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    Personal Insurance Blog

    Redefining Risk

    Posted by Gordon Atlantic Staff

    Fri, Feb 01, 2013 @ 08:00 AM

    Learn about risk with andrew gordon inc insuranceRisk. Danger. Peril. Hazard. These words certainly do not have the best connotations. In fact, it's next to impossible to use these words to express something positive. After all, risk is a possibility of loss.

    Did you know that every single action you do carries some form of risk? Whether it's walking up the stairs, folding some laundry, or eating a bite of that delicious ice cream sundae (see right), each and every action has some possible form of risk.

    Severity of Risk

    Ok, so the examples above are pretty mild when it comes to risk. If you are an optimist, I encourage you to think of the positives. If you are a pessimist, try not to get too paranoid. But here are several outcomes that can happen when walking up the stairs:

       1. You walk up the stairs safely with no issue.

       2. You stub your toe on the steps. (Ouch!)

       3. You trip and fall up the stairs, embarrassed and slightly injured.

       4. You fall backwards and break something important (like an arm).

    Ok, so we only have four of any number of possible outcomes that can occur while walking up the stairs. While, if you walk up stairs often, the first outcome is the most likely (let's say 99% of the time), you cannot ignore the other 1% of possible outcomes.

    Likelihood of Risk

    So now that you've opened your mind to some of the several possibilities that could happen to you when walking up the stairs, turn your attention to other things, like car accidents and hurricanes.

    If you are a licensed driver, how often do you drive? How good of a driver are you? How long is your commute, what type of roads do you drive on, and what type of drivers drive around you? All these (and more) are essential factors to determine your risk of driving on the road.

    We've all heard the statistics about car accidents, and in recent years storms have gotten a lot worse (Katrina, Sandy, Irene, etc.) causing billions of dollars worth of damage. Has that damage happened to you? No? Will it happen to you? Maybe.

    You can't predict when loss will occur. All you can do is know that you are always at risk. Will you live a risk-free life? The odds say that no, sometime in your life you will most definitely face loss. We don't know when that one (if it's only one) time will be. And depending on your lifestyle, you could be facing multiple instances of loss within a few years. You won't know until it happens.

    Reducing and Redefining Risk

    Here at Andrew G. Gordon, Inc., our job is risk management. We want to reduce the risk of your loss, and we have many ways for you to do so. For starters, we have a wide variety of checklists - (hurricane preparation, homeowner's) of steps for you to follow to reduce your loss. We also post a wide variety of blogs, which include several different safety tips and guides (ranging from pumpkin carving safety to motorcycle safety to skiing safety). For a more interactive experience, we also have our famous whiteboard videos.

    If you subscribe to our blog, watch a video every now and then, or check our website out once in a while, you are reducing your risk by educating yourself. However, to effectively reduce risk, what you learn must be put into action (i.e. actually stopping at a stop sign vs. knowing that you should stop at a stop sign).

    Unfortunately, risk can never be completely eliminated. However, reducing it to the smallest amount possible is by far the best option. By preparing, we redefine risk as something that even if it happens, there is minimal (if any) loss.

    If you have any other questions, feel free to click the button below to contact us directly. Learn more about personal insurance here.

    Contact Us

     

    Tags: risk, personal, insurance, definition, redefining, prevention, loss, math, statistics, probability

    Loss: Tips on Prevention and Restoration

    Posted by Sue Bird

    Wed, Jun 27, 2012 @ 09:34 AM

    Here are some helpful suggestions on loss prevention as offered on the Bunker Hill Ins. Co. website. Remember, your Homeowners policy is not a maintenance plan and you should maintain your property. Also, included below are tips on what to do if you do have a loss.

    Preventing Loss

    Cover your home in case of water or fire damage with homeowners from Andrew Gordon Inc Insurance Norwell MA

    Quick tips checklist

    Water

    • Maintain your roof and inspect it once a year.
    • Trim trees and prune dead limbs.
    • Keep gutters and downspouts clean and free of debris.
    • Check washing machine hoses periodically and replace them every 5 years.
    • Test your sump pump regularly.
    • Know how to turn off your water supply.
    • Consider installing automatic shut-offs on appliances and water main.
    • Replace hot water tanks before they corrode (every 7 to 10 years).

    Fire

    • Test smoke detectors frequently and replace batteries as needed.
    • Use wood stoves and electric heaters with extreme care.
    • Don’t leave candles unattended.
    • Keep outdoor grills away from decks and siding.
    • Dispose of smoking materials carefully.
    • Never smoke in bed.

    Accidents

    • Stairs should have secure handrails and be clutter-free.
    • Make sure there are working night lights at the top and bottom of all stairs.
    • Keep exterior walks free of debris, ice and snow.
    • Install fences and self-closing gates around your pool.

    Protect your home from theft water fire or storm damage with these tips and homeowners from Andrew Gordon Inc Insurance Norwell MAHome Security

    • Lock doors and windows.

    Going away?

    • Arrange for mail pick-up and yard maintenance.
    • Cancel newspaper deliveries.
    • Keep lights on timers.
    • Have a friend or neighbor check your property frequently.

    And if you have a claim, here are some tips to prevent further damage:

    • Call us to report your loss, or visit us at www.agordon.com
    • Call a professional if you need help.
    • Clean up standing water.
    • Cover holes in the roof or walls.
    • Report theft to local police.
    • Keep receipts for any work performed.
    • Find more tips on how to mitigate water or fire & smoke damage.

     

    Get a list of home cleaning and restoration companies in your area or check out our home insurance resources and white board videos. Learn more about the basics of homeowners insurance here

    INSURANCE QUESTION?  

     Sue Bird

    Tags: house, home, theft, damage, restoration, insurance, fire, prevention, loss, homeowners, water, accidents

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