Interesting Insurance Facts and Anecdotes!
The Toronto Sun has compiled the following quotes from police reports. People involved in accidents actually told the police officer that this was the circumstance of their accident:
“Coming home, I drove into the wrong house and collided with a tree I don’t have.”
“A pedestrian hit me and went under my car.”
“I collided with a stationary truck coming the other way.”
“I pulled away from the side of the road, glanced at my mother-in-law and headed over the embankment.”
More of those will follow in future installments!!
The recent “I Love You virus” took a little more than a half a day to travel around the world. It’s costs may be as high as $2.61 billion in damages.
Insured damages from the Los Alamos fires are expected to be in the billions of $’s.
Paul Barbour, a recent contestant on “Who Wants to Be a Millionaire,” also helped his brothers become participants on the show. He will soon release a book on how to get on the game show. From a previous get-rich-quick plan he admitted to to embezzling $213,800 from Nationwide Ins. Co. in 1998 where he worked as an in-house lawyer. He faces fines & jail time.
Dog bites are the number 1 cause of homeowners liability claims.
It’s Hurricane Season:
June 1 marks the start of hurricane season.
Experts at Colorado State University, considered the top hurricane research school in the country, have recently revised their estimates upward. They are now predicting an even busier season, with 12 tropical storms, with 8 developing into hurricanes with 4 “major” hurricanes.
The most devastating storm in the past 100 years in New England was in 1938. It killed 600 and injured 1764. In today’s dollars it caused $17.8 billion in damages. (If it were to happen today the damages could be many times worse. We have many more people and much more property exposed.) In comparison, Hurricane Floyd in Sept. ’99 caused $6 billion in damages.
Making Home Improvements this Summer? Don’t forget insurance:
An independent study found that 70% of all homes are presently underinsured by an average of 35% of the true replacement cost.
One in three homeowners have recently remodeled their home or plan to do so within the next year.
Nearly 60% of homeowners who made major structural changes last year did not update their homeowners policies.
One in four home improvement projects increases the value of the home by 25% or more.
The value of the average home in Stratford increased by 19% in 1999.
Sixty percent of homeowners who hire a subcontractor do not know if the subcontractor is insured or not. Only 7% actually received proof of insurance.