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Sun Life’s Rowena Chan joins Insurance Business’ Global 100 2022 list

Sun Life's Rowena Chan joins Insurance Business' Global 100 2022 list


Recognized for her trailblazing work on digital transformation to enhance advisor and Client experience, and DE&I in the workplace

Sun Life Logo (CNW Group/Sun Life Financial Inc.)

TORONTO, ON, March 30, 2022 /CNW/ – Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) is pleased to congratulate Rowena ChanPresident, Sun Life Financial Distributors (Canada) Inc. and Senior Vice-President, Distribution, for being featured on Insurance Business’ Global 100 2022 list. The Global 100 list spotlights outstanding insurance leaders who drive growth and innovation, advance the industry and champion issues that benefit the sector.

“It is with great pride that I congratulate Rowena on this global recognition,” said Jacques Goulet, President, Sun Life Canada. “Under Rowena’s leadership, we have made significant investments to transform Sun Life’s Distribution business. These investments are enabling advisors to embed digital innovation into their practice to drive lasting Client impact and deliver on our Purpose of helping Clients achieve lifetime financial security and live healthier lives . I am continually impressed by Rowena, seeing firsthand how passionate she is in creating a high-performing, diverse and equitable culture—one where everyone can bring their best and authentic self to work.”

Since joining Sun Life in early 2019, Rowena has been at the forefront of Sun Life Canada’s growth and innovation in numerous ways.

Enhancing the Client experience with digitally enabled advisors

With Rowena at the helm, Sun Life Financial Distribution has introduced numerous digital capabilities to help advisors run a fully digital practice. Adding e-signature tools, e-forms, e-apps and a refreshed advisor intranet and customer relationship management system gives advisors more time to focus on what matters most—providing holistic, personalized advice to Clients.

Transforming Sun Life’s advice channels to help every Client have a holistic plan

Under Rowena’s leadership, Sun Life Financial Distribution has launched a continuum of advice channels, providing Clients with even more choice in how they connect with us. Whether through a fully digital platform on Sun Life Go, face-to-face with an advisor, or a combination of a digital platform supported by human advice through Prospr by Sun Life, the company is digitally transforming to meet the evolving needs of Clients at every life stage. These investments are at the forefront of Sun Life’s Client-first enterprise strategy and commitment to equip every Client with a holistic plan.

Fueling innovation and opportunity through diversity

Rowena has integrated diversity, equity, and inclusion into Sun Life’s Distribution business’ mandate. This is rooted in the belief that diversity creates equal opportunity, unleashes creativity, and allows all colleagues and advisors to be their true authentic selves at work. She has achieved gender parity in her leadership team and a Distribution business with over 60 per cent female representation. With approximately 2,100 advisors—36 per cent female—she leads one of the largest, most diverse financial services distribution organizations in Canada.

“I am honored to be featured among such an impressive group of global professionals,” said Rowena Chan. “This recognition is a testament to the talented colleagues and advisors I have the privilege of collaborating with every day. I am incredibly proud of the work we are doing to deliver impact for Clients while driving sustainable change to make our communities, workplaces and industry a more equitable and diverse place.”

In 2021, Insurance Business Canada named Rowena Canada’s Leader of Change for her trailblazing efforts to promote DE&I while driving transformational change in the industry. In 2020, Rowena was awarded Canada’s Most Powerful Woman Award among Executive Leaders by the Women Exchange Network.

About Sun Life

Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United Statestea United Kingdom, Ireland, hong kong, the Philippines, Japan, indonesia, India, China, Australia, Singapore, Vietnam, malaysia and bermuda shorts. As of December 31, 2021Sun Life had total assets under management of $1.44 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), new York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Note to editors: All figures in Canadian dollars

Media Relations Contact:
Kevin Koudys
Senior Specialist, Corporate Communications
Kevin.koudys@sunlife.com
M: 416-574-2670

SOURCE Sun Life Financial Inc.

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Insurance expert shares tips on filing a claim after severe weather

Insurance expert shares tips on filing a claim after severe weather


MONTGOMERY, Ala. (WSFA) – Strong wind and tornados can create a major mess for property owners. Broken glass, roof damage and electrical issues are some of the most common problems insurance professionals get called about.

“We realize people pay for insurance. It’s an intangible product. It’s not something like a flat screen that they can see,” said Dusty Smith, the Consumer Services Manager with the Alabama Department of Insurance. “So, they’re buying a promise from their insurance carrier.”

It is a promise storm victims are banking on, which is why the department has five tips for those needing to file a claim.

First, before the storm strikes people should stay alert to the changing weather to protect themselves.

For the second tip, once it’s safe to step outside, begin documenting the damage.

“Start taking photos of the potential damage you might have on your home, whether it’s dripping water, if you can see roof damage, broken glass, any fire damage from the electrical issues that might have been caused during the storm,” Smith explained.

