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Americans reported about $3 billion worth of personal property crime in 2019 – averaging nearly $2,700 per burglary. Yet despite the annual losses, nearly 40 percent of U.S. residents don’t use any type of home security measure.

An investment in smart home safety devices can help you stay one step ahead of potential criminals. Want peace of mind for your home? Get smarter with these four tips.

1. Invest in smart home security.

Having a home security system professionally installed can give you peace of mind when you are not home. Systems with voice control allow you to control safety and other practical aspects of your home, including locking doors, changing your thermostat and open your garage doors. Many of these systems also include 24/7 monitoring for additional support.

2. Deter thieves with a video doorbell.

A simple security camera is limited when it comes to deterring would-be thieves. Invest in a video doorbell to give yourself a camera that sends a motion-sensored alert to your smart device and enables two-way communication to see if it is an intruder or harmless visitor. Opt for a model with 25-foot camera range and night vision to make sure you can see everything.

3. Add a smart lock to your door.

According to Safewise, forcible entry accounted for about 56 percent of entry methods for burglaries. Your home security and automation systems can deter some would-be criminals but pairing that technology with a smart lock – using fingerprint and/or smartphones to unlock – can help turn away even tech savvy thieves.

4. Apply low tech best practices.

Smart technology can enhance the security of your home, but don’t forget some basic tips to dissuade criminals, such as:

• Changing your WiFi passwords often, as many of these smart devices are accessed via your home network
• Stopping your mail when out of town
• Maintaining clear lines of sight around your house so thieves have less places to hide
• Keeping updated on neighborhood news via social media

Talk to your independent agent about how to protect your home – as well as many of the high-value items in it – in the event of a burglary. Many insurers such as The Hanover also offer discounts when it comes to helping make your home more secure.

 

Contact an agent

Sources

Safewise
Consumer Reports
PC Mag

To report an impairment to your sprinkler system, fire pump, special fire protection or security burglar alarm system, please complete this form in its entirety.

When you have finished entering your data, please attach it to an email and send it to LCIMPAIR@HANOVER.COM.

Be sure to download an impairment checklist. This list will help ensure that all the proper precautions have been taken to protect your facilities while the protection is out of service.

Click here to download the Jewelers alarm system impairment checklist.

You have probably noticed higher prices in many areas of your life – from what you pay at the gas pump to the grocery store, for shipping and more. Home insurance rates are not immune to this trend.

Across the industry in most markets and with most insurance companies, whether you’ve had a claim or not, home insurance premiums are rising due to a variety of factors. Many of these factors are out of your control, as well as your agent’s and insurance company’s.

 

What factors influence home insurance rates?

Rates are determined by the likelihood of a homeowner filing a claim and the potential risks involved. Home insurance rates are driven by numerous standard factors, including:

• Amount of coverage needed
• Age of the home
• Location
• Liability issues
• Previous claims

There are other influencers caused by national trends which also contribute to rates. The biggest cause of rates going up is the rise in inflation. When prices rise, the cost of living and owning a home increases, which in turn influences home insurance rates. These rate increases are happening in insurance companies across the country.

To give you a glimpse into some of the factors causing rates to rise, we have compiled insights on nationwide trends.

Jump to: More severe weather |Higher material costs | Increased shipping costs and delays | Higher labor | Bigger, upscale homes | Increase in fire damage | Increase in water damage

 

More severe weather

From windstorms to hail events, extensive freezing spells and torrential rains, most of the country is experiencing more frequent and more extreme weather events that lead to more damage and higher overall insurance costs.

• There were 18 weather/climate disaster events in the U.S. in 2021 with losses exceeding $1 billion in damage¹.
• With an annual average of seven events from 1980-2020, the increase in severe weather caused 39% of all U.S. home insurance claims².
• According to a nationwide survey of 2,500 homeowners conducted by the Center for Insurance Policy and Research (CIPR), more than two-thirds of respondents said they were aware of things they could do to protect their property from extreme weather events to reduce their risk, but this awareness does not necessarily translate into action. Only half had made changes.³
• The CIPR study also found that two-thirds of respondents said their homeowners insurance costs have gone up over the past three years, with “increase in natural disasters such as hurricanes and wildfires” indicated as a key reason believed to be driving the increase. ⁴

Higher material costs

From record high prices to shortages of materials, the home building industry has seen lengthy delays, increased prices and a large number of postponed projects. These higher prices for construction projects, renovations and repairs lead to higher costs for homeowners.

• With the price of building materials, such as drywall, shingles, lumber and copper wiring, up an average of 26%, homes have become more expensive to fix and replace. According to a survey completed by the National Association of Home Builders⁵, this is the largest single year increase in the survey’s history.
• Ninety three percent of contractors are impacted by the increased price of materials which leads to higher replacement cost when insurance claims are filed.⁶

Increased shipping costs and delays

The pandemic has impacted almost every part of the global supply chain causing shipping delays and higher prices. When shipping ports get overwhelmed and backed up, it impacts the time it takes to get materials to homeowners and the cost of delivering the materials. From appliances to plumbing fixtures, it’s taken weeks and months longer to get building supplies, which previously had taken days to get.

