12/12/2023
We’ve got some bad news and some good news to share!
First, the bad news: insurance premiums are on the rise across the board, driven by higher costs and increased litigation, among other factors.
The good news? There are some things you can do to help weather the current insurance market. Here are a few to keep in mind:
✅ Consider higher deductibles. This is not a good idea for everyone, but in some cases, it can make sense. Reach out if you’d like us to provide recommendations based on your specific circumstances.
✅ Don’t let your policy cancel or lapse. Unfortunately, carriers are not reinstating coverage as easily as they once did. If your policy lapses, they may require your premium in full before reinstating—or, depending on the carrier’s risk assessment, your policy could even be canceled.
✅ Don’t overlook tenure. Switching companies too often can hurt you in the long run. In addition, some carriers won’t take you as a new client if you have less than two years with a carrier or if you’ve filed a significant number of claims in the past.
✅ Absorb small claims when you're able and save for catastrophic losses. Claim frequency is a huge factor in your coverage rates.
Not a client but want help navigating the insurance market? Our team of independent insurance agents is here to help you shop the market for the best combination of price and coverage 🤝
