P&C Insurance - Rising Rates, How to Be Proactive

Please see below for video:

Our recent ConsiderIt Wealth podcast discussing Property and Casualty insurance included a number of valuable tips shared by Jessica Green from USI Insurance Services. We thought we would highlight them here (but still hope you will give the podcast a listen).

Homeowners:

1. The market is in a state of flux for several reasons. Start your renewal process well in advance (90 days prior to renewal at least).

2. Consider making policy adjustments to reduce premium amounts
-Increasing deductible
-Adjusting policy type
-Self-insuring some risks

3. Consider home modifications; installation of early warning devices or roof/window upgrades:
Flood/water leak detection devices
-Many available from simply detecting water on the floor to monitoring whole house usage with the ability to automatically turn the main water off when a leak is detected.
-Some utilize an app on your phone for alerts and updates.
-Check with your agent/broker for the discounts/benefits they attribute to each.

Fire
Theft/alarm systems and monitoring
Roof/window upgrade
-Check to see if the expense of upgrading your roofing – including assessing the benefit of hurricane straps, if not already installed.
-Consider installing new windows and/or hurricane shutters.
-Discuss any potential claims with your agent to determine the net benefit of filing the claim or covering the loss personally.

Auto:
-Costs of claims have skyrocketed.
-State legislatures trying to control the filing of frivolous claims in an attempt to help control cost of defense while preserving rights of the injured and insured.
-Many choosing to self-insure.
-As with homeowners’ claims, discuss any potential claims with your agent to determine the net benefit of filing the claim or covering the loss personally