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:

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

economical.com

Safewise

Your home’s appliances and equipment make living that much easier. In some cases, they’re “smart” or touchscreen – and sometimes use top-of-the-line technology.

Sometimes, though, things break unexpectedly. When this happens, you may need to pay a lot out-of-pocket to sustain your lifestyle – especially if they are smart or technically complicated.

The cost of convenience

Appliances break down - even newer, state-of-the-art equipment. According to a Consumer Reports survey of thousands of appliances, they found the following appliances had problem rates within the first five years:

• Refrigerators: 40%
• Dishwashers: 30%
• Ranges: 25%
• Washers: 30%
• OTR microwaves: 25%
• Dryers: 20%

Repairing some of the more common household appliances can cost hundreds of dollars – and that’s only if they can be salvaged.

When a piece of home equipment needs to be replaced, it can be an inconvenience and a burden on a home budget to both replace the equipment, not to mention additional costs for things like the loss of perishable goods to spoilage if your refrigerator stops working. Your replacement costs may include:

Equipment breakdown coverage

Talk to your independent insurance agent about how equipment breakdown coverage can help you from paying plenty of money out-of-pocket in the event your appliance of piece of equipment needs to be fixed or replaced.

A product's warranty may help in certain situations, especially with a newer piece of home equipment when it comes to normal wear and tear. Many warranties, however, only apply based on how they break down. Equipment breakdown coverage can add extra peace of mind for appliances and other home equipment when there is mechanical or electrical failures that could happen with a power surge when your home loses power or if your home is struck by lightning.

As part of a customizable home policy, The Hanover has an equipment breakdown endorsement that can cover you up to $50,000 with a deductible of only $500. For Hanover Prestige customers, that coverage extends up to $100,000 in protection.

An agent can help you understand your options, including any expediting expenses you’d be entitled to as a policyholder.

Contact an agent

Sources

Home Advisor

Bobvila.com

Fixr.com

Kitchens.com

Moving.com

LC 2021-485

Having a nanny at home can be an incredible asset to help care for your kids when you are away.

Making sure you have the nanny or au pair that is right for your family is essential for peace of mind for everyone’s safety.

Here are some tips to help you sift through the nanny candidates:

Write up the job

When you first realize your family will need childcare support, you may be tempted to sound the alarm to anyone and everyone right away. Before you start asking for help, write up a job description for the type of help you are looking for in a nanny or au pair.

Make sure to include all of your expectations in the details. Ask yourself…

• Are you looking for someone to also clean/tidy up the house?
• What is your pay rate?
• Do the hours fluctuate from day to day or steady, Monday through Friday?

Putting ink to paper can help you better understand what – and who – you want from this venture.

Talk to your agent

Your job description will be unique for your personal lifestyle. As you consider exactly what your nanny or au pair will do, talk to your independent agent to see whether or not adding or increasing certain coverage options is right for you. Consider asking your agent:

• Is umbrella coverage against potential legal issues practical for me?
• If the person I hire uses the family car, do I need to add him/her to my existing auto coverage?  
• If I have valuables in the house not currently on valuable item coverage schedule, is bringing a new person into my house the time to do so?

Conduct a professional interview

Nannying is not babysitting for the night – it’s a profession, so treat it like one.

Make sure to conduct the interview face-to-face. Lay out your expectations to all candidates. If this is your first time hiring a nanny, review an interviewer checklist such as this to ensure you cover various topics. Get references and ask questions that span many different topics, such as previous experience, their caregiving style and if there are any special considerations (religious holidays, allergies, etc.) you or the nanny want to talk about ahead of time.

Also, check their references to help ensure you have done a thorough background check.

Seal the hiring in ink

If you have found the ideal nanny for you, and vetted their references, don’t settle for a handshake agreement.

Help your family – and the nanny – by spelling out all aspects of the job in a formal work agreement that both parties sign. Make sure to include important elements, such as:

• Pay amount and schedule
• Hours
• Days off
• Benefits (if applicable)
• If the hired party is ever allowed to have guests over
• Effective start and end date

See this list of things to consider in a contract.