• 94% of Fortune 1000 companies have reported supply chain disruptions from COVID-19.⁷
• Globally, RBC Capital Markets reported 77% of ports are experiencing abnormally long times to turnaround traffic.⁸   
• In fact, Freightos.com marketplace data shows that in September 2021, China-US ocean shipments took an average of 73 days to arrive at their final destination, 83% longer than in September 2019⁹

Higher labor costs

Builders often hire sub-contractors who handle electrical, drywall, plumbing and other areas of construction. With the current labor shortages, higher costs are needed to secure skilled laborers or obtain the needed materials. This in turn has forced home builders to factor in higher costs for construction and remodeling work.

• Eighty-nine percent of contractors are having a hard time finding craft workers and 88% of firms are experiencing project delays.¹⁰
• Additionally, the U.S. is seeing a drop in the number of Americans becoming tradespeople. The National Electrical Contractors Association reports that 7,000 electricians join the field annually, but 10,000 retire.¹¹ This shortfall results in higher prices and longer wait times for home projects.

Bigger, upscale homes

Many homeowners continue to increase their budget and the size of their projects for a more upscale result with custom cabinetry, granite, hardwood floors, finished basements and more. Higher-end renovations lead to higher replacement costs when damages arise.

• According to the National Kitchen and Bath Association, 62% of their design firm members reported an increase in the scope and size of their projects prior to 2020.¹²
• The home improvement industry has seen a 30% growth in luxury home products, showing that homeowners are willing to spend more to renovate with high end products.¹³

Increase in fire damage

Fires cause devastation, destruction, casualties and more. Most home fires and fire casualties result from five causes: cooking, heating, electrical distribution and lighting equipment, intentional fire setting, and smoking materials.¹⁴ While there are fewer home fires than there were 40 years ago, more damage is caused by fires today.¹⁵

• Newer homes burn nearly 6x faster than older ones due to the use of synthetic materials and open-floor plans, according to Underwriters Laboratories. This results in more total losses from fire and higher rebuild costs.¹⁶
• The average fire loss in 2020 was 1.5 times higher at $24,700 per fire compared to $16,300 per fire in 1980 (adjusted for inflation), according to the National Fire Prevention Association.¹⁷

Increase in water damage

Whether it be leaking or burst pipes, plumbing issues, sewage backups, pump overflows, clogged gutters, ice dams or extreme weather conditions, water damage can not only lead to mold, wet carpets and a bad smell – but to health issues as well.

• About one in 50 insured homes has a property damage claim caused by water damage or freezing each year with the average claim around $10,900.¹⁸
• Water damage and freezing losses have increased by more than 10% from 2017 to 2019.¹⁹

An overview of these trends can be viewed on our Why are insurance costs rising for homeowners infographic. 

Working with an independent agent will help ensure you have the right coverage with The Hanover’s suite of products.

Questions? Contact your independent agent to learn more.

Find an agent

 

Sources

[1] National Centers for Environmental Information [2] Insurance Business Magazine [3] CIPR Consumer Property Insurance Report  [4] CIPR Consumer Property Insurance Report  [5] National Association of Home Builders [6] Associated General Contractors of America [7]Accenture [8] Bloomberg [9]Freightos [10] Associated General Contractors of America [11] Forbes [12] Forbes [13] Forbes [14] National Fire Prevention Association [15] National Fire Prevention Association [16] Associated Press [17] National Fire Prevention Association [18] Insurance Information Institute [19] Insurance Information Institute

Many consumers renew their policy each year without even cracking it open to see if anything has changed. Life throws curveballs and insurance policies need to be in tune with how we live and the everyday changes that happen.

You may not know that renovating your home or adding a new driver may impact your coverage.

Here are some questions you should consider and discuss with your independent agent to make sure you have the right coverage.

 

The Hanover has a suite of protection options to fit your needs as your life changes. Schedule an insurance review with your independent agent today and feel confident that you are covered in all the right places.

Don’t have an independent agent? Find an agent in your area.

Find an agent

Various factors are impacting the cost to rebuild homes, leading to higher prices and the need for higher coverage across the industry. Talk to your independent agent to make sure you have the right amount of coverage and enough of it.

Sources:

NOAA

Insurance Business America

Insurance Information Institute

NAHB

AGC

New York Times

Accenture

Underwriters Laboratory

 

Whether it’s having one number to call in the event of a claim, just one bill to pay on one day of the month, or just one app to manage it all, you can experience savings, convenience and true peace-of-mind by having all of your personal insurance coverage with one company—The Hanover.

Ask your independent insurance agent today about The Hanover, or let us help you find a local agent.

 

  Find an independent insurance agent near you

You’re invested in looking your best. Designer clothes, handbags, etc. can reflect your style, interests or personality. Looking good can improve how you feel – and that is worth investing in.

