PEMCO news release offers water-damage tips

PEMCO Insurance issued a news release October 1, that reveals Washington residents’ perceptions of the most-frequent causes of homeowner claims. The PEMCO Insurance Northwest Poll, conducted by FBK Research, shows that only 14% of people correctly identified water leaks as the leading cause of homeowner claims, while more than one-fourth incorrectly believe bad weather causes most claims. The news release also offers tips on how to prevent common leaks, such as with ice-makers, dishwashers, washing-machine hoses, and outdoor faucets.

Insurance Myth: You've Got Insurance To Pay EVERY Claim

Insurance Myth: Insurance is there to pay for every claim or accident...
Truth: Insurance is meant for catastrophic losses.

Small claims and accidents that could have been paid out of pocket will usually come back to haunt you in the form of higher premiums...or worse, non-renewal. This is something that is prevalent with homeowners policies and Preferred auto companies.

Also, a lower deductible may make it possible for you can make more claims-- but you pay the price. Literally. If you can pay for the loss or damage without a financial hardship then pay it.

Something to keep in mind...depending on your policy, you may not have the coverage to pay your claim! For example, you're driving down a rural road and hit a deer; you don't have comprehensive or collision coverage and there's considerable damage to your vehicle. In this case, you're out of luck.

Insurance Fraud on the Rise, Costing Everyone Higher Premiums

The National Insurance Crime Bureau found a sharp increase in "questionable insurance claims" with the current economy. Insurance fraud is costing Northwest Households about $300 per year in higher premiums.

Seattle NICB investigator, Scott Wagner, says so far this year vehicle arson is up 27% nationwide. In many cases, he's found that vehicle owners are behind on their payments so they torch it and call it stolen. "The car ends up burning and the insurance company ends up finding out that they're four months behind on their payments," said Wagner.

In another example, Wagner shows a surveillance video of a woman pulling her S.U.V. into a Seattle restaurant parking lot. The video seems innocent enough, until she walks away from her car - forever. "She parked her car, set her alarm and then left and reported it stolen," said Wagner.

According to the NICB, in the first quarter of this year compared to the first quarter of last year, vehicle owner give-ups are up 24 percent.

Darrin Sanger with the Northwest Insurance Council calls insurance fraud a crime against everyone. He says that's because in the end all of us pay in the form of higher premiums. "When someone commits insurance fraud they're not just stealing from insurance companies," said Sanger, "They're stealing from fellow customers."

A recent study from the NICB shows property/casualty insurance fraud costs Americans nearly $30 billion each year.

The Northwest Insurance Council offers a reward for citizens who help investigators track down people who've committed insurance fraud.


Thank you to King5.com

Take Inventory and Save Time on Claims

By anticipating a claim, you could save yourself time and money! This website makes it easy: KnowYourStuff.org. It allows you to upload photos, receipts, appraisals, and descriptions for free.

Features include taking inventory room-by-room and also points out what to take inventory of.

Most importantly, all your information is stored in a secure location online in the event that your home is destroyed-- making it easy to get your information from anywhere at anytime.