Third, pick up the phone and speak with your agent or insurance company to begin filing a claim. Smith says it takes about ten minutes to get the facts straight, Smith said.

Soon after, an appointment will be made for an adjuster to come out and inspect your property.

“An adjuster is trained to find all the damage and somebody, you know, there could be structural damage to a house if the wind was high enough and so the ‘do-it-yourselfer’ might not be getting all the benefits of that insurance policy they’re paying for by trying to do it their selves,” Smith said.

Fourth, you are urged to be proactive in reducing the chances of any further complications.

“So, if there’s a broken window, maybe cover that up so there won’t be more water damage,” Smith added.

And for the fifth tip, folks are told to save their receipts. It ensures you have a paper trail of what your insurance provider can cover.

With the potential for power outages, folks should also have their policy numbers and agent’s phone number handy.

The insurance expert stresses you cannot put a price tag on your life.

“Unfortunately, we can fix houses, we can fix cars, but it’s hard to fix people. So, we want to make sure that people are safe first,” Smith said.

With the prices of homes on the rise. Smith also encourages people to call their agent and have another assessment of their home to make sure they are not under-insured.

Those with concerns regarding the handling of their claim can call the Consumer Services division of the Alabama Department of Insurance at 1-800-433-3966 or visit the department’s website.

Copyright 2022 WSFA 12 News. All rights reserved.

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Demotech Withdraws Financial Stability Ratings® Assigned to Lighthouse Property Insurance Corporation and Lighthouse Excalibur Insurance Company

Demotech Withdraws Financial Stability Ratings® Assigned to Lighthouse Property Insurance Corporation and Lighthouse Excalibur Insurance Company


COLUMBUS, Ohio, March 30, 2022 /PRNewswire/ — Effective March 29, 2022Demotech, Inc. with drawn the Financial Stability Ratings® (FSRs) previously assigned to Lighthouse Property Insurance Corporation and Lighthouse Excalibur Insurance Company.

According to Joseph PetrelliPresident, Demotech, Inc., “Despite a substantial capital contribution in the fourth quarter 2021, the operating loss in 2021, which reflected the evaluation of losses and loss adjustment expenses associated with Hurricane Ida, resulted in a level of capitalization below what was needed to sustain FSRs at the A level.”

About Demotech, Inc.

Demotech, Inc. was the first firm to review independent, regional and specialty insurers. Since 1985, Demotech has served the industry by assigning accurate, reliable, and proven Financial Stability Ratings® to Property & Casualty insurers and Title underwriters. FSRs provide an objective baseline of the solvency of an insurer. Demotech’s philosophy is to review and evaluate insurers based on their area of ​​focus and execution of their business model rather than solely on financial size. Demotech’s increasing accreditations and acceptances has resulted in its review of more than 450 insurers operating in the US. Visit www.demotech.com for additional information.

SOURCE Demotech, Inc.

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Vermont maintains record high insured rate

Vermont maintains record high insured rate


Vermont Business Magazine Nearly 97% of all Vermonters have health insurance, matching the state’s highest insured rate on record. According to the 2021 Vermont Household Health Insurance Survey released today, almost 600,000 Vermonters are covered. The data is consistent with studies from the US Census Bureau which found that, in 2020, Vermont ranked second in the nation for its percentage of people with health insurance.[1]

Additional highlights of the survey findings include:

  • Average Monthly Premiums Down 15% – The average household with private insurance contributed $505 toward their monthly premium. Adjusted for inflation, this represents a 15% decrease from 2018, when the last report was issued. Part of this improvement is due to expanded federal subsidies from the American Rescue Plan Act of 2021.
  • Vermonters Had Fewer Cost Burdens in 2021 – 14% of Vermonters had problems paying medical bills in 2021, significantly fewer than in 2012 (22%), 2014 (20%) or 2018 (17%).
  • Continuous Coverage Was the Norm Despite Employment Disruptions – Of the nearly 70,000 Vermonters who lost their job or were furloughed due to the COVID-19 pandemic, the vast majority (84%) reported they were able to maintain health insurance coverage.

“In the face of the pandemic’s massive disruptions over the past two years, our health care organizations, state employees, and community partners have worked tirelessly to keep us safe and healthy,” said the Agency of Human Services Secretary, Jenney Samuelson. “Today’s report is a testament to the State’s commitment to ensuring that all Vermonters can have and keep health insurance, so they have access to and can afford the care they need to be and stay healthy.”

