back up coverage do you need?

• Is your basement finished or unfinished?
• Take an inventory of the items, flooring, furniture, etc. kept there. Even if unfinished, is your furnace, oil tank, or hot water tank located there?

An assessment like this can help you determine how much coverage would be adequate to replace your things if you have a covered loss.

Ask your licensed insurance agent for more information about Limited Water Back-Up and Sump Pump Discharge or Overflow and how much coverage is right for you.

So, you go looking for car insurance.

You think you get a great rate.

You sign up and make a down payment.

Only afterwards you are told your rate jumped through the roof!

Want to know why?
Many insurance companies give you their best price BEFORE they run any driving history and/or credit reports. Based on the report ran AFTER the sale, the price you pay can dramatically INCREASE from the original quote.

Make sure you're comparing apples to apples
If that rate looks too good to be true, check to see if it's for a 6-month or 12-month policy period.

Don’t be fooled. If you want a more accurate auto quote — at the best rate — with the least surprises, ask a fully licensed Connecticut Insurance Exchange agent.

See Which Good Driver Discounts You May Qualify For BEFORE You Commit

• At Connecticut Insurance Exchange, we run reports BEFORE giving our best rate to see which good driver discounts you may qualify for
• Because we represent more than 20 A-rated insurance companies (not just one), chances are we can put you with a company that best suits your circumstances
• We save you time and money AND it won’t cost you a penny more

Get a surprisingly-affordable-without-big-surprises auto insurance quote from Connecticut Insurance Exchange and see how many discounts you qualify for. (Remember to ask us about home insurance, umbrella, pet insurance, wedding and travel insurance, business insurance and Workers Comp, too).

There’s nothing like purchasing a new vehicle. In fact, many people love them so much they even name them! But, they don’t love the fact that the value of their new ride drops as soon as it is driven off the showroom lot.

If you suffer a total loss, you may find you owe more on the remainder of your loan or lease than the settlement payout from your insurance policy. That’s because the amount outstanding may exceed the vehicle’s Actual Cash Value (ACV). In other words, there’s a “gap” between how much you owe on your vehicle and how much you’ll be reimbursed for it.

That’s Where Gap Coverage Comes In
Gap Coverage is an endorsement that is added to an auto policy. It would provide payment to the insured for the difference between the damage of the automobile and the amount still owed on it.

If you purchased your new vehicle with a loan, check with your Connecticut Insurance Exchange agent about adding Gap Coverage. You’ll find in almost all cases, gap coverage is far less expensive from us than from a dealership. Here’s why — not only can the dealership’s price be much higher, it gets added to the loan agreement so you would pay interest on it as well.

What You Need to Know About Gap Coverage…

• It is only available for new private passenger autos, pickup, or vans
• It must be requested within 30 days of purchasing your new vehicle
• It is not automatically included in loan agreements
  
• Most often, it is automatically included in a leased vehicle agreement
  
• It does not cover things like overdue payments, extended warranties, credit life insurance, or carryover balances from previous loans or leases

So, before you sign on the dotted line, contact your Connecticut Insurance Exchange agent and ask about low-cost Gap Coverage for your new vehicle today.

In the aftermath of a major storm, many insureds will need to hire contractors. Sadly, scammers target families at their most vulnerable times — when work needs to be performed quickly.

Before you commit to any home repair, here are some steps to help determine if your contractor is legitimate.

• Check references
• Get quotes from more than one contractor
• See that they are adequately insured if a worker is injured on the job. If not, then you may be held liable. Ask for a current copy of the contractor's worker’s compensation and liability insurance policies and verify that they are active.
• See if the contractor has the proper credentials for the work they will perform, by visiting the Connecticut Department of Consumer Protection (DCP) at www.elicense.ct.gov
• If someone is performing tree trimming or related work, they must have an Arborist License through the Department of Energy and Environmental Protection (DEEP).

The State of Connecticut Insurance Department has put out a Fraud Alert Bulletin with the Following Suggestions

Avoid doing business with any person or entity that:

• Requires that you pay in cash, by wire transfer, or in any form of untraceable payment;
• Refuses to offer you a contract in writing (contracts are required by law in the State of Connecticut);
• Offers you an incredibly low cost for work that needs to be completed, under the condition that you commit immediately;
• Knocks on your door, or otherwise solicits business specifically from you (instead of you going to them);
• Doesn’t provide references; and
• Will not provide proof of their credentials.

 Excerpted from CT Department of Insurance Consumer Alert
Click here to read the full bulletin.

Consumers have lots of choices when it comes to looking for insurance:

• Online do-it-yourself (no agent);
  
• Direct company agents (represent only one company); and
  
• Independent Agents (represent multiple insurance companies).
  

So, what are the benefits of working with an Independent Agent? Studies show buyers appreciate how Independent Agents…

• Respond quickly when you have a question or need
• Ensure the most comprehensive coverage for a good price
• Share knowledge and expertise
• Identify and offer important policy options buyers may not be aware of
• Save buyers time from having to research and compare options
• Assist with processing a claim, if there is one

The biggest advantage to using an independent agent is they get to know you and your needs. As you grow your family, make life or professional changes, or have questions, your independent agent is there to help you.

Contact Connecticut Insurance Exchange today to put the value of an Independent Agent to work for you!.

Did you know, not all water damage losses are covered by the homeowners policy? These losses can be very expensive. But, there are ways you can safeguard your home from water damage losses. Here are a few areas of your home to consider:

• Check your home’s drainage system to see if proper water drainage occurs. EXAMPLE: gutter downspouts should extend the proper distance from the foundation. Keep gutters clear of debris so water can drain properly.
• Is your yard properly graded to slope away from the home to allow surface water to adequately drain?
• If your basement is vulnerable to water collection, consider installing a sump pump system to keep unwanted water out of this part of your home.
• Washing machine hose failures cause millions of dollars of water losses each year. Check hoses periodically and replace at the first sign of wear. When replacing, many insurance adjusters recommend upgrading to the heavy-duty wire mesh or stainless steel hoses.
  

Related Links:
April Showers Bring Flooding

Connecticut Insurance Exchange has recently begun receiving communications from its carriers regarding customer support efforts as we move together through the coronavirus situation.

Personal Auto Policyholders
All of our personal lines carriers are offering deferred payments and are waiving late fees. Most are also offering premium relief on personal auto policies as they have recognized a large number of these policyholders have sheltered in place and, therefore, are driving much less.

Please note: Even though each company is offering similar relief, there are slight differences. Your carrier will be sending out correspondence with the exact details within the next few weeks. Customers will not need to take any action to receive these benefits, as credits will be automatically applied.

Commercial Insurance Policyholders
For Commercial Insurance policyholders, most standard carriers are offering some form of billing leniency options and late-fee waivers. Regarding premium relief, you will be notified directly by your carrier if and when it becomes available.

For Commercial Clients with policies written on an adjustable basis, some Commercial Carriers may agree to a mid-term reduction of your general liability and workers' compensation payroll and sales estimates. However, as these policies remain subject to audit,  please contact your Commercial Agent to discuss your particular circumstance.