Stress safety

Once you have hired your nanny, set them up for success with an initial run through of important aspects of the job.

Give the nanny a tour of your home making sure to point out how to use safety devices in your house (i.e. smoke detectors, locks, alarms). Show the nanny where certain devices are in the event of an emergency, such as flashlights, first aid kits and fire extinguishers – and write out an emergency action plan so both of you understand what steps should be taken. Review any fire escape plans together.

If your home has valuables or other items you wish to remain out of your nanny or au pair's hands, be sure to lock them up safely every day. Consider a home safe for an extra layer of protection.

If your child takes medication, write out a clear action plan and review it regularly with your nanny to ensure correct times, doses, etc. If your child has allergies, explain what foods are acceptable to make for them – and if any foods should not be brought into the house.

Sources

Care.com

Parenting.com

Care.com

LC 2021-488

Cyberbullying is a growing problem. As an insurance agent, you are uniquely positioned to introduce parents to valuable protection they may not even realize is available. In fact, almost half (49%) don’t.

And remember: The Hanover’s cyber coverage for homeowners – which includes cyberbullying coverage – is an important part of our suite of products designed to help you write the total account.

Finding that perfect diamond necklace, rare coin to complete your collection or decadent piece of art is possible from the comforts of your slippers. There are plenty of reputable online avenues to shop for that valuable item that helps reflect your tastes and lifestyle.

With the online shopping experience, however, also comes additional issues to consider when you cannot be in-person to vouch for the item yourself.

When making important purchasing decisions online about your next valuable item, consider these five tips.

Do your research… and then a little more

If you plan to spend premium dollars on your desired item of great value, make sure you put that much extra research into understanding its value.

Consider the individual seller and look into their ratings and comments from other past buyers. Don't rely on just star ratings, as they can be misleading. If you are ever in doubt, check with the Better Business Bureau to see how their reputation holds up.

When examining a description of the item, be weary of terms used to describe it, such as "vintage" or "refurbished" as they could indicate an item not in its top condition.

Look for appraisals/certificates

For many types of valuables, an official appraisal can help you narrow your focus on the current value of that item(s).

This is especially important when it comes to jewelry. Make sure the appraisal specifically lists the item’s details such as weight, markings and material. They can also contain more subjective descriptions such as rarity, gemstone quality and manufacturer quality.

An appraisal or certificate can also help determine previous owners to document the item’s history for more accurate record-keeping.

Pay using a credit card

With a credit card as your payment method, you'll have the ability to dispute charges later and the likelihood of liability on fraudulent purchases is much lower.

You can also consider a "virtual credit card" for certain online purchases. These virtual cards typically have lower spending limits and keep your regular credit cards with larger limits protected.

Ask all your questions

Just because you are not face-to-face with the seller does not mean you can’t ask all of those questions on your mind.

If you are buying directly from an artist or jeweler or other online seller, make contact to have all your questions answered. Be sure to include a question about how long you have for a refund, what the warranty states and confirm you will get all the necessary paperwork in writing.

Don’t be shy about asking until you are satisfied with all of the feedback. These questions can help you determine if doing business with this seller makes the most sense.

Get experienced insurance know-how

Having your valuables – purchased online or in-person – covered with high-value insurance can help provide you peace of mind in the event they are lost or stolen.

Talk to your independent insurance agent to see how The Hanover’s Prestige coverage can help protect your valuables up to $50,000 with the valuable items plus endorsement.

Please refer to "Legal notices" below for underwriting company disclosure, coverage and risk mitigation disclaimer.

Sources

CBS News

Better Business Bureau

National Council on Aging

Federal Trade Commission

Jewelers of America

By Daniel Halsey, President, Hanover Personal Lines
This article was originally published on Rough Notes.