State officials acknowledged that, while overall trends were largely positive, challenges exist related to health inequities and among small business employees. For example:

  • Not All Racial and Ethnic Groups Enjoyed a Low Uninsured Rate – American Indian or Alaska Natives are significantly more likely to be uninsured than Vermonters overall (9% vs. 3%).
  • Some Groups are More Likely than the General Population to Forgo Care Due to Cost – Twelve percent of gender identity minorities reported not receiving care from a doctor or surgery because they could not afford it, as did above-average proportions of those with a disability under age 65 (8%), Black or African American Vermonters (8% ), and LGBTQ Vermonters (8%).
  • The Rate of Uninsured Vermonters Increased Among Employees of Small Businesses – Three-quarters (76%) of the uninsured that had an offer of insurance from an employer cited cost as the reason for declining coverage. Among Vermonters who work for businesses with 2-9 employees, 11% were uninsured in 2021, up from 7% in 2018.

“For all the improved outcomes, the survey also clearly shows we still have work to do,” said Ena Backus, the state’s director of Health Care Reform. “From better engaging our neighbors in vulnerable communities, to securing federal help to expand affordability for those with employer-based insurance, to focusing on preventative care to lower overall healthcare costs, we can continue our progress toward making quality health coverage accessible to all Vermonters .”

The full report can be found on the Vermont Department of Health website at healthvermont.gov/stats/surveys/household-health-insurance-survey

Additional Data Points

Just three percent of Vermonters report no health care coverage. This continues to be the lowest uninsured rate since the survey began in 2000. Source: p.19

Vermonters were significantly less likely to have problems paying medical bills in 2021 than in 2012, 2014, or 2018. Source: p160

About the Survey

The Vermont Household Health Insurance Survey is managed by the Vermont Department of Health and conducted by Market Decisions Research. Fielded periodically since 2000, the survey is used to monitor the health insurance coverage status of Vermont residents.



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Insurance Deal Spurs Georgia Mental Health Bill to Passage | Georgia News


By JEFF AMY, Associated Press

ATLANTA (AP) — Georgia lawmakers passed sweeping changes to the state’s flagging mental health care system Wednesday after reaching Senate-House agreement on language aimed at forcing health insurers to pay for mental health and substance abuse treatment.

House Bill 1013 flew to final passage with a 54-0 vote in the Senate and a 166-0 vote in the House, then was headed to Gov. Brian Kemp’s desk for his signature or veto.

“Hope won,” House Speaker David Ralston, who spearheaded the measure, told the House as members gave him a standing ovation after the vote. “Countless Georgians will know that we have heard their despair and frustration. We have set Georgia on a path to lifting up and reforming a failed mental health care system.”

Debate over mental health care changes has been ongoing for years, and became a cornerstone issue of the 2022 session when the Republican speaker from Blue Ridge introduced the bill. But the Senate made changes to the House’s original measure, including weakening language aimed at enforcing long-existing federal requirements that health insurers provide the same level of benefits for mental health disorders as they do for physical illness.

Political Cartoons

Although only a few words were changed on Wednesday in the latest version of the bill, advocates said the new wording would require insurers to follow independent standards and block them from deciding for themselves what they would pay for.

“We’ve laid the framework for parity,” said Senate Health and Human Services, a Bainbridge Republican. “State law will have to follow the federal law, which you should have been doing since 2008. Everyone’s in agreement that the state of Georgia, ranking 48th or 49th depending on how you measure us, has not had parity when in the arena of mental health.”

Ralston was more blunt, telling reporters that his message to insurers is “Do the right thing, play by the law,” when it takes effect July 1.

The compromise keeps the current standard for a police officer involuntarily committing someone into treatment, saying the person must show an “imminent” risk of harm to themselves or others. However, new language allows an officer to take someone to an emergency facility to be evaluated after getting permission from a physician. Sen. Brian Strickland, at McDonough Republican, said the change “tightened up” the House language.

The deal also made changes to how mental health patients will be transported, leaving hospitals and not local governments in charge.

The measure still requires that at least 85% of money in public-funded insurance programs goes to patient care, limiting administrative costs and profit. The measure also requires extensive data collection and reports aimed at enforcing the parity mandate.

The bill faced vocal opposition after it passed the state House. Some critics raised concerns it would create a pathway to taking away guns of people diagnosed with mental illness, while others said it would raise insurance premiums for benefits they did not desire. Others focused on language that referenced World Health Organization standards, saying it could put state government in thrall to international standards. The World Health Organization language was removed, instead referring to existing state law to define mental illness.

Rep. Philip Singleton, a Sharpsburg Republican who had led opposition, characterized the changes a win. “We got almost everything we asked for,” he said after voting for the measure.

Changes under the bill are projected cost tens of millions in additional state spending. One provision aimed at boosting the state’s mental health workforce would forgive loans for people studying to become mental health professionals. Funding will be one obligation that the state has to maintain in the future.

“House Bill 1013 doesn’t solve our mental health crisis,” Strickland said. “Many parts of the this bill require long-term investment in the years to come.”

