No. A financial credit score factors in your payment history, the amount of credit you owe, the length of your credit history, the types of credit you have and the amount of credit for which you apply. On the other hand, an insurance score is a three-digit number used to estimate the likelihood of you filing a claim. Your insurance score is a combination of your credit score and your insurance claims history.

Insurance companies began incorporating financial credit scores a few years ago, because studies have shown people with a lower credit score have a greater chance of having more claims than those with a higher credit score.

Just like credit scores from companies Experian, TransUnion and Equfiax may be similar but not the same,  insurance scores differ as well because no two insurance companies use the exact same method to calculate your score. Some may also include information of other policyholders with similar traits to yours. Because Connecticut Insurance Exchange represents over 20 A+ rated insurance companies, we are able to match you with the best company in light of your credit score. So, having a low score is not necessarily a deal killer — having a good driving record and minimizing homeowner risks matter.

Want to improve your insurance score? Check out these tips:

For your auto

• Drive safely and avoid moving violations
• If possible, keep your car garaged or covered to avoid weather-related damage
• Tire traction matters — replace worn out tires, especially in the winter

For your home

• Discourage burglars by leaving a light on when not home; Better yet, install a security system
• Install smoke detectors and keep a fire extinguisher handy, especially in the kitchen
• Before a big storm, put away toys and tools, and secure patio furniture
• Keep your walkways, driveway and steps free of ice and anything that can cause slips and falls

 For your credit score

• Pay your bills in time
• Reduce the balances on the credit you owe

A borrower who has a good mix of secured credit (such as a home or car) and unsecured credit (credit cards) scores better than someone who has only credit cards

The warm weather's here and summer is just around the corner! So, it's a good time to take a tour around your property for a safety inspection.

Here are a few things you can do to keep your family and guests safe this summer.

1. Check your outdoor equipment such as swing sets for sharp edges, rusty bolts and loose parts, and repair or replace if needed.
2. Digging up the yard by planting a tree, starting a garden, putting in a fence or sprinkler system, or having other excavation work done? Think safety first! Always contact CBYD online or by phone at 811 before you start digging so your underground utilities are located and marked. It's free!
3. Avoid grill grease fires and flashbacks by keeping your grill clean (especially the grease trap) and burner tubes where small insects may have made their home, which can block the flow of fuel. Learn more about gas grill fire safety from Travelers.
4. Going on vacation? Don't broadcast your plans on social media! You're not only telling your friends, but you're informing thieves who are waiting for an easy target like an unoccupied home. Wait until you return to post images and videos of your fun.
5. Don't invite crime by leaving bicycles and scooters out on your lawn for thieves to steal. Put your toys away when not in use.
6. Mosquitoes carry a number of diseases, including the Zika virus. One way to keep those nasty pests away is to eliminate standing water around your home, especially after a rainstorm.

SIDE NOTE:  If you have a contractor perform work in or around your home, be aware of the risks: the contractor or their workers could get injured on the job or damage your property. If they are not insured, you may be liable. Ask for a certificate of insurance, to confirm the contractor has insurance. If they have employees (as opposed to sub-contractors), check to see if they have Workers' Comp as well.

Related articles:
Summer Fun
Protect your assets with an umbrella policy
Starting a home renovation project? Do this first.

Beginning in January 1, 2019,  Connecticut homeowners will see a $12 increase in their homeowner's policy. The Healthy Homes Fund Surcharge was passed by the Connecticut Legislature (CT HB05209) to raise as much as $100 million in the next 10 years mainly to assist Connecticut homeowners with crumbling foundations. The legislation is set to expire on December 31, 2029.

The surcharge is not a premium and applies to policies on residential dwellings with four or fewer units and on condominiums. Renters policies are exempt.

The bulk of the money collected in the Healthy Homes Fund Surcharge will be used for grants-in-aid to homeowners with homes located in the immediate vicinity of the West River in the Westville section of New Haven and Woodbridge for structurally damaged homes due to subsidence and to homeowners with homes abutting the Yale Golf Course in the Westville section of New Haven for damage to such homes from water infiltration or structural damage due to subsidence.  The fund will also go toward programs designed to reduce health and safety hazards in residential dwellings in Connecticut such as lead, radon and other contaminants or conditions and pay for the removal, remediation, abatement of these contaminants.

