Commissioner Stewart Provides Storm Preparedness Tips

Paths of Hurricanes are Hard to Predict: Prepare Now for Severe Weather

Dover, DE – Insurance Commissioner Karen Weldin Stewart is encouraging Delaware residents to take action now to prepare for potential damages and interruptions from Hurricane Matthew. Although it is too early to predict the long-term track of the storm, residents are encouraged to review or develop an emergency plan, create or update a home inventory, and take action to make their homes as safe as possible to prevent any damage from occurring. The Atlantic Hurricane season officially ends on November 30. Even if this current storm bypasses our region there’s still plenty of time for other strong storms to form which could eventually threaten Delaware.

The Department of Insurance has a Storm Preparedness webpage filled with resources and information about what to do before, during and after a major storm.  There’s an abundance of information about protecting your home or business from damage, and tips for preparing for meeting with an adjuster if your property sustains damages. Visit the Storm Preparedness webpage here: http://delawareinsurance.gov/departments/consumer/StormPrepare.shtml

Now is an ideal time to update your personal property inventory for your home, or create one if you’ve never done it before. With today’s technology this process is easier than ever with the help of the free app for your smartphone called MyHome Scr.APP.book, created by the National Association of Insurance Commissioners. The Department of Insurance also has a home inventory PDF that can be printed. For links to all of these resources visit the Storm Preparedness webpage. Having an up-to-date home inventory will help make the insurance claims process much easier should your home be damaged by a natural disaster.

Below is a brief list of items the Delaware Department of Insurance suggests that you review now, before a disaster strikes. For a complete list of items, visit the Storm Preparedness webpage, mentioned above in this article.

  • Make sure that you understand the deductible provision of your policy.
  • Keep all of your insurance policies in an easily accessible location.
  • If forced to evacuate, keep your insurance records with you at all times, including the name and telephone number of your insurer or insurance agent.
  • Be certain you understand the claim procedures of your insurance company.
  • Make sure you have insurance up to at least 80% of the value on your home to avoid penalties under any co-insurance provision of your policy.
  • Keep all necessary information regarding your health coverage, including prescription information, with your insurance records in the event of an evacuation.

For the best protection take pictures of your important documents with your smartphone, or scan these important documents and save them in your personal e-mail or online storage account. That way, if documents are lost in a disaster you can still access them from anywhere. Be prepared, you’ll thank yourself later!

The Delaware Department of Insurance also recommends that residents have evacuation plans and prepare an emergency supply kit. It is recommended that a supply kit should contain: plenty of bottled water, a first aid kit, flashlights, a battery-powered radio, non-perishable food items, blankets, clothing, prescription drugs, eyeglasses, personal hygiene supplies, and cash or traveler’s checks. Additionally, if you need to evacuate your home, turn off all utilities to reduce the chance of additional damage and electrical shock when utilities are restored. For more information on building an emergency kit and preparing an evacuation plan, visit www.ready.gov. You can also learn more about preparing for hurricanes, specifically, at https://www.ready.gov/hurricanes.

The Department of Insurance encourages residents to monitor the storm in the coming days. If the storm tracks toward Delaware, consider taking the following precautions at your home:

  • Clear your gutters of leaves and trim branches that are hanging over your roof.
  • Close and lock all doors and windows to prevent them from blowing open and allowing rain in.
  • Move any items from your yard that could become projectiles and cause damage such as potted plants, grills, toys, garbage cans, lawn furniture, etc.

A note about flood insurance: Your traditional homeowners insurance will not cover your losses due to flooding and storm surges. Only flood insurance will protect your home and property from damage due to flood waters. There is typically a 30-day waiting period from the time your purchase the policy until it goes in to effect. To learn about your home’s specific risk for flooding as determined by FEMA flood maps visit https://msc.fema.gov/portal.

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Commissioner Stewart: Delawareans Pay 7th Lowest Homeowner’s Insurance Rates in U.S.

 Annual premiums nearly $400 below national average

Dover, DE – Insurance Commissioner Karen Weldin Stewart announced today that Delawareans paid the 7th lowest average homeowner’s insurance premium in the country in 2013, the most recent year for which data is available. According to research released today by the National Association of Insurance Commissioners, homeowners in Delaware paid an average of $709, nearly $400 less than the national average of $1,096.

“I’m proud to say that Delaware remains among the top ten states in the U.S. for lowest average homeowners insurance premiums,” said Commissioner Stewart. “If you’re looking to save on your homeowners insurance, shop around for quotes from different companies. Always ask about possible discounts, like multi-line discounts for having your auto and home insurance through the same company.”

The Delaware Department of Insurance reminds you that the premium amounts cited above are averages for the most common homeowners policy; your particular premium may be higher or lower. The NAIC also cautions that average premiums are an imperfect measure of the relative price of insurance due to wide variations in hazards, economic conditions and real estate values from state to state.