The measure also tries to improve existing tools aimed at keeping people with mental health and substance abuse problems out of jail. A grant program would help identify people who should be forced into treatment.

Also Wednesday, the House voted 165-0 for Senate Bill 403 that would require the state’s 23 community service boards, which are local mental health agencies, to provide co-responders to any local law enforcement agency that wants them. Workers would respond either in-person or virtually. Police departments and sheriffs would not be required to use the service. The measure goes back to the Senate for it to concur with minor changes.

Supporters say such services are currently available in six or seven jurisdictions statewide. In Athens-Clarke County, the share of people being arrested by police responding to mental health calls fell from 90% to 10% after such a program was in place, advocates have said.

Follow Jeff Amy on Twitter at http://twitter.com/jeffamy.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Clever Ways To Stop Wasting Money on Insurance

Clever Ways To Stop Wasting Money on Insurance

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When you buy insurance, you’re paying for something you hope you never need to use. It’s a lot of money going out each month, and you ponder cutting back.

Your auto and home lender require you to carry insurance. But what about other, non-mandatory coverage? Think about what could happen if calamity struck and you didn’t have insurance to help you cover your bills.

Learn: How To Get the Most Savings Out of Your Health Insurance
Advice: 3 of the Best and Worst Companies for Life Insurance

Eliminating insurance could prove impossible or unwise. Still, you might not need to pay quite so much for your premiums. You do have options, and now is the ideal time to review your coverage and ask the right questions.

The Big Four

Car, homeowners, health and life insurance are the most common types of insurance. Fortunately, you can employ some smart tactics to save on the monthly premiums.

Car Insurance

If you’re buying a new car and weighing different models, ask your agent how much each will cost to insure before signing the contract. If you drive an older car that has little monetary value and you own it outright, paying for collision and/or comprehensive insurance might not bring value in case of an accident.

The Insurance Information Institute says that could be a strategy if the value of your car is less than 10 times the insurance premium. Search Kelley Blue Book to learn what your vehicle is worth.

Other tips from the III:

  • Compare rates among companies
  • Increase your deductible
  • Ask about low-mileage discounts
  • Bundle your home and auto insurance
  • Take a defensive driving course

Homeowners Insurance

You also will save on your homeowners insurance by comparing rates, raising your deductible or bundling it with your auto policy. And you might have made improvements that qualify for a discount.

Do an annual checkup and let your insurance agent know if you added a security or sprinkler system, upgraded to storm shutters, bolstered your roof or made other safety or disaster-resistant changes. If you were insuring an expensive item, such as a piece of jewelry, and no longer have it, let your agent know to remove it from your policy.

Also, discuss any life changes. Now retired and over 55? You could qualify for a discount, according to the III.

Health Insurance

Injuries sustained in a car accident or a fall from a bike, for example, could leave you with thousands of dollars in medical expenses and put your financial future in jeopardy if you don’t have health insurance.

If you’re not eligible for an employer-sponsored health insurance plan, turn to the federal or state marketplace to find coverage. Subsidies available through the American Rescue Plan signed into law in 2021 reduced the cost of insurance premiums, and enrollment in marketplace health plans increased by 21% over 2020. An insurance broker, at no cost to you, can guide you through your options to help you select the plan that best fits your needs and budget.

See: Here’s How Much More Expensive Healthcare Is in the US Than 5 Other Countries

If you’re under an employer-sponsored plan that comes with a high deductible, enrolling in a health savings account will save you money. With an HSA, you don’t pay taxes on the money you put in, and you can deduct from that account to pay a variety of medical expenses.

Life Insurance

If you want insurance to protect your young family, term life insurance is less expensive than whole life and generally runs for lengths of 10 to 30 years. The best time to buy life insurance is when you’re young, locking in your rate before older age and medical issues can drive up the rates.

According to insurer Progressive, a 10-year, $250,000 term policy costs a 40-year-old man $16.31 a month; it’s about a dollar less for a woman of the same age. The price doubles if you take out the same policy at age 50.

Another way to save money on life insurance? Stop smoking. Fidelity Life says it takes one year of being a nonsmoker for lower rates to kick in. Once you’ve kicked the habit, your insurance company can reclassify you, making you eligible for lower rates.

Other Insurance

The option to buy insurance comes along often in other areas, but is the investment worth it?

Credit Card Insurance

This guarantees your credit card payments will be made if you lose your job or become disabled or critically ill — and the insurance will pay your balance in case of death. It costs about $1 per month for every $100 you owe. If your balance is $2,500 at the end of the month, your credit card issuer will charge you $25 — added to your balance.

That $25 instead could be put in an emergency fund or pay for a term life policy that would pay off your credit card — and much more.