There is an emerging demographic of high-net-worth individuals – young adults. Millennials, ages 25 to 40 years old, are the most educated generation in history, have higher earnings than other generations, and are set to inherit more than any prior generation, according to a May 2020 report by the Brookings Institute.

With built-up savings and a post-pandemic zest for making the most out of life, younger Americans are aggressively pursuing $1M+ homes, looking for more land, a place to call home, and even vacation homes closer to their primary residences.

As they buy their first homes, these individuals acknowledge they could use help when it comes to purchasing homeowners insurance protection. The Hanover recently conducted a survey with OnePoll that found 61% of millennials agree it would be helpful to have an experienced agent review their personal insurance to make sure they have the right coverages in place. Unfortunately, the survey also found that they are less likely to have established, trusting relationships with an independent agent. This is a large demographic that has been underserved and under-protected. With high asset levels, this group needs consultation with agents the most. These findings point to a growing opportunity for agents to connect with this demographic and help these new homeowners protect their investments, while growing their own businesses.  

With the increasing need for personalized insurance offerings, particularly for higher-end homes, here are some ways independent agents can protect higher-value homes and autos for younger generations by attracting and retaining this demographic as customers.

For agents looking to win the next generation of financially sound customers, it’s more important than ever to align with carriers who understand this market. The Hanover’s recent OnePoll survey found that millennials have an array of protection needs including:

Look for carriers that rise to the higher level of service expectations and will partner with independent agents to solve for the more complex insurance needs of high-net-worth individuals. As these younger generations enter one of the more expensive times of their lives with new higher-value homes, expanding families, and even paying off student loans, agents should offer a full risk assessment.

With the trend of younger Americans purchasing expensive homes set to continue, there is an untapped opportunity for independent agents to capture this demographic and offer coverage for their home, auto, and valuables. Now is the time to target younger customers as they are making big purchases and create valuable long-term customers.

 

About the author

Daniel Halsey is president of personal lines at The Hanover Insurance Group Inc.

By Daniel Halsey, President, Hanover Personal Lines, August 25, 2021
This article was originally published on propertycasualty360.com.

As a consumer’s life changes, there are many obvious triggers for insurance evaluations – like buying a home or new vehicle. It’s the more unknown risks that arise as new technologies emerge, or as children grow up, that create opportunities for independent agents to have regular conversations with customers on evolving insurance needs. Consumers face many changing risks that make it critical for them to have a trusted adviser who examines these new vulnerabilities and offers protection solutions. Similarly, growth-orientated independent agents need carrier partners who monitor the changing risk landscape and introduce protection options in response.  

Cyberbullying is one of those lesser-known emerging risks that account-focused agents can tap into to open the door to a full risk assessment and identify coverage gaps. The Hanover Insurance Group commissioned The Harris Poll to conduct an online survey, which found that 43% of parents with children under age 18 say their children have experienced cyberbullying in the past year. 

With school starting up again, student bullies are back in class and more connected than ever. Last year, schools were forced to combine virtual and in-person learning. Cyberbullying has increased at a troubling rate over the past 18 months and continues to be a significant risk. According to a report from L1ght, hate speech among children and adolescents has increased by 70% since March 2020. Some insurance carriers have recognized this growing trend and created protection for families facing the risks of cyberbullying, making this back-to-school season a good opportunity for agents to talk to their customers about the unique insurance offerings available today.

With the guidance of an independent insurance agent, consumers can add a home cyber endorsement to their existing homeowner’s insurance policies to provide added protection. This endorsement provides coverage for a variety of cyber-related risks, including costs directly resulting from a cyberbullying incident.

