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Economic Impact of Arizona’s Insurance Industry

"Why should I care about the insurance industry?" Good question! Insurance has a positive impact in the daily lives of Arizona’s citizens. Insurance enables many personal transactions from buying a car or home to insuring the value of our personal property. It provides disability, rehabilitation and medical payments so people can recover from accidents or...

Arizona Auto Insurance Overview

Goal: Affordable Vehicle Insurance Affordable vehicle insurance is a concern for consumers and insurance companies. Typically, the premiums you pay for insurance protection is based on the number and cost of the claims paid by your insurance company. Premiums are claims driven. If your insurance company’s ratio of frequency and cost of claims decreases, its customers...

Homeowners Insurance Checklist

Shopping for your dream house? It’s an exciting experience that a little preparation can make even more enjoyable. This checklist is designed to help both the homebuyer and home seller better understand the important role insurance plays in the process. Even before you start looking for a home, put insurance at the top of your “to...

Loss History Reports: CLUE FAQ’s

CLUE Reports Provide Help to Buyers LexisNexis maintains loss history databases regarding insurance claims for homes and automobiles. The database for both home an auto claims is called the Comprehensive Loss Underwriting Exchange (CLUE). The complete database has millions of claims on record and generates reports about both policyholders and properties that assist insurance companies in...

Verify Proper Coverage Is in Place for Your Company Car

Many employers provide employees company cars. Oftentimes, the employee is told that he or she need not worry about the insurance issues for this car; the employer will handle all of that. But this advice may be shortsighted since coverage gaps can crop up that may impact the insured employee in unforeseen ways. Thus, consider...

Home Business Insurance

An estimated 12 million Americans operate a full- or part-time business from their homes, and that number keeps growing. Although savvy and creative in their own specialties, these entrepreneurs at times seem confused about how to insure their business against theft, fire and liability. Some believe that their homeowners policies cover all their home business...

Claims Journal: Entrepreneurs’ ‘Can-Do’ Attitudes Pose Risks to Their Small Businesses

June 27, 2012 The “can-do” attitude that makes many entrepreneurs so successful, could also be their Achilles’ heel, according to a new survey released by Hiscox, an international specialist insurer. Research found that despite 64 percent of small business owners who felt legal issues should be handled by professionals, only 26 percent actually employ full or part-time...

Windstorm Tips to Ease Your Pain

Arizona experiences windstorms that are oftentimes severe. And while finding your home damaged and personal possessions ruined is devastating, things can get even worse. Unfortunately, there are unscrupulous “professionals” who prey on victims. Roofers or Builders 1. Don't be rushed into signing a contract with any company. Instead, collect business cards and get written estimates for the...

Drought Conditions Should Prompt Insurance Coverage Review

The AIC advises homeowners and businesses to consider the following precautions.   Preparing for a Wildfire Catastrophe   1. Protect Your Family. Create a family disaster preparedness plan by identifying escape routes from your home, work and neighborhood. You should also designate an emergency meeting place if you become separated from each other. Make a record of your personal belongings and...

Regular Maintenance Protects Home’s Value

Consumers know the importance of maintaining their vehicles. Most follow the auto manufacturers’ instructions and have their vehicles serviced at recommended intervals. By adhering to a regular maintenance schedule, a vehicle performs better; costly repairs are avoided, and vehicle owners protect their investment. The AIC recommends a similar maintenance approach for homeowners, since maintenance and repair...