Discover: The Hidden Truths About Life Insurance

Rental Car Insurance

The full package of insurance offered when you rent a car could cost almost $40 a day, covering the car and medical expenses. Chances are you can skip the insurance. Check with your insurance company, but you’re probably fully covered if you’re driving a rental and it’s damaged. Your credit card issuer probably offers benefits that cover an accident, too. And your health insurance should take care of any medical expenses incurred in an accident.

Mortgage Protection Insurance

In the case of your death, mortgage protection insurance will send a check to your mortgage holder to pay off the balance, ensuring that your family can remain in your home. It’s great peace of mind, but chances are you’re paying too much for it.

While the price depends on the amount of the loan, your age and other personal information, Rocket Mortgage estimates the insurance costs at least $50 per month for “bare minimum” coverage. A term life policy would be less expensive and probably provide benefits that exceed the cost of your remaining mortgage balance.

Cellphone Insurance

If you plan to purchase a pricey cellphone, put it off until you’ve had a chance to do some research. If you’re spending $1,000 on an item that you can easily drop and damage, you’ll probably consider cellphone insurance. But, if your credit card issuer offers cellphone protection, you can do away with the insurance.

Some card companies will protect the phone if you buy it with their card and make your monthly payment that way, too. It probably won’t cover theft, and you’ll still have to pay a deductible to repair the damage, but it’s free.

By contrast, the AppleCare+ plan costs between $79 and $199 for two years of coverage, depending on the phone, before the deductible.

More From GOBankingRates

About the Author

Jami Farkas holds a communications degree from California State University, Fullerton, and has worked as a reporter or editor at daily newspapers in all four corners of the United States. She brings to GOBankingRates experience as a sports editor, business editor, religion editor, digital editor — and more. With a passion for real estate, she passed the real estate licensing exam in her state and is still weighing whether to take the plunge into selling homes — or just writing about selling homes.

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Landlord Insurance vs. Homeowners Insurance: Which One Do You Need?

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Photo: depositphotos.com

Many people know that homeowners insurance provides critical financial protection for property they own by protecting against damage from disasters such as weather, fire, and vandalism. For property owners who rent out part or all of their property, however, homeowners insurance isn’t enough; the limits to homeowners insurance coverage mean that if a disaster should befall a property that is rented out, the landlord could be left with significant financial responsibility and no coverage. Those property owners need rental property insurance, which is marketed as landlord insurance or investment property insurance. Landlord insurance is similar to homeowners insurance for rental properties, but with a few significant differences. These policies cover the structure of the building and associated outbuildings and can provide loss of rent coverage if the property is uninhabitable due to a covered peril. It can also provide liability coverage for the landlord if tenants are injured on the property and the landlord is liable. Landlords who wonder “Do I need landlord insurance?” should know that the answer is probably yes, as paying out of pocket for repairs after a disaster can undermine the financial status of their business and livelihood. Landlord insurance, however, isn’t geared toward protecting the contents of the building, which is why it’s important to understand which kind of insurance is appropriate for your situation.

1. Homeowners insurance covers your primary residence, while landlord insurance covers rental properties.

Homeowners insurance is intended to protect the investment of homeowners who live in their homes (and, to a certain extent, their lenders). As a result, the coverage is extensive: Homeowners insurance policies are contracts of exclusion, which means they’ll cover almost anything that the policy does not specifically exclude. Covered events, or perils, typically include fires; damage from wind, snow, rain, and lightning strikes; explosions; break-ins and vandalism; accidents; and water damage that results from burst pipes or other sudden and accidental events. Homeowners insurance will not cover flood damage or damage caused by earthquakes, and it generally does not cover any property that is not part of the policyholder’s residence.

Landlord insurance, on the other hand, does not require that the policyholder be a resident of the covered property (the landlord may live on the premises as well but would then need a separate policy to cover their personal property). A landlord may own multiple properties and cover each of them with a separate policy. Landlord insurance is specifically tailored to the needs of rental property owners, so it’s focused on the elements of the property that the landlord owns and would be responsible for repairing or replacing after a covered event. The covered events and exclusions are similar to those of a homeowners insurance policy, with the addition of coverage for repairing accidental damage caused by tenants.

Landlord Insurance vs. Homeowners Insurance

Photo: depositphotos.com

2. Both types of insurance typically include coverage for the home’s structure as well as detached structures like sheds.

Structural coverage is central to both types of insurance. If a branch falls on the building during a covered event such as a storm, both homeowners and landlord insurance will likely cover the cost of repairing the damage. Windows that break during a hailstorm or walls destroyed by fire are also usually covered. This protects the property owner’s investment; if a structure is badly damaged or destroyed by fire, the structural components will need to be rebuilt and replaced, which can be a catastrophic expense for the owner. This is why most lenders require homeowners to maintain a homeowners insurance policy and individuals who purchase rental property to maintain landlord insurance.

