Even the insurance industry is beginning to recognize green building methods..

ISO announced that it has filed the industry's first standard coverage option for commercial property owners interested in rebuilding damaged property with green alternatives


There are three major components of the new coverage:


-Green upgrade coverage will change existing replacement-cost coverage by providing an additional limit of insurance to address loss settlement of damaged property that use more energy efficient and environmentally preferable materials, products, or methods when it comes to design or construction in accordance with Environmental design(LEED program) or Energy Star

-The second is related to expense coverage, which provides an additional limit of insurance to be applied to expenses related to green upgrades. (Example.. recycling costs, such as the reuse or salvage of building materials or contents and related extraction and transportation expenses.)

- The third is within the business interruption coverage form which extends the period of restoration. This takes into account that using green standards may take longer than is customary with ordinary construction methods and materials.

We have not seen how this form is going to be used or priced as it was just introduced, but it is interesting to see how the insurance industry is also getting in on the action with regards to green building techniques.

Homeowners Insurance

More than half of homeowners say they know very little about their home insurance policies and coverages, according to a survey.Some 54 percent of all homeowners surveyed admitted to knowing "not much at all" about their homeowners policies. One of the most poorly understood aspects of homeowners insurance is actual coverage. Homeowners insurance policies can vary in types of coverage but a standard home insurance policy typically covers dwelling, contents, other structures, medical payments, liability, and loss of use. Some of the most dangerous aspects homeowners often ignore on their policies are replacement value, deductibles and covered losses. These are the exact reason that homeowners NEED to contact an experienced independent insurance agency like THE MISNER AGENCY. We take the time to explain the coverages that we are quoting and make time to answer the insureds questions. We also represent various insurance companies which allows us to go beyond the basics and offer some extended coverages to meet individual homeowners needs.

How the gas price effects the insurance industry in New York

Here is a great article in our local newspaper reporting how the increase in gas prices translates into lower insurance premiums due to reduced traffic:

"Insurance regulators say high prices at the pump may help keep a lid on New York's auto insurance rates, which are the third highest in the country.
Insurance Superintendent Eric DiNallo says Geico agreed to withdraw a rate increase request for most of its customers after the Insurance Department questioned how higher gas prices are reducing auto travel in New York. He says federal data shows New Yorkers drove 500 million fewer miles in May than in the same month last year, so it stands to reason insurers costs would be lower because of the reduced traffic.
DiNallo says all insurers now must justify their rate-increase requests in light of the reduced traffic, and he expects others to follow Geico's lead.

Story posted in the Times Herald Record on August 6, 2008.

EVEN WITH THE GECKO, PEOPLE STILL WANT THE PERSONAL TOUCH!!

The recent JD Power and Associates 2008 Insurance New Buyer Study finds 55 percent of all new auto insurance sales are handled by local agents. They study also finds that buyers who purchase their auto insurance policies through local agents give significantly higher average satisfaction scores compared with those who purchase policies from call center representatives or via Internet channels.

So no matter what you hear on the radio from a certain talking reptile, people still prefer spending 15 minutes with a human that they know and trust rather than a call center or website. An independent agent has access to numerous companies which allows the consumer to know that they are truly getting the most comprehensive policy at the most competitive price. If you are working with an agent who is writing for one specific company(ie.. State Farm) then it really limits the policy type and pricing that can be obtained.

THE MISNER AGENCY is and independent agent. Please call us today for all your insurance needs.

CONGRATULATIONS M&M AUTO GROUP

Congratulations to Howard and his staff at M&M auto group for winning the prestigious 2008 Pride Award as the Sullivan County Business of the Year.

Please check out their website at www.mandmautogroup.com for all your car buying needs.

MORE INFORMATION ON RENTAL CAR COVERAGE

I know this is the second post about rental cars, but we always seem to get calls on Rental Car Coverage. Someone in our office noticed this great "top ten" list that was put out by New York Central Mutual regarding Rental Coverage....

1. An insured is covered for damage or loss to their rented vehicle under the private passenger automobile insurance policy whether they are renting for work or personal purposes.

2. The policyholder should list anyone other than the renter who might be driving the rental vehicle. If an accident occurs with a driver other than the renter or one of the authorized drivers listed, the insured's policy might be held responsible for property damages that would normally be covered under the rental vehicle's policy.

3. The policy only covers damage to the rental vehicle if the contract is 30 continuous days or less. If a policyholder has an accident with the rental vehicle and the contract is more than 30 days, they will be held responsible for all the damage to the rental vehicle.

4. Renting a vehicle with a major credit card may also provide the necessary coverage. The policyholder should check with their credit card company.

5. Rental car companies are not permitted to "block" an insured's credit card if they decline to purchase the collision damage waiver or optional vehicle protection in states that offer them.

6. IT IS VERY IMPORTANT THAT THE POLICYHOLDER INSPECTS THEIR RENTAL CAR CAREFULLY BEFORE LEAVING THE LOT AND UPON RETURN OF THE CAR.

7. If and insured damages their rental vehicle, they must notify their insurer immediately to give the insurer time to inspect the vehicle.

8. The policyholder should not allow a rental car company to charge any damages to their credit card. The insured must insist that the company bill them directly or contact their insurance company.

9. Just remember that an insurer can deny coverage for a loss that results from an intentional or irresponsible act.

10. The renter must read and question anything they are asked to sign. They should also keep copies of all notices and documents that they receive from the rental company, including the contract.

Any teenage drivers in the house?

Connecticut’s Department of Motor Vehicles, in conjunction with the Connecticut Teen Safe Driving Partnership, has encouraged the use of the "Parent-Teen Driving Contract." This contract can be used by New York state parents and teenagers as well. Parents should read the contract, discuss it with the teenage driver in their family, come to an agreement, and use it to help promote safe driving practices.