'Tis the season to deck the halls with boughs of holly. But be aware — all that holiday cooking and decorating has the potential to cause serious hazards in your home.

Knowing the risks — and how to help avoid injury, theft and damage to property through the holiday season — can help save you from expensive homeowners’ insurance claims.

Did you know…

• Overloaded extension cords or lighting equipment was responsible for starting almost half (40%) of home Christmas tree fires in 2011-2015;
• Poorly placed and unattended candles accounted for 1/3 of all home decoration fires and started 8% of home Christmas tree structure fires; and
• Heating equipment was involved in 15% of the Christmas tree fires*

Check out these three tips to keep your holiday merry and bright!

Practice safe holiday decorating and have a Happy New Year!

*According to the National Fire Protection Association (NFPA)

Two facts about Halloween: 1) Children are more than twice as likely to be hit by a car and killed on Halloween than any other day of the year according to Safe Kids Worldwide.  2) The National Highway Traffic Safety Administration reports that Halloween is one of the top three days of the year for pedestrian injuries and fatalities. So, drivers and parents need to pay extra attention.

Related Links: Umbrella Liability

What's a Fourth of July celebration without fireworks?

Who didn't handle sparklers as a kid? I know I did. But did you know hand-held sparklers burn at temperatures of around 2,000 degrees F? That's hot enough to cause third-degree burns and melt some metals!

Let's let these facts* tell the story...

• In 2017, 14% of the injuries reported were from sparklers, which are number-one cause of fireworks injuries
• Each year, firework injuries are in the thousands
• On average, 1,300 structure fires are caused by fireworks, including 300 vehicle fires
• In 2017, there were eight firework-related deaths to people ranging in age from four to 57
• Approximately 12,900 fireworks-related injuries were reported at hospital emergency departments in 2017, mostly occurring two weeks prior and after the July Fourth holiday

Misuse and malfunction were the primary causes for injury including:

• Setting off fireworks improperly and by hand
• Throwing lit fireworks at someone
• Dismantling and manufacturing fireworks
• Lighting fireworks too close to someone
• Trying to re-ignite dud fireworks
• Placing fireworks too close to a heat source
• Tip-over incidents
• Debris
• Errant flight paths
• Exploding fireworks while still in the tube
• Sparks exiting from the rear of the device

If you're going to handle fireworks, use them responsibly, safely and follow the law. Have a safe and enjoyable Independence Day!

Related links:
Fireworks safety tips
Homeowners Insurance

*Source: U.S. Consumer Products Safety Commission (CPSC)

Now that summer is "officially" here, one thing is certain — even the simplest activities can go wrong.

Using sports equipment like tennis racquets, baseballs, baseball bats, flying saucers, lawn darts, or horseshoes has the potential to harm others. So does the use of skateboards, bikes, mopeds, go-karts, and radio-controlled cars, drones, helicopters and planes.  What can possibly happen when you have friends over to use your driveway, play equipment or swimming pool?

Potential liability comes from either you having fun at the expense of others or their property, or failing to take precautions for those you've invited to your residence (or other places).

Preserve Your Summer Fun
The easiest way to prepare for summer-activity liability is to ask yourself these questions:

• What can I do to keep others safe from my activities?
• Am I prepared to be responsible for people I hurt or property I damage?
• How do I make my home and yard safe for fun-seeking visitors?
• Am I keeping my guests to various events safe?

While accidents happen, many can be prevented by making sure that you and your children enjoy your activities responsibly. Operating bikes safely and in low traffic areas reduces the chance that others will be hurt. The proper use of games and equipment also make the likelihood of having someone injured more remote. In other words, it's important that your family uses sports and game equipment safely and appropriately.

