Solar Energy Systems
Solar energy is a booming industry in the United States. According to Solar Energy Industries Association (SEIA), the solar energy industry has grown more than 60% annually since 2006, in part because of both the decrease in the cost to install solar equipment and the Solar Investment Tax Credit. 2016 was the largest growth year of the solar energy market on record. Currently, more than 42 gigawatts (GW) of solar capacity is installed in the United States,...
Leading Causes of Refrigerator Damage
Hardworking refrigerators are often taken for granted. They run constantly and are arguably the home’s most important appliance. Often, we don’t think about what causes refrigerator damage until it’s too late. As many adjusters know, a damaged refrigerator can quickly become a headache, since damage to this common appliance can require a lot of complex research. You need to know whether or not the refrigerator can be repaired, and you need to establish food-spoilage coverage and estimate total claim costs. Frequency...
Handling Standby Generator Claims
The number of power outages in the United States have increased significantly over the past decade due to severe weather, heightened demand on the electrical grid, and outdated electrical infrastructure. This has led many home-and business owners to purchase backup generators to provide power in the case of an outage. In fact, over 18% of single-family homes now own a standby generator, according to the US Census Bureau. The addition of a standby generator can be beneficial to...
Electrical Panel Claim Information
Electrical panels are an essential part of any property, whether residential or commercial, and claim expenses for electrical panel damage can compound quickly. If a loss occurs and the panel is damaged, insurance carriers may incur additional living expenses or loss of business expenses. Moreover, damages to the electrical service panel or wiring can potentially lead to a fire. Between 2009 and 2011, an estimated 25,900 electrical fires occurred in residential properties and resulted in over $1 billion in property...
Handling Dishwasher Claims Accurately
While we haven’t made it to the high-tech dishwasher age of The Jetsons, dishwashers are still a common appliance likely to show up in a property claim. Dishwashers are considered more of a luxury appliance than the essential refrigerator and range. Nevertheless, nearly 60% of American homes have a dishwasher (CNN Money), making it important for adjusters to know what to look for when a claim includes a damaged dishwasher. Type of Dishwasher There are four types of dishwashers...
Smart Home Devices and Insurance – How Loss Prevention and Risk Analysis Come Together
From Amazon’s Echo to Samsung’s smart refrigerators, smart home components are everywhere, and these technological marvels are allowing consumers to gain more control than ever over their home environment. Considering this anticipated increase in adoption, insurers need to take a closer look at how this technology affects their business and claims processes. Why Smart Technology Matters to Insurers Smart home components and Internet of Things (IoT) tools affect the insurance industry in two basic ways. The first is by helping to make...
Power Surge Claims – What All Adjusters Should Know
Power surges – as consumers we all know that it is crucial to protect your computer and entertainment systems from power surges, but how much do you know about what causes them and how to protect your equipment? With the increasing number of electronics that are used in a home or business, knowing what causes this damage and how to prevent becomes more prevalent by the day. High voltage surge damage occurs frequently, and the subsequent claims can keep any adjuster...