3. Homeowners insurance often includes personal property coverage, while landlord insurance does not.

Homeowners own their homes and everything in them. Many people underestimate the cost of replacing damaged items—they may think that because furniture was purchased inexpensively years ago and that their belongings aren’t luxurious, there’s no real threat if the items are damaged or destroyed. But this is unrealistic; the items in most people’s homes were purchased gradually, sometimes using money that had been saved up for a long period of time. Repurchasing all items in a home after a disaster would be extraordinarily costly, so homeowners insurance provides coverage to reimburse part or all of the cost of refurnishing the home after an incident.

Landlords do not own the personal property that is inside the units they rent. Paying for coverage for those personal items would be complicated and quite expensive. Therefore, landlord insurance doesn’t include personal property in its coverage. Instead, the coverage is limited to the structure, which includes the building itself, along with wallboard, permanently installed carpeting and flooring, and cabinetry. The personal belongings of the tenants are the tenants’ own responsibility, which is why many landlords require that their tenants carry renters insurance to avoid confusion about the limits of the landlord’s liability. However, if the landlord has chosen to furnish the unit with items that they personally own or to keep landscaping equipment in the garage that’s intended for use at the property, those items can be added to a landlord policy for an extra fee, as can the major appliances in the unit.

4. Homeowners insurance tends to include loss-of-use coverage, while landlords can opt for loss-of-rent coverage.

Both homeowners insurance and landlord insurance typically provide coverage for the time that a property is unlivable due to repairs or rebuilding, but the type of coverage differs slightly. Homeowners insurance often offers loss-of-use coverage, which pays for temporary living expenses such as lodging and meals out if extensive damage caused by a covered peril requires the homeowner to move out while it’s repaired. Landlord insurance coverage isn’t geared toward protecting the residents of a building—its design is to protect the landlord—so rather than paying for living expenses, landlord insurance will generally cover lost rent if extensive damage or repairs require the renter to move out for a period of time. This helps protect the landlord from being unable to make their own mortgage or utility payments during a time with reduced income. Also, some landlord policies will cover rent when tenants simply don’t pay. Loss-of-use and loss-of-rent coverage varies depending on the insurance company and policy details. Sometimes this is considered add-on coverage that comes at an extra cost, and other times it’s included in a basic policy. Policyholders can check to see what coverage is included in the best homeowners insurance policies or landlord insurance policies by reading the fine print and asking their insurance agent plenty of questions about their coverage to ensure they have chosen the best insurer and policy for their needs.

Landlord Insurance vs. Homeowners Insurance

Photo: depositphotos.com

5. Both types of insurance can include coverage for personal liability and medical payments for guests who are injured on the property.

The mail carrier slips on ice and breaks a leg—and sweats for the cost of their medical treatment. A friend is helping out in the kitchen and burns themself badly on the stove and needs to go to the ER. The garbage can tumble away during a windstorm and dents the neighbor’s car. All of these expenses fall under the category of personal liability, and they are usually included in both homeowners and landlord insurance policies.

This type of coverage protects the policyholder from charges for medical expenses for injuries that happen to guests while on the policyholder’s property or the repair of damages. Personal liability coverage typically has a limit, and the policyholder may choose to add or upgrade the coverage limits based on the risk a property presents or the likelihood of accidents. For example, a residence with a swimming pool or trampoline in the yard must be aware that injuries are more common when using them, so additional coverage might be wise.

6. Landlord insurance doesn’t cover the tenant’s property, which is where renters insurance comes in.

While homeowners insurance covers personal property, landlord insurance does not, which leaves tenants’ personal property at risk should a loss occur. The best renters insurance, or rental house insurance, is designed to fill that gap. It does not cover the structure of the building, but it does cover the tenants’ personal items, living expenses should they have to temporarily move out during repairs, and liability coverage. Many landlords require that their tenants carry renters insurance, so it’s common to see that requirement written into the lease. This clarifies who is responsible for what expenses after a covered event—the landlord insurance will cover the structure and the property, and the renters insurance will cover the tenants’ personal belongings and temporary living expenses. Even when the lease does not require renters to carry insurance, it’s a good idea to do so; like homeowners, most renters vastly underestimate the value of their personal belongings and would find themselves hard-pressed to afford to replace everything after a fire or damaging storm.



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Anthem fined $5M by Georgia insurance commissioner

Anthem fined $5M by Georgia insurance commissioner


The Georgia insurance commissioner is hitting Anthem Blue Cross Blue Shield with a $5 million fine—the largest in agency history—over claims processing errors.

Anthem failed to comply with state laws on a number of occasions between 2015 and 2021, insurance commissioner John King (R) announced Tuesday. Those included improper claims settlement practices, violations of the state Prompt Payment Act, a lack of timely responses to consumer complaints, inaccurate provider directories and provider contract loading delays, according to the regulator.