However, not all endorsements are created equally. A home cyber endorsement includes a variety of valuable coverages, such as:

• Private tutoring expenses – Students may need to stay home from school for mental health reasons, therapy appointments, or for longer periods of time in more severe cases. To keep children from falling behind, families often hire in-home tutors. This is a costly expense that could be covered by a home cyber endorsement.
• Alternative schooling – While the bullying might occur virtually, a student may seek alternate schooling. Enrolling in a new school can be expensive, especially if the student attends a private institution or requires extra transportation costs. For example, a covered incident could include a situation in which a child traumatized by cyberbullying is advised by a mental health provider that changing schools is recommended for optimal recovery.  A cyber policy could cover some unreimbursed enrollment expenses for relocation costs to switch to the alternate school.
• Counseling services – Bullied youth (and families) often benefit from ongoing counseling. GoodRx reports that an average hour-long therapy appointment can cost up to $250, and some comprehensive endorsements may cover these costs as a result of the bullying incident.
• Related legal expenses – Cyberbullying can result in families retaining legal services to remove online content or simply to seek legal advice. Innovative insurance carriers provide policyholders with coverage for some legal expenses, if needed.
• Social monitoring software or apps – Look for a carrier that covers the purchase of mobile applications, social monitoring software, and web-based products to prevent further bullying. For example, if parents believe their child was the target of consistent online bullying, they could purchase social monitoring software to prevent further cyberbullying of their child. These expenses could be covered by a cyber policy.

Consumer education is critical and allows agents to be a “total risk” resource for their customers. The same Hanover/Harris Poll survey revealed nearly half of parents with kids under 18 (49%) have never heard of, or are not familiar with, cyberbullying insurance, yet two-thirds of those parents (66%) would be likely to purchase cyberbullying insurance to cover all children in their household for a price of $50 per year.

Independent agents who understand the severity of cyberbullying and work with carriers that provide unique protection for these types of risks, as well as other emerging trends, can build even stronger client relationships. Whether pointing to the growing need for water backup protection, how keeping inventory for a home-based business may require special coverage, or bringing home a new dog may impact insurance needs, discussions about lesser-known risks and evolving needs enable account-focused agents to provide end to end protection for customers. These regular conversations on new risks individuals face as their lives change lead to total account opportunities for independent agents.

 

About the author

Daniel Halsey is president of personal lines at The Hanover Insurance Group Inc.

How do you insure something that's irreplaceable? There's an art to it, and your local independent insurance agent can help frame a coverage plan that's right for you. But before you have that conversation, here are some steps you can take now to help get your art – whether it's one piece or a gallery – prepared for protection.

 

1. Establish proof of ownership 

Questions as to who owns a work of fine art can be incredibly messy, as have questions regarding its authenticity, and these disputes often result in protracted legal battles. So establishing rightful ownership of a piece – sometimes referred to as "provenance" – is critical to not just keeping it protected, but keeping it yours.  

The best place to start is the artist, if they are still alive, to document ownership and obtain a statement of authenticity for the work(s) you own. If this is not an option, an expert on the artist may be the place to turn. And if you made your purchase from a gallery, make sure you've saved all documentation from the transaction.

2. Maintain a digital archive

Depending on the size of your collection, this can seem daunting. Fortunately, there is plenty in the way of software and services to help you create and maintain an archive, and access it as well. When you do, make sure to take high quality photos of the pieces, and scan or photo receipts and proof of ownership as well. 

3. Talk to your independent insurance agent

The steps you've taken to document your collection will prove valuable as your agent works to determine which coverage option works best for your art. Make sure to ask about The Hanover's "scheduled item" coverage, which allows you to cover pieces individually, up to $25K in value, or valuable items coverage, which can provide blanket protection for a collection up to $100K.

4. Appraise your collection regularly

To get full value in the event a covered work is stolen or destroyed, it is critical to get it appraised regularly. Experts recommend every 3-5 years, but note that artwork often increases (sometimes sharply) in value upon the death of the artist. So, that should be considered a trigger to a reappraisal as well. And if your work has been found to have increased in value, make sure your insurance is updated accordingly. 

Finally, make sure you inform your insurance agent each time you loan or relocate your art. It could help speed the claims process in the event any work is stolen or destroyed.

Find an agent near you