How to prepare homes for vacancy this summer

Half of U.S. adults said they are likely to take a vacation this summer, according to a study by The Points Guy and Healthline Media.

After a summer under lockdown in 2020 that caused widespread travel cancellations, many Americans are eager to embark on a trip this summer.

According to a recent study by The Points Guy and Healthline Media, 50% of U.S. adults said they are likely to take at least one vacation from June to September 2021. “Some Americans may not have had a summer vacation since 2019, and so there’s clearly a lot of pent-up demand,” said Melanie Lieberman, senior travel editor at The Points Guy, in a statement.

This surge in vacations will result in more homes to be vacant this summer. Moreover, as the economy moves into a post-COVID era, homes also will be left unoccupied for several hours most days as adults return to the office and children resume typical summer activities, such as camp.

To help clients prepare for home vacancy this season, Jennifer Wilbert, assistant vice president of personal insurance property at Travelers, offers the following five tips for homeowners:

1. It’s all about maintenance. Before departing on a trip, it’s crucial that homeowners complete a routine maintenance check on their house. Here is a simple checklist to follow:

Get the roof inspected, clean gutters, and check downspouts to be sure water moves away from the home.
Unplug all unnecessary appliances to reduce energy cost and fire risk.
Check smoke detectors and batteries.
Set the thermostat to an “away” setting to save energy.
Remove dead trees or overhanging limbs from the property.
Ask a friend, neighbor or relative if they are available for emergency situations and to monitor the home for any damage.

2. Check water pipes. Twenty-three percent of homeowners insurance claims result from water damage unrelated to weather events, such as leaking pipes, according to Travelers data. Homeowners should schedule an inspection with a plumber to make sure that there are no risk factors for pipes. Consider shutting off the main water valve or asking a neighbor to check to make sure leaks don’t go unnoticed for an extended time.

There also are many smart home solutions that can help detect and alert homeowners of leaks. Water sensors and low-temperature sensors are affordable safeguards to monitor for moisture, and smart shut-off valves automatically turn off the water if a leak is detected. Some insurance providers offer discounts when these types of devices are installed, so homeowners can save on their policies and secure their homes at the same time.

3. Do a deep clean. It’s a nice perk to walk into a clean home after a long trip, but doing a deep clean before going on vacation can also prevent things from going awry, like a bug or rodent infestation. Be sure to mop and vacuum the floors, scrub the toilets and sinks, and dispose of any perishables that could go bad.

4. Fend off burglars. Making it look like someone is home can help thwart thieves from a break-in and offer homeowners peace of mind. Program any smart electronics, like a TV or radio, to come on at a certain time to show activity. Arrange to have mail and package deliveries forwarded, hire someone to mow the lawn, and set up motion-sensitive exterior lights or internal lights on timers.

In case someone does break in, confirm that alarm systems are working and activated upon leaving, store valuables in a safe deposit box or secure location outside the home, and secure external doors and windows with deadbolt locks.

5. Consult an insurance agent. Even with thorough preparation, things can still go wrong while away, so homeowners should make sure their insurance policy has them covered should an emergency pop up during their trip. Encourage clients to check in with their insurance agent to ensure their policies includes home vacancy as well as for any savings that they may be able to take advantage of due to the use of smart, preventative measures.

