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. 13, Issue 10June 2018

MONTHLY MESSAGE

Look At Safety Systems When You Open Your Summer Home

Winter can be hard on summer homes. So before you relax at the beach or the woods or the mountains, make sure your house is ready for the season. And while you’re at it, consider adding some risk-reduction systems that could help protect your home and possibly save you some money on your insurance.

When you open your house, you probably have a list of routine checks and maintenance. Check your roof and, if necessary, call a reputable roofer for a professional evaluation or repairs. Make sure that trees are not overhanging your house in a way that could be hazardous, and trim any that are. Have an HVAC professional make sure your cooling and heating systems are working well. Change the batteries in your smoke and carbon monoxide detectors, and replace any detectors that are past their prime. And have a plumber check for leaks or other issues with the plumbing.

You also can talk to the plumber about installing a water detection system that can check for leaks even when the house is vacant. Water is the single largest cause of losses under homeowner’s insurance coverage – more than damage from fire or burglary.

Leak detection systems are a fairly recent and continually evolving technology. There are several options for detecting water leaks. You can choose a sensor system, in which you attach a sensor to each potential leak source in your home. If a leak causes water to hit the sensor, the system can notify you, notify the company monitoring the sensor, or turn off the water supply to your house.

You also can use a system that monitors the water flow in your house. If there is an uninterrupted water flow, even a small one, it automatically shuts off the water to your house. If you are using it when you are home, you can set the system to react only when the water flow has been longer than, for example, your dishwasher or washing machine cycle.

You also should consider a system that monitors the temperature in your house and alerts someone if it gets too low. And of course, you might want to have a burglar and fire alarm installed. These systems usually can be checked and monitored from your smartphone, although there is no insurance discount unless they are connected to a monitoring service that can alert local authorities if there is a problem.

If you have properly connected systems, some insurers offer discounts on your homeowner’s policy. We would be happy to look at what options might be available to you. We also are available to talk with you about any of your insurance or wealth management needs. You can contact us at 847-572-0828 or ksavage@bensman.com.

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