Insurance Resource Group of New England

04/08/2022

Warmer/dryer weather is coming... This fire was caused by a "tenant" putting their cigarette out in a flower pot/mulch pile. If you are a landlord or property manager all tenants must/should have renters policies - which include "liability coverage." For short money it just makes sense and its a good business practice.

04/08/2022

Haven't posted in a while - "Baseball season has begun!"

I wanted pass along some recent success for anyone still on the fence about looking at their home and auto policies...

1. Taunton auto policy - Mom and inexperienced young driver (in college): $1600 savings...

2. Dighton home and auto policy - Married couple and 2 inexperienced young drivers (both in college): $3200 savings...

**Something both of these clients had in common - other than passing along their current policies (via email) they didn't lift a finger 😂 for me to save them some $. And, they both had one of those "direct" carriers that everyone thinks must be looking out for their best interest - "only pay for what you need... well "they were over paying!"

02/09/2022

Be on the look out for the new "referral cards" - coming to a mail box near you! Can't thank you enough for the business and referrals. Come visit me at my office - 448 Turnpike Street, Suite 1B Easton, MA 02375

01/18/2022

Workers Compensation Insurance: The one line of insurance that we have seen steady and lower rates as of late is expected to change -"Rate hikes proposed!!!" If approved increases will be seen in renewals and new business after July 1st...

The Workers’ Compensation Rating and Inspection Bureau of Massachusetts is recommending a 2.7% increase in average rates effective July 1.

01/17/2022

A very interesting article that puts in perspective the increased cost of building and maintaining a home in today’s financial environment, which is a direct reflection of a Homeowner’s Insurance policy and how “replacement cost” is determined. Even though the article is in Idaho – the concept(s) and example is equal nationwide.

Price surges on materials and labor pose big issues with insurance if a loss were to occur during this period of time. Is your home adequately insured? If costs are up over 60% to build a new home many current (in-place) insurance policies will not cover the increased costs to rebuild/replace one’s home b/c these current policies were created before the surge and in most cases haven’t been reviewed in many years before that.

A recent example we just had in the office: A home in Bourne, MA – Currently insured for $335,000 (2400 square feet); Home was purchased 2 years ago. A New updated insurance carrier dwelling (Coverage A) limit(s) start and range from $540,000 - $641,000; This home in the current state is well under insured… The insurance premium jump: “Double+.” (Home owner is currently paying $1300; Their premium to fix the dwelling coverage to reflect today's costs would jump to $2600 - $4500 depending on the carrier).

Think of it in terms of “price per square foot.” The current home in the above example is insured at $140 p/sq. ft – At $540,000 coverage the home would be covered at $225 p/sq. ft. Not sure whose building anything right now at $140 p/sq ft… unless its yourself and maybe some very loyal handy friends; That’s a lot of beer and pizza.

If you are curious, haven't had the homeowner's policy reviewed in a while or maybe your just not sure your current homeowners policy is adequate - let Insurance Resource Group of New England take a look.

Prices and demand surged, just as supplies dwindled.

12/29/2021

Wishing everyone a Happy, Healthy & Safe New Year! Please keep the Insurance Resource Group of New England and Michael Cali in mind in 2022 for a fresh start for all of your Home, Auto and Business Insurances - "Go out and support in 2022!"

12/29/2021

According to the Washington Post - Since 2017 Homeowners Insurance rates across the country on "average" are up over 11.4%. Insurance rates go up every year anyway but that number means these rates are rising faster than inflation... Along with all other costs rising due to the pandemic, why shouldn't you take a look at your coverages and assess where your policies are currently... If not just for pricing/savings reasons how about to make sure that due to the rising costs of materials and the bottleneck of production that the "replacement cost" number on your policy is accurate and reflective of current day value(s).

We hoped for a return to normalcy in 2021. And while many of us resumed visiting with family and friends, traveling and going back to the office, the pandemic has had an enduring influence on certain aspects of our lives beyond our physical and mental health. For instance, supply chain disruption

12/23/2021

"Directors & Officers" Insurance (D&O) - "The actions and culture of organizations and their directors and officers... Litigation risk(s) being the top concern:

5 Trends that will have a significant impact on D&O in 2022:

1. Insolvency Issues
2. Market Volatility
3. Cyber Interruptions, reputational harm
4. Heightened Litigation Risks
5. S**C Scrutiny (Special Purpose Acquisition Companies)

Insolvency is among the issues to watch as governments start pulling back pandemic-driven support measures.

12/23/2021

"Cyber Liability" - 3 Ways Your Business Can Be Hacked! This article has three short videos that give you a front row seat to the process of hacking... No matter how big or small your business is - we are all human and make mistakes. Your feeling about Cyber Liability will not be the same after watching the videos - Provide by All Business Technologies

Businesses of all sizes are vulnerable to cyber attacks, no matter how careful you try to be. These videos demonstrate how easily your business can be hacked.

12/22/2021

5 Ways to Save on Home, Auto & Business Insurances…

1. Combining and pairing up your policies with the same insurance carrier – Many insurance companies offer multi-policy and companion policy discounts; Some even up to 20%.

2. Increasing your Deductible. The deductible is the amount of money you personally are responsible for out of pocket when you file a claim. Your deductible should be an amount you are comfortable paying from personal savings and/or business reserves when a claim is filed.

3. Installing Safety Features and/or Apparatuses. Security Systems/Alarms, Cameras, Sprinklers, Water Leak Detection Devices, Fencing, Exterior Lighting, etc. These are all examples of things that not only make your home and business safer but insurance carriers offer discounts for these things being installed and maintained. Even though there is an initial spend/out of pocket expense the long term affects on insurance pricing and safety (peace of mind) is significant.

4. “Should I, or Should I not file a claim?” The next question I usually get is: “Why do I pay all of this money not to put in a claim…?” Insurance is not supposed to be used as a “Maintenance Program,” it is there to make one whole from a significant loss/accident. We all have a responsibility to regularly maintain and take care of our property, equipment, etc. When one files a claim unfortunately it creates a “claim history” and that history effects your insurance score. Carriers look at and evaluate insurance score, claims history, number of claims, frequency of claims and dollar amount of claims in order to offer insurance terms as well as pricing them… Two things are important – 1. Will paying out of pocket put you in a financial hardship or significantly deplete savings and/or reserves… Everyone who owns a home or a business should have a “rainy day fund” and/or reserves for emergencies. 2. Most, if not all insurance carriers offer “loss free credit” discounts – does filing a claim outweigh losing this credit – “do the math.”

5. Take advantage of any available discounts & credits out there… In addition to multi-policy/companion discounts there are things like:

a. Loyalty Discounts for having your insurance with a carrier/agent for a period of time.
b. Non-Smoker Discounts
c. E-Policy Discount – “Paperless,” everything through email.
d. “Pay-in-Full” Discount
e. First-Time Homebuyer Discount
f. AARP
g. AAA
h. “Donating $ to approved/partner organizations – “Pan-Mass Challenge” for example.