Specific Technologies Driving Insurtech Investment in 2024

Understanding the Funding Decline The decrease in funding does not necessarily spell trouble for the insurance sector but instead highlights a strategic shift, the report suggests. “The insurance industry, like many sectors, is focusing on the most promising ventures with substantial insurance potential,” the report explains. “Insurers are directing their investments toward key areas and current trends such as embedded insurance, employee benefits, and cyber risk management. This strategic investment approach signals a forward-looking mindset within the industry.” Three Key Insurtech Trends for 2024 The report identifies three major trends shaping insurtech investments in 2024: Public Insurtech Companies: Financial and Growth Strategies The report also notes that public insurtech companies are prioritizing revenue growth as their main goal. These firms are restructuring their financial strategies to boost cash flow and capitalize on rising revenue streams. Their growth prospects are supported by expanding asset portfolios and strong market demand. “Public insurtech companies are focusing on revenue growth and optimizing their financial frameworks to increase cash flow,” the report states. “The growth potential for these companies is driven by increasing revenue opportunities, broadening asset bases, and a robust market for their services.” In summary, while global insurtech funding saw a decline in 2023, the industry’s focus on GenAI, digital process management, and connected insurance technologies is setting the stage for a dynamic and forward-looking 2024.

Business

Insurer Secures Unanimous Supreme Court Victory in New York Choice of Law Dispute

In the world of sports, a clean sweep, a shutout, or a perfect game is the ultimate achievement. In the legal arena, a unanimous decision from the U.S. Supreme Court is equally rare and significant. In a notable legal triumph, Great Lakes Insurance SE achieved a unanimous 9-0 victory in the Supreme Court on February 21, 2024. This victory follows a protracted legal battle that began in the District Court of Pennsylvania, advanced to the U.S. Court of Appeals for the Third Circuit, and culminated in the Supreme Court’s decisive ruling. Background of the Case: Great Lakes Insurance SE v. Raiders Retreat Realty Company The heart of the dispute was the insurance contract’s clause selecting New York law to govern any future legal conflicts. Although the financial implications of this case were relatively minor compared to the broader marine insurance industry, the insurer’s determination to uphold a crucial maritime legal principle has significant long-term implications for marine insurance. Faced with the insured’s counterclaims—including allegations of breach of fiduciary duty, insurance bad faith, and violations of Pennsylvania’s Unfair Trade Practices Law—the insurer was confronted with serious risks. Such claims could lead to the shifting of attorney’s fees, treble damages, and more, which might normally encourage insurers to settle rather than risk pursuing justice. However, Great Lakes Insurance, supported by The Goldman Maritime Law Group, opted to challenge the Third Circuit’s decision and seek clarity from the Supreme Court. Supreme Court Ruling: A Landmark Decision In a landmark ruling, Justice Brett Kavanaugh affirmed that choice of law provisions in maritime contracts should be upheld by default. This ruling is a major victory for establishing a consistent federal standard in maritime law and avoiding a patchwork of state laws that could complicate marine insurance disputes. The Supreme Court’s decision overturned the Third Circuit’s earlier judgment, which had questioned whether Pennsylvania’s public policy concerns might override the insurance contract’s choice of New York law. By upholding the New York choice of law clause, the Supreme Court eliminated the extra-contractual bad faith claims under Pennsylvania law, thereby ensuring that the dispute could be resolved based on the merits of the insurance claim itself. Significance of the Supreme Court’s Decision This ruling represents a significant advancement in maritime law, affirming that choice of law clauses in maritime contracts are generally enforceable. The decision establishes a clear, uniform legal framework for resolving maritime contract disputes, which will streamline the process and ensure fair adjudication of future insurance claims. Justice Clarence Thomas’s concurring opinion was particularly notable for its criticism of the 1955 Wilburn Boat v. Fireman’s Fund Insurance decision, which had previously influenced maritime insurance law. Thomas argued that Wilburn Boat was incorrectly decided and stressed that a uniform and enforceable set of rules is essential for the development of maritime law. Impact on the Marine Insurance Industry The Supreme Court’s decision sets a “bright-line” rule affirming that choice of law clauses are valid unless there is a strong argument against the selected jurisdiction. By endorsing New York’s insurance laws as a reasonable choice, the ruling supports a more consistent and predictable legal environment for marine insurers. This decision represents a major step forward in maritime law, helping insurers better assess risks, determine premiums, and ensure fair and efficient resolution of maritime insurance disputes.

How to prepare homes for vacancy this summer