Bensman Risk Management, Inc.


Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 10, Issue 8April 2015

MONTHLY MESSAGE

Taking Precautions Can Help Minimize Water Damage

Water can be among the most destructive of elements when it gets into places where it is not supposed to be. Anyone who has ever suffered water damage -- from a spring flood or from a leaking ice maker -- knows that the best approach to controlling that damage is to stop it before it starts.

You can spend a lot of money on things like a flood control system, and if you live where flooding is common, you probably should. But there are other things you can do that won’t take much of a bite out of your budget.

For example, I recently bought a very inexpensive, small, battery-operated water sensor, which I put on the basement floor near the water heater. Weeks later, I heard the device beeping and went to investigate. I discovered that my sump pump had broken, and the water had pooled under the heater. I had to replace the sump pump, but it could have been much worse.

You can place these little devices anywhere you might have a leak, and they can alert you before you have a major problem. Of course, you need to be home in order to hear the device beeping. To provide protection in places where you are often absent – such as in a vacation home – you can get water sensors that work through your alarm system.

You probably won’t be able to stop all water damage always, but you can help control damage by being prepared. And the start of the spring flood season is a good time to consider your level of preparedness.

For example, if you live in an area that experiences flooding, take precautions to keep important items elevated or stored out of the basement altogether. Make a list of companies that specialize in cleanup of flood damage, so that you can contact them as soon as possible and get the cleanup started right away. At The Bensman Group, we have a list of such companies that we would be happy to share with you.

Finally, make sure you understand what your home insurance does – and doesn’t – cover. In general, you probably are covered against sewer backup and mold remediation. But your policy almost certainly does not cover losses from water that enters your home from an outside source such as a flooded street, river, etc. To get coverage for those losses, you need to buy flood insurance.

We will be happy to discuss your homeowner’s policy, or any other insurance need. You can contact us at 847-572-0820 or dmiller@bensman.com.

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