As Home and Auto Insurance rates rise across the insurance industry, customers face the triple threat of higher premiums, higher claims costs, and, worst of all, a higher chance of being underinsured.

Here are some of the reasons why rates continue to rise:
        - Building costs up 32%
        - Delays in materials, like windows
        - Longer temporary housing time
        - 40% increase in used car prices
        - Repairs taking 2x longer
        - 30% increase in rental car costs
(Source:  Hanover Insurance, Spring 2024)

To keep insurance accessible to individuals and families, our approach to home insurance must evolve from a maintenance policy to a shared contract that helps you, as customers, actively protect your property in partnership with and support from your insurance company. Here are some things you can do to reduce your risk of a loss.

1. Take proactive steps to protect and maintain your property. Focus on roof maintenance — the home’s first line of defense against the weather — as well as trimming trees close to the home, clearing gutters to avoid ice dams, and any general maintenance that the outside of your home needs.
   
   
2. Install risk mitigation devices, such as automatic water shut-off devices, water sensors, electrical monitoring, temperature monitoring, and whole house generators, as well as various alarm system options and smart home detectors. There is a lot of new technology available to help you protect your home.
   
   
3. Consider some coverage adjustments. Ensure your home is insured to value. Consider higher deductibles to help lower overall rates but result in higher out-of-pocket payment if there is a loss.

 
Risk Mitigation devices are an affordable way to monitor your home and guard against large losses. Discounts on these products are available through Hanover Insurance Group's Partners In Protection site. These discounts are available to clients with other insurance carriers as well.  
You are not limited to these options as there are many options available to you via Amazon or other retailers.  
 
If you choose to install one or more of these systems, please let us know. You may be eligible for discounts on your home insurance premium.  
 
We are here for any questions you may have. 

In recent months, we have had several policy holders impacted by vehicle theft. Check out this brief blog for tips on how to reduce the likelihood of your vehicle being stolen!

Vehicle theft is increasing and continues to plague the already strained Auto Insurance Market. With premiums on the rise, inventory low and the time and cost to repair skyrocketing, cars are more expensive to obtain and maintain than ever. Across the country there is a 34% spike of stolen vehicles compared to last year. In DC alone there was a spike of 113% of car thefts compared to 2022. That equals about 18 cars, trucks, vans and motorcycles stolen every day. We should be aware that a majority of car thefts are from people that are stealing cars to strip and sell parts. It is also reported that some cars that are stolen are being sent overseas for sales.
 
Here are some tips that you can enact at home and in your business to reduce the chances of you waking up to an empty driveway.

1. Always lock the vehicle when you are not in it. Never leave it running unattended.
2. Keep keys locked inside your home or office, never leave a key in or around the vehicle or in another vehicle.
3. Always take your valuables out of your vehicle.
4. Close the windows and doors completely when not in use.
5. Always park in well-lit, populated areas. Try to park near security cameras when available.
6. Do not leave garage and shop doors unlocked/unsecured.
7. Invest in a vehicle tracking system or telematics devices. If you have one of these please never go after your stolen vehicle. Let the police handle that as you never know the intentions of the person who stole said vehicle.
8. Report suspicious activities like door pulling, and using flashlights to scope inside of cars to local law enforcement.
9. Install a motion dash cam.

 
For more information on how to reduce the likelihood of a vehicle theft, click to read the National Insurance Crime Bureau’s “Vehicle Theft Prevention Brochure". 

Recently, the Virginia Assembly passed laws effecting Auto Insurance Policies issued to Virginia Drivers.

The state of Virginia is now requiring changes to underinsured motorist coverage and has revised the applicable statute, VA Code section 38.2-2206. Changes will start for all new and renewal policies on July 1, 2023. Through this amendment, damages caused by an accident with an underinsured motor vehicle will now be paid in addition to any bodily injury or property damage liability coverage available for payment. 
 
A named insured may decline this change in coverage and select Underinsured Motorist Coverage (Alternative Coverage). Under the Alternative Coverage, damages caused by an accident with an underinsured motorist may be reduced by bodily injury or property damage liability coverage available for payment. If you choose to decline the change in coverage and instead elect the Alternative Coverage, a named insured must sign the Virginia Underinsured Motorist Coverage (Alternative Coverage) Election Form. This change is effective with new and renewal policies effective on or after 7/1/2023 for both Personal Lines and Commercial Lines.
 
Please feel free to reach out to us with any of your questions. This broadening of coverage will automatically be incorporated into your renewal policies. If you choose to decline this coverage, we will need your signature on the declination form. Thank you for your business.