When you make these personal, high-value investments, it’s important to take certain precautions to protect them.

 

 

Elevate shoes and bags

Keep your designer hand bags and shoes off the floor to avoid potential moisture damage that can lead to mold and mildew.

Use a dedicated cabinet, shoe organizer or wrap them in cloth bags. Avoid storing these items in plastic bins as they can harbor moisture.

De-clutter your closet

Less is more. Many high-value pieces of clothing require extra space to help it looking brand new. Avoid piling these clothes in your closet on top of each other – even if they are in protective bags. Allow enough room for them to hang upright on sturdy, wooden or velvet-padded hangers to avoid staining and help your clothing keep its shape.

Also, make sure the closet is well-ventilated and out of any special basement or attic space. Water is your enemy. Unventilated closet spaces can breed unwelcome moisture and lead to mold damage to your valuables.

Keep regular clothes separate

Mixing your regularly worn rotation of clothes and your special designer sets can lead to damaging the latter. Be sure to keep them from being stored next to freshly washed regular clothes, as any perfumes lingering from detergents can attract bugs and the oils from your body can spoil certain fibers.

Invest in supplementary equipment

Yes, you have already paid good money for your ensembles, but paying a little more in strategic equipment can bring the best out of your wardrobe.

Invest in a quality steamer that has multiple material settings for fabric versatility – as irons can ruin certain expensive threads. Get yourself a stiff goat or horse hair brush to remove excess lint and dirt to keep clothing looking new.

Take the time

Directions that come with high-value clothing are there for a reason. Always follow the cleaning recommendations that come with each piece for the best results.

Look over your collection every season and repair instantly if there are signs of damage. Use a tailor for any adjustments to keep them looking their professional best.

Insure your collection

Talk to an independent agent about your insurance options to protect against damage to your designer wardrobe. Textiles are covered in The Hanover’s home policy – and with Hanover Prestige – you have more control over adjusting those limits up and down based on your specific needs.

Your agent can also discuss how The Hanover has partners in textile restoration that can help you look your best.

 

 

Sources

Luxatic  

Home & Decor

LC 2021-515

Protect the life you love, on the water and off. Watercraft insurance from The Hanover covers eligible watercraft between $3,000 and $500,000 in value. 

A seasonal home can bring you the excitement to get away from the ordinary and the deep-breath relaxation you need to recharge.

Putting in the effort to transition your seasonal home in and out of regular usage will help keep it in excellent condition each year.

You’ll want to plan ahead a couple weeks in advance of opening or closing your seasonal home. Inspect your property for any foundation cracks and consider any winterizing options right for your property. Once completed, pay attention to these key action items:

 

Home	Closing	Two weeks prior to your return…
Gutters	Clean to make sure all the rain and snowmelt can run away from the base of your home.	Inspect them and plan any repairs as soon as possible.
Roof	Carefully, look for any raised shingles or signs of wear and make repairs accordingly.	Carefully, inspect for any damage sustained during the previous months.
Water	Drain all pipes and outdoor hoses. Once drained, turn off the water at the house’s main supply and turn all faucets open.	Turn supply back on and inspect all pipes and hoses for leaks. Flush toilets to make sure they are in working condition.
Power	Shut off and unplug all appliances. Switch off power at main source except for necessary equipment, such as an alarm system.	Turn on all switches to make sure everything works. If all set, perform dry run with appliances to check for any issues.
Gas/heating/utilities	If your seasonal home's heat runs on gas, talk with your utility provider about the best approach. You will want to set your home's temperature to 55 degrees Fahrenheit while you are away. Arrange with your utility to have services such as TV and internet suspended for the months you will not be using the house.	Call your utilities to reinstate these services and have any systems not working fixed or updated. If you have a septic system, you'll want that inspected now as well.
Home security	Consider installing a monitored security system with cameras. Many of these have apps that allow you to access the video of these systems in real time. Ensure the system is installed and your app is working properly while you are still there. Secure your windows and doors. Also, change the batteries on your carbon monoxide and smoke detectors.	Check to see if your windows or doors were damaged and update them accordingly. Replace your smoke and carbon monoxide detector batteries.
Food	Clean out pantries, refrigerators and anywhere else you regularly store food to prevent creating a buffet for unwanted wildlife or ants.	Clean those areas that will be used for storage, plug your refrigerator back in and restock for the summer.

 

If you have additional high-value equipment, such as boats, jet skis, snowmobiles, skiing equipment, extra vehicles, make sure they are properly insured, especially if they will be stored for the winter months.

Take a look at your regular home's coverage and see if the same protection makes sense for your seasonal home. 

Talk to an independent insurance agent about the value you can get from high-value home coverage with Hanover Prestige for coverage issues such as water backup, guaranteed replacement cost plus and service line coverage for up to $20,000 for repairs to utility lines.

 

Contact an agent

 

 

Sources

Bobvila.com

Livsecure

economical.com

Safewise

USA Today

LC 2021-497