Queen City Trifecta

■ First up, something that a lot of folks don’t seem to understand about their home and the insurance thereon: the market value is not (necessarily, or even generally) the same as the replacement cost. That is, the home’s value in the eyes of the realtor is going to be very different that what an insurance underwriter sees:

“Market value is the selling price on the open market — how much someone will pay for the property … Replacement cost is the price to rebuild the house in the event of a total loss.”

A distinction lost on more than a few, sometimes to their detriment come claim time.

■ Second, Spring and Summer tend to bring big-time storms, often accompanied by copious amounts of lightning. Matt Hunter brings us the latest preparation (and prevention) tips from the Insurance Information Institute.

For example:

“Before the storm:• Plan ahead when going outside, so you can get to a safe place quickly if thunderstorms develop• Know the weather patterns in your area and listen to the weather forecast for any outdoor area you plan to visit.”

And lots more.

■ Finally, if you’re a business owner (or key employee), there are insurance-related steps you can take to mitigate some of the risks associated with severe weather in the age of COVID:

“[P]lanning for natural disasters is an inevitable and necessary part of every disaster preparation or business continuity plan. But how effective will these plans be in the midst of the current COVID-19 pandemic?“

There’s no doubt that these uncertain (but not unprecedented) times offer some unique challenges, and this post from a pair of loss control specialists has some very helpful suggestions, and some areas of concern that folks may not have considered:

“Shelters – Shelters may need to be reconfigured to accommodate social distance guidelines. Decreased occupancy rates at hotels may present a viable shelter option to maintain social distancing.”

More at the link.