An Independent Agent Gives You Choices
We can offer you choices in carriers and policies. As an independent agent, we are free to tailor solutions to fit you…your needs and your life.
We can offer you choices in carriers and policies. As an independent agent, we are free to tailor solutions to fit you…your needs and your life.
“Keeping expenses low and on budget is a key concern for nearly all Americans, which is one reason why the Triple-I’s article on the nine ways to lower your auto insurance costs is one of the most widely read items at our website each year,” said Sean Kevelighan, CEO, Triple-I. “While it can be seemingly easy to suggest insurance rates are solely a result of a carrier’s desire to make a profit, a fact most in the business already know is that underwriting oftentimes represents a small fraction of operating profit. The study set out to illustrate and explain the real drivers of auto insurance rates, many of which the carrier has absolutely no control.”
The study identifies four factors that drove recent increases in U.S. auto insurer claim payout costs:
Economic Growth – There is a strong correlation between economic activity and driving. During the U.S.’s recession between 2007 and 2009, miles driven decreased substantially nationwide. As the U.S. economy recovered, more drivers returned to the U.S.’s roadways and cumulatively drove more miles. This trend resulted in a greater number of auto crashes, which contributed to higher auto insurance claim payout costs
Collision Repair – The introduction of new automotive technology improved safety (e.g., crash avoidance sensors) and increased fuel efficiency (e.g., replacing steel with aluminum) but also increased the cost of either repairing or replacing damaged vehicles
Distracted Driving – Talking on handheld cell phones and texting while driving leads to more accidents
Medical Inflation – Increases in the cost of hospital care, which grew 4.4 percent in 2018, according to the federal government, put economic pressure on the U.S.’s auto insurers. The study also cites research indicating auto insurers generally incur more expensive types of hospital services or are charged higher prices than other payers for similar services.
There are four events that should trigger a review of your policy:
1. When your policy comes up for renewal
Don’t just automatically send a check to your insurance company. Take the time to review your coverage and call your agent with any questions or concerns that you may have regarding your homeowners insurance. Ask yourself the following questions:
Has the company made any changes in coverage since last year?
Does my policy now include a separate deductible for risks like hurricane or hail?
Should I raise the deductible to save money?
Am I taking advantage of all available discounts?
Do I need to raise the amount of coverage for liability, personal possessions or the structure?
Should I comparison shop for a cheaper rate?
Do I need flood, earthquake or an umbrella policy?
2. When you’ve made major purchases or improvements to your home:
If you have made any major purchases, make sure that you have the proper coverage. And, don’t forget about gifts. If you have received a diamond engagement ring or if a member of your family has bought you expensive artwork or a computer, talk to your agent about either increasing the amount of insurance you have for your personal possessions or purchasing a floater/endorsement for these items. A floater will give you higher and broader coverage for these items than you have under your homeowners policy.
If you have made major improvements to your home, such as adding a new room, enclosing a porch or expanding a kitchen or bathroom, you risk being underinsured if you don’t report the increase in square footage to your insurance company. Don’t forget about new structures outside of your home. If you have built a gazebo, a new shed for your tools or installed a pool or hot tub, you need to speak to your agent. Keep receipts and records in case you need to forward copies to your company.
3. When you’ve made your home safer:
If you have installed a state-of-the art fire/burglar alarm system or upgraded your heating, plumbing or electrical system, make sure that your insurance company knows about these improvements. You may qualify for a discount.
4. When you experience major lifestyle changes:
Marriage, divorce, or adult children who move back into the family home, can all affect your homeowners insurance. When people move in or move out, they take their belongings with them. And you may need additional coverage if there is a sizable increase in the value of the belongings in your home.
Starting a home-based business can also trigger changes in your coverage. You will need to get additional coverage for business liability and equipment. If the business is your primary source of income, you may need a Businessowners Package Policy (BOP). You may also need professional liability coverage, which is excluded under in-home business and businessowners policies.
Resource:
https://www.iii.org/article/how-often-should-i-review-my-insurance-policy
Working with an independent insurance agency offers you more options to meet your budget.
Because we work with multiple carriers, independent insurance agencies can offer multiple quotes with more coverage options with a push of a button.
Call us for a no-obligation review or comparison quote.
Rubix Insurance Solutions
303-993-3300
Rubix Insurance Solutions
5303 E Evans Ave #104
Denver, CO 802222
E-mail address:
dain@rubixinsurance.com
Available 8:30am - 5:00pm or by appointment