A Coverage Calculator Online For Brokers
NU Online News Service, Jan. 30, 11:20 a.m. EST?Specialist insurer Hiscox said it has launched a new online tool that brokers can use in assessing whether their clients have enough coverage for their possessions.
"We've made this easier for brokers and clients by devising an electronic contents calculator which doesn't require every individual item to be categorized but does prompt people to think about hidden value such as clothes and shoes," said Austyn Tusler, High Net Worth insurance specialist at Hiscox.
Mr. Tusler said in a statement that by using the calculator brokers can reassure clients that if the worst happens, they won't be caught without the the cost of their trousers.
United Kingdom-based Hiscox said that high value home contents insurance is more than antiques and jewelry. Clients, for example, often don't consider the value of their wardrobe. Replacement costs, the company said, are usually higher than people think.
Clothes are not all that people forget to add up, the company said. Pots and pans, though usually not treasured possessions, can be expensive to replace. Added to the contents of a food pantry and freezer, the kitchen starts to look more expensive.
Mr. Tusler explained that, "People don't want to spend ages analyzing what their home contents are worth, but thinking it through carefully could make an enormous difference" if a client has a fire and has to start over, for example.
Hiscox offers the following tips for brokers to pass on to clients:
? Make sure you get valuables or antiques assessed by a professional.
? Check that your policy is index-linked, which will ensure your cover increases with inflation so you're less likely to become underinsured over time.
? Review contents of your home including carpets, curtains, pictures, furniture, ornaments and clothing. Add these items to the contents calculator.
? Check the value of home contents every five years by updating the contents calculator to include new purchases.
? After a successful shopping spree, review the costs of all purchased items.
Brokers can access the contents calculator online at: http://www.hiscox.com/insurance_for_you/calculator.stm
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