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. 14, Issue 11July 2019

MONTHLY MESSAGE

Call Us Before You File an Insurance Claim

In the aftermath of a windstorm, you are concerned that your roof has been damaged. Or after a hailstorm, you see possible dents in your siding. Your next step is to call your homeowner’s insurer, right?

Actually, your first call should be to us at The Bensman Group. We can help walk you through deciding if and when to file an insurance claim. If you have a significant property loss, such as major fire damage, or if you are looking at a possible liability claim, we probably will advise you to file a claim, and we will help you through the process. But for relatively minor losses, it might make sense not to file a claim.

Among the many things that insurers consider when deciding what rate to charge for your coverage – or even whether to offer you coverage at all -- are the number and type of claims you have filed. And once your insurer opens a claim file, that remains as part of your insurance record for five years, even if you ultimately decide not to pursue the claim or if the claim is not paid because, for example, it is less than the amount of your deductible. The insurer will not send out an appraiser to look at damage until you formally open a claim file.

We can help you understand and evaluate the pros and cons of filing a specific claim. For example, in the case of roof damage, we can recommend some reliable roofing contractors who can come out, evaluate the damage and provide an estimate. If the damage ends up being less than your deductible – or even slightly more than your deductible – the wisest course might be to simply cover the damage yourself.

In recent years, the homeowner’s insurance market has been moving toward tougher underwriting, rate increases and often decisions by policyholders to increase deductibles. This has changed the focus of the industry to more risk management. Carriers are attempting to manage their risk better, and as a result they expect policyholders to manage their own risk as well.

Our goal is to help you do that. We are available during regular office hours, but we realize that not all losses occur during business hours. We also are available 24 hours a day, seven days a week through our emergency claim number, 847-772-9897. When you call that number, a Bensman insurance professional will answer the call. You might want to put the number into your phone, so you will have it if you need it.

We want to help you find insurance coverage that fits your needs, and then we want to help you get the most from that coverage. We are always happy to talk to you about any risk management or wealth management need. Contact us at 847-572-0828 or ksavage@bensman.com.

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