Adult supervision is critical for potentially dangerous activities such as the use of motorized recreational equipment, trampolines, and swimming pools (including small wading pools). It's also important to make certain that guests you invite for camping or hiking trips are watched after carefully. In many instances, you are responsible for the safety of your guests when you invite them to enjoy outdoor activities, particularly boating or other activities involving water-related equipment.

How Does Liability Insurance Play a Role?
When accidents happen, they may be followed by medical expenses and, more seriously, lawsuits. Wouldn't you want to be  protected against such financial consequences?

Don't assume you have coverage — especially when an activity involves motorized or powered equipment. You may have to add coverage to your homeowner's policy or even buy special coverage for mini-bikes, mopeds, boats, all-terrain vehicles, etc.

Make safety part of getting ready for summer fun. Contact your insurance professional to make sure you have the right coverage to support a fun summer!

Related links: Umbrella Liability

In 2017, there were 16 separate disasters in the U.S., which generated total record losses in excess of $306 billion (1). Most damage was the result of flooding, including historic floods associated with Hurricane Harvey in Texas and Louisiana, and record high water levels in Missouri, Arkansas and Illinois.

Here are facts you should not ignore:

• Flooding can happen practically anywhere at any time
• 25% of all flood damage occurs in low- to moderate-risk areas
• Floods occur in all 50 states
• Flooding is the costliest and most common natural disaster in the U.S. (2)
• Most Americans are seriously under insured

In the Northeast, floods can occur from spring snow melt, rapid rainfall, changing weather patterns and clogged rainwater systems. In general, they can also occur from tropical cyclones, structural failure leading to flash floods, or new building development.

It doesn't take much water to destroy a property and wipe out the finances of an uninsured homeowner or business. The National Flood Insurance Program (NFIP) estimates that 1 inch of water in a home can create $20,000 worth of damage (3). And yet, few property owners have flood insurance (besides those in high-risk areas who are required by their lenders to purchase NFIP policies).

Think about this:

• Only 12% of U.S. homeowners had a flood insurance policy according to an Insurance Information Institute poll in 2016 (4)
  
• Less than 20% of homes damaged in Hurricane Harvey were insured for flood.
• 56% of respondents mistakenly believed that a standard homeowners policy covers flood damage according to a March 2017 survey.
• Most business insurance policies exclude flood damage.
• Flood maps are drawn by FEMA. Some research suggests that current flood maps seriously underestimate those in the high-risk 1-in-100-year floodplain, and one study suggests 40 million Americans, instead of the current estimate of 13 million, are at high-risk.

When considered together, these statistics paint a grim picture for Americans who don’t currently have flood insurance.

What about you?

A licensed insurance agent can help you understand the different insurance products available. Even with government-backed NFIP policies, some people may need excess coverage to cover up to replacement cost, and still others may benefit from various coverage options available with private insurance products instead of an NFIP plan, when available.

Ask a licensed Connecticut Insurance Exchange agent about flood insurance today.

Source: (1) According to the National Oceanic and Atmospheric Administration (NOAA). (2) FBLIC (3) National Flood Insurance Program (NFIP) (4) Insurance Information Institute Poll

All policies differ, but in general the guidelines are as follows...

• The property owner whose house is hit by a tree is covered under their homeowner's policy.
• The property owner whose vehicle is hit by a tree is covered under their auto policy — but only if they have "comprehensive" coverage on the vehicle.
• If the tree that falls is rotted or diseased and should have been pruned or cut down, then a question of negligence can be raised. The property owner may seek to hold the tree owner liable for damages.
• Tree removal is only covered if a structure or vehicle is hit by the falling tree. NOTE: Pools are not covered. So, if a tree falls only on your lawn or garden — with no damage to your home or vehicle —the cost of tree removal, damage to lawns, gardens or damage to pools are generally not covered. Check your policy for specifics.
• If a tree on your property falls into your neighbor's yard without damage to their home or vehicle, tree removal is not covered by either party's insurance. You and your neighbor must discuss who pays for cleanup.
  

Got a question about tree damage liability?
Contact Connecticut Insurance Exchange at 860 666-5443 or info@cieltd.us
We will be happy to review your policy and exposures to make sure you are properly covered.