Navigating Well Pump Claims
If you are among the millions that live in a populated area, you may not think much about the source of your water supply. But for more than 43 million people in the United States, a well pump is one of the most essential components of the home, as nearly 14% of the population does not have access to municipal water systems and must rely on a private well system (...
StrikeCheck Releases 2019 Annual Claims Report
Data on Key Claim Trends Grants Carriers Exclusive Opportunity to Control Claims Leakage
StrikeCheck’s 2019 Annual Claims Report identifies an array of opportunities for carriers to control claim leakage while maintaining customer satisfaction CHARLOTTE, N.C., March 6, 2019 — StrikeCheck, a leading provider of electronics damage assessments for Property & Casualty insurance carriers nationwide, announced the release of its 2019 Annual Claims Report today. The statistics featured in the report can help carriers make data-driven decisions and highlights areas where they...Handling Tankless Water Heater Claims
Tankless water heaters are becoming a progressively more popular alternative to traditional tank-style water heaters. According to Research and Markets, the global tankless water heater market is expected to grow at a compound annual growth rate of around 7% between 2018 and 2022. This is no surprise, as this style of water heater is increasingly attractive to homeowners. Not only are they more energy efficient than their tank-style counterparts, but they also have a longer lifespan,...
Water Damage to Electrically Powered Items
Water damage can occur year round from a variety sources, and is therefore one of the most frequently claimed property insurance perils. Regardless of the source, 1 in 50 homes files a water damage claim each year (III), and 37% of all homeowners claim to have suffered water damage (Water Smart).
Get Your Free Overview on Water Damage to Electronics Here
Because water damage is so prevalent, it is important for...Handling Dishwasher Claims Accurately
While we haven’t made it to the high-tech dishwasher age of The Jetsons, dishwashers are still a common appliance likely to show up in a property claim. Dishwashers are considered more of a luxury appliance than the essential refrigerator and range. Nevertheless, nearly 60% of American homes have a dishwasher (CNN Money), making it important for adjusters to know what to look for when a claim includes a damaged dishwasher.
Type of Dishwasher
There are four types of...Exploring Computer History: Devices Through the Decades
Did you know that the components that make up your personal computer today were founded as far back as 1937? Sure, personal computers only started becoming mainstream in the 1980s and the 1990s, but they were used in industry and science applications for decades prior. From Complex Number Calculators in 1941 at Bell Telephone Laboratories to the Apple Watch, read on to find out how these fascinating electronics have evolved over the decades.
A timeline exploring computer history
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Leading Causes of Refrigerator Damage
Hardworking refrigerators are often taken for granted. They run constantly and are arguably the home’s most important appliance. Often, we don’t think about what causes refrigerator damage until it’s too late. As many adjusters know, a damaged refrigerator can quickly become a headache, since damage to this common appliance can require a lot of complex research. You need to know whether or not the refrigerator can be repaired, and you need to establish food-spoilage coverage and estimate total claim costs.
Frequency...
StrikeCheck Releases 2018 Annual Claims Report
Electronics Claims Analysis Provides Valuable Insights for Property Insurance Professionals
Data released in StrikeCheck’s 2018 Annual Claims Report aids carriers in identifying risk of indemnity leakage
Charlotte, North Carolina, February 27, 2018 – StrikeCheck, a leading provider of electronics damage assessments for Property and Casualty insurance carriers nationwide, announced the release of its 2018 Annual Claims Report today. The data in this report provides an opportunity for property and casualty insurance carriers to identify where they can reduce the risk of...What causes a water heater to leak or rupture?
The following article on "What causes a water heater to leak or rupture?", written by Reza Nikrooz of StrikeCheck, originally appeared in the Technical Notebook Column of Claims Magazine and was also published on Property Casualty 360. As many adjusters know, water heater failure often leads to significant property damage. Water heaters have an average lifespan of 10–20 years, but that can be significantly reduced without proper routine maintenance—substantially increasing the risk of failure. According...
4 things to know about power surge damage from hurricane-force winds
The following article on "4 things to know about power surge damage from hurricane-force winds", written by Reza Nikrooz of StrikeCheck, was originally published on Property Casualty 360.
Washer and Dryer Claims 101
Washer and dryer damage claims are often difficult due to their complexity of operation and the myriad of components that they contain. According to the US Census Bureau, over 85% of homes in the United States have a washing machine. The sheer prevalence of the equipment combined with their complexity can add up to a headache for property adjusters nationwide.
Get your free adjuster guide to washer and dryer claims
Because many components in both washers and...Electrical Panel Claim Information
Electrical panels are an essential part of any property, whether residential or commercial, and claim expenses for electrical panel damage can compound quickly. If a loss occurs and the panel is damaged, insurance carriers may incur additional living expenses or loss of business expenses. Moreover, damages to the electrical service panel or wiring can potentially lead to a fire. Between 2009 and 2011, an estimated 25,900 electrical fires occurred in residential properties and resulted in over $1 billion in property...
Surge and Lightning Damage to Electronics
Surge and lightning damage to electronics is a frequent occurrence, particularly in the summer months. A recent analysis of 2016 homeowner’s insurance claims by Insurance Information Institute revealed that over $825 million was paid on more than 100,000 lightning claims. This represents a near 10% increase in the number of lightning claims filed in 2016 over 2015, though it is still below the 10-year average. Perhaps more significant for insurance carriers is the fact that the average...
Handling Standby Generator Claims
The number of power outages in the United States have increased significantly over the past decade due to severe weather, heightened demand on the electrical grid, and outdated electrical infrastructure. This has led many home-and business owners to purchase backup generators to provide power in the case of an outage. In fact, over 18% of single-family homes now own a standby generator, according to the US Census Bureau. The addition of a standby generator can be beneficial...
Solar Energy Systems
Solar energy is a booming industry in the United States. According to Solar Energy Industries Association (SEIA), the solar energy industry has grown more than 60% annually since 2006, in part because of both the decrease in the cost to install solar equipment and the Solar Investment Tax Credit. 2016 was the largest growth year of the solar energy market on record. Currently, more than 42 gigawatts (GW) of solar capacity is installed in the United...
What Causes Water Heater Failure?
Water heaters are an integral part of any residential or commercial property. The US Department of Energy estimates that there are 103 million residential water heaters in service. With the average lifespan of a residential water heater between 10 and 20 years, more than 25% of the water heaters in service are nearing the end of their useful life at any given point in time. Water heater failure can cause significant damage to the home, particularly...