“My number one priority is protecting Georgia consumers,” King said in a news release. “After numerous complaints made to our office regarding the operations of Blue Cross Blue Shield from individuals, physicians, hospitals and others from around the state, I instructed my staff to conduct an extensive examination into the carrier’s practices.”

Anthem Blue Cross Blue Shield could also incur more penalties if it does not adhere to benchmarks set out in the insurer’s corrective action plan, King said.

In a statement, Anthem Blue Cross Blue Shield said the investigation mainly focused on a database system no longer in use and that the company is working to process and pay claims as quickly and efficiently as possible in accordance with provider agreements and state regulations.

“As the department is aware, we worked diligently to address these challenges,” the company said. “We have since migrated to a new platform with the goal of improving accuracy and transparency. We are dedicated to those we serve and partner with, and we believe the recent enhancements we have made will create an improved overall care provider experience.”

Before the implementation of a replacement provider database system last year, the insurer was out of compliance with timeliness requirements on and off since 2018, according to Georgia.

The most common errors providers cited were in-network claims being processed as out-of-network and the insurer rejecting claims for unknown reasons. Both categories of problem were largely due to system coding errors that also led to incomplete and inaccurate claims data submissions, the insurance department found.

The corrective action plan dictates that Anthem Blue Cross Blue Shield develop a new process for dealing with provider complaints, pay claims within the statutory time lines, upload provider contracts in a timely manner and submit monthly reports on its progress. The insurer’s day-to-day business practices will be monitored to ensure compliance with the order.



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What Is Insurance? | U.S. News


An insurance policy is a contract between a policyholder and an insurer that helps the policyholder manage risk and protect against unexpected financial losses. The policyholder may be an individual or a company, and the insured entity may be the individual who purchased the policy or a third party.

In exchange for the premium the policyholder pays, the insurer agrees to pay some or all of the unexpected expenses that may arise from circumstances covered by the policy, such as an auto accident or emergency surgery. Insurance companies profit from the fact that the premiums they collect from all of their policyholders exceed the total amount they pay out in claims.

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No amount of financial planning can guarantee that you are prepared for the types of unexpected disasters and emergencies that can happen from time to time. Insurance allows people to pay for financial protection against these unpredictable and potentially devastating outcomes. For example, one recent study found that roughly two-thirds (66.5%) of all bankruptcies are tied to medical expenses. In addition to providing peace of mind, insurance can help eliminate uncertainty and risk from long-term financial planning. Insurance can also protect important assets, such as your home and your car, and guarantee your loved ones are provided for in the event of an untimely death.

Insurance policies often cover a specific amount of time, which is called the policy’s term. Once the term is up, the policyholder must either renew the policy or buy a new one to stay covered.

The upfront fee of an insurance policy is called the premium. The size of the premium is determined by a number of different factors, such as the amount of coverage the policy provides and the potential risk the policyholder poses for the insurer. For example, young, healthy policyholders may pay a smaller life insurance premium than policyholders over the age of 70.

Many insurance policies include a deductible, which is an amount of money the policyholder must pay before the insurance coverage kicks in. For example, if your auto insurance has a $500 deductible and you get into an accident that causes $2,000 in damage, you would pay the $500 deductible and the insurance company would pay the $1,500 remainder.

A typical insurance policy starts with a declaration page, which contains an outline of the most important details of the policy, including who or what is insured, the policy limits and the terms of the policy. The policy will also usually contain an Insuring Agreement summarizing the responsibilities of the insurer, a list of exclusions detailing circumstances the policy doesn’t cover and a list of conditions that must be met to qualify for a claim.

Health insurance covers necessary medical costs, such as doctor’s appointments and surgeries. Because of the extremely high cost and unpredictable nature of many medical treatments and procedures, health insurance can help prevent policyholders from potential bankruptcy if they suffer an unexpected injury or illness. Many Americans get health insurance through their employer, but they can also buy it themselves via the government’s health insurance marketplace at HealthCare.govor get it directly from an insurer.

There are several different types of auto insurance that cover various scenarios. Liability insurance covers injuries to pedestrians, personal injury protection covers driver and passenger injuries and collision insurance covers damages to the policyholder’s car from a collision. Comprehensive insurance covers collision damage plus other damage to your vehicle, such as damage from a tree limb falling on your car. All drivers are legally required to have auto insurance, but the minimum coverage requirements vary on a state-by-state basis.

Homeowners or renters insurance covers damages from theft or damages if someone is injured on your property. Homeowners can also get insurance to cover damages from natural disasterssuch as floods and hurricanes.

Life insurance policies pay off when the policyholder dies. Life insurance can help pay for costs associated with a funeral and burial, and it can also provide financial security for any surviving loved ones.

