Why checking your homeowners insurance should be a rite of spring

Double-checking your homeowners insurance probably isn’t on many spring to-do lists. But it should be.

That’s the advice from David Miller, Vice President and risk management expert at Plexus Private Client Solutions, a suburban Chicagoland personal insurance agency protecting the life’s work of successful families and individuals with tailored home, auto, and umbrella coverage solutions.

In his recent article, “Eight Things That Might Surprise You About Your Home Insurance Policy,” Miller highlights some hot-button issues for homeowners, including:

Your home may be underinsured. Via Consumer Reports, which cited data from analytics firm CoreLogic, three out of every five homes are 20% underinsured on average. In the case of a total rebuild, this could leave homeowners left to pick up the pieces — while also picking up the check.

Take a look at your deductible, because it may have changed. Miller, who has more than two decades of insurance experience, cautions homeowners to be aware of wind and hail deductibles. These have been on the rise, with an uptick in roof-related claims particularly an issue. An insurance company can only change your coverage at renewal; make sure to read the fine print. Your agent can help.

Do not assume you have sump pump failure coverage. Most insurance companies will exclude this damage as a cause of loss. However, you can usually buy back a limited amount of coverage. Writes Miller: “Even if you have an unfinished basement, the costs associated with a sump pump/sewer claim might surprise you.”

For more information on the home and personal insurance expertise offered by Plexus Private Client Solutions, contact David Miller at 847-307-6100, or visit plexusgroupe.com. The firm's located at 21805 W. Field Parkway, Suite 300, in Deer Park, Illinois.

About Plexus Private Client Solutions

The personal insurance practice of national insurance brokerage The Plexus Groupe LLC, Plexus Private Client Solutions delivers a superior client experience and comprehensive personal insurance for successful individuals and families, including auto, home, and umbrella coverage. Our experienced, dedicated team takes a consultative approach to your personal risk management needs. For more information on Plexus Private Client Solutions, contact the firm at 847.307.6100 or via the Web.

When hurricane debris lands on your property, what's next?

In the latest Plexus Property & Casualty Newsletter, we explore the question of who pays when a boat tossed ashore during a storm lands on your property.

News item: Row, row, row your boat, gently down ... the lawn?

Scores of boats swept ashore during Hurricane Irma (not pictured here) remain stuck where they are. Some are now sitting on the property of homeowners who don't own the boats, the Miami Herald reports. The question of whom will pay to remove some of these once-seafaring vessels remains unsettled, leaving the boats to decay where they sit. (Some boats are attracting rats, as the Herald notes.) From a business perspective, your property insurance will generally cover debris removal, though sublimits apply. Have coverage questions? We can help. Contact Plexus Senior Claims Analyst Joni Gould at 847-307-6140 or jgould@plexusgroupe.com.

Electronic driving records soon required for many fleet drivers

By mid-December, many trucking firms and other commercial drivers must begin complying with federal regulations requiring electronic logging devices (ELDs) to be used instead of the paper log books that were long a fixture in the trucking industry. The Federal Motor Carrier Safety Administration offers numerous compliance resources on the rule, which fully takes effect in 2019. For  more information on fleet risk management, contact Plexus P&C Client Executive Jim Jenkins at 847-307-6112 or jjenkins@plexusgroupe.com.

In M&A deals, don't forget the cyber coverage

In case you were on the fence regarding cyber insurance, here’s one more reason to consider it: if you ever look to sell your company, buyers might look kindly upon the coverage, for the insurance “gives some comfort that in the event of a breach, there is some resource available to respond to a significant breach,” Dan Cotter, an attorney for Chicago law firm Butler Rubin Saltarelli & Boyd LLP, told TheStreet.com for a recent story on cyber coverage. Plexus offers a wide range of cyber and M&A expertise; for more information, contact P&C Practice leader Mike Mann at 847-307-6111 or mmann@plexusgroupe.com.