To compare homeowner’s insurance rates from different Delaware carriers, go to

http://compare.delawareinsurance.gov/Consumer/InsuranceTypeSelection.aspx

 

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Delaware’s Kinion Named One of the Top Four Influential Figures in Global Captive Insurance

Commissioner Stewart Lauds Captive Division’s Success

DOVER, DE  – Insurance Commissioner Karen Weldin Stewart is pleased to announce that Steve Kinion, Director of the Delaware Insurance Department’s Bureau of Captive and Financial Insurance Products, has been named as one of the four most influential people in the captive insurance industry.  The February 2016 issue of Captive Review magazine lists Kinion as number four on its global list of the “Power 50 in 2015” list. Kinion was also in the top four in 2014.

“The recognition of Steve for two consecutive years is further evidence of the continuing success of Delaware’s captive insurance program,” said Commissioner Stewart. “The people of Delaware thank Steve and his team for creating an environment that fosters sophisticated alternative risk transactions.”

Announcing the 2015 rankings, Captive Review observed: “A true warrior of the industry and unafraid to make his voice heard, Kinion can be relied upon to spot any legislative or NAIC [National Association of Insurance Commissioners] action that could compromise the position of strength of captives in America’s booming captive sector.”

Captive Review also recently named Commissioner Stewart to its first Enterprise Risk Captive Pioneers list.

Captive insurance is a form of self-insurance.  Captive insurance companies are owned by entities who wish to better manage the cost and administration of their own risks. In 2005, Delaware updated its laws regarding the formation of captives, thereby positioning the state to become a preferred domicile to the growing number of captive insurance companies being created by companies worldwide.  Today Delaware is the third largest captive domicile in the U.S. and the world’s sixth largest.  Delaware’s sophisticated corporate laws, financial infrastructure and respected judiciary make it the preeminent jurisdiction for business. These benefits extend to captive insurance companies through Delaware’s Bureau of Captive and Financial Insurance Products.

For more information, please visit http://captive.delawareinsurance.gov/

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Commissioner Stewart Fines Highmark BCBSD and Aetna $483,000

 DOVER, DE – Insurance Commissioner Karen Weldin Stewart today announced she has fined Highmark Blue Cross Blue Shield Delaware $383,000 for numerous violations, including failure to pay policyholder claims in a timely fashion.

Commissioner Stewart has also fined Aetna, Inc. $100,000 for failing to pay policyholder claims in a timely fashion and for charging excessive copays, among other violations.

The fines resulted from routine market conduct examinations of each insurer performed by Insurance Department examiners.

A copy of the Stipulation and Consent Order and the Market Conduct Exam Report for each matter may be found at

http://delawareinsurance.gov/

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Sign Up for Health Insurance before January 31 or Pay Higher Penalty at Tax Time

 

Commissioner Stewart Urges People without Coverage to Enroll Now

Dover, DE – The open enrollment period for obtaining health insurance through Delaware’s Health Insurance Marketplace ends on January 31. If you want health insurance coverage to begin on February 1, you’ll need to enroll in a plan by January 15. If you enroll in a plan between January 16 and January 31, your health insurance will not take effect until March 1, 2016.

Insurance Commissioner Karen Weldin Stewart reminds Delawareans who think they can’t afford health insurance that eight out of ten people who enrolled in Delaware received help paying for their insurance. Find out if you qualify for financial assistance now by going to www.healthcare.gov.

If you don’t have health insurance coverage in 2016 you’ll risk having to pay a federal fee at tax time. You’ll pay a penalty of either 2.5% of your income, or $695 per adult ($347.50 per child) — whichever is higher. You pay the fee when you file your federal tax return for the year you don’t have coverage.

After January 31, 2016, you can’t buy a health insurance plan for the rest of 2016 unless you have a specific life change — like having a baby, getting married, or losing other health coverage — that qualifies you for a Special Enrollment Period.

Are you ready to enroll? Consumers can find more details about the various plans and their related premiums and deductibles, as well as any potential premium subsidies they may be eligible for, at www.healthcare.gov. If you need additional help choosing a plan, there are free and local assistance available across the state to help answer your questions. They can also assist you with the enrollment process – find their contact information at www.choosehealthde.com.

Commissioner Stewart also reminds you that scam artists are active as enrollment deadlines approach, so be cautious if you purchase a health plan through a site other than www.choosehealthde.com or www.healthcare.gov. Other websites may offer plans that don’t contain the coverage benefits available through the Affordable Care Act.

Don’t forget, small businesses can apply for SHOP coverage for their employees any time, all year. Go to https://www.healthcare.gov/small-businesses/employers/

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