There is also a wide range of other types of coverage, including disability insurance, long-term care insuranceliability insurance, travel insurance, pet insurance and business insurance.

Chubb Ltd. (CB) is a Switzerland-based international insurance company that provides property and casualty insurance, accident and health insurance, reinsurance, and life insurance.

Marsh & McLennan Cos. Inc. (MMC) is one of the world’s largest insurance brokers and consulting firms, and provides risk management guidance for businesses.

Aon PLC (AON) is a multinational professional services company that sells risk-mitigation products, including health insurance plans and other types of insurance.

Progressive Corp. (RMP) is a large US property and casualty insurance company that specializes in auto insurance.

UnitedHealth Group Inc. (A H) is the largest public US health insurance company and the parent of health care services provider Optum.

Insurance can ensure that an accident, mistake or simple case of bad luck doesn’t have severe negative financial consequences. It can insulate your family from financial hardship, even if you are no longer around to do so. Insurance can help risk-averse people protect themselves from unpredictable negative events, even those that are the fault of others. People often underestimate risks, and insurance can help mitigate the negative impact of that type of miscalculation. Insurance can be a safety net in the event of job loss or disability and can help you avoid bankruptcy in the most extreme cases.

Insurance premiums can be extremely expensive. Many policyholders only rarely use their coverage, and some may never use it. Policyholders may experience a type of hardship that is not covered under their insurance policy, and they may get no relief for any hardship that costs less than their deductible. Insurance companies may make it difficult to successfully file a claim, and some policyholders must resort to taking costly legal action. The claim process may take a long time, leaving policyholders in a difficult spot immediately after an accident or illness occurs. Finally, some applicants or properties are rejected for insurance coverage if they are considered too high-risk.

The concept of insurance dates back to Babylonian bottomry contracts as early as 4000 BC A bottomry contract is a loan granted to a merchant with the provision that the loan did not have to be repaid if a shipment was lost at sea. The first US insurance company was the Philadelphia Contribution, which was launched by Benjamin Franklin in 1752. The first American life insurance company was the Presbyterian Ministers’ Fund, which began in 1759. Franklin Health Assurance Company of Massachusetts offered the first US accident and health insurance policies in 1850, and Travelers Insurance Company launched the first US automobile insurance policy in 1898.

FAQ’s

Reinsurance is the practice by which insurance companies transfer portions of their policy risk to other parties to reduce their exposure to catastrophic losses that can occur if a large number of policyholders file claims all at once.

A copay or copayment is a flat fee that policyholders must pay even for covered services, such as a trip to the doctor or pharmacy.

The open enrollment period is the annual time period during which individuals and employees may freely enroll in health insurance or change their coverage. The open enrollment period is typically November 1 to December 15, but certain state exchanges or employers may offer longer or different enrollment periods.

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Albany contractor accused of failing to provide workers’ comp insurance

Albany contractor accused of failing to provide workers' comp insurance


ALBANY

The owner of an Albany-based construction company has been charged with a felony for a repeat offense of failing to provide workers’ compensation insurance during a job at the University at Albany, according to the state Inspector General’s office. The man was previously convicted of failing to secure insurance during a roofing job in Amsterdam in 2019.

Leroy Nelson, Jr., 41, owner of JRN Construction, was charged with a class D felony for violating a section of state Workers’ Compensation Law in Albany City Court on Monday. Nelson is accused of failing to provide workers’ compensation insurance for six JRN Construction employees working on a project at SUNY Albany after Nov. 22, 2020.

“Having adequate workers’ compensation insurance is not only the right thing to do for your employees, but it’s also the law,” state Inspector General Lucy Lang said in a prepared statement. “If a worker had been injured in this instance, the worker and the state potentially bear the responsibility for medical bills, and lost time.”

Nelson failed to make required contributions to the state Unemployment Insurance Fund in violation of state Labor laws from Jan. 1, 2019 through Jan. 31, 2021, according to an affidavit filed with charging documents in Albany City Court that were obtained by The Recorder.

Over $1,800 in insurance contributions should have been collected for wages paid to employees of JRN Construction. The employees were allegedly omitted from quarterly wage statements filed with the state.

The charge filed this week was elevated to a class D felony due to Nelson’s prior conviction for a misdemeanor charge of failing to secure workers’ compensation insurance in 2019.

In that case, the Inspector General’s Office initially charged Nelson with first-degree offering a false instrument as part of a workers’ compensation fraud scheme.

Another construction company without insurance had its application for a building permit for a roofing project on Pulaski Street denied by the Amsterdam Building Department. Afterwards, Nelson applied for and was granted the required permit, yet the other company actually completed the work.

Nelson also previously pleaded guilty to a forged instrument count related to a falsified certificate of workers’ compensation insurance in 2016.





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